ck0001293210-20230731
December
1, 2023
American
Century Investments
Prospectus
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One
Choice®
In
Retirement Portfolio |
One
Choice®
2040
Portfolio |
One
Choice®
2055
Portfolio |
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Investor
Class (ARTOX) |
Investor
Class (ARDVX) |
Investor
Class (AREVX) |
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I
Class (ATTIX) |
I
Class (ARDSX) |
I
Class (ARENX) |
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A
Class (ARTAX) |
A
Class (ARDMX) |
A
Class (AREMX) |
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C
Class (ATTCX) |
C
Class (ARNOX) |
C
Class (AREFX) |
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R
Class (ARSRX) |
R
Class (ARDRX) |
R
Class (AREOX) |
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R6
Class (ARDTX) |
R6
Class (ARDUX) |
R6
Class (AREUX) |
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One
Choice®
2025
Portfolio |
One
Choice®
2045
Portfolio |
One
Choice®
2060
Portfolio |
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Investor
Class (ARWIX) |
Investor
Class (AROIX) |
Investor
Class (ARGVX) |
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I
Class (ARWFX) |
I
Class (AOOIX) |
I
Class (ARGNX) |
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A
Class (ARWAX) |
A
Class (AROAX) |
A
Class (ARGMX) |
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C
Class (ARWCX) |
C
Class (AROCX) |
C
Class (ARGHX) |
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R
Class (ARWRX) |
R
Class (ARORX) |
R
Class (ARGRX) |
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R6
Class (ARWDX) |
R6
Class (ARDOX) |
R6
Class (ARGDX) |
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One
Choice®
2030
Portfolio |
One
Choice®
2050
Portfolio |
One
Choice®
2065
Portfolio |
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Investor
Class (ARCVX) |
Investor
Class (ARFVX) |
Investor
Class (ARHVX) |
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I
Class (ARCSX) |
I
Class (ARFSX) |
I
Class (ARHUX) |
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A
Class (ARCMX) |
A
Class (ARFMX) |
A
Class (ARHMX) |
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C
Class (ARWOX) |
C
Class (ARFDX) |
C
Class (ARHEX) |
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R
Class (ARCRX) |
R
Class (ARFWX) |
R
Class (ARHFX) |
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R6
Class (ARCUX) |
R6
Class (ARFEX) |
R6
Class (ARHSX) |
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One
Choice®
2035
Portfolio |
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Investor
Class (ARYIX) |
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I
Class (ARLIX) |
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A
Class (ARYAX) |
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C
Class (ARLCX) |
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R
Class (ARYRX) |
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R6
Class (ARLDX) |
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The
Securities and Exchange Commission
has not approved or disapproved
these securities
or passed upon the adequacy of this prospectus.
Any
representation to the contrary is a criminal offense. |
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©2023
American
Century Proprietary Holdings, Inc. All rights reserved.
The
fund seeks current income. Capital
appreciation is a secondary objective.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of
the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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Shareholder
Fees
(fees paid directly from your investment) |
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Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
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Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
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Investor |
I |
A |
C |
R |
R6 |
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Management
Fee2 |
0.79% |
0.60% |
0.79% |
0.79% |
0.79% |
0.49% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.80% |
0.61% |
1.05% |
1.80% |
1.30% |
0.50% |
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Fee
Waiver3 |
0.05% |
0.06% |
0.05% |
0.05% |
0.05% |
0.10% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.75% |
0.55% |
1.00% |
1.75% |
1.25% |
0.40% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has
agreed to waive a portion of the fund’s management fee. The advisor expects this
waiver to continue until November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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1 year |
3
years |
5
years |
10
years |
| Investor
Class |
$77 |
$251 |
$440 |
$985 |
| I
Class |
$56 |
$190 |
$335 |
$757 |
| A
Class |
$671 |
$886 |
$1,117 |
$1,779 |
| C
Class |
$178 |
$562 |
$971 |
$1,913 |
| R
Class |
$128 |
$408 |
$709 |
$1,563 |
| R6
Class |
$41 |
$151 |
$270 |
$619 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was
16%
of the average value of its portfolio.
One Choice
In Retirement Portfolio is a “fund of funds,” meaning that it seeks to achieve
its objective by investing in other American Century mutual funds (the
underlying funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes as of the date of this
prospectus.
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| Equity
Securities (Stock Funds) |
| 45.0 |
% |
| U.S.
Equity |
33.0 |
% |
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| International
Equity |
11.0 |
% |
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| Real
Estate |
1.0 |
% |
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| Fixed-Income
Securities (Bond Funds) |
| 47.3 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 7.7 |
% |
The
neutral mix of One Choice In Retirement Portfolio is expected to remain fixed
over time. The fund is generally intended for investors near to, at, or in
retirement and who likely are no longer making new investments in the fund. The
fund is designed for investors who plan to gradually withdraw the value of their
account after retirement. The fund assumes a retirement age of 65 and may not be
appropriate for an investor retiring at an age well before or after age
65.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign
Securities Risk –
Some of the underlying funds invest in foreign securities, which are generally
riskier than U.S. securities. Political events, social and economic events,
natural disasters and public health emergencies occurring in a country where the
fund invests could cause the fund's investments in that country to experience
gains or losses. Securities of foreign issuers may be less liquid, more volatile
and harder to value than U.S. securities. Fluctuations in currency exchange
rates also may affect an underlying fund’s share
price.
•High-Yield Securities Risk – Some of the underlying funds may invest in high-yield
securities, which are considered to have speculative characteristics and are
more likely to be negatively affected by changes in economic
conditions.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s past performance
(before and after taxes) is not necessarily an indication of how the fund will
perform in the future. For current performance information,
including yields, please visit americancentury.com.
Sales
charges and account fees, if applicable, are not reflected in the bar chart. If
those charges were included, returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
10.73% Lowest Performance Quarter
(1Q 2020):
-10.25%
As
of September 30, 2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was 2.97%.
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Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
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Investor
Class Return
Before Taxes |
-13.22% |
3.04% |
4.63% |
— |
08/31/2004 |
| Return After
Taxes on Distributions |
-14.52% |
1.24% |
3.17% |
— |
08/31/2004 |
| Return After
Taxes on Distributions and Sale of Fund Shares |
-7.36% |
2.05% |
3.33% |
— |
08/31/2004 |
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I
Class
Return Before Taxes |
-13.04% |
3.25% |
4.84% |
— |
08/31/2004 |
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A
Class Return
Before Taxes |
-18.41% |
1.56% |
3.76% |
— |
08/31/2004 |
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C
Class1
Return Before Taxes |
-14.08% |
2.00% |
3.74% |
— |
03/01/2010 |
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R
Class
Return Before Taxes |
-13.62% |
2.53% |
4.11% |
— |
08/31/2004 |
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R6
Class2
Return
Before Taxes |
-12.82% |
3.41% |
— |
4.59% |
10/23/2017 |
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S&P
Target Date Retirement Income Index
(reflects no deduction for
fees, expenses or taxes) |
-11.17% |
2.33% |
3.59% |
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— |
1 C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice In Retirement Portfolio R6. Such historical
performance began on July 31, 2013. The R6 Class of the fund acquired all of the
assets of the One Choice In Retirement Portfolio R6 on October 20, 2017 pursuant
to a reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager, has been a member of the team that manages
the One Choice Portfolios since 2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services for investments in all classes except the R6 Class.
These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your salesperson to recommend the fund
over another investment. Ask your salesperson or visit your financial
intermediary’s website for more information.
The
fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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Shareholder
Fees
(fees paid directly from your investment) |
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Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
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Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.79% |
0.60% |
0.79% |
0.79% |
0.79% |
0.49% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.80% |
0.61% |
1.05% |
1.80% |
1.30% |
0.50% |
|
Fee
Waiver3 |
0.03% |
0.04% |
0.03% |
0.03% |
0.03% |
0.08% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.77% |
0.57% |
1.02% |
1.77% |
1.27% |
0.42% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue until
November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$79 |
$253 |
$442 |
$987 |
| I
Class |
$58 |
$192 |
$337 |
$759 |
| A
Class |
$673 |
$888 |
$1,119 |
$1,781 |
| C
Class |
$180 |
$564 |
$973 |
$1,915 |
| R
Class |
$130 |
$410 |
$711 |
$1,564 |
| R6
Class |
$43 |
$153 |
$272 |
$621 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was 15% of
the average value of its portfolio.
One Choice
2025 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes as of the date of this
prospectus.
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
| 46.0 |
% |
| U.S.
Equity |
33.6 |
% |
|
| International
Equity |
11.3 |
% |
|
| Real
Estate |
1.1 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 46.9 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 7.1 |
% |
The
target date in the fund name (2025) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The
portfolio managers regularly review the fund’s allocations to determine whether
rebalancing is appropriate. In order to better balance risks in changing market
environments, the portfolio managers may make modest deviations from the neutral
mix in light of prevailing market conditions. We reserve the right to modify the
neutral mix and underlying funds from time to time should circumstances warrant
a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign
Securities Risk –
Some of the underlying funds invest in foreign securities, which are generally
riskier than U.S. securities. Political events, social and economic events,
natural disasters and public health emergencies occurring in a country where the
fund invests could cause the fund's investments in that country to experience
gains or losses. Securities of foreign issuers may be less liquid, more volatile
and harder to value than U.S. securities. Fluctuations in currency exchange
rates also may affect an underlying fund’s share
price.
•High-Yield Securities Risk – Some of the underlying funds may invest in high-yield
securities, which are considered to have speculative characteristics and are
more likely to be negatively affected by changes in economic
conditions.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk
–
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s past performance
(before and after taxes) is not necessarily an indication of how the fund will
perform in the future. For current performance information,
including yields, please visit americancentury.com.
Sales
charges and account fees, if applicable, are not reflected in the bar chart. If
those charges were included, returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
11.78% Lowest Performance Quarter
(1Q 2020):
-11.47%
As
of September 30, 2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was 3.02%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-13.82% |
3.21% |
5.30% |
— |
08/31/2004 |
| Return After
Taxes on Distributions |
-14.95% |
1.42% |
3.79% |
— |
08/31/2004 |
| Return After
Taxes on Distributions and Sale of Fund Shares |
-7.77% |
2.23% |
3.90% |
— |
08/31/2004 |
|
I
Class
Return Before Taxes |
-13.59% |
3.42% |
5.51% |
— |
08/31/2004 |
|
A
Class Return
Before Taxes |
-18.91% |
1.74% |
4.42% |
— |
08/31/2004 |
|
C
Class1
Return Before Taxes |
-14.65% |
2.19% |
4.41% |
— |
03/01/2010 |
|
R
Class
Return Before Taxes |
-14.18% |
2.71% |
4.78% |
— |
08/31/2004 |
|
R6
Class2
Return Before Taxes |
-13.44% |
3.58% |
— |
5.13% |
10/23/2017 |
|
S&P
Target Date To 2025 Index
(reflects no deduction for
fees, expenses or taxes) |
-12.47% |
3.39% |
5.47% |
— |
— |
1
C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2025 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2025 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager, has been a member of the team that manages
the One Choice Portfolios since 2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The
fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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|
|
|
|
|
|
|
|
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|
|
|
| |
|
Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.81% |
0.62% |
0.81% |
0.81% |
0.81% |
0.51% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.82% |
0.63% |
1.07% |
1.82% |
1.32% |
0.52% |
|
Fee
Waiver3 |
0.03% |
0.04% |
0.03% |
0.03% |
0.03% |
0.08% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.79% |
0.59% |
1.04% |
1.79% |
1.29% |
0.44% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue until
November 30,
2024
and
cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$81 |
$259 |
$453 |
$1,011 |
| I
Class |
$60 |
$198 |
$348 |
$783 |
| A
Class |
$675 |
$893 |
$1,129 |
$1,803 |
| C
Class |
$182 |
$571 |
$983 |
$1,936 |
| R
Class |
$132 |
$416 |
$721 |
$1,587 |
| R6
Class |
$45 |
$159 |
$283 |
$646 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was
17% of
the average value of its portfolio.
One Choice
2030 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset
classes as
of the date of this prospectus.
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
| 51.0 |
% |
| U.S.
Equity |
36.6 |
% |
|
| International
Equity |
13.1 |
% |
|
| Real
Estate |
1.3 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 44.6 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 4.4 |
% |
The
target date in the fund name (2030) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign
Securities Risk –
Some of the underlying funds invest in foreign securities, which are generally
riskier than U.S. securities. Political events, social and economic events,
natural disasters and public health emergencies occurring in a country where the
fund invests could cause the fund's investments in that country to experience
gains or losses. Securities of foreign issuers may be less liquid, more volatile
and harder to value than U.S. securities. Fluctuations in currency exchange
rates also may affect an underlying fund’s share price. Investing in securities
of companies located in emerging market countries is generally riskier than
investing in securities of companies located in developed foreign
countries.
•High-Yield Securities Risk – Some of the underlying funds may invest in high-yield
securities, which are considered to have speculative characteristics and are
more likely to be negatively affected by changes in economic
conditions.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s past performance
(before and after taxes) is not necessarily an indication of how the fund will
perform in the future. For current performance information,
including yields, please visit americancentury.com.
Sales charges and account fees, if
applicable, are not reflected in the bar chart. If those charges were included,
returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
13.00% Lowest Performance Quarter
(1Q 2020):
-12.63%
As
of September 30, 2023, the
most recent calendar quarter end, the fund’s Investor Class year-to-date
return was 3.36%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-14.74% |
3.44% |
5.77% |
— |
05/30/2008 |
| Return
After Taxes on Distributions |
-16.03% |
1.60% |
4.26% |
— |
05/30/2008 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-8.17% |
2.40% |
4.29% |
— |
05/30/2008 |
|
I
Class
Return Before Taxes |
-14.58% |
3.65% |
5.98% |
— |
05/30/2008 |
|
A
Class Return
Before Taxes |
-19.87% |
1.97% |
4.88% |
— |
05/30/2008 |
|
C
Class1 Return
Before Taxes |
-15.58% |
2.41% |
4.87% |
— |
03/01/2010 |
|
R
Class
Return Before Taxes |
-15.18% |
2.92% |
5.24% |
— |
05/30/2008 |
|
R6
Class2
Return
Before Taxes |
-14.47% |
3.81% |
— |
5.48% |
10/23/2017 |
|
S&P
Target Date To 2030 Index
(reflects no deduction for
fees, expenses or taxes) |
-13.55% |
3.89% |
6.14% |
— |
— |
1
C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2030 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2030 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager, has been a member of the team that manages
the One Choice Portfolios since 2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61
of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
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Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.84% |
0.65% |
0.84% |
0.84% |
0.84% |
0.53% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.86% |
0.67% |
1.11% |
1.86% |
1.36% |
0.55% |
|
Fee
Waiver3 |
0.03% |
0.04% |
0.03% |
0.03% |
0.03% |
0.07% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.83% |
0.63% |
1.08% |
1.83% |
1.33% |
0.48% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue until
November 30,
2024
and
cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$85 |
$272 |
$474 |
$1,058 |
| I
Class |
$65 |
$211 |
$370 |
$831 |
| A
Class |
$679 |
$905 |
$1,149 |
$1,846 |
| C
Class |
$186 |
$583 |
$1,004 |
$1,979 |
| R
Class |
$136 |
$428 |
$743 |
$1,632 |
| R6
Class |
$49 |
$170 |
$301 |
$683 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was
15% of
the average value of its portfolio.
One Choice
2035 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset
classes
as of the date of this prospectus.
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| Equity
Securities (Stock Funds) |
| 56.2 |
% |
| U.S.
Equity |
39.7 |
% |
|
| International
Equity |
15.0 |
% |
|
| Real
Estate |
1.5 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 41.4 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 2.4 |
% |
The
target date in the fund name (2035) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign Securities Risk – Some of the underlying funds invest in foreign securities,
which are generally riskier than U.S. securities. Political events, social and
economic events, natural disasters and public health emergencies occurring in a
country where the fund invests could cause the fund's investments in that
country to experience gains or losses. Securities of foreign issuers may be less
liquid, more volatile and harder to value than U.S. securities. Fluctuations in
currency exchange rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries
•Real
Estate Investing Risk - An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an indication of how the fund will perform in the
future. For current performance information, including yields,
please visit americancentury.com.
Sales
charges and account fees, if applicable, are not reflected in the bar chart. If
those charges were included, returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
14.34% Lowest Performance Quarter
(1Q 2020):
-13.99%
As
of September 30,
2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was
3.73%.
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Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-15.62% |
3.71% |
6.27% |
— |
08/31/2004 |
| Return
After Taxes on Distributions |
-16.79% |
1.91% |
4.72% |
— |
08/31/2004 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-8.68% |
2.64% |
4.71% |
— |
08/31/2004 |
|
I
Class
Return Before Taxes |
-15.44% |
3.91% |
6.48% |
— |
08/31/2004 |
|
A
Class Return
Before Taxes |
-20.72% |
2.23% |
5.38% |
— |
08/31/2004 |
|
C
Class1 Return
Before Taxes |
-16.47% |
2.67% |
5.37% |
— |
03/01/2010 |
|
R
Class
Return Before Taxes |
-16.03% |
3.19% |
5.74% |
— |
08/31/2004 |
|
R6
Class2
Return Before Taxes |
-15.31% |
4.07% |
— |
5.89% |
10/23/2017 |
|
S&P
Target Date To 2035 Index
(reflects no deduction for
fees, expenses or taxes) |
-14.56% |
4.35% |
6.71% |
— |
— |
1
C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2035 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2035 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior
Portfolio Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager, has been
a member of the team that manages the One Choice Portfolios since 2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
Fees and
Expenses
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
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| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.87% |
0.67% |
0.87% |
0.87% |
0.87% |
0.56% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Acquired Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.89% |
0.69% |
1.14% |
1.89% |
1.39% |
0.58% |
|
Fee
Waiver3 |
0.04% |
0.04% |
0.04% |
0.04% |
0.04% |
0.08% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.85% |
0.65% |
1.10% |
1.85% |
1.35% |
0.50% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue until
November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$87 |
$280 |
$490 |
$1,093 |
| I
Class |
$67 |
$217 |
$381 |
$855 |
| A
Class |
$681 |
$913 |
$1,164 |
$1,878 |
| C
Class |
$188 |
$591 |
$1,018 |
$2,011 |
| R
Class |
$138 |
$437 |
$757 |
$1,664 |
| R6
Class |
$51 |
$178 |
$316 |
$719 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was 17%
of the average value of its portfolio.
One Choice
2040 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset
classes
as of the date of this prospectus.
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
| 62.5 |
% |
| U.S.
Equity |
43.5 |
% |
|
| International
Equity |
17.2 |
% |
|
| Real
Estate |
1.8 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 36.6 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 0.9 |
% |
The
target date in the fund name (2040) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign Securities Risk – Some of the underlying funds invest in foreign securities,
which are generally riskier than U.S. securities. Political events, social and
economic events, natural disasters and public health emergencies occurring in a
country where the fund invests could cause the fund's investments in that
country to experience gains or losses. Securities of foreign issuers may be less
liquid, more volatile and harder to value than U.S. securities. Fluctuations in
currency exchange rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries.
•Real
Estate Investing Risk - An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an
indication of how the fund will perform in the future. For
current performance information, including yields, please visit americancentury.com.
Sales charges and account fees, if
applicable, are not reflected in the bar chart. If those charges were included,
returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
15.58% Lowest Performance Quarter
(1Q 2020):
-15.25%
As
of September 30,
2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was
4.16%.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-16.39% |
3.99% |
6.76% |
— |
05/30/2008 |
| Return
After Taxes on Distributions |
-17.71% |
2.05% |
5.16% |
— |
05/30/2008 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-9.00% |
2.87% |
5.13% |
— |
05/30/2008 |
|
I
Class
Return Before Taxes |
-16.22% |
4.20% |
6.98% |
— |
05/30/2008 |
|
A
Class Return
Before Taxes |
-21.40% |
2.51% |
5.87% |
— |
05/30/2008 |
|
C
Class1 Return
Before Taxes |
-17.25% |
2.97% |
5.85% |
— |
03/01/2010 |
|
R
Class
Return Before Taxes |
-16.81% |
3.47% |
6.23% |
— |
05/30/2008 |
|
R6
Class2
Return Before Taxes |
-16.08% |
4.37% |
— |
6.33% |
10/23/2017 |
|
S&P
Target Date To 2040 Index
(reflects no deduction for
fees, expenses or taxes) |
-15.19% |
4.60% |
7.17% |
— |
— |
1
C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2040 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2040 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice
President and Senior
Portfolio
Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager,
has been a member of the team that manages the One Choice Portfolios since
2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges in Appendix B
of the statement of additional information.
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|
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| |
|
Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.89% |
0.70% |
0.89% |
0.89% |
0.89% |
0.57% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.91% |
0.72% |
1.16% |
1.91% |
1.41% |
0.59% |
|
Fee
Waiver3 |
0.03% |
0.04% |
0.03% |
0.03% |
0.03% |
0.06% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.88% |
0.68% |
1.13% |
1.88% |
1.38% |
0.53% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue
until
November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$90 |
$288 |
$502 |
$1,117 |
| I
Class |
$70 |
$227 |
$397 |
$891 |
| A
Class |
$684 |
$920 |
$1,175 |
$1,900 |
| C
Class |
$191 |
$598 |
$1,030 |
$2,033 |
| R
Class |
$141 |
$444 |
$769 |
$1,687 |
| R6
Class |
$54 |
$183 |
$324 |
$733 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was
16%
of the average value of its portfolio.
One Choice
2045 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes
as of the date of this prospectus.
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
| 68.8 |
% |
| U.S.
Equity |
47.4 |
% |
|
| International
Equity |
19.3 |
% |
|
| Real
Estate |
2.1 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 31.2 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 0.0 |
% |
The
target date in the fund name (2045) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign Securities Risk – Some of the underlying funds invest in foreign securities,
which are generally riskier than U.S. securities. Political events, social and
economic events, natural disasters and public health emergencies occurring in a
country where the fund invests could cause the fund's investments in that
country to experience gains or losses. Securities of foreign issuers may be less
liquid, more volatile and harder to value than U.S. securities. Fluctuations in
currency exchange rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries.
•Real
Estate Investing Risk
- An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an indication of how the fund will perform in the
future. For current performance information, including yields,
please visit americancentury.com.
Sales
charges and account fees, if applicable, are not reflected in the bar chart. If
those charges were included, returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
16.91% Lowest Performance Quarter
(1Q 2020):
-16.48%
As
of September 30,
2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was 4.39%.
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Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-17.01% |
4.33% |
7.25% |
— |
08/31/2004 |
| Return
After Taxes on Distributions |
-18.18% |
2.44% |
5.63% |
— |
08/31/2004 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-9.37% |
3.16% |
5.55% |
— |
08/31/2004 |
|
I
Class
Return Before Taxes |
-16.84% |
4.54% |
7.46% |
— |
08/31/2004 |
|
A
Class Return
Before Taxes |
-21.99% |
2.83% |
6.35% |
— |
08/31/2004 |
|
C
Class1 Return
Before Taxes |
-17.90% |
3.27% |
6.34% |
— |
03/01/2010 |
|
R
Class
Return Before Taxes |
-17.42% |
3.80% |
6.72% |
— |
08/31/2004 |
|
R6
Class2
Return
Before Taxes |
-16.72% |
4.69% |
— |
6.76% |
10/23/2017 |
|
S&P
Target Date To 2045 Index
(reflects no deduction for
fees, expenses or taxes) |
-15.65% |
4.83% |
7.52% |
— |
— |
1
C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2045 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2045 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior
Portfolio
Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager, has been a member of the team that manages
the One Choice Portfolios since 2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61
of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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|
Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
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| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.91% |
0.72% |
0.91% |
0.91% |
0.91% |
0.59% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.93% |
0.74% |
1.18% |
1.93% |
1.43% |
0.61% |
|
Fee
Waiver3 |
0.03% |
0.04% |
0.03% |
0.03% |
0.03% |
0.06% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.90% |
0.70% |
1.15% |
1.90% |
1.40% |
0.55% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue
until
November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$92 |
$294 |
$512 |
$1,140 |
| I
Class |
$72 |
$233 |
$408 |
$915 |
| A
Class |
$686 |
$926 |
$1,185 |
$1,922 |
| C
Class |
$193 |
$604 |
$1,040 |
$2,055 |
| R
Class |
$143 |
$450 |
$780 |
$1,709 |
| R6
Class |
$56 |
$190 |
$335 |
$757 |
Portfolio
Turnover
Because the fund buys and sells shares of other American Century
mutual funds (the underlying funds) directly from the issuers, the fund is not
expected to incur transaction costs directly. However, as a shareholder in the
underlying funds, the fund indirectly pays transaction costs, such as
commissions, when the underlying funds buy and sell securities (or “turn over”
their portfolios). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating
expenses or in the example, affect the fund’s performance. During the most
recent fiscal year, the fund’s portfolio turnover rate was 17% of the average value of its
portfolio.
One Choice
2050 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes
as
of the date of this prospectus.
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| |
| Equity
Securities (Stock Funds) |
| 75.0 |
% |
| U.S.
Equity |
51.7 |
% |
|
| International
Equity |
21.1 |
% |
|
| Real
Estate |
2.2 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 25.0 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 0.0 |
% |
The
target date in the fund name (2050) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign Securities Risk – Some of the underlying funds invest in foreign securities,
which are generally riskier than U.S. securities. Political events, social and
economic events, natural disasters and public health emergencies occurring in a
country where the fund invests could cause the fund's investments in that
country to experience gains or losses. Securities of foreign issuers may be less
liquid, more volatile and harder to value than U.S. securities. Fluctuations in
currency exchange rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries.
•Real
Estate Investing Risk - An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an
indication of how the fund will perform in the future. For
current performance information, including yields, please visit americancentury.com.
Sales charges and account fees, if
applicable, are not reflected in the bar chart. If those charges were included,
returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
18.13% Lowest Performance Quarter
(1Q 2020):
-17.77%
As
of
September 30,
2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was 4.90%.
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Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-17.39% |
4.72% |
7.62% |
— |
05/30/2008 |
| Return
After Taxes on Distributions |
-18.67% |
2.80% |
6.04% |
— |
05/30/2008 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-9.45% |
3.47% |
5.87% |
| 05/30/2008 |
|
I
Class
Return Before Taxes |
-17.15% |
4.94% |
7.84% |
— |
05/30/2008 |
|
A
Class Return
Before Taxes |
-22.28% |
3.25% |
6.72% |
— |
05/30/2008 |
|
C
Class1 Return
Before Taxes |
-18.18% |
3.69% |
6.71% |
— |
03/01/2010 |
|
R
Class
Return Before Taxes |
-17.73% |
4.22% |
7.09% |
— |
05/30/2008 |
|
R6
Class2
Return Before Taxes |
-17.06% |
5.10% |
— |
7.11% |
10/23/2017 |
|
S&P
Target Date To 2050 Index
(reflects no deduction for
fees, expenses or taxes) |
-15.84% |
5.01% |
7.81% |
— |
— |
1
C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2050 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2050 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and
Senior
Portfolio Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager,
has been a member of the team that manages the One Choice Portfolios since
2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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|
Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.93% |
0.73% |
0.93% |
0.93% |
0.93% |
0.60% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.95% |
0.75% |
1.20% |
1.95% |
1.45% |
0.62% |
|
Fee
Waiver3 |
0.05% |
0.05% |
0.05% |
0.05% |
0.05% |
0.07% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.90% |
0.70% |
1.15% |
1.90% |
1.40% |
0.55% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue
until
November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$92 |
$298 |
$521 |
$1,162 |
| I
Class |
$72 |
$235 |
$413 |
$926 |
| A
Class |
$686 |
$930 |
$1,193 |
$1,941 |
| C
Class |
$193 |
$608 |
$1,048 |
$2,074 |
| R
Class |
$143 |
$454 |
$788 |
$1,730 |
| R6
Class |
$56 |
$192 |
$339 |
$768 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was 18%
of the average value of its portfolio.
One Choice
2055 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes
as
of the date of this prospectus.
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
| 80.5 |
% |
| U.S.
Equity |
55.5 |
% |
|
| International
Equity |
22.6 |
% |
|
| Real
Estate |
2.4 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 19.5 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 0.0 |
% |
The
target date in the fund name (2055) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign Securities Risk – Some of the underlying funds invest in foreign securities,
which are generally riskier than U.S. securities. Political events, social and
economic events, natural disasters and public health emergencies occurring in a
country where the fund invests could cause the fund's investments in that
country to experience gains or losses. Securities of foreign issuers may be less
liquid, more volatile and harder to value than U.S. securities. Fluctuations in
currency exchange rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries.
•Real
Estate Investing Risk - An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an
indication of how the fund will perform in the future. For
current performance information, including yields, please visit americancentury.com.
Sales charges and account fees, if
applicable, are not reflected in the bar chart. If those charges were included,
returns would be less than those shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
18.62% Lowest Performance Quarter
(1Q 2020):
-18.24%
As
of
September 30,
2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was 5.32%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
10
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-17.61% |
4.85% |
7.82% |
— |
03/31/2011 |
| Return
After Taxes on Distributions |
-18.77% |
3.13% |
6.44% |
— |
03/31/2011 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-9.63% |
3.59% |
6.08% |
— |
03/31/2011 |
|
I
Class
Return Before Taxes |
-17.40% |
5.06% |
8.04% |
— |
03/31/2011 |
|
A
Class Return
Before Taxes |
-22.56% |
3.35% |
6.92% |
— |
03/31/2011 |
|
C
Class1 Return
Before Taxes |
-18.46% |
3.80% |
6.90% |
— |
03/31/2011 |
|
R
Class
Return Before Taxes |
-18.02% |
4.32% |
7.28% |
— |
03/31/2011 |
|
R6
Class2
Return Before Taxes |
-17.30% |
5.22% |
— |
7.29% |
10/23/2017 |
|
S&P
Target Date To 2055 Index
(reflects no deduction for
fees, expenses or taxes) |
-15.88% |
5.01% |
7.97% |
— |
— |
1 C Class shares
automatically convert to A Class shares after approximately eight years. All
returns for periods greater than eight years reflect this
conversion.
2 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2055 Portfolio R6. Such historical performance
began on July 31, 2013. The R6 Class of the fund acquired all of the assets of
the One Choice 2055 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and
Senior Portfolio
Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager,
has been a member of the team that manages the One Choice Portfolios since
2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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|
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|
|
|
| |
|
Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.94% |
0.74% |
0.94% |
0.94% |
0.94% |
0.61% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.96% |
0.76% |
1.21% |
1.96% |
1.46% |
0.63% |
|
Fee
Waiver3 |
0.06% |
0.06% |
0.06% |
0.06% |
0.06% |
0.08% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.90% |
0.70% |
1.15% |
1.90% |
1.40% |
0.55% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has agreed to waive a portion of the fund’s
management fee. The advisor expects this waiver to continue
until
November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$92 |
$300 |
$526 |
$1,173 |
| I
Class |
$72 |
$237 |
$417 |
$937 |
| A
Class |
$686 |
$932 |
$1,197 |
$1,951 |
| C
Class |
$193 |
$610 |
$1,053 |
$2,084 |
| R
Class |
$143 |
$457 |
$793 |
$1,740 |
| R6
Class |
$56 |
$194 |
$344 |
$779 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was 14%
of the average value of its portfolio.
One Choice
2060 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes
as
of the date of this prospectus.
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
| 83.0 |
% |
| U.S.
Equity |
57.2 |
% |
|
| International
Equity |
23.3 |
% |
|
| Real
Estate |
2.5 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 17.0 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 0.0 |
% |
The
target date in the fund name (2060) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign Securities Risk – Some of the underlying funds invest in foreign securities,
which are generally riskier than U.S. securities. Political events, social and
economic events, natural disasters and public health emergencies occurring in a
country where the fund invests could cause the fund's investments in that
country to experience gains or losses. Securities of foreign issuers may be less
liquid, more volatile and harder to value than U.S. securities. Fluctuations in
currency exchange rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries.
•Real
Estate Investing Risk - An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an
indication of how the fund will perform in the future. For
current performance information, including yields, please visit americancentury.com.
Sales charges and account fees, if
applicable, are not reflected in the bar chart. If those charges were included,
returns would be less than those shown.
Calendar Year Total
Returns
Highest
Performance Quarter (2Q 2020):
18.98% Lowest Performance Quarter
(1Q 2020):
-18.68%
As
of September 30,
2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was
5.48%.
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| |
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Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
5
years |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-17.80% |
4.96% |
7.59% |
09/30/2015 |
| Return
After Taxes on Distributions |
-19.18% |
3.50% |
6.38% |
09/30/2015 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-9.58% |
3.70% |
5.88% |
09/30/2015 |
|
I
Class
Return Before Taxes |
-17.58% |
5.18% |
7.82% |
09/30/2015 |
|
A
Class Return
Before Taxes |
-22.68% |
3.47% |
6.45% |
09/30/2015 |
|
C
Class Return
Before Taxes |
-18.59% |
3.92% |
6.53% |
09/30/2015 |
|
R
Class
Return Before Taxes |
-18.17% |
4.45% |
7.06% |
09/30/2015 |
|
R6
Class1
Return Before Taxes |
-17.47% |
5.33% |
7.95% |
10/23/2017 |
|
S&P
Target Date To 2060 Index
(reflects no deduction for
fees, expenses or taxes) |
-15.97% |
5.20% |
8.21% |
09/30/2015 |
1 Historical
performance for the R6 Class prior to its inception reflects the performance of
the R6 Class of the One Choice 2060 Portfolio R6. Such historical performance
began on September 30, 2015. The R6 Class of the fund acquired all of the assets
of the One Choice 2060 Portfolio R6 on October 20, 2017 pursuant to a
reorganization.
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior
Portfolio Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager,
has been a member of the team that manages the One Choice Portfolios since
2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums.
There
is a $50 minimum for subsequent purchases, except that there is no subsequent
purchase minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
The fund seeks the highest total return consistent with its asset
mix.
The
following table describes the fees and expenses you may pay if you buy, hold,
and sell shares of the fund. You may pay other fees, such as brokerage
commissions and other fees to financial intermediaries, which are not reflected
in the tables and examples below. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in American Century Investments
funds. More information about these and other discounts is
available from your financial professional and in Calculation
of Sales Charges
on page 61 of the fund’s prospectus, Appendix
A
of the fund’s prospectus and Sales
Charges
in Appendix
B
of the statement of additional information.
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Shareholder
Fees
(fees paid directly from your investment) |
|
| |
Investor |
I |
A |
C |
R |
R6 |
Maximum
Sales Charge (Load) Imposed on
Purchases (as a percentage of offering
price) |
None |
None |
5.75% |
None |
None |
None |
Maximum
Deferred Sales Charge (Load)
(as a percentage of the lower of the
original
offering price or redemption proceeds when redeemed within one
year of purchase) |
None |
None |
None¹ |
1.00% |
None |
None |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
None |
None |
None |
None |
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| |
|
Annual
Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment) |
| |
Investor |
I |
A |
C |
R |
R6 |
|
Management
Fee2 |
0.95% |
0.75% |
0.95% |
0.95% |
0.95% |
0.61% |
| Distribution
and Service (12b-1) Fees |
None |
None |
0.25% |
1.00% |
0.50% |
None |
| Other
Expenses |
0.03% |
0.03% |
0.03% |
0.03% |
0.03% |
0.03% |
| Acquired
Fund Fees and Expenses |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
| Total
Annual Fund Operating Expenses |
0.99% |
0.79% |
1.24% |
1.99% |
1.49% |
0.65% |
|
Fee
Waiver3 |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
0.08% |
| Total
Annual Fund Operating Expenses After Fee Waiver |
0.92% |
0.72% |
1.17% |
1.92% |
1.42% |
0.57% |
1
Purchases of $1 million or
more may be subject to a contingent deferred sales charge of 1.00% if the shares
are redeemed within one year of the date of the
purchase.
2 The management fee has
been restated to reflect current
fees.
3 The advisor has
agreed to waive a portion of the fund’s management fee. The advisor expects this
waiver to continue until November 30,
2024
and cannot terminate it prior to such date without the approval of the Board of
Directors.
Example
The example below is intended to help you compare the costs of
investing in the fund with the costs of investing in other mutual
funds. The example assumes that you invest
$10,000 in the fund for the time periods indicated and then redeem all of your
shares at the end of those periods, and that you earn a 5% return each year. The
example also assumes that the fund’s operating expenses remain the same except
that it reflects the rate and duration of any fee waivers noted in the table
above. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$94 |
$309 |
$541 |
$1,207 |
| I
Class |
$74 |
$246 |
$432 |
$972 |
| A
Class |
$688 |
$940 |
$1,211 |
$1,982 |
| C
Class |
$195 |
$619 |
$1,067 |
$2,115 |
| R
Class |
$145 |
$465 |
$807 |
$1,772 |
| R6
Class |
$58 |
$200 |
$355 |
$803 |
Portfolio
Turnover
Because
the fund buys and sells shares of other American Century mutual funds (the
underlying funds) directly from the issuers, the fund is not expected to incur
transaction costs directly. However, as a shareholder in the underlying funds,
the fund indirectly pays transaction costs, such as commissions, when the
underlying funds buy and sell securities (or “turn over” their portfolios). A
higher portfolio turnover rate may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These
costs, which are not reflected in annual fund operating expenses or in the
example, affect the fund’s performance. During the most recent fiscal year, the
fund’s portfolio turnover rate was
19%
of the average value of its portfolio.
One Choice
2065 Portfolio is a “fund of funds,” meaning that it seeks to achieve its
objective by investing in other American Century mutual funds (the underlying
funds) that represent a variety of asset classes and investment
styles. The underlying stock funds draw on growth, value and
quantitative investment techniques and diversify investments among small, medium
and large U.S. and foreign companies. The underlying bond funds invest in
fixed-income securities that vary by issuer type (corporate and government),
credit quality (investment-grade and high-yield or “junk bonds”) and geographic
exposure (domestic and international). Short-term investments include underlying
funds that invest in fixed-income or debt instruments and have a shorter-term
weighted average duration, typically three years or less. The following table
indicates the fund’s neutral mix; that is, how the fund’s investments generally
will be allocated among the major asset classes
as of the date of this prospectus.
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| |
| Equity
Securities (Stock Funds) |
| 85.0 |
% |
| U.S.
Equity |
58.6 |
% |
|
| International
Equity |
23.9 |
% |
|
| Real
Estate |
2.5 |
% |
|
| Fixed-Income
Securities (Bond Funds) |
| 15.0 |
% |
| Short-Term
Investments (Short-Term Funds) |
| 0.0 |
% |
The
target date in the fund name (2065) refers to the approximate year an investor
plans to retire and likely would stop making new investments in the fund. The
fund assumes a retirement age of 65 and may not be appropriate for an investor
who plans to retire at or near the target date, but at an age well before or
after 65. As the target date approaches, the fund’s neutral mix will become more
conservative by decreasing the allocation to stocks and increasing the
allocation to bonds and short-term investments. By the time the fund reaches its
target date, the neutral mix will become fixed and match that of One Choice In
Retirement Portfolio, which is currently 45% stock funds, 47.3% bond funds and
7.7% short-term funds. The fund is designed for investors who plan to withdraw
the value of their account gradually after retirement. The following chart shows
how the neutral mix is expected to change over time according to a predetermined
glide path.
The portfolio managers regularly review the fund’s allocations to
determine whether rebalancing is appropriate. In order to better balance risks
in changing market environments, the portfolio managers may make modest
deviations from the neutral mix in light of prevailing market conditions. We
reserve the right to modify the neutral mix and underlying funds from time to
time should circumstances warrant a change.
•Allocation
Risk – The fund’s performance and risks depend in part on the
managers’ skill in determining the fund’s neutral mix, selecting and weighting
the underlying funds, and implementing any deviations from the neutral mix. The
managers’ evaluations and assumptions regarding asset classes or underlying
funds may differ from actual market conditions.
•Fund
of Funds Risks
– The fund’s performance and risks reflect the performance and risks of the
underlying American Century Investments funds in which it invests. The fund’s
investment in other American Century Investments funds may create a conflict of
interest for the fund’s advisor.
•“Growth”
and “Value” Style Risks –
The underlying funds represent a mix of investment styles, each of which has
risks associated with it. Growth stocks can be volatile and may lack dividends
that can cushion share prices during market declines. Value stocks may continue
to be undervalued by the market for long periods of
time.
•Small-
and Mid-Cap Stock Risks –
Stocks of smaller companies may be more volatile than larger-company stocks.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies, which could lead to higher
transaction costs. To the extent an underlying fund invests in these companies,
it may take on more risk.
•Interest
Rate Risk –
Generally, when interest rates rise, the value of an underlying fund’s
fixed-income securities will decline. The opposite is true when interest rates
decline. Underlying funds with longer weighted average maturities are more
sensitive to interest rate changes. A period of rising interest rates may
negatively affect the performance of underlying fixed-income
funds.
•Credit
Risk
– The value of an underlying fund’s fixed-income securities will be affected
adversely by any erosion in the ability of the issuers of these securities to
make interest and principal payments as they become due. Changes in the credit
rating of a fixed-income security held by an underlying fund could have a
similar effect.
•Foreign
Securities Risk –
Some of the underlying funds invest in foreign securities, which are generally
riskier than U.S. securities. Political events, social and economic events,
natural disasters and public health emergencies occurring in a country where the
fund invests could cause the fund's investments in that country to experience
gains or losses. Securities of foreign issuers may be less liquid, more volatile
and harder to value than U.S. securities. Fluctuations in currency exchange
rates also may affect an underlying fund’s share
price.
•Emerging
Market Risk - Investing
in securities of companies located in emerging market countries generally is
also riskier than investing in securities of companies located in foreign
developed countries. Emerging market countries may have unstable governments
and/or economies that are subject to sudden change. These changes may be
magnified by the countries’ emergent financial markets, resulting in significant
volatility to investments in these countries.
•Real
Estate Investing Risk - An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
•Market
Risk –
The value of the fund’s shares will go up and down based on the performance of
the underlying funds in which it invests. The value of the underlying funds’
shares will, in turn, fluctuate based on the performance of the securities they
own and other factors generally affecting the securities market. Market risks,
including political, regulatory, economic and social developments, can affect
the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
•Principal
Loss Risk –
At any given time your shares may be worth less than the price you paid for
them. In other words, it is possible to lose money by investing in the fund,
including losses near to, at, or after retirement. There is no guarantee that
the fund will provide adequate income at or through your
retirement.
An investment
in the fund is not a bank deposit, and it is not insured or guaranteed by the
Federal Deposit Insurance Corporation (FDIC) or any other government
agency.
The following
bar chart and table provide some indication of the risks of investing in the
fund. The bar chart shows changes in the fund’s performance from year to year
for Investor Class shares. The table shows how the fund’s average annual returns
for the periods shown compared with those of a broad measure of market
performance. The fund’s
past performance (before and after taxes) is not
necessarily an indication of how the fund will perform in the
future. For current performance information, including yields,
please visit americancentury.com.
Sales
charges and account fees, if applicable, are not reflected in the bar chart. If
those charges were included, returns would be less than those
shown.
Calendar Year Total
Returns
Highest
Performance Quarter (4Q
2022):
8.86% Lowest
Performance Quarter (2Q 2022):
-14.01%
As
of September 30, 2023,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was
5.49%.
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| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2022 |
1
year |
Since
Inception |
Inception
Date |
|
Investor
Class Return
Before Taxes |
-17.74% |
4.20% |
09/23/2020 |
| Return
After Taxes on Distributions |
-18.57% |
2.96% |
09/23/2020 |
| Return
After Taxes on Distributions and Sale of Fund
Shares |
-9.97% |
3.03% |
09/23/2020 |
|
I
Class
Return Before Taxes |
-17.65% |
4.36% |
09/23/2020 |
|
A
Class Return
Before Taxes |
-22.68% |
1.22% |
09/23/2020 |
|
C
Class Return
Before Taxes |
-18.57% |
3.15% |
09/23/2020 |
|
R
Class
Return Before Taxes |
-18.15% |
3.67% |
09/23/2020 |
|
R6
Class
Return
Before Taxes |
-17.51% |
4.56% |
09/23/2020 |
|
S&P
Target Date to 2065+ Index
(reflects no deduction for
fees, expenses or taxes) |
-15.86% |
6.98% |
09/23/2020 |
The after-tax returns are
shown only for Investor Class shares. After-tax returns for other share classes
will vary. After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on an investor’s tax situation and may differ from those shown. After-tax
returns are not relevant to investors who hold their fund shares through
tax-deferred arrangements, such as 401(k) plans or
IRAs.
Investment
Advisor
American
Century Investment Management, Inc.
Portfolio
Managers
Richard
Weiss,
Chief Investment Officer – Multi-Asset Strategies, Senior Vice President and
Senior Portfolio Manager, has been a member of the team that manages the One
Choice Portfolios since 2010.
Radu
Gabudean,
Vice President, Senior Portfolio Manager and Head of Research, Multi-Asset
Strategies, has been a member of the team that manages the One Choice Portfolios
since 2013.
Vidya
Rajappa, CFA,
Vice President, Senior Portfolio Manager and Head of Portfolio Management,
Multi-Asset Strategies, has been a member of the team that manages the One
Choice Portfolios since 2018.
Brian
Garbe,
Vice President and Senior
Portfolio
Manager, has been a member of the team that manages the One Choice
Portfolios
since
2020.
Scott
Wilson, CFA,
Vice President and Portfolio Manager,
has been a member of the team that manages the One Choice Portfolios since
2006.
You
may purchase or redeem shares of the fund on any business day through our
website at americancentury.com, in person (at one of our Investor Centers), by
mail (American Century Investments, P.O. Box 419200, Kansas City, MO
64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative)
or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement
Plans), or through a financial intermediary. Shares may be purchased and
redemption proceeds received by electronic bank transfer, by check or by
wire.
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs).
However, American Century Investments will waive the fund minimum if you make an
initial investment of at least $500 and continue to make automatic investments
of at least $100 a month until reaching the fund minimum. Investors opening
accounts through financial intermediaries may open an account with $250 for
Investor, A, C and R Classes, but the financial intermediaries may require their
clients to meet different investment minimums. The minimum may be waived for
broker-dealer sponsored wrap program accounts, fee based accounts, and accounts
through bank/trust and wealth management advisory organizations.
The
minimum initial investment amount for I Class is generally $5 million ($3
million for endowments and foundations), but the minimum may be waived if you
have an aggregate investment in the American Century family of funds of $10
million or more ($5 million for endowments and foundations). This includes
accounts held directly with American Century and those held through a financial
intermediary.
There
is no minimum initial investment amount for R6 Class shares.
For
all share classes, there is no minimum initial investment amount for certain
employer-sponsored retirement plans, however, financial intermediaries or plan
recordkeepers may require plans to meet different minimums. There is a $50
minimum for subsequent purchases, except that there is no subsequent purchase
minimum for financial intermediaries or employer-sponsored retirement
plans.
Fund
distributions are generally taxable as ordinary income or capital gains, unless
you are investing through a tax-deferred account such as a 401(k) or individual
retirement account (in which case you may be taxed upon withdrawal of your
investment from such account).
If
you purchase the fund through a broker-dealer or other financial intermediary
(such as a bank, insurance company, plan sponsor or financial professional), the
fund and its related companies may pay the intermediary for the sale of fund
shares and related services in all classes except the R6 Class. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
What
are the funds’ investment objectives?
One
Choice In Retirement Portfolio seeks current income. Capital appreciation is a
secondary objective.
Each
of One Choice 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060 and 2065 Portfolios
seeks the highest total
return
consistent with its asset mix.
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Total
return
includes capital appreciation plus dividend and interest
income. |
Each
of One Choice 2060 and 2065 Portfolios’ objective is a nonfundamental investment
policy and may be changed by the Board of Directors without shareholder approval
upon 60 days’ notice to the shareholders.
What
are the funds’ principal investment strategies?
Each
fund invests in a combination of underlying American Century Investments funds.
Each fund’s neutral mix is intended to diversify investments among various asset
classes such as stocks, bonds and short-term investments. The neutral mix for
One Choice In Retirement Portfolio is expected to remain fixed over time. For
each fund with a target date, the neutral mix will be adjusted in a step-like
fashion. For example, assume the current stock weighting in One Choice 2035
Portfolio is approximately 56.2%
and the stock weighting in One Choice 2030 Portfolio is approximately 51%. Over
time, we would expect to reduce the stock weighting in One Choice 2035
Portfolio. Over a five year period the stock weighting would be reduced to
approximately 51%. In effect, One Choice 2035 Portfolio is expected to have the
same stock weighting in five years as One Choice 2030 Portfolio has now. By the
time each fund reaches its target date, its neutral mix will become fixed and
will match that of One Choice In Retirement Portfolio, which is currently 45%
stock funds, 47.3% bond funds and 7.7% short-term funds.
A
fund with an earlier target date represents a more conservative choice. A fund
with a later target date represents a more aggressive choice. The target date
does not necessarily represent the specific year you expect to need your assets.
It is intended only as a general guide and assumes a retirement age of
65.
The
following table shows each
fund’s neutral mix as of the date of this prospectus.
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Asset
Class |
One
Choice
In Retirement
Portfolio |
One
Choice
2025 Portfolio |
One
Choice
2030 Portfolio |
One
Choice
2035 Portfolio |
One
Choice
2040 Portfolio |
| Equity
Securities (Stock Funds) |
45.0% |
46.0% |
51.0% |
56.2% |
62.5% |
| U.S.
Equity |
33.0% |
33.6% |
36.6% |
39.7% |
43.5% |
| International
Equity |
11.0% |
11.3% |
13.1% |
15.0% |
17.2% |
| Real
Estate |
1.0% |
1.1% |
1.3% |
1.5% |
1.8% |
| Fixed
Income Securities (Bond Funds) |
47.3% |
46.9% |
44.6% |
41.4% |
36.6% |
| Short-Term
Investments (Short-Term Funds) |
7.7% |
7.1% |
4.4% |
2.4% |
0.9% |
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Asset
Class |
One
Choice
2045 Portfolio |
One
Choice
2050 Portfolio |
One
Choice
2055 Portfolio |
One
Choice
2060 Portfolio |
One
Choice
2065 Portfolio |
| Equity
Securities (Stock Funds) |
68.8% |
75.0% |
80.5% |
83.0% |
85.0% |
| U.S.
Equity |
47.4% |
51.7% |
55.5% |
57.2% |
58.6% |
| International
Equity |
19.3% |
21.1% |
22.6% |
23.3% |
23.9% |
| Real
Estate |
2.1% |
2.2% |
2.4% |
2.5% |
2.5% |
| Fixed
Income Securities (Bond Funds) |
31.2% |
25.0% |
19.5% |
17.0% |
15.0% |
| Short-Term
Investments (Short-Term Funds) |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
In
order to better balance risks in changing market environments, the portfolio
managers may make modest deviations from the neutral mix in light of prevailing
market conditions. We reserve the right to modify the neutral mix and underlying
funds from time to time should circumstances warrant a change.
The
portfolio managers regularly review each fund to determine whether rebalancing
is appropriate.
A
description of the policies and procedures with respect to the disclosure of the
funds’ portfolio securities is available in the statement of additional
information.
What
are the underlying funds’ investment techniques?
The
underlying stock funds draw on growth, value and quantitative investment
techniques and diversify investments among small, medium and large U.S.
companies. They also include investments in the real estate sector as well as
foreign stocks from developed and emerging markets.
The
growth strategy looks for stocks of companies the portfolio managers believe
will increase in value over time. In implementing this strategy, the portfolio
managers use a variety of analytical research tools and techniques to identify
stocks of companies demonstrating accelerating earnings or revenue growth rates,
stock price momentum, increasing cash flows, or other indications of the
relative strength of a company’s business. The value investment discipline seeks
capital growth by investing in equity securities of companies that the funds’
portfolio managers believe to be temporarily undervalued. For underlying funds
that are quantitatively managed, the managers utilize quantitative,
computer-driven models to construct and manage portfolios that they believe
provide the optimal balance between risk and expected return.
The
underlying bond funds represent a diverse range of fixed-income investments that
vary by issuer type (corporate and government), credit quality (investment-grade
and high-yield or “junk bonds”) and geographic exposure (domestic and
international).
Short-term
investments include underlying funds that invest in fixed-income or debt
instruments and have a shorter-term weighted average duration, typically three
years or less.
A
brief description of the underlying funds follows. Each fund invests in some,
but not necessarily all, of the underlying funds listed, and may also invest in
other American Century funds that are not listed. Each fund’s full portfolio
holdings are posted on americancentury.com on a quarterly basis. Additional
details regarding the strategies and risks of the underlying funds are available
in the statement of additional information and the underlying funds’
prospectuses, which are also available
at americancentury.com.
Stock
Funds
U.S.
Equity
Focused
Dynamic
Growth
Fund seeks
long-term capital growth. It looks for stocks of early and rapid stage growth
companies that it believes will increase in value over time.
Focused
Large Cap Value Fund
seeks long-term capital growth with income as a secondary objective. It uses a
value investment strategy and invests primarily in larger U.S.
companies.
Growth
Fund seeks
long-term capital growth. It uses a growth investment strategy and generally
invests in larger U.S. companies.
Heritage
Fund seeks
long-term capital growth. It uses a growth investment strategy and generally
invests in medium-sized and smaller U.S. companies.
Mid
Cap Value Fund seeks
long-term capital growth with income as a secondary objective. It uses a value
investment strategy and invests primarily in medium-sized U.S.
companies.
Select
Fund
seeks long-term capital growth. It uses a growth investment strategy and looks
for stocks of larger-sized companies that it believes will increase in value
over time.
Small
Cap Growth Fund seeks
long-term capital growth. It uses a growth strategy and looks for stocks of
smaller-sized companies that it believes will increase in value over time.
Small
Cap Value Fund seeks
long-term capital growth. Income is a secondary objective. It uses a value
investment strategy and invests in equity securities of smaller
companies.
Sustainable
Equity Fund seeks
long-term capital growth. Income is a secondary objective. The fund will
generally invest in larger-sized companies using a proprietary multi-factor
model that combines fundamental measures of a stock’s value and growth potential
with environmental, social, and governance (ESG) metrics.
International
Equity
Emerging
Markets Fund seeks
capital growth. It uses a growth investment strategy and invests primarily in
securities of companies located in emerging market countries.
International
Growth Fund seeks
capital growth. It uses a growth investment strategy and invests primarily in
securities of companies located in developed countries other than the United
States.
International
Small-Mid Cap Fund seeks
capital growth. It uses a growth investment strategy and invests primarily in
securities of small- to medium-sized companies located in foreign developed
countries.
International
Value Fund seeks
long-term capital growth. It uses a quantitative investment strategy to
construct an optimized portfolio drawn primarily from securities of companies
located outside the United States that are believed to be undervalued by the
market.
Non-U.S.
Intrinsic Value Fund
seeks capital appreciation. The fund invests in non-U.S. companies that are
believed to be trading at significant discounts to their intrinsic
value.
Real
Estate
Global
Real Estate Fund
seeks high total investment return through a combination of capital appreciation
and current income. It invests primarily in equity securities issued by real
estate investment trusts (REITs) and other companies engaged in the real estate
industry located in developed countries world-wide.
Bond
Funds
Diversified
Bond Fund seeks
a high level of income by investing primarily in high- and medium-grade
non-money market debt securities. These securities, which may be payable in U.S.
or foreign currencies, may include corporate bonds and notes, government
securities and securities backed by mortgages or other assets.
Emerging
Markets Debt Fund seeks
total return by investing in fixed income instruments of issuers that are
economically tied to emerging markets.
Global
Bond Fund seeks
long-term total return by investing primarily in government and corporate bonds,
which may be payable in U.S. or foreign currencies. The fund invests primarily
in debt securities of issuers located in developed countries world-wide, but may
also invest in emerging market debt securities.
High
Income Fund seeks
current yield and capital growth. The fund invests primarily in high-yield
corporate bonds and other debt instruments with an emphasis on those that are
rated below investment grade.
Inflation-Adjusted
Bond Fund seeks
to provide total return and inflation protection consistent with investment in
inflation-indexed securities.
Short
Duration Inflation Protection Bond Fund pursues
total return using a strategy that seeks to protect against U.S. inflation. The
fund invests primarily in inflation-linked debt securities and the weighted
average duration of its portfolio must be five years or shorter.
Short-Term
Funds
Short
Duration
Fund
seeks
to maximize total return and, as a secondary objective, seeks a high level of
income. The fund invests primarily in investment-grade debt securities and its
weighted average duration must be three years or less.
What
are the principal risks of investing in the funds?
Each
fund’s performance and risks depend in part on the managers’ skill in
determining the fund’s neutral mix, selecting and weighting the underlying
funds, and implementing any deviations from the neutral mix. There is a risk
that the managers’ evaluations and assumptions regarding asset classes or
underlying funds may differ from actual market conditions.
Each
fund’s performance and risks reflect the performance and risks of the underlying
American Century Investments funds in which it invests. Some of these risks
relate to investments in stocks. Others relate primarily to fixed-income or
foreign investments. The degree to which the risks described below apply to a
particular fund varies according to its asset allocation.
The
fund may hold a significant percentage of the shares of an underlying fund. As a
result, the fund’s investments in an underlying American Century Investments
fund may create a conflict of interest for the advisor.
Market
performance tends to be cyclical. In the various cycles, certain investment
styles, such as growth and value styles, may fall in and out of favor. If the
market is not favoring an underlying fund’s style, that fund’s gains may not be
as big as, or its losses may be bigger than, those of other equity funds using
different investment styles.
Growth
stocks are typically priced higher than other stocks, in relation to earnings
and other measures, because investors believe they have more growth potential.
This potential may or may not be realized. If the portfolio managers’ assessment
of a company’s prospects for earnings or growth or how other investors will
value the company’s earnings growth is incorrect, the price of the company’s
stock may fall or fail to reach the value the managers have placed on it. Growth
stock prices tend to fluctuate more dramatically than the overall stock
market.
Similarly,
if the market does not consider the individual stocks purchased by a value fund
to be undervalued, the fund’s shares may not rise as high as other funds and may
in fact decline, even if stock prices generally are increasing.
Underlying
funds that invest in mid-sized and smaller companies may be more volatile, and
subject to greater short-term risk, than funds that invest in larger companies.
Smaller companies may have limited financial resources, product lines and
markets, and their securities may trade less frequently and in more limited
volumes than the securities of larger companies. In addition, smaller companies
may have less publicly available information.
The
value of an underlying fund’s fixed-income
securities
will be affected by rising or falling interest rates. Generally interest rates
and the prices of debt securities move in opposite directions. When interest
rates fall, the prices of most debt securities rise; when interest rates rise,
prices fall. Funds with longer weighted maturities are more sensitive to
interest rate changes. A period of rising interest rates may negatively affect
the funds’ performance.
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Fixed-income
securities
are rated by nationally recognized securities rating organizations (SROs),
such as Moody’s and Standard & Poor’s. Each SRO has its own system for
classifying securities, but each tries to indicate a company’s ability to
make timely payments of interest and principal. |
The
value of an underlying fund’s fixed-income securities also will be affected by
the inability or perceived inability of the issuers of these securities to make
payments of interest and principal as they become due.
The
lowest-rated investment-grade bonds in which the underlying funds may invest
contain some speculative characteristics. Having those bonds in the funds’
portfolios means the funds’ values may go down more if interest rates or other
economic conditions change than if the funds contained only higher-rated bonds.
In addition, higher-risk high-yield securities, which are below investment-grade
and sometimes referred to as junk bonds, are considered to be predominantly
speculative and are more likely to be negatively affected by changes in interest
rates or other economic conditions.
Some
of the underlying funds invest in foreign securities. Foreign investment
involves additional risks, including fluctuations in currency exchange rates,
less stable political and economic structures, reduced availability of public
information, and lack of uniform financial reporting and regulatory practices
similar to those that apply in the United States. These factors make investing
in foreign securities generally riskier than investing in U.S. securities.
Securities of foreign issuers may be less liquid, more volatile and harder to
value than U.S. securities. Investing in securities of companies located in
emerging market countries is also riskier than investing in securities of
companies located in foreign developed countries.
Investing
in securities of issuers located in emerging market countries generally is
riskier than investing in securities of companies located in foreign developed
countries. Emerging market countries may have unstable governments and/or
economies that are subject to sudden change. These changes may be magnified by
the countries’ emergent financial markets, resulting in significant volatility
to investments in these countries. These countries also may lack the legal,
business and social framework to support securities markets.
An
investment in the fund may be subject to many of the same risks as a direct
investment in real estate. These risks include changes in economic conditions,
interest rates, property values, property tax increases, overbuilding and
increased competition, environmental contamination, zoning and natural
disasters. This is due to the fact that the value of the fund’s investments may
be affected by the value of the real estate owned by the companies in which it
invests.
The
value of an underlying fund’s shares depends on the value of the stocks and
other securities it owns. The value of the individual securities a fund owns
will go up and down, depending on the performance of the companies that issued
them, general market and economic conditions, and investor confidence. Market
risks, including political, regulatory, economic and social developments, can
affect the value of the fund’s investments. Natural disasters, public health
emergencies, war, terrorism and other unforeseeable events may lead to increased
market volatility and may have adverse long-term effects on world economies and
markets generally.
These
funds are intended for investors who seek a diversified investment whose asset
mix becomes more conservative over time, and who are willing to accept the risks
associated with the funds’ multi-asset strategies.
A
fund may need to sell securities at times it would not otherwise do so in order
to meet shareholder redemption requests. A fund could experience a loss when
selling securities, particularly if the redemption requests are unusually large
or frequent, occur in times of overall market turmoil or declining pricing for
the securities sold or when the securities the fund wishes to sell are illiquid.
Selling securities to meet such redemption requests also may increase
transaction costs or have tax consequences. To the extent that a large
shareholder (including a 529 college savings plan) invests in a fund, the fund
may experience relatively large redemptions as such shareholder reallocates its
assets. Although the advisor seeks to minimize the impact of such transactions
where possible, a fund’s performance may be adversely affected.
At
any given time your shares may be worth less than the price you paid for them.
In other words, it is possible to lose money by investing in the funds,
including losses near to, at, or after retirement. There is no guarantee that a
fund will provide adequate income at or through your retirement.
What
will happen when a fund reaches its target date?
When
a fund reaches its most conservative planned neutral mix, which is expected to
occur on approximately November 30 of the year before the target date, its
neutral mix will become fixed and will match that of One Choice In Retirement
Portfolio. Thereafter, the fund’s Board of Directors, without a vote of
shareholders, may approve combining such fund with One Choice In Retirement
Portfolio. Although such combination of assets is intended to qualify as a
tax-free reorganization, the fund may realize capital gains or losses prior to
the combination and fund shareholders may receive a taxable distribution. Once
the combination occurs, shareholders of the fund will become shareholders of One
Choice In Retirement Portfolio.
Who
manages the funds?
The
Board of Directors, investment advisor and fund management team play key roles
in the management of the funds.
The
Board of Directors
The
Board of Directors is responsible for overseeing the advisor’s management and
operations of the funds pursuant to the management agreement. In performing
their duties, Board members receive detailed information about the funds and
their advisor regularly throughout the year, and meet at least quarterly with
management of the advisor to review reports about fund operations. The
directors’ role is to provide oversight and not to provide day-to-day
management. More than three-fourths of the directors are independent of the
funds’ advisor. They are not employees, directors or officers of, and have no
financial interest in, the advisor or any of its affiliated companies (other
than as shareholders of American Century Investments funds), and they do not
have any other affiliations, positions or relationships that would cause them to
be considered “interested persons” under the Investment Company Act of 1940. The
directors also serve in that capacity for many of the underlying
funds.
The
Investment Advisor
The
funds’ investment advisor is American Century Investment Management, Inc. (the
advisor). The advisor has been managing mutual funds since 1958 and is
headquartered at 4500 Main Street, Kansas City, Missouri
64111.
The
advisor is responsible for managing the investment portfolios of the funds and
directing the purchase and sale of the underlying American Century Investments
funds in which they invest. The advisor also arranges for transfer agency,
custody and all other services necessary for the funds to operate. Additionally,
the advisor is responsible for the selection and management of the underlying
funds’ portfolio investments.
For
certain services it provides to each fund and the underlying funds, the advisor
receives a unified management fee based on a percentage of the daily net assets
of each class of shares of the fund. The amount of the fee is calculated daily
and paid monthly in arrears. Out of that fee, the advisor pays all expenses of
managing and operating that fund except brokerage expenses, taxes, interest,
fees and expenses of the independent directors (including legal counsel fees),
extraordinary expenses, and expenses incurred in connection with the provision
of shareholder services and distribution services under a plan adopted pursuant
to Rule 12b-1 under the Investment Company Act of 1940. The difference in
unified management fees among the classes is a result of their separate
arrangements for non-Rule 12b-1 shareholder services. It is not the result of
any difference in advisory or custodial fees or other expenses related to the
management of the fund’s assets, which do not vary by class. For all classes
other than the R6 Class, the advisor may pay unaffiliated third
parties who provide recordkeeping and administrative services that would
otherwise be performed by an affiliate of the advisor.
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| Management
Fees Paid by the Fund to the Advisor as a Percentage of Average Net Assets
for the Fiscal Year Ended July 31, 2023 |
Investor,
A, C and R
Classes |
I
Class |
R6
Class |
| One
Choice In Retirement Portfolio |
0.74% |
0.54% |
0.39% |
| One
Choice 2025 Portfolio |
0.76% |
0.56% |
0.41% |
| One
Choice 2030 Portfolio |
0.78% |
0.58% |
0.43% |
| One
Choice 2035 Portfolio |
0.81% |
0.61% |
0.46% |
| One
Choice 2040 Portfolio |
0.83% |
0.63% |
0.48% |
| One
Choice 2045 Portfolio |
0.86% |
0.66% |
0.51% |
| One
Choice 2050 Portfolio |
0.88% |
0.68% |
0.53% |
| One
Choice 2055 Portfolio |
0.88% |
0.68% |
0.53% |
| One
Choice 2060 Portfolio |
0.88% |
0.68% |
0.53% |
| One
Choice 2065 Portfolio |
0.88% |
0.68% |
0.53% |
A
discussion regarding the basis for the Board of Directors’ approval of the
funds’ investment advisory agreement with the advisor is available in the funds’
semiannual report to shareholders dated January 31, 2023.
The
Fund Management Team
The
advisor uses a team of portfolio managers and analysts to manage the funds in
consultation with the firm’s Asset Allocation Committee, which is responsible
for reviewing portfolio performance and approving strategic investment policy
decisions for the funds. The following portfolio managers are jointly and
primarily responsible for coordinating the funds’ activities, including
determining appropriate asset allocations, reviewing overall fund compositions
for compliance with stated investment objectives and strategies, and monitoring
cash flows. The team meets as necessary to review the funds’ neutral
mixes.
Richard
Weiss
Mr.
Weiss, Chief Investment Officer – Multi-Asset Strategies, Senior Vice President
and Senior Portfolio Manager, has been a member of the team that manages the
funds since 2010 when he joined American Century Investments. He also serves as
a member of the Asset Allocation Committee. He has a bachelor’s degree in
economics from The Wharton School at the University of Pennsylvania and an MBA
in finance/econometrics from the University of Chicago, Graduate School of
Business.
Radu
Gabudean, Ph.D.
Dr.
Gabudean, Vice President, Senior Portfolio Manager and Head of Research,
Multi-Asset Strategies, has been a member of the team that manages the funds
since 2013 when he joined American Century Investments. He has a bachelor’s
degree in economics from York University, Toronto, Canada, and a Ph.D. in
finance from New York University, Stern School of Business.
Vidya
Rajappa
Ms.
Rajappa, Vice President, Senior Portfolio Manager and Head of Portfolio
Management, Multi-Asset Strategies, has been a member of the team that manages
the funds since 2018 when she joined American Century Investments. Previously,
she served in roles as senior vice president of multi-asset solutions and senior
vice president of global analytics at AllianceBernstein L.P. She has a
bachelor’s degree in electronics and telecommunications from PSG College of
Technology, Coimbatore, India and a master's degree in statistics and operations
research from New York University. She is a CFA charterholder.
Brian
Garbe
Mr.
Garbe, Vice President and Senior Portfolio Manager, has been a member of the
team that manages the funds since 2020. He joined American Century Investments
in 2010 as a portfolio manager. He has a bachelor’s degree in
mathematics-applied science (economics) with a specialization in computer
programming, and an MBA from the John E. Anderson Graduate School of Management,
both from the University of California, Los Angeles.
Scott
Wilson
Mr.
Wilson, Vice President and Portfolio Manager, has been a member of the team that
manages the funds since 2006. He joined American Century Investments in 1992,
became an analyst in 1994 and a portfolio manager in 2011. He has a bachelor’s
degree in business administration from Pepperdine University and is a CFA
charterholder.
The
statement of additional information provides additional information about the
accounts managed by the portfolio managers, the structure of their compensation,
and their ownership of fund securities.
Fundamental
Investment Policies
Shareholders
must approve any change to the fundamental investment policies contained in the
statement of additional information, as well as any change to the investment
objectives of all the funds, except One Choice 2060 and 2065 Portfolios. The
Board of Directors and/or the advisor may change any other policies or
investment strategies described in this prospectus or otherwise used in the
operation of the funds at any time, including One Choice 2060 and 2065
Portfolios’ investment objective, subject to applicable notice
provisions.
Services
Automatically Available to You
Most
accounts automatically have access to the services listed under Ways
to Manage Your Account
when the account is opened. If you have questions about the services that apply
to your account type, please call us.
Generally,
once your account is established, any registered owner (including those on
jointly owned accounts) or any trustee (including those on trust accounts with
multiple trustees), or any authorized signer on business accounts with multiple
authorized signers, may transact business by any of the methods described below.
American Century reserves the right to require all owners or trustees or
authorized signers to act together, at our discretion.
Account
Maintenance Fee
If
you hold Investor Class shares of any American Century Investments mutual 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), we may charge you a $25 annual
account maintenance fee if the value of those shares is less than $10,000. We
will determine the amount of your total eligible investments once per year,
generally the last Friday in October. If the value of those investments is less
than $10,000 at that time, we will automatically redeem shares in one of your
accounts to pay the $25 fee as soon as administratively possible. Please note
that you may incur tax liability as a result of the redemption. 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.
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Personal
accounts
include individual accounts, joint accounts, UGMA/UTMA accounts, personal
trusts, Coverdell Education Savings Accounts, 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, but you may be subject to other
fees. |
Wire
Purchases
Current
Investors:
If you would like to make a wire purchase into an existing account, your bank
will need the following information. (To invest in a new fund, please call us
first to set up the new account.)
•American
Century Investments bank information: Commerce Bank N.A., Routing No. 101000019,
Account No. 2804918
•Your
American Century Investments account number and fund name
•Your
name
•The
contribution year (for IRAs only)
•Dollar
amount
New
Investors:
To make a wire purchase into a new account, please complete an application or
call us prior to wiring money.
Ways
to Manage Your Account
ONLINE
americancentury.com
Open
an account:
If you are a current or new investor, you can open an account by completing and
submitting our online application. Current investors also can open an account by
exchanging shares from another American Century Investments account with an
identical registration.
Exchange
shares:
Exchange shares from another American Century Investments account with an
identical registration.
Make
additional investments:
Make an additional investment into an established American Century Investments
account. If we do not have your bank information, you can add it.
Sell
shares*:
Redeem shares and choose whether the proceeds are electronically transferred to
your authorized bank account or sent by check to your address of
record.
* Online
redemptions up to $25,000 per day per account.
IN
PERSON
If
you prefer to handle your transactions in person, visit one of our Investor
Centers and a representative can help you open an account, make additional
investments, and sell or exchange shares.
•4400
Main Street, Kansas City, MO — 8 a.m. to 5 p.m., Monday –
Friday
•4917
Town Center Drive, Leawood, KS — 8 a.m. to 5 p.m., Monday –
Friday
BY
TELEPHONE
Investor
Services Representative:
1-800-345-2021
Business,
Not-For-Profit and Employer-Sponsored Retirement Plans:
1-800-345-3533
Automated
Information Line:
1-800-345-8765
Open
an account:
If you are a current investor, you can open an account by exchanging shares from
another American Century Investments account with an identical
registration.
Exchange
shares:
Call or use our Automated Information Line (available only to Investor Class
shareholders).
Make
additional investments:
Call or use our Automated Information Line if you have authorized us to invest
from your bank account. The Automated Information Line is available only to
Investor Class shareholders.
Sell
shares: Call
or use our Automated Information Line. The Automated Information Line
redemptions are up to $25,000 per day per account and are available for Investor
Class shareholders only.
BY
MAIL OR FAX
Mail
Address:
P.O. Box 419200, Kansas City, MO 64141-6200 — Fax:
1-888-327-1998
Open
an account:
Send a signed, completed application and check or money order payable to
American Century Investments.
Exchange
shares:
Send written instructions to exchange your shares from one American Century
Investments account to another with an identical registration.
Make
additional investments:
Send your check or money order for at least $50 with an investment slip. If you
don’t have an investment slip, include your name, address and account number on
your check or money order.
Sell
shares:
Send written instructions or a redemption form to sell shares. Call a Service
Representative to request a form.
AUTOMATICALLY
Open
an account:
Not available.
Exchange
shares:
Send written instructions to set up an automatic exchange of your shares from
one American Century Investments account to another with an identical
registration.
Make
additional investments:
With the automatic investment service, you can purchase shares on a regular
basis. You must invest at least $50 per month per account.
Sell
shares:
You may sell shares automatically by establishing a systematic redemption
plan.
See
Additional
Policies Affecting Your Investment
for more information about investing with us.
Each
fund may be purchased by participants in employer-sponsored retirement plans or
through financial
intermediaries
that provide various administrative and distribution services.
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Financial
intermediaries
include banks, broker-dealers, insurance companies, plan sponsors and
financial professionals. |
Although
each class of a fund’s shares represents an interest in the same fund, each has
a different cost structure, as described below. Which class is right for you
depends on many factors, including how long you plan to hold the shares, how
much you plan to invest, the fee structure of each class, and how you wish to
compensate your financial professional for the services provided to you. Your
financial professional can help you choose the option that is most
appropriate.
Investor
Class
Investor
Class shares are available for purchase without sales charges or commissions but
may be subject to account or transaction fees if purchased through financial
intermediaries. These shares are available to investors in retail brokerage
accounts, broker-dealer-sponsored fee-based advisory accounts, other advisory
accounts where fees are charged, and employer-sponsored retirement
plans.
I
Class
I
Class shares are available for purchase without sales charges or commissions by
endowments, foundations, large institutional investors, employer-sponsored
retirement plans and financial intermediaries.
A
Class
A
Class shares are available for purchase through broker-dealers and other
financial intermediaries. These shares carry an initial sales charge and an
ongoing distribution and service (12b-1) fee that is used to compensate your
financial professional. See Calculation
of Sales Charges
below for commission amounts received by financial professionals on the purchase
of A Class shares. The sales charge decreases with the size of the purchase, and
may be reduced or eliminated in certain situations. See Reductions
and Waivers of Sales Charges for A Class
and CDSC
Waivers
below for a full description of the breakpoints, reductions and waivers that may
be available through financial intermediaries in certain types of accounts or
products.
C
Class
C
Class shares are available for purchase through broker-dealers and other
financial intermediaries. These shares do not have an initial sales charge but
carry an ongoing distribution and service (12b-1) fee. Except as noted below,
the commission paid to your financial professional for purchases of C Class
shares is 1.00% of the amount invested, and the shares have a contingent
deferred sales charge (CDSC) when redeemed within one year of purchase. Your
financial professional does not receive the distribution and service (12b-1) fee
until the CDSC period has expired (it is retained by the distributor). See
CDSC
Waivers
below for a full description of the waivers that may be available. C Class
shares automatically convert to A Class shares 8 years after
purchase.
R
Class
R
Class shares do not carry a sales charge or commission, but they have an ongoing
distribution and service (12b-1) fee. R Class shares are available for
purchase through certain employer-sponsored retirement plans. R Class shares
also may be available for certain other accounts through financial
intermediaries who have an agreement with us to offer the R Class in certain
products. Additionally, IRA accounts in R Class shares established through
financial intermediaries prior to August 1, 2006, may make additional purchases.
With respect to purchases through financial intermediaries, R Class shares are
not available in the following types of employer-sponsored retirement plans: SEP
IRAs, SIMPLE IRAs or SARSEPs, except that investors in such plans with accounts
in R Class shares established prior to March 1, 2009, may make additional
purchases, and certain intermediaries may have agreements with us to offer R
Class shares in such plans as described above.
R6
Class
R6
Class shares are available for purchase without sales charges or commissions by
participants in certain employer-sponsored retirement plans. R6 Class shares may
be purchased or redeemed only through employer-sponsored retirement plans where
a financial intermediary provides retirement recordkeeping services to plan
participants.
Calculation
of Sales Charges
The
information regarding sales charges provided herein is included free of charge
and in a clear and prominent format at americancentury.com in the Investors
Using Advisors
and Investment
Professionals
portions of the website. From the description of A or C Class shares, a
hyperlink will take you directly to this disclosure.
The
availability of the sales charge reductions and waivers discussed below will
depend upon whether you purchase your shares directly from the fund or through a
financial intermediary. Intermediaries may have different policies and
procedures regarding the availability of these reductions or waivers. Please
refer to Appendix
A
for information provided by certain financial intermediaries regarding their
sales charge waiver or discount policies that are applicable to investors
transacting in fund shares through such financial intermediary.
A
Class
A
Class shares are sold at their offering price, which is net asset value plus an
initial sales charge. This sales charge varies depending on the amount of your
investment, and is deducted from your purchase before it is invested. The sales
charges and the amounts paid to your financial professional are:
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| |
| Purchase
Amount |
Sales
Charge as a %
of Offering Price |
Sales
Charge as a %
of Net Amount Invested |
Dealer
Commission
as a % of Offering Price |
| Less
than $50,000 |
5.75% |
6.10% |
5.00% |
| $50,000
- $99,999 |
4.75% |
4.99% |
4.00% |
| $100,000
- $249,999 |
3.75% |
3.90% |
3.25% |
| $250,000
- $499,999 |
2.50% |
2.56% |
2.00% |
| $500,000
- $999,999 |
2.00% |
2.04% |
1.75% |
| $1,000,000
- $3,999,999 |
0.00% |
0.00% |
1.00% |
| $4,000,000
- $9,999,999 |
0.00% |
0.00% |
0.50% |
| $10,000,000
or more |
0.00% |
0.00% |
0.25% |
There
is no front-end sales charge for purchases of $1,000,000 or more, but if you
redeem your shares within one year of purchase you will pay a deferred sales
charge of 1.00% of the lower of the original purchase price or the current
market value at redemption, subject to the exceptions listed below. No sales
charge applies to reinvested dividends. No dealer commission will be paid to
your financial professional for purchases by certain employer-sponsored
retirement plans. For this purpose, employer-sponsored retirement plans do not
include SEP IRAs, SIMPLE IRAs or SARSEPs.
Reductions
and Waivers of Sales Charges for A Class
You
may qualify for a reduction or waiver of certain sales charges, but you or your
financial professional must provide certain information, including the account
numbers of any accounts to be aggregated, to American Century Investments at the
time of purchase in order to take advantage of such reduction or waiver. If you
hold assets among multiple intermediaries, it is your responsibility to inform
your intermediary and/or American Century Investments at the time of purchase,
of any accounts to be aggregated.
You
and your immediate family (which includes your spouse or domestic partner and
children, step-children, parents or step-parents of you, your spouse or domestic
partner) may combine investments in any share class of any American Century
Investments mutual fund (excluding certain assets in money market accounts, but
including account assets invested in Qualified Tuition Programs under Section
529) to reduce your A Class sales charge in the following ways:
Account
Aggregation.
Investments made by you and your immediate family may be aggregated at each
account’s current market value if made for your own account(s) and/or certain
other accounts, such as:
•Certain
trust accounts
•Solely
controlled business accounts
•Single-participant
retirement plans
•Endowments
or foundations established and controlled by you or an immediate family
member
For
purposes of aggregation, only investments made through individual-level accounts
may be combined. Assets held in multiple participant employer-sponsored
retirement plans may be aggregated at a plan level.
Concurrent
Purchases.
You may combine simultaneous purchases in any share class of any American
Century Investments mutual fund to qualify for a reduced A Class sales
charge.
Rights
of Accumulation.
You may take into account the current value of your existing holdings, less any
commissionable shares in the money market funds, in any share class of any
American Century Investments mutual fund to qualify for a reduced A Class sales
charge. An
investor who purchases fund shares through a financial intermediary may be
subject to different rights of accumulation policies of such financial
intermediary. Please consult with your financial professional for further
details.
Letter
of Intent.
A Letter of Intent allows you to combine all purchases of any share class of any
American Century Investments mutual fund you intend to make over a 13-month
period to determine the applicable sales charge, except for purchases in the A
or C Class of money market funds. At your request, existing holdings may be
combined with new purchases and sales charge amounts may be adjusted for
purchases made within 90 days prior to our receipt of the Letter of Intent.
Capital appreciation, capital gains and reinvested dividends earned during the
Letter of Intent period do not apply toward its completion. A portion of your
account will be held in escrow to cover additional A Class sales charges that
will be due if your total investments over the 13-month period do not qualify
for the applicable sales charge reduction.
Waivers
for Certain Investors.
The sales charge on A Class shares may be waived for:
•Purchases
by registered representatives and other employees of certain financial
intermediaries (and their immediate family members, which includes their spouse
or domestic partner and children or step-children, parents or step-parents of
them, their spouse or domestic partner) having selling agreements with the
advisor or distributor
•Broker-dealer
sponsored wrap program accounts and/or fee-based accounts maintained for clients
of certain financial intermediaries who have entered into selling agreements
with American Century Investments
•Purchases
in accounts of financial intermediaries that have entered into a selling
agreement with American Century Investments that allows for the waiver of the
sales charge in brokerage accounts that may or may not charge a transaction
fee
•Current
officers, directors or employees of American Century Investments
•Certain
group employer-sponsored retirement plans, where plan level or omnibus accounts
are held with the fund, or shares are purchased by certain retirement plans that
are part of a retirement plan or platform offered by banks, broker-dealers,
financial advisors or insurance companies, or serviced by retirement
recordkeepers. For purposes of this waiver, employer-sponsored retirement plans
do not include SEP IRAs, SIMPLE IRAs or SARSEPs. However, SEP IRA, SIMPLE IRA or
SARSEP retirement plans that (i) held shares of an A Class fund prior to March
1, 2009 that received sales charge waivers or (ii) held shares of an Advisor
Class fund that was renamed A Class on March 1, 2010, may permit additional
purchases by new and existing participants in A Class shares without an initial
sales charge. Refer to Buying
and Selling Fund Shares
in the statement of additional information
•Purchases
of additional shares in accounts that held shares of an Advisor Class fund that
was renamed A Class on either September 4, 2007, December 3, 2007 or March 1,
2010. However, if you close your account or if you transfer your account to
another financial intermediary, future purchases of A Class shares of a fund may
not receive a sales charge waiver.
An
investor who receives a sales charge waiver for purchases of fund shares through
a financial intermediary may become ineligible to receive such waiver if the
nature of the investor’s relationship with and/or the services it receives from
the financial intermediary changes. Please consult with your financial
professional for further details.
C
Class
C
Class shares are sold at their net asset value without an initial sales charge.
If you purchase shares through a financial intermediary who receives a
commission from the fund’s distributor on the purchase and redeem your shares
within 12 months of purchase, you will pay a CDSC of 1.00% of the original
purchase price or the current market value at redemption, whichever is less. The
purpose of the CDSC is to permit the fund’s distributor to recoup all or a
portion of the up-front payment made to your financial professional. There is no
CDSC on shares acquired through reinvestment of dividends or capital
gains.
American
Century Investments generally limits purchases of C Class shares to investors
whose aggregate investments in American Century Investments mutual funds are
less than $1,000,000. However, it is your responsibility to inform your
financial intermediary and/or American Century Investments at the time of
purchase of any accounts to be aggregated, including investments in any share
class of any American Century Investments mutual fund (excluding certain assets
in money market accounts, but including account assets invested in Qualified
Tuition Programs under Section 529) in accounts held by you and your immediate
family members (which includes your spouse or domestic partner and children,
step-children, parents or step-parents of you, your spouse or domestic partner).
Once you reach this limit, you should work with your financial intermediary to
determine what share class is most appropriate for additional
purchases.
C
Class shares automatically convert to A Class shares after being held for 8
years. The automatic conversion will be executed in the month following the
8-year anniversary of the purchase date for such C Class shares without any
sales charge, fee or other charges. The conversion from C Class shares is not
considered a taxable event for Federal income tax purposes. After the
conversion, shares will be subject to all features and expenses of A Class
shares.
Calculation
of Contingent Deferred Sales Charge (CDSC)
To
minimize the amount of the CDSC you may pay when you redeem shares, the fund
will first redeem shares acquired through reinvested dividends and capital gain
distributions, which are not subject to a CDSC. Shares that have been in your
account long enough that they are not subject to a CDSC are redeemed next. For
any remaining redemption amount, shares will be sold in the order they were
purchased (earliest to latest).
CDSC
Waivers
Any
applicable CDSC for A or C Classes may be waived in the following
cases:
•redemptions
through systematic withdrawal plans not exceeding annually 12% of the
lesser of the original purchase cost or current market value for A and C Class
shares
•redemptions
through employer-sponsored retirement plans. For this purpose,
employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or
SARSEPs.
•distributions
from IRAs due to attainment of age 59½ for A Class shares and for C Class
shares
•required
minimum distributions from retirement accounts due to the shareholder reaching
the qualified age based on applicable IRS regulations
•tax-free
returns of excess contributions to IRAs
•redemptions
due to death or post-purchase disability
•exchanges,
unless the shares acquired by exchange are redeemed within the original CDSC
period
•IRA
Rollovers from any American Century Investments mutual fund held in an
employer-sponsored retirement plan, for A Class shares only
•if
no dealer commission was paid to the financial intermediary on the purchase for
any other reason
Reinstatement
Privilege
Within
90 days of a redemption, dividend payment or capital gains distribution of any A
Class shares, you may reinvest all or a portion of the proceeds in A Class
shares of any American Century Investments mutual fund at the then-current net
asset value without paying an initial sales charge. At your request, any CDSC
you paid on an A Class redemption that you are reinvesting will be credited to
your account. You may use the privilege only once per account. This privilege
may only be invoked by the original account owner to reinvest shares in an
account with the same registration as the account from which the redemption or
distribution originated. This privilege does not apply to systematic or
automatic transactions, including, for example, automatic purchases, withdrawals
and payroll deductions. If you wish to use this reinvestment privilege, you or
your financial professional must provide written notice to American Century
Investments.
Employer-Sponsored
Retirement Plans
Certain
group employer-sponsored retirement plans that hold a single account for all
plan participants with the fund, or that are part of a retirement plan or
platform offered by banks, broker-dealers, financial advisors or insurance
companies, or serviced by retirement recordkeepers are eligible to purchase
Investor, I, A, C, R and R6 Class shares. For more information regarding
employer-sponsored retirement plan types, please refer to Buying
and Selling Fund Shares
in the statement of additional information. A and C Class purchases are
available at net asset value with no dealer commission paid to the financial
professional, and do not incur a CDSC. A, C and R Class shares purchased in
employer-sponsored retirement plans are subject to applicable distribution and
service (12b-1) fees, which the financial intermediary begins receiving
immediately at the time of purchase. American Century does not impose plan size
or participant number requirements by class for employer-sponsored retirement
plans; however, financial intermediaries or plan recordkeepers may require plans
to meet different requirements.
Exchanging
Shares
You
may exchange shares of the fund for shares of the same class of another American
Century Investments mutual fund without a sales charge if you meet the following
criteria:
•The
exchange is for a minimum of $100
•For
an exchange that opens a new account, the amount of the exchange must meet or
exceed the minimum account size requirement for the fund receiving the
exchange
For
purposes of computing any applicable CDSC on shares that have been exchanged,
the holding period will begin as of the date of purchase of the original fund
owned. Exchanges from a money market fund are subject to a sales charge on the
fund being purchased, unless the money market fund shares were acquired by
exchange from a fund with a sales charge or by reinvestment of dividends or
capital gains distributions.
Moving
Between Share Classes and Accounts
You
may move your investment between share classes (within the same fund or between
different funds) in certain circumstances deemed appropriate by American Century
Investments. You also may move investments held in certain accounts to a
different type of account if you meet certain criteria. Please contact your
financial professional for more information about moving between share classes
or account types.
Buying
and Selling Shares Through a Financial Intermediary
Your
ability to purchase, exchange, redeem and transfer shares will be affected by
the policies of the financial intermediary through which you do business. Some
policy differences may include
•minimum
investment requirements
•exchange
policies
•fund
choices
•cutoff
time for investments
•trading
restrictions
In
addition, your financial intermediary may charge a transaction fee for the
purchase or sale of fund shares. Those charges are retained by the financial
intermediary and are not shared with American Century Investments or the funds.
Please contact your financial intermediary or plan sponsor for a complete
description of its policies. Copies of the funds’ annual report, semiannual
report and statement of additional information are available from your financial
intermediary or plan sponsor.
The
funds have authorized certain financial intermediaries to accept orders on the
funds’ behalf. American Century Investments has selling agreements with these
financial intermediaries requiring them to track the time investment orders are
received and to comply with procedures relating to the transmission of orders.
Orders must be received by the financial intermediary on the funds’ behalf
before the time the net asset value is determined in order to receive that day’s
share price. If those orders are transmitted to American Century Investments and
paid for in accordance with the selling agreement, they will be priced at the
net asset value next determined after your request is received in the form
required by the financial intermediary.
If
you submit a transaction request through a financial intermediary that does not
have a selling agreement with us, or if the financial intermediary’s selling
agreement does not cover the type of account or share class requested, we may
reject or cancel the transaction without prior notice to you or the
intermediary.
Investor
and I Class shares may also be available on brokerage platforms of financial
intermediaries that have agreements with American Century Investments to offer
such shares solely when acting as an agent for the shareholder. A
shareholder transacting in Investor or I Class shares in these programs may be
required to pay a commission and/or other forms of compensation to the
broker. Shares of the fund are available in other share classes that have
different fees and expenses.
See
Additional
Policies Affecting Your Investment
for more information about investing with us.
Eligibility
for Investor Class Shares
The
fund’s Investor Class shares are available for purchase directly from American
Century Investments and through the following types of products, programs or
accounts offered by financial intermediaries:
•self-directed
accounts on transaction-based platforms that may or may not charge a transaction
fee
•employer-sponsored
retirement plans
•broker-dealer
sponsored fee-based wrap programs or other fee-based advisory
accounts
•insurance
products and bank/trust products where fees are being charged
The
fund reserves the right, when in the judgment of American Century Investments it
is not adverse to the fund’s interest, to permit all or only certain types of
investors to open new accounts in the fund, to impose further restrictions, or
to close the fund to any additional investments, all without
notice.
Minimum
Initial Investment Amounts for Investor, A, C and R Classes
Unless
otherwise specified below, the minimum initial investment amount to open an
account is $2,500. However, American Century Investments will waive the fund
minimum if you make an initial investment of at least $500 and continue to make
automatic investments of at least $100 a month until reaching the fund
minimum.
Investors
opening accounts through financial intermediaries may open an account with $250,
but the financial intermediaries may require their clients to meet different
investment minimums. See Investing
Through a Financial Intermediary
for more information.
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| Broker-dealer
sponsored wrap program accounts and/or fee-based advisory
accounts |
No
minimum |
| Coverdell
Education Savings Account and IRAs |
$1,0001,2 |
| Employer-sponsored
retirement plans |
No
minimum |
1
American Century Investments will waive the minimum if
you make an initial investment of at least $500 and continue to make automatic
investments of at least $100 a month until reaching the minimum.
2
The minimum initial investment for shareholders
investing through financial intermediaries is $250. Financial intermediaries may
have different minimums for their clients.
Subsequent
Purchases
There
is a $50 minimum for subsequent purchases. See Ways
to Manage Your Account
for more information about making additional investments directly with American
Century Investments. However, there is no subsequent purchase minimum for
financial intermediaries or employer-sponsored retirement plans, but financial
intermediaries may require their clients to meet different subsequent purchase
requirements.
Eligibility
for I Class Shares
I
Class shares are made available for purchase by individuals and large
institutional shareholders such as bank trust departments, corporations,
retirement plans, endowments, foundations and financial advisors that meet the
funds’ minimum investment requirements.
Minimum
Initial Investment Amounts for I Class
The
minimum initial investment amount for I Class shares is generally $5 million ($3
million for endowments and foundations) per fund. If you invest with us through
a financial intermediary, this requirement may be met if your financial
intermediary aggregates your investments with those of other clients into a
single group, or omnibus, account that meets the minimum. The minimum investment
requirement may be waived if you have an aggregate investment in the American
Century family of funds of $10 million or more ($5 million for endowments and
foundations). This includes accounts held directly with American Century and
those held through a financial intermediary. American Century Investments also
may waive the minimum initial investment in other situations it deems
appropriate. In addition, there is no minimum investment amount for
employer-sponsored retirement plans where a financial intermediary provides
retirement recordkeeping services to plan participants and where plan level or
omnibus accounts are held on the books of the fund. Financial intermediaries or
plan recordkeepers may require plans to meet certain other conditions, such as
plan size or minimum level of assets per participants, in order to be eligible
to purchase I Class shares.
American
Century Investments may permit an intermediary to waive the initial minimum per
shareholder as provided in Buying
and Selling Fund Shares
in the statement of additional information.
Eligibility
for R6 Class Shares
The
fund’s R6 Class shares are generally available only through employer-sponsored
retirement plans where a financial intermediary provides retirement
recordkeeping services to plan participants. To be eligible, plan level or
omnibus accounts must be held on the books of the fund.
R6
Class shares are not available to retail accounts, traditional or Roth IRAs, SEP
IRAs, SIMPLE IRAs, SARSEPs or Coverdell education savings accounts.
Minimum
Initial Investment Amounts for R6 Class
There
is no minimum initial amount or subsequent investment amount for R6 Class
shares, but financial intermediaries or plan recordkeepers may require plans to
meet different investment minimums.
Redemptions
Your
redemption proceeds will be calculated using the net asset value (NAV) next
determined after we receive your transaction request in good order. If you sell
C or, in certain cases, A Class shares, you may pay a sales charge, depending on
how long you have held your shares, as described above.
Generally,
we expect to remit your redemption proceeds to you one business day after we
process your transaction. However, we reserve the right to delay delivery of
redemption proceeds for up to seven days. For example, each time you make an
investment with American Century Investments, there is a seven-day holding
period before we will release redemption proceeds from those shares, unless you
provide us with satisfactory proof that your purchase funds have cleared.
Investments by wire generally require only a one-day holding period. If you
change your address, we may require that any redemption request made within
seven days be submitted in writing and be signed by all authorized signers with
their signatures guaranteed. We may also require a signature guarantee for
redemptions in other situations, as described below. If you change your bank
information, we may impose a seven-day holding period before we will transfer or
wire redemption proceeds to your bank. Please remember, if you request
redemptions by wire, $10 will be deducted from the amount redeemed. Your bank
also may charge a fee.
Under
normal market conditions, the fund generally meets redemption requests through
its holdings of cash or cash equivalents or by selling portfolio securities.
However, we reserve the right to honor certain redemptions with securities,
rather than cash, as described in the next section. Additionally, the fund
may consider interfund lending to meet redemption requests. The fund is more
likely to use these other methods to meet large redemption requests or during
times of market stress.
Additionally,
if you are age 65 or older, or if we have reason to believe you have a mental or
physical impairment that renders you unable to protect your own interest, we may
temporarily delay the disbursement of redemption proceeds from your account if
we believe that you have been the victim of actual or attempted financial
exploitation. This temporary delay will be for an initial period of no more than
15 business days while we conduct an internal review of the facts and
circumstances of the suspected financial exploitation. If our internal review
supports our belief that actual or attempted financial exploitation has occurred
or is occurring, we may extend the hold for up to 10 additional business days.
At the expiration of the additional hold time, if we have not confirmed that
exploitation has occurred, the proceeds will be released to you.
Redemption
of Shares in Accounts Below Minimum
If
your account balance falls below the minimum initial investment amount for any
reason, or if you cancel your automatic monthly investment plan prior to
reaching the fund minimum, American Century Investments reserves the right to
redeem the shares in the account and send the proceeds to your address of
record. Prior to doing so, we will notify you and give you 60 days to meet the
minimum or reinstate your automatic monthly investment plan. Please note that A
and C Class shares redeemed in this manner may be subject to a sales charge if
held less than the applicable time period. You also may incur tax liability as a
result of the redemption. For I Class shares, we reserve the right to convert
your shares to Investor Class shares of the same fund. The total annual
operating expenses of Investor Class shares are higher than I Class
shares.
Small
Distributions and Uncashed Distribution Checks
Generally,
dividends and distributions cannot be paid by check for an amount less than $50.
Any such amount will be automatically reinvested in additional shares. The fund
reserves the right to reinvest any dividend or distribution amount you elect to
receive by check if your check is returned as undeliverable or if you do not
cash your check within six months. Interest will not accrue on the amount of
your uncashed check. We will reinvest your check into your account at the NAV on
the day of reinvestment. When reinvested, those amounts are subject to the risk
of loss like any other fund investment. We also reserve the right to change your
election to receive dividends and distributions in cash after a check is
returned undeliverable or uncashed for the six month period, and we may
automatically reinvest all future dividends and distributions at the NAV on the
date of the payment.
Signature
Guarantees
A
signature guarantee — which is different from a notarized signature — is a
warranty that the signature presented is genuine. We may require a signature
guarantee for the following transactions:
•Your
redemption or distribution check or automatic redemption is made payable to
someone other than the account owners;
•Your
redemption proceeds or distribution amount is sent by EFT (ACH or wire) to a
destination other than your personal bank account;
•You
are transferring ownership of an account over $100,000;
•You
change your address and request a redemption over $100,000 within seven
days;
•You
request proceeds from redemptions, dividends, or distributions be sent to an
address or financial institution differing from those on record; or
•You
make a redemption or other transaction request via telephone, and we are unable
to verify your identity.
We
reserve the right to require a signature guarantee for other transactions, or we
may employ other security measures, such as signature comparison or notarized
signature, at our discretion.
Canceling
a Transaction
American
Century Investments will use its best efforts to honor your request to revoke a
transaction instruction if your revocation request is received prior to the
close of trading on the New York Stock Exchange (NYSE) (generally 4 p.m. Eastern
time) on the trade date of the transaction. Once processing has begun, or the
NYSE has closed on the trade date, the transaction can no longer be canceled.
Each fund reserves the right to suspend the offering of shares for a period of
time and to reject any specific investment (including a purchase by exchange).
Additionally, we may refuse a purchase if, in our judgment, it is of a size that
would disrupt the management of a fund.
Frequent
Trading Practices
Frequent
trading and other abusive trading practices may disrupt portfolio management
strategies and harm fund performance. Additionally, because the funds invest in
other American Century Investments mutual funds, frequent trading and other
abusive trading activity in the funds may disrupt the underlying funds’
portfolio management strategies and harm their performance. If the cumulative
amount of frequent trading activity is significant relative to an underlying
fund’s net assets, the underlying fund may incur trading costs that are higher
than necessary as securities are first purchased then quickly sold to meet the
redemption request. In such case, each fund, as a shareholder of the underlying
funds, would indirectly bear its pro rata share of the additional expenses
incurred by the underlying funds. Accordingly, the funds’ performance could be
negatively impacted by the increased trading costs created by frequent trading
if the additional trading costs are significant.
Because
of the potentially harmful effects of abusive trading practices, the funds’
Board of Directors has approved American Century Investments’ abusive trading
policies and procedures, which are designed to reduce the frequency and effect
of these activities in our funds. These policies and procedures include
monitoring trading activity, imposing trading restrictions on certain accounts,
and using fair value pricing when current market prices are not readily
available for securities held by the underlying funds. Although these efforts
are designed to discourage abusive trading practices, they cannot eliminate the
possibility that such activity will occur. American Century Investments seeks to
exercise its judgment in implementing these tools to the best of its ability in
a manner that it believes is consistent with shareholder
interests.
American
Century Investments uses a variety of techniques to monitor for and detect
frequent trading practices. These techniques may vary depending on the type of
fund, the class of shares or whether the shares are held directly or indirectly
with American Century Investments. They may change from time to time as
determined by American Century Investments in its sole discretion. To minimize
harm to the funds and their shareholders, we reserve the right to reject any
purchase order (including exchanges) from any shareholder we believe has a
history of frequent trading or whose trading, in our judgment, has been or may
be disruptive to the funds. In making this judgment, we may consider trading
done in multiple accounts under common ownership or control.
Currently,
for shares held directly with American Century Investments, we may deem the sale
of all or a substantial portion of a shareholder’s purchase of fund shares to be
frequent trading if the sale is made
•within
seven days of the purchase, or
•within
30 days of the purchase, if it happens more than once per year.
To
the extent practicable, we try to use the same approach for defining frequent
trading for shares held through financial intermediaries. American Century
Investments reserves the right, in its sole discretion, to identify other
trading practices as abusive and to modify its monitoring and other practices as
necessary to deal with novel or unique abusive trading practices.
The
frequent trading limitations do not apply to the following types of
transactions:
•purchases
of shares through reinvested distributions (dividends and capital
gains);
•redemption
of shares to pay fund or account fees;
•CheckWriting
redemptions;
•redemptions
requested following the death of a registered shareholder;
•transactions
through automatic purchase or redemption plans;
•transfers
and re-registrations of shares within the same fund;
•shares
exchanged from one share class to another within the same fund;
•transactions
by 529 college savings plans; and
•reallocation
or rebalancing transactions in broker-dealer sponsored fee-based wrap and
advisory programs.
For
shares held in employer-sponsored retirement plans, generally only
participant-directed exchange transactions are subject to the frequent trading
restrictions. For this purpose, employer-sponsored retirement plans do not
include SEP IRAs, SIMPLE IRAs, or SARSEPs.
In
addition, American Century Investments reserves the right to accept purchases
and exchanges in excess of the trading restrictions discussed above if it
believes that such transactions would not be inconsistent with the best
interests of fund shareholders or this policy.
American
Century Investments’ policies do not permit us to enter into arrangements with
fund shareholders that permit such shareholders to engage in frequent purchases
and redemptions of fund shares. Due to the complexity and subjectivity involved
in identifying abusive trading activity and the volume of shareholder
transactions American Century Investments handles, there can be no assurance
that American Century Investments’ efforts will identify all trades or trading
practices that may be considered abusive. American Century Investments monitors
aggregate trades placed in omnibus accounts and works with financial
intermediaries to identify shareholders engaging in abusive trading practices
and impose restrictions to discourage such practices. Because American Century
Investments relies on financial intermediaries to provide information and impose
restrictions, our ability to monitor and discourage abusive trading practices in
omnibus accounts may be dependent upon the intermediaries’ timely performance of
such duties and restrictions may not be applied uniformly in all
cases.
Your
Responsibility for Unauthorized Transactions
American
Century Investments and its affiliated companies use procedures reasonably
designed to confirm that telephone, electronic and other instructions are
genuine. These procedures include recording telephone calls, requesting
additional identifying information, requiring personalized security codes or
other information online, and sending confirmation of transactions. If we follow
these procedures, we are not responsible for any losses that may occur due to
unauthorized instructions. For transactions conducted over the Internet, we
recommend the use of a secure Internet browser. In addition, you should verify
the accuracy of your confirmation statements immediately after you receive
them.
A
Note About Mailings to Shareholders
To
reduce the amount of mail you receive from us, we generally deliver a single
copy of fund documents (like shareholder reports, proxies and prospectuses) to
investors who share an address, even if their accounts are registered under
different names. Investors who share an address may also receive
account-specific documents (like statements) in a single envelope. If you prefer
to receive your documents addressed individually, please call us or your
financial professional. For American Century Investments brokerage accounts,
please call 1-888-345-2071.
Right
to Change Policies
We
reserve the right to change any stated investment requirement, including those
that relate to purchases, exchanges and redemptions. In accordance with
applicable law, we also may alter, add or discontinue any service or privilege.
Changes may affect all investors or only those in certain classes or groups. In
addition, from time to time we may waive a policy on a case-by-case basis, as
the advisor deems appropriate.
Share
Price
American
Century Investments will price the fund shares you purchase, exchange or redeem
based on the net
asset value
(NAV) next determined after your order is received in good order by the fund’s
transfer agent, or other financial intermediary with the authority to accept
orders on the fund’s behalf. We determine the NAV of each fund as of the close
of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange
(NYSE) on each day the NYSE is open. On days when the NYSE is closed (including
certain U.S. national holidays), we do not calculate the NAV.
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The
net
asset value,
or NAV, of each class of a fund is the current value of the class’s
assets, minus any liabilities, divided by the number of shares of the
class outstanding.
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Each
fund’s NAV is calculated based upon the NAVs of the underlying funds in which
the fund invests. The prospectuses for the underlying funds explain the methods
used to value underlying fund shares, including the circumstances under which
those funds may use fair value pricing and the effects of doing so.
Trading
in foreign markets of securities that are held by the underlying funds may not
take place every day the NYSE is open. Also, trading in some foreign markets and
on some electronic trading networks may take place on weekends or holidays when
the underlying funds’ NAVs are not calculated. So, the value of the underlying
funds’ portfolios and consequently the funds’ portfolios may be affected on days
when you will not be able to purchase, exchange or redeem fund
shares.
Distributions
Federal
tax laws require each fund to make distributions to its shareholders in order to
qualify as a regulated investment company. Qualification as a regulated
investment company means that the funds should not be subject to state or
federal income tax on amounts distributed. The distributions generally consist
of dividends and interest received by the fund, as well as capital
gains
realized by the fund on the sale of its investment securities.
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Capital
gains
are
increases in the values of capital assets, such as stocks or bonds, from
the time the assets are purchased. |
Distributions
of substantially all of its income is paid quarterly for One Choice In
Retirement Portfolio and annually for One Choice 2025 Portfolio, One Choice 2030
Portfolio, One Choice 2035 Portfolio, One Choice 2040 Portfolio, One Choice 2045
Portfolio, One Choice 2050 Portfolio, One Choice 2055 Portfolio, One Choice 2060
Portfolio and One Choice 2065 Portfolio. Distributions from realized capital
gains for all the funds are generally paid annually, usually in December. The
funds may make more frequent distributions, if necessary, to comply with
Internal Revenue Code provisions.
You
will participate in fund distributions when they are declared, starting the next
business day after your purchase is effective. For example, if you purchase
shares on a day that a distribution is declared, you will not receive that
distribution. If you redeem shares, you will receive any distribution declared
on the day you redeem. If you redeem all shares, we will include any
distributions received with your redemption proceeds.
Generally,
participants in tax-deferred retirement plans reinvest all distributions. For
investors investing through taxable accounts, we will reinvest distributions
unless you elect to have dividends and/or capital gains sent to another American
Century Investments account, to your bank electronically, or to your home
address or to another person or address by check.
Some
of the tax consequences of owning shares of the funds will vary depending on
whether you own them through a taxable or tax-deferred account. Distributions by
the funds of dividend and interest income, capital gains and other income they
have generated through their investment activities, will generally be taxable to
shareholders who hold shares in a taxable account. Tax consequences also may
result when investors sell fund shares after the net asset value has increased
or decreased.
Tax-Deferred
Accounts
If
you purchase fund shares through a tax-deferred account, such as an IRA or
employer-sponsored retirement plan, income and capital gains distributions
usually will not be subject to current taxation but will accumulate in your
account under the plan on a tax-deferred basis. Likewise, moving from one fund
to another fund within a plan or tax-deferred account generally will not cause
you to be taxed. For information about the tax consequences of making purchases
or withdrawals through a tax-deferred account, please consult your plan
administrator, your summary plan description or a tax
advisor.
Taxable
Accounts
If
you own fund shares through a taxable account, you may be taxed on your
investments if the fund makes distributions or if you sell your fund
shares.
Taxability
of Distributions
Fund
distributions may consist of income, such as dividends and interest earned by a
fund from its investments, or capital gains generated by a fund from the sale of
investment securities. Distributions of income are taxed as ordinary income,
unless they are designated as qualified
dividend income
and you meet a minimum required holding period with respect to your shares of
the fund, in which case distributions of income are taxed at the same rates as
long-term capital gains.
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Qualified
dividend income
is
a dividend received by the fund from the stock of a domestic or qualifying
foreign corporation, provided that the fund has held the stock for a
required holding period and the stock was not on loan at the time of the
dividend. |
The
tax character of any distributions from capital gains is determined by how long
the fund held the underlying security that was sold, not by how long you have
been invested in the fund or whether you reinvest your distributions or take
them in cash. Short-term (one year or less) capital gains are taxable as
ordinary income. Gains on securities held for more than one year are taxed at
the lower rates applicable to long-term capital gains.
If
the fund’s distributions exceed current and accumulated earnings and profits,
such excess will generally be considered a return of capital. A return of
capital distribution is generally not subject to tax, but will reduce your cost
basis in the fund and result in higher realized capital gains (or lower realized
capital losses) upon the sale of fund shares.
For
taxable accounts, American Century Investments or your financial intermediary
will inform you of the tax character of fund distributions for each calendar
year in an annual tax mailing.
If
you meet specified income levels, you will also be subject to a 3.8% Medicare
contribution tax which is imposed on net investment income, including interest,
dividends and capital gains. Distributions also may be subject to state and
local taxes. Because everyone’s tax situation is unique, you may want to consult
your tax professional about federal, state and local tax
consequences.
Taxes
on Transactions
Your
redemptions—including exchanges to other American Century Investments mutual
funds—are subject to capital gains tax. Short-term capital gains are gains on
fund shares you held for 12 months or less. Long-term capital gains are gains on
fund shares you held for more than 12 months. If your shares decrease in value,
their sale or exchange will result in a long-term or short-term capital loss.
However, you should note that loss realized upon the sale or exchange of shares
held for six months or less will be treated as a long-term capital loss to the
extent of any distribution of long-term capital gain to you with respect to
those shares. If a loss is realized on the redemption of fund shares, the
reinvestment in additional fund shares within 30 days before or after the
redemption may be subject to the wash sale rules of the Internal Revenue Code.
This may result in a postponement of the recognition of such loss for federal
income tax purposes.
If
you have not certified to us that your Social Security number or tax
identification number is correct and that you are not subject to withholding, we
are required to withhold and pay to the IRS the applicable federal withholding
tax rate on taxable dividends, capital gains distributions and redemption
proceeds.
Buying
a Dividend
Purchasing
fund shares in a taxable account shortly before a distribution is sometimes
known as buying a dividend. In taxable accounts, you must pay income taxes on
the distribution whether you reinvest the distribution or take it in cash. In
addition, you will have to pay taxes on the distribution whether the value of
your investment decreased, increased or remained the same after you bought the
fund shares.
The
risk in buying a dividend is that a fund’s portfolio may build up taxable income
and gains throughout the period covered by a distribution, as income is earned
and securities are sold at a profit. The fund distributes the income and gains
to you, after subtracting any losses, even if you did not own the shares when
the income was earned or the gains occurred.
If
you buy a dividend, you incur the full tax liability of the distribution period,
but you may not enjoy the full benefit of the income earned or the gains
realized in the fund’s portfolio.
The
funds offer multiple classes of shares. The classes have different fees,
expenses and/or minimum investment requirements. Different fees and expenses
will affect performance.
Except
as described below, all classes of shares of each fund have identical voting,
dividend, liquidation and other rights, preferences, terms and conditions. The
only differences among the classes are (a) each class may be subject to
different expenses specific to that class; (b) each class has a different
identifying designation or name; (c) each class has exclusive voting rights with
respect to matters solely affecting such class; (d) each class may have
different exchange privileges; (e) the I Class may provide for conversion from
that class into shares of the Investor Class of the same fund; and (f) the C
Class provides for automatic conversion from that class into shares of the A
Class of the same fund after 8 years.
Service,
Distribution and Administrative Fees
Investment
Company Act Rule 12b-1 permits mutual funds that adopt a written plan to pay
certain expenses associated with the distribution of their shares out of fund
assets. Each class, except the Investor Class, I Class and R6 Class, offered by
this prospectus has a 12b-1 plan. The plans provide for the funds to pay annual
fees of 0.25% for A Class, 1.00% for C Class and 0.50% for R Class to the
distributor, for distribution and individual shareholder services, including
past distribution services. The distributor pays all or a portion of such fees
to the financial intermediaries that make the classes available. Because these
fees may be used to pay for services that are not related to prospective sales
of the funds, each class will continue to make payments under its plan even if
it is closed to new investors. Because these fees are paid out of the funds’
assets on an ongoing basis, over time these fees will increase the cost of your
investment and may cost you more than paying other types of sales charges. The
higher fees for C Class shares may cost you more over time than paying the
initial sales charge for A Class shares. For additional information about the
plans and their terms, see Multiple
Class Structure
in the statement of additional information.
Certain
financial intermediaries perform recordkeeping and administrative services for
their clients that would otherwise be performed by American Century Investments’
transfer agent. In some circumstances, the advisor will pay such service
providers a fee for performing those services. Also, the advisor and the funds’
distributor may make payments to intermediaries for various additional services,
other expenses and/or the intermediaries’ distribution of the fund out of their
profits or other available sources. Such payments may be made for one or more of
the following: (1) distribution, which may include expenses incurred by
intermediaries for their sales activities with respect to the funds, such as
preparing, printing and distributing sales literature and advertising materials
and compensating registered representatives or other employees of such financial
intermediaries for their sales activities, as well as the opportunity for the
fund to be made available by such intermediaries; (2) shareholder services, such
as providing individual and custom investment advisory services to clients of
the financial intermediaries; and (3) marketing and promotional services,
including business planning assistance, educating personnel about the funds, and
sponsorship of sales meetings, which may include covering costs of providing
speakers, meals and other entertainment. The distributor may pay partnership
and/or sponsorship fees to support seminars, conferences, and other programs
designed to educate intermediaries about the funds and may cover the expenses
associated with attendance at such meetings, including travel costs. The
distributor also may pay fees related to obtaining data regarding intermediary
or financial advisor activities to assist American Century Investments with
sales reporting, business intelligence, and training and education
opportunities. These payments may create a conflict of interest by influencing
the intermediary to recommend the funds over another investment. Ask your
salesperson or visit your financial intermediary’s website for more information.
The amount of any payments described by this paragraph is determined by the
advisor or the distributor, and all such amounts are paid out of their available
assets, and not paid by you or the funds. As a result, the total expense ratio
of the funds will not be affected by any such payments.
American
Century Investments does not pay any fees to financial intermediaries on R6
Class shares.
Understanding
the Financial Highlights
The
tables on the next few pages itemize what contributed to the changes in share
price during the most recently ended fiscal period. They also show the changes
in share price for this period in comparison to changes over the last five
fiscal years (or a shorter period if the share class is not five years
old).
On
a per-share basis, each table includes as appropriate
•share
price at the beginning of the period
•investment
income and capital gains or losses
•distributions
of income and capital gains paid to investors
•share
price at the end of the period
Each
table also includes some key statistics for the period as
appropriate
•Total
Return –
the overall percentage of return of the fund, assuming the reinvestment of all
distributions
•Expense
Ratio –
the operating expenses of the fund as a percentage of average net
assets
•Net
Income Ratio –
the net investment income of the fund as a percentage of average net
assets
•Portfolio
Turnover –
the percentage of the fund’s investment portfolio that is replaced during the
period
The
Financial Highlights that follow have been audited by Deloitte & Touche LLP.
Their Report of Independent Registered Public Accounting Firm and the financial
statements and financial highlights are included in the funds’ annual report,
which is available upon request.
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| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
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| Per-Share
Data |
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| Ratios
and Supplemental Data |
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| Income
From Investment Operations*: |
Distributions
From: |
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| Ratio
to Average Net Assets of: |
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| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice In Retirement Portfolio |
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| Investor
Class |
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| 2023 |
$12.21 |
0.32 |
0.06 |
0.38 |
(0.30) |
(0.27) |
(0.57) |
$12.02 |
3.44% |
0.74% |
0.78% |
2.77% |
2.73% |
16% |
$748,717 |
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| 2022 |
$14.39 |
0.58 |
(1.65) |
(1.07) |
(0.56) |
(0.55) |
(1.11) |
$12.21 |
(8.11)% |
0.74% |
0.77% |
4.31% |
4.28% |
18% |
$826,119 |
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| 2021 |
$13.15 |
0.18 |
1.78 |
1.96 |
(0.16) |
(0.56) |
(0.72) |
$14.39 |
15.64% |
0.74% |
0.77% |
1.34% |
1.31% |
29% |
$991,945 |
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| 2020 |
$13.23 |
0.23 |
0.64 |
0.87 |
(0.23) |
(0.72) |
(0.95) |
$13.15 |
6.67% |
0.74% |
0.77% |
1.80% |
1.77% |
24% |
$607,393 |
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| 2019 |
$13.47 |
0.33 |
0.20 |
0.53 |
(0.33) |
(0.44) |
(0.77) |
$13.23 |
4.55% |
0.74% |
0.77% |
2.58% |
2.55% |
19% |
$735,213 |
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| I
Class |
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| 2023 |
$12.21 |
0.35 |
0.05 |
0.40 |
(0.32) |
(0.27) |
(0.59) |
$12.02 |
3.64% |
0.54% |
0.59% |
2.97% |
2.92% |
16% |
$237,898 |
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| 2022 |
$14.39 |
0.62 |
(1.66) |
(1.04) |
(0.59) |
(0.55) |
(1.14) |
$12.21 |
(7.92)% |
0.54% |
0.58% |
4.51% |
4.47% |
18% |
$306,979 |
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| 2021 |
$13.15 |
0.21 |
1.78 |
1.99 |
(0.19) |
(0.56) |
(0.75) |
$14.39 |
15.78% |
0.54% |
0.59% |
1.54% |
1.49% |
29% |
$537,817 |
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| 2020 |
$13.24 |
0.26 |
0.62 |
0.88 |
(0.25) |
(0.72) |
(0.97) |
$13.15 |
6.88% |
0.54% |
0.60% |
2.00% |
1.94% |
24% |
$191,356 |
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| 2019 |
$13.47 |
0.37 |
0.20 |
0.57 |
(0.36) |
(0.44) |
(0.80) |
$13.24 |
4.84% |
0.54% |
0.59% |
2.78% |
2.73% |
19% |
$254,459 |
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| A
Class |
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| 2023 |
$12.21 |
0.29 |
0.06 |
0.35 |
(0.27) |
(0.27) |
(0.54) |
$12.02 |
3.18% |
0.99% |
1.03% |
2.52% |
2.48% |
16% |
$190,934 |
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| 2022 |
$14.39 |
0.54 |
(1.65) |
(1.11) |
(0.52) |
(0.55) |
(1.07) |
$12.21 |
(8.34)% |
0.99% |
1.02% |
4.06% |
4.03% |
18% |
$202,196 |
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| 2021 |
$13.15 |
0.15 |
1.78 |
1.93 |
(0.13) |
(0.56) |
(0.69) |
$14.39 |
15.28% |
0.99% |
1.02% |
1.09% |
1.06% |
29% |
$267,135 |
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| 2020 |
$13.24 |
0.19 |
0.63 |
0.82 |
(0.19) |
(0.72) |
(0.91) |
$13.15 |
6.40% |
0.99% |
1.02% |
1.55% |
1.52% |
24% |
$114,462 |
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| 2019 |
$13.47 |
0.31 |
0.20 |
0.51 |
(0.30) |
(0.44) |
(0.74) |
$13.24 |
4.36% |
0.99% |
1.02% |
2.33% |
2.30% |
19% |
$153,056 |
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| C
Class |
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| 2023 |
$12.07 |
0.20 |
0.06 |
0.26 |
(0.18) |
(0.27) |
(0.45) |
$11.88 |
2.44% |
1.74% |
1.78% |
1.77% |
1.73% |
16% |
$1,962 |
|
| 2022 |
$14.25 |
0.46 |
(1.65) |
(1.19) |
(0.44) |
(0.55) |
(0.99) |
$12.07 |
(9.03)% |
1.74% |
1.77% |
3.31% |
3.28% |
18% |
$2,664 |
|
| 2021 |
$13.08 |
0.06 |
1.75 |
1.81 |
(0.08) |
(0.56) |
(0.64) |
$14.25 |
14.40% |
1.74% |
1.77% |
0.34% |
0.31% |
29% |
$4,636 |
|
| 2020 |
$13.18 |
0.10 |
0.63 |
0.73 |
(0.11) |
(0.72) |
(0.83) |
$13.08 |
5.65% |
1.74% |
1.77% |
0.80% |
0.77% |
24% |
$3,020 |
|
| 2019 |
$13.43 |
0.22 |
0.18 |
0.40 |
(0.21) |
(0.44) |
(0.65) |
$13.18 |
3.50% |
1.74% |
1.77% |
1.58% |
1.55% |
19% |
$4,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.17 |
0.26 |
0.06 |
0.32 |
(0.24) |
(0.27) |
(0.51) |
$11.98 |
2.93% |
1.24% |
1.28% |
2.27% |
2.23% |
16% |
$230,485 |
|
| 2022 |
$14.35 |
0.51 |
(1.65) |
(1.14) |
(0.49) |
(0.55) |
(1.04) |
$12.17 |
(8.60)% |
1.24% |
1.27% |
3.81% |
3.78% |
18% |
$229,286 |
|
| 2021 |
$13.13 |
0.12 |
1.77 |
1.89 |
(0.11) |
(0.56) |
(0.67) |
$14.35 |
15.00% |
1.24% |
1.27% |
0.84% |
0.81% |
29% |
$268,946 |
|
| 2020 |
$13.22 |
0.16 |
0.63 |
0.79 |
(0.16) |
(0.72) |
(0.88) |
$13.13 |
6.15% |
1.24% |
1.27% |
1.30% |
1.27% |
24% |
$129,338 |
|
| 2019 |
$13.45 |
0.27 |
0.21 |
0.48 |
(0.27) |
(0.44) |
(0.71) |
$13.22 |
4.11% |
1.24% |
1.27% |
2.08% |
2.05% |
19% |
$139,359 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$9.55 |
0.28 |
0.04 |
0.32 |
(0.34) |
(0.27) |
(0.61) |
$9.26 |
3.81% |
0.39% |
0.49% |
3.12% |
3.02% |
16% |
$432,925 |
|
| 2022 |
$11.50 |
0.51 |
(1.30) |
(0.79) |
(0.61) |
(0.55) |
(1.16) |
$9.55 |
(7.75)% |
0.39% |
0.48% |
4.66% |
4.57% |
18% |
$466,333 |
|
| 2021 |
$10.66 |
0.18 |
1.43 |
1.61 |
(0.21) |
(0.56) |
(0.77) |
$11.50 |
15.94% |
0.39% |
0.50% |
1.69% |
1.58% |
29% |
$608,763 |
|
| 2020 |
$10.91 |
0.22 |
0.52 |
0.74 |
(0.27) |
(0.72) |
(0.99) |
$10.66 |
7.08% |
0.39% |
0.51% |
2.15% |
2.03% |
24% |
$221,796 |
|
| 2019 |
$11.25 |
0.32 |
0.16 |
0.48 |
(0.38) |
(0.44) |
(0.82) |
$10.91 |
5.00% |
0.39% |
0.52% |
2.93% |
2.80% |
19% |
$225,207 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2025 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.70 |
0.36 |
0.08 |
0.44 |
(0.32) |
(0.25) |
(0.57) |
$13.57 |
3.60% |
0.76% |
0.79% |
2.71% |
2.68% |
15% |
$636,549 |
|
| 2022 |
$16.17 |
0.67 |
(1.92) |
(1.25) |
(0.55) |
(0.67) |
(1.22) |
$13.70 |
(8.54)% |
0.76% |
0.78% |
4.42% |
4.40% |
15% |
$712,029 |
|
| 2021 |
$14.70 |
0.20 |
2.21 |
2.41 |
(0.17) |
(0.77) |
(0.94) |
$16.17 |
16.85% |
0.76% |
0.79% |
1.27% |
1.24% |
19% |
$879,425 |
|
| 2020 |
$14.78 |
0.26 |
0.75 |
1.01 |
(0.22) |
(0.87) |
(1.09) |
$14.70 |
6.99% |
0.76% |
0.80% |
1.82% |
1.78% |
26% |
$867,457 |
|
| 2019 |
$15.15 |
0.38 |
0.18 |
0.56 |
(0.37) |
(0.56) |
(0.93) |
$14.78 |
4.47% |
0.76% |
0.80% |
2.61% |
2.57% |
18% |
$1,003,059 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.71 |
0.39 |
0.08 |
0.47 |
(0.35) |
(0.25) |
(0.60) |
$13.58 |
3.81% |
0.56% |
0.60% |
2.91% |
2.87% |
15% |
$245,803 |
|
| 2022 |
$16.19 |
0.71 |
(1.94) |
(1.23) |
(0.58) |
(0.67) |
(1.25) |
$13.71 |
(8.40)% |
0.56% |
0.59% |
4.62% |
4.59% |
15% |
$320,347 |
|
| 2021 |
$14.72 |
0.22 |
2.22 |
2.44 |
(0.20) |
(0.77) |
(0.97) |
$16.19 |
17.15% |
0.56% |
0.61% |
1.47% |
1.42% |
19% |
$541,299 |
|
| 2020 |
$14.80 |
0.30 |
0.74 |
1.04 |
(0.25) |
(0.87) |
(1.12) |
$14.72 |
7.13% |
0.56% |
0.62% |
2.02% |
1.96% |
26% |
$512,042 |
|
| 2019 |
$15.16 |
0.41 |
0.19 |
0.60 |
(0.40) |
(0.56) |
(0.96) |
$14.80 |
4.75% |
0.56% |
0.62% |
2.81% |
2.75% |
18% |
$624,560 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.68 |
0.32 |
0.09 |
0.41 |
(0.29) |
(0.25) |
(0.54) |
$13.55 |
3.34% |
1.01% |
1.04% |
2.46% |
2.43% |
15% |
$158,130 |
|
| 2022 |
$16.15 |
0.63 |
(1.92) |
(1.29) |
(0.51) |
(0.67) |
(1.18) |
$13.68 |
(8.79)% |
1.01% |
1.03% |
4.17% |
4.15% |
15% |
$179,681 |
|
| 2021 |
$14.68 |
0.16 |
2.21 |
2.37 |
(0.13) |
(0.77) |
(0.90) |
$16.15 |
16.57% |
1.01% |
1.04% |
1.02% |
0.99% |
19% |
$243,677 |
|
| 2020 |
$14.76 |
0.22 |
0.75 |
0.97 |
(0.18) |
(0.87) |
(1.05) |
$14.68 |
6.72% |
1.01% |
1.05% |
1.57% |
1.53% |
26% |
$231,738 |
|
| 2019 |
$15.13 |
0.34 |
0.19 |
0.53 |
(0.34) |
(0.56) |
(0.90) |
$14.76 |
4.21% |
1.01% |
1.05% |
2.36% |
2.32% |
18% |
$297,582 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.66 |
0.22 |
0.09 |
0.31 |
(0.19) |
(0.25) |
(0.44) |
$13.53 |
2.55% |
1.76% |
1.79% |
1.71% |
1.68% |
15% |
$1,874 |
|
| 2022 |
$16.12 |
0.55 |
(1.95) |
(1.40) |
(0.39) |
(0.67) |
(1.06) |
$13.66 |
(9.45)% |
1.76% |
1.78% |
3.42% |
3.40% |
15% |
$2,007 |
|
| 2021 |
$14.65 |
0.05 |
2.20 |
2.25 |
(0.01) |
(0.77) |
(0.78) |
$16.12 |
15.70% |
1.76% |
1.79% |
0.27% |
0.24% |
19% |
$3,256 |
|
| 2020 |
$14.73 |
0.11 |
0.75 |
0.86 |
(0.07) |
(0.87) |
(0.94) |
$14.65 |
5.90% |
1.76% |
1.80% |
0.82% |
0.78% |
26% |
$4,332 |
|
| 2019 |
$15.09 |
0.23 |
0.20 |
0.43 |
(0.23) |
(0.56) |
(0.79) |
$14.73 |
3.48% |
1.76% |
1.80% |
1.61% |
1.57% |
18% |
$4,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.66 |
0.29 |
0.09 |
0.38 |
(0.26) |
(0.25) |
(0.51) |
$13.53 |
3.08% |
1.26% |
1.29% |
2.21% |
2.18% |
15% |
$245,509 |
|
| 2022 |
$16.13 |
0.58 |
(1.91) |
(1.33) |
(0.47) |
(0.67) |
(1.14) |
$13.66 |
(9.04)% |
1.26% |
1.28% |
3.92% |
3.90% |
15% |
$233,649 |
|
| 2021 |
$14.66 |
0.12 |
2.21 |
2.33 |
(0.09) |
(0.77) |
(0.86) |
$16.13 |
16.29% |
1.26% |
1.29% |
0.77% |
0.74% |
19% |
$255,643 |
|
| 2020 |
$14.74 |
0.18 |
0.75 |
0.93 |
(0.14) |
(0.87) |
(1.01) |
$14.66 |
6.45% |
1.26% |
1.30% |
1.32% |
1.28% |
26% |
$211,271 |
|
| 2019 |
$15.11 |
0.30 |
0.19 |
0.49 |
(0.30) |
(0.56) |
(0.86) |
$14.74 |
3.94% |
1.26% |
1.30% |
2.11% |
2.07% |
18% |
$210,971 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$9.93 |
0.29 |
0.05 |
0.34 |
(0.37) |
(0.25) |
(0.62) |
$9.65 |
3.98% |
0.41% |
0.50% |
3.06% |
2.97% |
15% |
$492,979 |
|
| 2022 |
$12.07 |
0.54 |
(1.40) |
(0.86) |
(0.61) |
(0.67) |
(1.28) |
$9.93 |
(8.26)% |
0.41% |
0.49% |
4.77% |
4.69% |
15% |
$519,716 |
|
| 2021 |
$11.20 |
0.18 |
1.68 |
1.86 |
(0.22) |
(0.77) |
(0.99) |
$12.07 |
17.32% |
0.41% |
0.51% |
1.62% |
1.52% |
19% |
$643,218 |
|
| 2020 |
$11.53 |
0.24 |
0.58 |
0.82 |
(0.28) |
(0.87) |
(1.15) |
$11.20 |
7.29% |
0.41% |
0.53% |
2.17% |
2.05% |
26% |
$526,937 |
|
| 2019 |
$12.05 |
0.33 |
0.13 |
0.46 |
(0.42) |
(0.56) |
(0.98) |
$11.53 |
4.86% |
0.41% |
0.54% |
2.96% |
2.83% |
18% |
$489,170 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2030 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.11 |
0.30 |
0.17 |
0.47 |
(0.29) |
(0.33) |
(0.62) |
$11.96 |
4.31% |
0.78% |
0.81% |
2.58% |
2.55% |
17% |
$381,503 |
|
| 2022 |
$14.44 |
0.60 |
(1.83) |
(1.23) |
(0.53) |
(0.57) |
(1.10) |
$12.11 |
(9.35)% |
0.78% |
0.81% |
4.53% |
4.50% |
17% |
$428,278 |
|
| 2021 |
$12.89 |
0.18 |
2.15 |
2.33 |
(0.15) |
(0.63) |
(0.78) |
$14.44 |
18.62% |
0.78% |
0.82% |
1.25% |
1.21% |
19% |
$491,652 |
|
| 2020 |
$12.90 |
0.24 |
0.70 |
0.94 |
(0.20) |
(0.75) |
(0.95) |
$12.89 |
7.47% |
0.78% |
0.83% |
1.86% |
1.81% |
27% |
$503,229 |
|
| 2019 |
$13.28 |
0.31 |
0.16 |
0.47 |
(0.33) |
(0.52) |
(0.85) |
$12.90 |
4.38% |
0.78% |
0.83% |
2.56% |
2.51% |
20% |
$664,953 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.11 |
0.33 |
0.16 |
0.49 |
(0.31) |
(0.33) |
(0.64) |
$11.96 |
4.53% |
0.58% |
0.62% |
2.78% |
2.74% |
17% |
$284,715 |
|
| 2022 |
$14.45 |
0.65 |
(1.86) |
(1.21) |
(0.56) |
(0.57) |
(1.13) |
$12.11 |
(9.23)% |
0.58% |
0.62% |
4.73% |
4.69% |
17% |
$348,341 |
|
| 2021 |
$12.89 |
0.20 |
2.17 |
2.37 |
(0.18) |
(0.63) |
(0.81) |
$14.45 |
18.94% |
0.58% |
0.63% |
1.45% |
1.40% |
19% |
$582,440 |
|
| 2020 |
$12.90 |
0.26 |
0.71 |
0.97 |
(0.23) |
(0.75) |
(0.98) |
$12.89 |
7.69% |
0.58% |
0.64% |
2.06% |
2.00% |
27% |
$524,709 |
|
| 2019 |
$13.28 |
0.36 |
0.13 |
0.49 |
(0.35) |
(0.52) |
(0.87) |
$12.90 |
4.59% |
0.58% |
0.64% |
2.76% |
2.70% |
20% |
$625,840 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.08 |
0.27 |
0.16 |
0.43 |
(0.26) |
(0.33) |
(0.59) |
$11.92 |
3.97% |
1.03% |
1.06% |
2.33% |
2.30% |
17% |
$151,849 |
|
| 2022 |
$14.40 |
0.57 |
(1.82) |
(1.25) |
(0.50) |
(0.57) |
(1.07) |
$12.08 |
(9.54)% |
1.03% |
1.06% |
4.28% |
4.25% |
17% |
$159,676 |
|
| 2021 |
$12.85 |
0.14 |
2.16 |
2.30 |
(0.12) |
(0.63) |
(0.75) |
$14.40 |
18.37% |
1.03% |
1.07% |
1.00% |
0.96% |
19% |
$223,936 |
|
| 2020 |
$12.86 |
0.19 |
0.72 |
0.91 |
(0.17) |
(0.75) |
(0.92) |
$12.85 |
7.21% |
1.03% |
1.08% |
1.61% |
1.56% |
27% |
$218,597 |
|
| 2019 |
$13.24 |
0.29 |
0.15 |
0.44 |
(0.30) |
(0.52) |
(0.82) |
$12.86 |
4.12% |
1.03% |
1.08% |
2.31% |
2.26% |
20% |
$271,679 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.06 |
0.18 |
0.17 |
0.35 |
(0.17) |
(0.33) |
(0.50) |
$11.91 |
3.25% |
1.78% |
1.81% |
1.58% |
1.55% |
17% |
$2,085 |
|
| 2022 |
$14.38 |
0.50 |
(1.87) |
(1.37) |
(0.38) |
(0.57) |
(0.95) |
$12.06 |
(10.27)% |
1.78% |
1.81% |
3.53% |
3.50% |
17% |
$2,244 |
|
| 2021 |
$12.83 |
0.04 |
2.15 |
2.19 |
(0.01) |
(0.63) |
(0.64) |
$14.38 |
17.48% |
1.78% |
1.82% |
0.25% |
0.21% |
19% |
$3,547 |
|
| 2020 |
$12.84 |
0.10 |
0.71 |
0.81 |
(0.07) |
(0.75) |
(0.82) |
$12.83 |
6.38% |
1.78% |
1.83% |
0.86% |
0.81% |
27% |
$3,540 |
|
| 2019 |
$13.22 |
0.20 |
0.15 |
0.35 |
(0.21) |
(0.52) |
(0.73) |
$12.84 |
3.31% |
1.78% |
1.83% |
1.56% |
1.51% |
20% |
$4,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.07 |
0.24 |
0.16 |
0.40 |
(0.23) |
(0.33) |
(0.56) |
$11.91 |
3.70% |
1.28% |
1.31% |
2.08% |
2.05% |
17% |
$327,843 |
|
| 2022 |
$14.39 |
0.53 |
(1.82) |
(1.29) |
(0.46) |
(0.57) |
(1.03) |
$12.07 |
(9.79)% |
1.28% |
1.31% |
4.03% |
4.00% |
17% |
$289,067 |
|
| 2021 |
$12.84 |
0.10 |
2.16 |
2.26 |
(0.08) |
(0.63) |
(0.71) |
$14.39 |
18.08% |
1.28% |
1.32% |
0.75% |
0.71% |
19% |
$300,569 |
|
| 2020 |
$12.85 |
0.16 |
0.72 |
0.88 |
(0.14) |
(0.75) |
(0.89) |
$12.84 |
6.93% |
1.28% |
1.33% |
1.36% |
1.31% |
27% |
$245,796 |
|
| 2019 |
$13.23 |
0.26 |
0.15 |
0.41 |
(0.27) |
(0.52) |
(0.79) |
$12.85 |
3.85% |
1.28% |
1.33% |
2.06% |
2.01% |
20% |
$233,886 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.88 |
0.30 |
0.15 |
0.45 |
(0.33) |
(0.33) |
(0.66) |
$10.67 |
4.67% |
0.43% |
0.52% |
2.93% |
2.84% |
17% |
$586,786 |
|
| 2022 |
$13.09 |
0.62 |
(1.68) |
(1.06) |
(0.58) |
(0.57) |
(1.15) |
$10.88 |
(9.03)% |
0.43% |
0.51% |
4.88% |
4.80% |
17% |
$562,783 |
|
| 2021 |
$11.75 |
0.20 |
1.97 |
2.17 |
(0.20) |
(0.63) |
(0.83) |
$13.09 |
19.11% |
0.43% |
0.53% |
1.60% |
1.50% |
19% |
$622,491 |
|
| 2020 |
$11.85 |
0.25 |
0.65 |
0.90 |
(0.25) |
(0.75) |
(1.00) |
$11.75 |
7.79% |
0.43% |
0.55% |
2.21% |
2.09% |
27% |
$503,360 |
|
| 2019 |
$12.28 |
0.34 |
0.12 |
0.46 |
(0.37) |
(0.52) |
(0.89) |
$11.85 |
4.74% |
0.43% |
0.56% |
2.91% |
2.78% |
20% |
$465,684 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2035 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.30 |
0.35 |
0.34 |
0.69 |
(0.30) |
(0.43) |
(0.73) |
$15.26 |
5.05% |
0.82% |
0.85% |
2.40% |
2.37% |
15% |
$572,770 |
|
| 2022 |
$18.29 |
0.77 |
(2.47) |
(1.70) |
(0.62) |
(0.67) |
(1.29) |
$15.30 |
(10.19)% |
0.81% |
0.84% |
4.58% |
4.55% |
17% |
$626,308 |
|
| 2021 |
$16.09 |
0.21 |
3.04 |
3.25 |
(0.17) |
(0.88) |
(1.05) |
$18.29 |
20.75% |
0.81% |
0.85% |
1.19% |
1.15% |
17% |
$743,664 |
|
| 2020 |
$16.12 |
0.28 |
0.97 |
1.25 |
(0.24) |
(1.04) |
(1.28) |
$16.09 |
7.91% |
0.81% |
0.85% |
1.81% |
1.77% |
27% |
$719,718 |
|
| 2019 |
$16.64 |
0.40 |
0.12 |
0.52 |
(0.38) |
(0.66) |
(1.04) |
$16.12 |
4.06% |
0.81% |
0.86% |
2.51% |
2.46% |
17% |
$819,274 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.33 |
0.39 |
0.34 |
0.73 |
(0.33) |
(0.43) |
(0.76) |
$15.30 |
5.33% |
0.62% |
0.66% |
2.60% |
2.56% |
15% |
$277,988 |
|
| 2022 |
$18.32 |
0.83 |
(2.50) |
(1.67) |
(0.65) |
(0.67) |
(1.32) |
$15.33 |
(9.98)% |
0.61% |
0.65% |
4.78% |
4.74% |
17% |
$361,327 |
|
| 2021 |
$16.12 |
0.24 |
3.04 |
3.28 |
(0.20) |
(0.88) |
(1.08) |
$18.32 |
20.96% |
0.61% |
0.66% |
1.39% |
1.34% |
17% |
$575,410 |
|
| 2020 |
$16.15 |
0.32 |
0.96 |
1.28 |
(0.27) |
(1.04) |
(1.31) |
$16.12 |
8.12% |
0.61% |
0.67% |
2.01% |
1.95% |
27% |
$520,022 |
|
| 2019 |
$16.66 |
0.43 |
0.13 |
0.56 |
(0.41) |
(0.66) |
(1.07) |
$16.15 |
4.33% |
0.61% |
0.67% |
2.71% |
2.65% |
17% |
$598,639 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.28 |
0.32 |
0.35 |
0.67 |
(0.27) |
(0.43) |
(0.70) |
$15.25 |
4.85% |
1.07% |
1.10% |
2.15% |
2.12% |
15% |
$185,742 |
|
| 2022 |
$18.27 |
0.73 |
(2.48) |
(1.75) |
(0.57) |
(0.67) |
(1.24) |
$15.28 |
(10.43)% |
1.06% |
1.09% |
4.33% |
4.30% |
17% |
$189,012 |
|
| 2021 |
$16.07 |
0.16 |
3.04 |
3.20 |
(0.12) |
(0.88) |
(1.00) |
$18.27 |
20.47% |
1.06% |
1.10% |
0.94% |
0.90% |
17% |
$254,130 |
|
| 2020 |
$16.11 |
0.24 |
0.96 |
1.20 |
(0.20) |
(1.04) |
(1.24) |
$16.07 |
7.57% |
1.06% |
1.10% |
1.56% |
1.52% |
27% |
$234,875 |
|
| 2019 |
$16.61 |
0.36 |
0.14 |
0.50 |
(0.34) |
(0.66) |
(1.00) |
$16.11 |
3.92% |
1.06% |
1.11% |
2.26% |
2.21% |
17% |
$290,779 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.21 |
0.21 |
0.35 |
0.56 |
(0.16) |
(0.43) |
(0.59) |
$15.18 |
4.06% |
1.82% |
1.85% |
1.40% |
1.37% |
15% |
$1,071 |
|
| 2022 |
$18.18 |
0.66 |
(2.53) |
(1.87) |
(0.43) |
(0.67) |
(1.10) |
$15.21 |
(11.07)% |
1.81% |
1.84% |
3.58% |
3.55% |
17% |
$1,184 |
|
| 2021 |
$16.00 |
0.05 |
3.01 |
3.06 |
— |
(0.88) |
(0.88) |
$18.18 |
19.56% |
1.81% |
1.85% |
0.19% |
0.15% |
17% |
$2,048 |
|
| 2020 |
$16.04 |
0.12 |
0.95 |
1.07 |
(0.07) |
(1.04) |
(1.11) |
$16.00 |
6.76% |
1.81% |
1.85% |
0.81% |
0.77% |
27% |
$3,226 |
|
| 2019 |
$16.54 |
0.24 |
0.15 |
0.39 |
(0.23) |
(0.66) |
(0.89) |
$16.04 |
3.13% |
1.81% |
1.86% |
1.51% |
1.46% |
17% |
$3,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.27 |
0.27 |
0.35 |
0.62 |
(0.23) |
(0.43) |
(0.66) |
$15.23 |
4.52% |
1.32% |
1.35% |
1.90% |
1.87% |
15% |
$349,840 |
|
| 2022 |
$18.25 |
0.68 |
(2.47) |
(1.79) |
(0.52) |
(0.67) |
(1.19) |
$15.27 |
(10.62)% |
1.31% |
1.34% |
4.08% |
4.05% |
17% |
$297,839 |
|
| 2021 |
$16.05 |
0.12 |
3.04 |
3.16 |
(0.08) |
(0.88) |
(0.96) |
$18.25 |
20.18% |
1.31% |
1.35% |
0.69% |
0.65% |
17% |
$307,513 |
|
| 2020 |
$16.09 |
0.20 |
0.95 |
1.15 |
(0.15) |
(1.04) |
(1.19) |
$16.05 |
7.29% |
1.31% |
1.35% |
1.31% |
1.27% |
27% |
$241,416 |
|
| 2019 |
$16.60 |
0.31 |
0.14 |
0.45 |
(0.30) |
(0.66) |
(0.96) |
$16.09 |
3.60% |
1.31% |
1.36% |
2.01% |
1.96% |
17% |
$227,954 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.22 |
0.26 |
0.21 |
0.47 |
(0.35) |
(0.43) |
(0.78) |
$9.91 |
5.49% |
0.47% |
0.55% |
2.75% |
2.67% |
15% |
$594,019 |
|
| 2022 |
$12.66 |
0.59 |
(1.68) |
(1.09) |
(0.68) |
(0.67) |
(1.35) |
$10.22 |
(9.90)% |
0.46% |
0.54% |
4.93% |
4.85% |
17% |
$572,731 |
|
| 2021 |
$11.44 |
0.18 |
2.15 |
2.33 |
(0.23) |
(0.88) |
(1.11) |
$12.66 |
21.24% |
0.46% |
0.56% |
1.54% |
1.44% |
17% |
$643,520 |
|
| 2020 |
$11.84 |
0.24 |
0.70 |
0.94 |
(0.30) |
(1.04) |
(1.34) |
$11.44 |
8.18% |
0.46% |
0.57% |
2.16% |
2.05% |
27% |
$480,172 |
|
| 2019 |
$12.54 |
0.33 |
0.06 |
0.39 |
(0.43) |
(0.66) |
(1.09) |
$11.84 |
4.46% |
0.46% |
0.58% |
2.86% |
2.74% |
17% |
$420,380 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2040 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.80 |
0.28 |
0.41 |
0.69 |
(0.26) |
(0.47) |
(0.73) |
$12.76 |
6.00% |
0.84% |
0.88% |
2.23% |
2.19% |
17% |
$288,417 |
|
| 2022 |
$15.56 |
0.66 |
(2.22) |
(1.56) |
(0.58) |
(0.62) |
(1.20) |
$12.80 |
(11.00)% |
0.83% |
0.87% |
4.68% |
4.64% |
19% |
$329,436 |
|
| 2021 |
$13.47 |
0.17 |
2.83 |
3.00 |
(0.14) |
(0.77) |
(0.91) |
$15.56 |
22.90% |
0.83% |
0.88% |
1.12% |
1.07% |
19% |
$383,921 |
|
| 2020 |
$13.50 |
0.24 |
0.84 |
1.08 |
(0.21) |
(0.90) |
(1.11) |
$13.47 |
8.19% |
0.83% |
0.88% |
1.78% |
1.73% |
28% |
$389,734 |
|
| 2019 |
$14.10 |
0.31 |
0.09 |
0.40 |
(0.33) |
(0.67) |
(1.00) |
$13.50 |
3.92% |
0.83% |
0.89% |
2.41% |
2.35% |
23% |
$505,459 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.82 |
0.30 |
0.41 |
0.71 |
(0.29) |
(0.47) |
(0.76) |
$12.77 |
6.14% |
0.64% |
0.68% |
2.43% |
2.39% |
17% |
$246,247 |
|
| 2022 |
$15.57 |
0.71 |
(2.23) |
(1.52) |
(0.61) |
(0.62) |
(1.23) |
$12.82 |
(10.74)% |
0.63% |
0.67% |
4.88% |
4.84% |
19% |
$289,091 |
|
| 2021 |
$13.49 |
0.19 |
2.83 |
3.02 |
(0.17) |
(0.77) |
(0.94) |
$15.57 |
23.14% |
0.63% |
0.69% |
1.32% |
1.26% |
19% |
$431,522 |
|
| 2020 |
$13.51 |
0.26 |
0.85 |
1.11 |
(0.23) |
(0.90) |
(1.13) |
$13.49 |
8.42% |
0.63% |
0.70% |
1.98% |
1.91% |
28% |
$382,370 |
|
| 2019 |
$14.11 |
0.35 |
0.08 |
0.43 |
(0.36) |
(0.67) |
(1.03) |
$13.51 |
4.13% |
0.63% |
0.70% |
2.61% |
2.54% |
23% |
$460,260 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.78 |
0.24 |
0.42 |
0.66 |
(0.23) |
(0.47) |
(0.70) |
$12.74 |
5.74% |
1.09% |
1.13% |
1.98% |
1.94% |
17% |
$130,076 |
|
| 2022 |
$15.53 |
0.63 |
(2.22) |
(1.59) |
(0.54) |
(0.62) |
(1.16) |
$12.78 |
(11.19)% |
1.08% |
1.12% |
4.43% |
4.39% |
19% |
$129,310 |
|
| 2021 |
$13.45 |
0.13 |
2.82 |
2.95 |
(0.10) |
(0.77) |
(0.87) |
$15.53 |
22.54% |
1.08% |
1.13% |
0.87% |
0.82% |
19% |
$181,238 |
|
| 2020 |
$13.48 |
0.19 |
0.85 |
1.04 |
(0.17) |
(0.90) |
(1.07) |
$13.45 |
7.92% |
1.08% |
1.13% |
1.53% |
1.48% |
28% |
$165,350 |
|
| 2019 |
$14.07 |
0.29 |
0.09 |
0.38 |
(0.30) |
(0.67) |
(0.97) |
$13.48 |
3.73% |
1.08% |
1.14% |
2.16% |
2.10% |
23% |
$203,271 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.71 |
0.14 |
0.43 |
0.57 |
(0.14) |
(0.47) |
(0.61) |
$12.67 |
4.94% |
1.84% |
1.88% |
1.23% |
1.19% |
17% |
$1,095 |
|
| 2022 |
$15.45 |
0.51 |
(2.21) |
(1.70) |
(0.42) |
(0.62) |
(1.04) |
$12.71 |
(11.88)% |
1.83% |
1.87% |
3.68% |
3.64% |
19% |
$1,181 |
|
| 2021 |
$13.39 |
0.02 |
2.81 |
2.83 |
— |
(0.77) |
(0.77) |
$15.45 |
21.64% |
1.83% |
1.88% |
0.12% |
0.07% |
19% |
$1,478 |
|
| 2020 |
$13.42 |
0.10 |
0.83 |
0.93 |
(0.06) |
(0.90) |
(0.96) |
$13.39 |
7.11% |
1.83% |
1.88% |
0.78% |
0.73% |
28% |
$1,605 |
|
| 2019 |
$14.01 |
0.19 |
0.09 |
0.28 |
(0.20) |
(0.67) |
(0.87) |
$13.42 |
2.94% |
1.83% |
1.89% |
1.41% |
1.35% |
23% |
$2,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.76 |
0.21 |
0.42 |
0.63 |
(0.20) |
(0.47) |
(0.67) |
$12.72 |
5.47% |
1.34% |
1.38% |
1.73% |
1.69% |
17% |
$321,003 |
|
| 2022 |
$15.51 |
0.58 |
(2.21) |
(1.63) |
(0.50) |
(0.62) |
(1.12) |
$12.76 |
(11.44)% |
1.33% |
1.37% |
4.18% |
4.14% |
19% |
$271,996 |
|
| 2021 |
$13.43 |
0.09 |
2.82 |
2.91 |
(0.06) |
(0.77) |
(0.83) |
$15.51 |
22.26% |
1.33% |
1.38% |
0.62% |
0.57% |
19% |
$273,869 |
|
| 2020 |
$13.46 |
0.16 |
0.84 |
1.00 |
(0.13) |
(0.90) |
(1.03) |
$13.43 |
7.65% |
1.33% |
1.38% |
1.28% |
1.23% |
28% |
$207,548 |
|
| 2019 |
$14.05 |
0.25 |
0.10 |
0.35 |
(0.27) |
(0.67) |
(0.94) |
$13.46 |
3.47% |
1.33% |
1.39% |
1.91% |
1.85% |
23% |
$188,023 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$11.21 |
0.27 |
0.36 |
0.63 |
(0.30) |
(0.47) |
(0.77) |
$11.07 |
6.41% |
0.49% |
0.57% |
2.58% |
2.50% |
17% |
$451,836 |
|
| 2022 |
$13.78 |
0.67 |
(1.98) |
(1.31) |
(0.64) |
(0.62) |
(1.26) |
$11.21 |
(10.67)% |
0.48% |
0.56% |
5.03% |
4.95% |
19% |
$424,500 |
|
| 2021 |
$12.03 |
0.19 |
2.52 |
2.71 |
(0.19) |
(0.77) |
(0.96) |
$13.78 |
23.31% |
0.48% |
0.58% |
1.47% |
1.37% |
19% |
$518,709 |
|
| 2020 |
$12.18 |
0.24 |
0.77 |
1.01 |
(0.26) |
(0.90) |
(1.16) |
$12.03 |
8.54% |
0.48% |
0.60% |
2.13% |
2.01% |
28% |
$395,998 |
|
| 2019 |
$12.83 |
0.33 |
0.06 |
0.39 |
(0.37) |
(0.67) |
(1.04) |
$12.18 |
4.35% |
0.48% |
0.61% |
2.76% |
2.63% |
23% |
$381,349 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2045 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$16.31 |
0.32 |
0.68 |
1.00 |
(0.26) |
(0.60) |
(0.86) |
$16.45 |
6.79% |
0.87% |
0.90% |
2.00% |
1.97% |
16% |
$407,551 |
|
| 2022 |
$19.84 |
0.86 |
(2.96) |
(2.10) |
(0.67) |
(0.76) |
(1.43) |
$16.31 |
(11.59)% |
0.86% |
0.89% |
4.73% |
4.70% |
18% |
$438,091 |
|
| 2021 |
$16.86 |
0.19 |
3.92 |
4.11 |
(0.14) |
(0.99) |
(1.13) |
$19.84 |
25.08% |
0.86% |
0.90% |
1.01% |
0.97% |
15% |
$521,474 |
|
| 2020 |
$16.93 |
0.28 |
1.14 |
1.42 |
(0.23) |
(1.26) |
(1.49) |
$16.86 |
8.59% |
0.86% |
0.91% |
1.69% |
1.64% |
30% |
$505,365 |
|
| 2019 |
$17.75 |
0.39 |
0.07 |
0.46 |
(0.38) |
(0.90) |
(1.28) |
$16.93 |
3.78% |
0.86% |
0.91% |
2.36% |
2.31% |
21% |
$565,928 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$16.35 |
0.35 |
0.68 |
1.03 |
(0.29) |
(0.60) |
(0.89) |
$16.49 |
7.00% |
0.67% |
0.71% |
2.20% |
2.16% |
16% |
$221,518 |
|
| 2022 |
$19.88 |
0.92 |
(2.98) |
(2.06) |
(0.71) |
(0.76) |
(1.47) |
$16.35 |
(11.38)% |
0.66% |
0.69% |
4.93% |
4.90% |
18% |
$272,169 |
|
| 2021 |
$16.90 |
0.22 |
3.93 |
4.15 |
(0.18) |
(0.99) |
(1.17) |
$19.88 |
25.35% |
0.66% |
0.71% |
1.21% |
1.16% |
15% |
$406,955 |
|
| 2020 |
$16.96 |
0.31 |
1.16 |
1.47 |
(0.27) |
(1.26) |
(1.53) |
$16.90 |
8.80% |
0.66% |
0.72% |
1.89% |
1.83% |
30% |
$350,086 |
|
| 2019 |
$17.78 |
0.43 |
0.06 |
0.49 |
(0.41) |
(0.90) |
(1.31) |
$16.96 |
3.99% |
0.66% |
0.72% |
2.56% |
2.50% |
21% |
$400,165 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$16.29 |
0.28 |
0.67 |
0.95 |
(0.22) |
(0.60) |
(0.82) |
$16.42 |
6.46% |
1.12% |
1.15% |
1.75% |
1.72% |
16% |
$124,182 |
|
| 2022 |
$19.81 |
0.81 |
(2.96) |
(2.15) |
(0.61) |
(0.76) |
(1.37) |
$16.29 |
(11.79)% |
1.11% |
1.14% |
4.48% |
4.45% |
18% |
$129,008 |
|
| 2021 |
$16.83 |
0.14 |
3.93 |
4.07 |
(0.10) |
(0.99) |
(1.09) |
$19.81 |
24.80% |
1.11% |
1.15% |
0.76% |
0.72% |
15% |
$173,756 |
|
| 2020 |
$16.90 |
0.23 |
1.14 |
1.37 |
(0.18) |
(1.26) |
(1.44) |
$16.83 |
8.31% |
1.11% |
1.16% |
1.44% |
1.39% |
30% |
$159,638 |
|
| 2019 |
$17.72 |
0.35 |
0.07 |
0.42 |
(0.34) |
(0.90) |
(1.24) |
$16.90 |
3.51% |
1.11% |
1.16% |
2.11% |
2.06% |
21% |
$199,985 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$16.18 |
0.16 |
0.67 |
0.83 |
(0.10) |
(0.60) |
(0.70) |
$16.31 |
5.67% |
1.87% |
1.90% |
1.00% |
0.97% |
16% |
$1,289 |
|
| 2022 |
$19.68 |
0.67 |
(2.95) |
(2.28) |
(0.46) |
(0.76) |
(1.22) |
$16.18 |
(12.46)% |
1.86% |
1.89% |
3.73% |
3.70% |
18% |
$1,434 |
|
| 2021 |
$16.76 |
0.01 |
3.90 |
3.91 |
— |
(0.99) |
(0.99) |
$19.68 |
23.89% |
1.86% |
1.90% |
0.01% |
(0.03)% |
15% |
$1,974 |
|
| 2020 |
$16.83 |
0.12 |
1.12 |
1.24 |
(0.05) |
(1.26) |
(1.31) |
$16.76 |
7.49% |
1.86% |
1.91% |
0.69% |
0.64% |
30% |
$2,100 |
|
| 2019 |
$17.64 |
0.23 |
0.08 |
0.31 |
(0.22) |
(0.90) |
(1.12) |
$16.83 |
2.77% |
1.86% |
1.91% |
1.36% |
1.31% |
21% |
$2,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$16.28 |
0.23 |
0.69 |
0.92 |
(0.18) |
(0.60) |
(0.78) |
$16.42 |
6.25% |
1.37% |
1.40% |
1.50% |
1.47% |
16% |
$315,314 |
|
| 2022 |
$19.80 |
0.75 |
(2.95) |
(2.20) |
(0.56) |
(0.76) |
(1.32) |
$16.28 |
(12.03)% |
1.36% |
1.39% |
4.23% |
4.20% |
18% |
$259,822 |
|
| 2021 |
$16.83 |
0.09 |
3.92 |
4.01 |
(0.05) |
(0.99) |
(1.04) |
$19.80 |
24.49% |
1.36% |
1.40% |
0.51% |
0.47% |
15% |
$267,304 |
|
| 2020 |
$16.89 |
0.19 |
1.15 |
1.34 |
(0.14) |
(1.26) |
(1.40) |
$16.83 |
8.03% |
1.36% |
1.41% |
1.19% |
1.14% |
30% |
$197,275 |
|
| 2019 |
$17.70 |
0.30 |
0.09 |
0.39 |
(0.30) |
(0.90) |
(1.20) |
$16.89 |
3.30% |
1.36% |
1.41% |
1.86% |
1.81% |
21% |
$176,355 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.34 |
0.23 |
0.38 |
0.61 |
(0.31) |
(0.60) |
(0.91) |
$10.04 |
7.07% |
0.52% |
0.59% |
2.35% |
2.28% |
16% |
$439,154 |
|
| 2022 |
$13.11 |
0.63 |
(1.90) |
(1.27) |
(0.74) |
(0.76) |
(1.50) |
$10.34 |
(11.25)% |
0.51% |
0.58% |
5.08% |
5.01% |
18% |
$410,845 |
|
| 2021 |
$11.50 |
0.16 |
2.65 |
2.81 |
(0.21) |
(0.99) |
(1.20) |
$13.11 |
25.53% |
0.51% |
0.59% |
1.36% |
1.28% |
15% |
$520,523 |
|
| 2020 |
$12.01 |
0.22 |
0.82 |
1.04 |
(0.29) |
(1.26) |
(1.55) |
$11.50 |
9.01% |
0.51% |
0.61% |
2.04% |
1.94% |
30% |
$374,167 |
|
| 2019 |
$13.03 |
0.31 |
0.01 |
0.32 |
(0.44) |
(0.90) |
(1.34) |
$12.01 |
4.13% |
0.51% |
0.62% |
2.71% |
2.60% |
21% |
$327,799 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2050 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.61 |
0.23 |
0.71 |
0.94 |
(0.21) |
(0.61) |
(0.82) |
$13.73 |
7.71% |
0.89% |
0.92% |
1.75% |
1.72% |
17% |
$214,542 |
|
| 2022 |
$16.61 |
0.73 |
(2.53) |
(1.80) |
(0.64) |
(0.56) |
(1.20) |
$13.61 |
(11.87)% |
0.88% |
0.91% |
4.87% |
4.84% |
19% |
$235,537 |
|
| 2021 |
$13.90 |
0.15 |
3.54 |
3.69 |
(0.13) |
(0.85) |
(0.98) |
$16.61 |
27.33% |
0.88% |
0.92% |
0.90% |
0.86% |
16% |
$269,509 |
|
| 2020 |
$13.87 |
0.23 |
0.98 |
1.21 |
(0.20) |
(0.98) |
(1.18) |
$13.90 |
8.91% |
0.88% |
0.93% |
1.66% |
1.61% |
34% |
$259,196 |
|
| 2019 |
$14.51 |
0.30 |
0.06 |
0.36 |
(0.31) |
(0.69) |
(1.00) |
$13.87 |
3.66% |
0.88% |
0.94% |
2.26% |
2.20% |
27% |
$312,038 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.64 |
0.26 |
0.71 |
0.97 |
(0.23) |
(0.61) |
(0.84) |
$13.77 |
7.99% |
0.69% |
0.72% |
1.95% |
1.92% |
17% |
$209,961 |
|
| 2022 |
$16.65 |
0.79 |
(2.57) |
(1.78) |
(0.67) |
(0.56) |
(1.23) |
$13.64 |
(11.72)% |
0.68% |
0.71% |
5.07% |
5.04% |
19% |
$223,504 |
|
| 2021 |
$13.93 |
0.17 |
3.56 |
3.73 |
(0.16) |
(0.85) |
(1.01) |
$16.65 |
27.61% |
0.68% |
0.73% |
1.10% |
1.05% |
16% |
$315,079 |
|
| 2020 |
$13.90 |
0.26 |
0.98 |
1.24 |
(0.23) |
(0.98) |
(1.21) |
$13.93 |
9.13% |
0.68% |
0.74% |
1.86% |
1.80% |
34% |
$257,140 |
|
| 2019 |
$14.53 |
0.34 |
0.05 |
0.39 |
(0.33) |
(0.69) |
(1.02) |
$13.90 |
3.94% |
0.68% |
0.74% |
2.46% |
2.40% |
27% |
$287,434 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.60 |
0.19 |
0.72 |
0.91 |
(0.18) |
(0.61) |
(0.79) |
$13.72 |
7.44% |
1.14% |
1.17% |
1.50% |
1.47% |
17% |
$98,748 |
|
| 2022 |
$16.59 |
0.70 |
(2.53) |
(1.83) |
(0.60) |
(0.56) |
(1.16) |
$13.60 |
(12.04)% |
1.13% |
1.16% |
4.62% |
4.59% |
19% |
$91,347 |
|
| 2021 |
$13.88 |
0.11 |
3.54 |
3.65 |
(0.09) |
(0.85) |
(0.94) |
$16.59 |
27.04% |
1.13% |
1.17% |
0.65% |
0.61% |
16% |
$115,318 |
|
| 2020 |
$13.85 |
0.18 |
0.99 |
1.17 |
(0.16) |
(0.98) |
(1.14) |
$13.88 |
8.64% |
1.13% |
1.18% |
1.41% |
1.36% |
34% |
$103,188 |
|
| 2019 |
$14.48 |
0.28 |
0.06 |
0.34 |
(0.28) |
(0.69) |
(0.97) |
$13.85 |
3.47% |
1.13% |
1.19% |
2.01% |
1.95% |
27% |
$129,680 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.52 |
0.10 |
0.71 |
0.81 |
(0.08) |
(0.61) |
(0.69) |
$13.64 |
6.64% |
1.89% |
1.92% |
0.75% |
0.72% |
17% |
$1,161 |
|
| 2022 |
$16.50 |
0.61 |
(2.56) |
(1.95) |
(0.47) |
(0.56) |
(1.03) |
$13.52 |
(12.74)% |
1.88% |
1.91% |
3.87% |
3.84% |
19% |
$1,063 |
|
| 2021 |
$13.83 |
—(3) |
3.52 |
3.52 |
— |
(0.85) |
(0.85) |
$16.50 |
26.11% |
1.88% |
1.92% |
(0.10)% |
(0.14)% |
16% |
$1,434 |
|
| 2020 |
$13.80 |
0.08 |
0.98 |
1.06 |
(0.05) |
(0.98) |
(1.03) |
$13.83 |
7.82% |
1.88% |
1.93% |
0.66% |
0.61% |
34% |
$1,400 |
|
| 2019 |
$14.43 |
0.17 |
0.07 |
0.24 |
(0.18) |
(0.69) |
(0.87) |
$13.80 |
2.67% |
1.88% |
1.94% |
1.26% |
1.20% |
27% |
$1,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.59 |
0.16 |
0.71 |
0.87 |
(0.14) |
(0.61) |
(0.75) |
$13.71 |
7.16% |
1.39% |
1.42% |
1.25% |
1.22% |
17% |
$259,213 |
|
| 2022 |
$16.58 |
0.64 |
(2.52) |
(1.88) |
(0.55) |
(0.56) |
(1.11) |
$13.59 |
(12.28)% |
1.38% |
1.41% |
4.37% |
4.34% |
19% |
$205,966 |
|
| 2021 |
$13.87 |
0.06 |
3.55 |
3.61 |
(0.05) |
(0.85) |
(0.90) |
$16.58 |
26.73% |
1.38% |
1.42% |
0.40% |
0.36% |
16% |
$207,018 |
|
| 2020 |
$13.84 |
0.14 |
0.99 |
1.13 |
(0.12) |
(0.98) |
(1.10) |
$13.87 |
8.36% |
1.38% |
1.43% |
1.16% |
1.11% |
34% |
$145,300 |
|
| 2019 |
$14.47 |
0.23 |
0.07 |
0.30 |
(0.24) |
(0.69) |
(0.93) |
$13.84 |
3.20% |
1.38% |
1.44% |
1.76% |
1.70% |
27% |
$123,006 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$11.95 |
0.23 |
0.61 |
0.84 |
(0.25) |
(0.61) |
(0.86) |
$11.93 |
8.06% |
0.54% |
0.60% |
2.10% |
2.04% |
17% |
$368,118 |
|
| 2022 |
$14.73 |
0.75 |
(2.27) |
(1.52) |
(0.70) |
(0.56) |
(1.26) |
$11.95 |
(11.52)% |
0.53% |
0.59% |
5.22% |
5.16% |
19% |
$312,841 |
|
| 2021 |
$12.43 |
0.17 |
3.16 |
3.33 |
(0.18) |
(0.85) |
(1.03) |
$14.73 |
27.78% |
0.53% |
0.61% |
1.25% |
1.17% |
16% |
$405,593 |
|
| 2020 |
$12.53 |
0.23 |
0.90 |
1.13 |
(0.25) |
(0.98) |
(1.23) |
$12.43 |
9.27% |
0.53% |
0.63% |
2.01% |
1.91% |
34% |
$302,601 |
|
| 2019 |
$13.22 |
0.32 |
0.03 |
0.35 |
(0.35) |
(0.69) |
(1.04) |
$12.53 |
4.06% |
0.53% |
0.64% |
2.61% |
2.50% |
27% |
$272,649 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
(3)Per-share
amount was less than $0.005.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2055 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.19 |
0.24 |
0.93 |
1.17 |
(0.22) |
(0.63) |
(0.85) |
$15.51 |
8.45% |
0.89% |
0.93% |
1.58% |
1.54% |
18% |
$122,095 |
|
| 2022 |
$18.57 |
0.82 |
(2.87) |
(2.05) |
(0.71) |
(0.62) |
(1.33) |
$15.19 |
(12.07)% |
0.88% |
0.92% |
4.89% |
4.85% |
19% |
$126,682 |
|
| 2021 |
$15.21 |
0.16 |
4.07 |
4.23 |
(0.14) |
(0.73) |
(0.87) |
$18.57 |
28.45% |
0.88% |
0.93% |
0.86% |
0.81% |
17% |
$145,510 |
|
| 2020 |
$15.02 |
0.25 |
1.08 |
1.33 |
(0.21) |
(0.93) |
(1.14) |
$15.21 |
9.03% |
0.88% |
0.94% |
1.61% |
1.55% |
40% |
$148,797 |
|
| 2019 |
$15.55 |
0.33 |
0.06 |
0.39 |
(0.32) |
(0.60) |
(0.92) |
$15.02 |
3.51% |
0.88% |
0.95% |
2.24% |
2.17% |
27% |
$161,378 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.20 |
0.27 |
0.92 |
1.19 |
(0.25) |
(0.63) |
(0.88) |
$15.51 |
8.60% |
0.69% |
0.74% |
1.78% |
1.73% |
18% |
$157,600 |
|
| 2022 |
$18.58 |
0.89 |
(2.90) |
(2.01) |
(0.75) |
(0.62) |
(1.37) |
$15.20 |
(11.88)% |
0.68% |
0.72% |
5.09% |
5.05% |
19% |
$168,209 |
|
| 2021 |
$15.22 |
0.18 |
4.08 |
4.26 |
(0.17) |
(0.73) |
(0.90) |
$18.58 |
28.69% |
0.68% |
0.74% |
1.06% |
1.00% |
17% |
$231,400 |
|
| 2020 |
$15.03 |
0.26 |
1.10 |
1.36 |
(0.24) |
(0.93) |
(1.17) |
$15.22 |
9.25% |
0.68% |
0.75% |
1.81% |
1.74% |
40% |
$200,296 |
|
| 2019 |
$15.56 |
0.37 |
0.05 |
0.42 |
(0.35) |
(0.60) |
(0.95) |
$15.03 |
3.73% |
0.68% |
0.75% |
2.44% |
2.37% |
27% |
$201,236 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.15 |
0.19 |
0.94 |
1.13 |
(0.18) |
(0.63) |
(0.81) |
$15.47 |
8.18% |
1.14% |
1.18% |
1.33% |
1.29% |
18% |
$69,326 |
|
| 2022 |
$18.52 |
0.78 |
(2.87) |
(2.09) |
(0.66) |
(0.62) |
(1.28) |
$15.15 |
(12.27)% |
1.13% |
1.17% |
4.64% |
4.60% |
19% |
$62,800 |
|
| 2021 |
$15.17 |
0.11 |
4.06 |
4.17 |
(0.09) |
(0.73) |
(0.82) |
$18.52 |
28.12% |
1.13% |
1.18% |
0.61% |
0.56% |
17% |
$77,870 |
|
| 2020 |
$14.99 |
0.19 |
1.09 |
1.28 |
(0.17) |
(0.93) |
(1.10) |
$15.17 |
8.69% |
1.13% |
1.19% |
1.36% |
1.30% |
40% |
$69,721 |
|
| 2019 |
$15.52 |
0.28 |
0.07 |
0.35 |
(0.28) |
(0.60) |
(0.88) |
$14.99 |
3.25% |
1.13% |
1.20% |
1.99% |
1.92% |
27% |
$79,664 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$14.99 |
0.08 |
0.93 |
1.01 |
(0.07) |
(0.63) |
(0.70) |
$15.30 |
7.35% |
1.89% |
1.93% |
0.58% |
0.54% |
18% |
$822 |
|
| 2022 |
$18.34 |
0.63 |
(2.84) |
(2.21) |
(0.52) |
(0.62) |
(1.14) |
$14.99 |
(12.98)% |
1.88% |
1.92% |
3.89% |
3.85% |
19% |
$845 |
|
| 2021 |
$15.06 |
(0.01) |
4.02 |
4.01 |
— |
(0.73) |
(0.73) |
$18.34 |
27.24% |
1.88% |
1.93% |
(0.14)% |
(0.19)% |
17% |
$1,069 |
|
| 2020 |
$14.87 |
0.09 |
1.08 |
1.17 |
(0.05) |
(0.93) |
(0.98) |
$15.06 |
7.90% |
1.88% |
1.94% |
0.61% |
0.55% |
40% |
$961 |
|
| 2019 |
$15.40 |
0.19 |
0.06 |
0.25 |
(0.18) |
(0.60) |
(0.78) |
$14.87 |
2.47% |
1.88% |
1.95% |
1.24% |
1.17% |
27% |
$881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$15.15 |
0.15 |
0.94 |
1.09 |
(0.14) |
(0.63) |
(0.77) |
$15.47 |
7.90% |
1.39% |
1.43% |
1.08% |
1.04% |
18% |
$192,693 |
|
| 2022 |
$18.52 |
0.72 |
(2.86) |
(2.14) |
(0.61) |
(0.62) |
(1.23) |
$15.15 |
(12.50)% |
1.38% |
1.42% |
4.39% |
4.35% |
19% |
$144,055 |
|
| 2021 |
$15.17 |
0.06 |
4.07 |
4.13 |
(0.05) |
(0.73) |
(0.78) |
$18.52 |
27.79% |
1.38% |
1.43% |
0.36% |
0.31% |
17% |
$138,104 |
|
| 2020 |
$14.98 |
0.15 |
1.10 |
1.25 |
(0.13) |
(0.93) |
(1.06) |
$15.17 |
8.48% |
1.38% |
1.44% |
1.11% |
1.05% |
40% |
$93,577 |
|
| 2019 |
$15.51 |
0.25 |
0.07 |
0.32 |
(0.25) |
(0.60) |
(0.85) |
$14.98 |
2.99% |
1.38% |
1.45% |
1.74% |
1.67% |
27% |
$76,052 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$12.55 |
0.23 |
0.75 |
0.98 |
(0.27) |
(0.63) |
(0.90) |
$12.63 |
8.79% |
0.54% |
0.61% |
1.93% |
1.86% |
18% |
$264,930 |
|
| 2022 |
$15.58 |
0.80 |
(2.44) |
(1.64) |
(0.77) |
(0.62) |
(1.39) |
$12.55 |
(11.75)% |
0.53% |
0.59% |
5.24% |
5.18% |
19% |
$224,504 |
|
| 2021 |
$12.89 |
0.17 |
3.45 |
3.62 |
(0.20) |
(0.73) |
(0.93) |
$15.58 |
28.91% |
0.53% |
0.61% |
1.21% |
1.13% |
17% |
$273,227 |
|
| 2020 |
$12.91 |
0.23 |
0.94 |
1.17 |
(0.26) |
(0.93) |
(1.19) |
$12.89 |
9.34% |
0.53% |
0.64% |
1.96% |
1.85% |
40% |
$193,435 |
|
| 2019 |
$13.52 |
0.32 |
0.04 |
0.36 |
(0.37) |
(0.60) |
(0.97) |
$12.91 |
3.88% |
0.53% |
0.65% |
2.59% |
2.47% |
27% |
$160,881 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2060 Portfolio |
|
|
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.90 |
0.20 |
0.89 |
1.09 |
(0.21) |
(0.72) |
(0.93) |
$14.06 |
8.80% |
0.89% |
0.94% |
1.46% |
1.41% |
14% |
$55,975 |
|
| 2022 |
$16.84 |
0.75 |
(2.65) |
(1.90) |
(0.70) |
(0.34) |
(1.04) |
$13.90 |
(12.16)% |
0.88% |
0.93% |
4.87% |
4.82% |
16% |
$54,887 |
|
| 2021 |
$13.46 |
0.13 |
3.75 |
3.88 |
(0.13) |
(0.37) |
(0.50) |
$16.84 |
29.28% |
0.88% |
0.94% |
0.80% |
0.74% |
9% |
$55,757 |
|
| 2020 |
$13.06 |
0.21 |
0.95 |
1.16 |
(0.19) |
(0.57) |
(0.76) |
$13.46 |
8.94% |
0.88% |
0.95% |
1.53% |
1.46% |
34% |
$38,347 |
|
| 2019 |
$13.25 |
0.25 |
0.11 |
0.36 |
(0.27) |
(0.28) |
(0.55) |
$13.06 |
3.50% |
0.88% |
0.95% |
2.07% |
2.00% |
21% |
$37,219 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.92 |
0.22 |
0.89 |
1.11 |
(0.23) |
(0.72) |
(0.95) |
$14.08 |
9.01% |
0.69% |
0.74% |
1.66% |
1.61% |
14% |
$66,910 |
|
| 2022 |
$16.86 |
0.81 |
(2.67) |
(1.86) |
(0.74) |
(0.34) |
(1.08) |
$13.92 |
(11.96)% |
0.68% |
0.73% |
5.07% |
5.02% |
16% |
$55,157 |
|
| 2021 |
$13.47 |
0.15 |
3.77 |
3.92 |
(0.16) |
(0.37) |
(0.53) |
$16.86 |
29.59% |
0.68% |
0.74% |
1.00% |
0.94% |
9% |
$78,572 |
|
| 2020 |
$13.08 |
0.22 |
0.95 |
1.17 |
(0.21) |
(0.57) |
(0.78) |
$13.47 |
9.07% |
0.68% |
0.75% |
1.73% |
1.66% |
34% |
$55,590 |
|
| 2019 |
$13.27 |
0.29 |
0.10 |
0.39 |
(0.30) |
(0.28) |
(0.58) |
$13.08 |
3.70% |
0.68% |
0.75% |
2.27% |
2.20% |
21% |
$40,025 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.88 |
0.16 |
0.88 |
1.04 |
(0.17) |
(0.72) |
(0.89) |
$14.03 |
8.45% |
1.14% |
1.19% |
1.21% |
1.16% |
14% |
$28,253 |
|
| 2022 |
$16.81 |
0.71 |
(2.64) |
(1.93) |
(0.66) |
(0.34) |
(1.00) |
$13.88 |
(12.35)% |
1.13% |
1.18% |
4.62% |
4.57% |
16% |
$23,520 |
|
| 2021 |
$13.43 |
0.09 |
3.75 |
3.84 |
(0.09) |
(0.37) |
(0.46) |
$16.81 |
29.01% |
1.13% |
1.19% |
0.55% |
0.49% |
9% |
$26,722 |
|
| 2020 |
$13.04 |
0.16 |
0.95 |
1.11 |
(0.15) |
(0.57) |
(0.72) |
$13.43 |
8.59% |
1.13% |
1.20% |
1.28% |
1.21% |
34% |
$10,488 |
|
| 2019 |
$13.23 |
0.23 |
0.10 |
0.33 |
(0.24) |
(0.28) |
(0.52) |
$13.04 |
3.24% |
1.13% |
1.20% |
1.82% |
1.75% |
21% |
$8,425 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.72 |
0.06 |
0.88 |
0.94 |
(0.07) |
(0.72) |
(0.79) |
$13.87 |
7.69% |
1.89% |
1.94% |
0.46% |
0.41% |
14% |
$290 |
|
| 2022 |
$16.62 |
0.59 |
(2.62) |
(2.03) |
(0.53) |
(0.34) |
(0.87) |
$13.72 |
(13.00)% |
1.88% |
1.93% |
3.87% |
3.82% |
16% |
$248 |
|
| 2021 |
$13.31 |
(0.03) |
3.71 |
3.68 |
— |
(0.37) |
(0.37) |
$16.62 |
27.97% |
1.88% |
1.94% |
(0.20)% |
(0.26)% |
9% |
$290 |
|
| 2020 |
$12.92 |
0.07 |
0.93 |
1.00 |
(0.04) |
(0.57) |
(0.61) |
$13.31 |
7.83% |
1.88% |
1.95% |
0.53% |
0.46% |
34% |
$213 |
|
| 2019 |
$13.11 |
0.15 |
0.10 |
0.25 |
(0.16) |
(0.28) |
(0.44) |
$12.92 |
2.47% |
1.88% |
1.95% |
1.07% |
1.00% |
21% |
$185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
|
|
|
|
|
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.85 |
0.13 |
0.89 |
1.02 |
(0.14) |
(0.72) |
(0.86) |
$14.01 |
8.26% |
1.39% |
1.44% |
0.96% |
0.91% |
14% |
$115,828 |
|
| 2022 |
$16.78 |
0.70 |
(2.67) |
(1.97) |
(0.62) |
(0.34) |
(0.96) |
$13.85 |
(12.60)% |
1.38% |
1.43% |
4.37% |
4.32% |
16% |
$78,044 |
|
| 2021 |
$13.41 |
0.05 |
3.74 |
3.79 |
(0.05) |
(0.37) |
(0.42) |
$16.78 |
28.65% |
1.38% |
1.44% |
0.30% |
0.24% |
9% |
$62,456 |
|
| 2020 |
$13.02 |
0.12 |
0.96 |
1.08 |
(0.12) |
(0.57) |
(0.69) |
$13.41 |
8.32% |
1.38% |
1.45% |
1.03% |
0.96% |
34% |
$34,558 |
|
| 2019 |
$13.21 |
0.19 |
0.11 |
0.30 |
(0.21) |
(0.28) |
(0.49) |
$13.02 |
2.98% |
1.38% |
1.45% |
1.57% |
1.50% |
21% |
$20,542 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$13.97 |
0.24 |
0.89 |
1.13 |
(0.25) |
(0.72) |
(0.97) |
$14.13 |
9.15% |
0.54% |
0.62% |
1.81% |
1.73% |
14% |
$135,501 |
|
| 2022 |
$16.92 |
0.88 |
(2.73) |
(1.85) |
(0.76) |
(0.34) |
(1.10) |
$13.97 |
(11.84)% |
0.53% |
0.60% |
5.22% |
5.15% |
16% |
$98,298 |
|
| 2021 |
$13.52 |
0.17 |
3.78 |
3.95 |
(0.18) |
(0.37) |
(0.55) |
$16.92 |
29.76% |
0.53% |
0.62% |
1.15% |
1.06% |
9% |
$102,371 |
|
| 2020 |
$13.12 |
0.23 |
0.97 |
1.20 |
(0.23) |
(0.57) |
(0.80) |
$13.52 |
9.29% |
0.53% |
0.64% |
1.88% |
1.77% |
34% |
$60,786 |
|
| 2019 |
$13.31 |
0.31 |
0.09 |
0.40 |
(0.31) |
(0.28) |
(0.59) |
$13.12 |
3.85% |
0.53% |
0.65% |
2.42% |
2.30% |
21% |
$37,601 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
|
|
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|
|
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|
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|
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| |
|
For
a Share Outstanding Throughout the Years Ended July 31 (except as
noted) |
| |
| Per-Share
Data |
|
| Ratios
and Supplemental Data |
|
|
| Income
From Investment Operations*: |
Distributions
From: |
|
| Ratio
to Average Net Assets of: |
| |
|
| Net
Asset
Value,
Beginning
of Period |
Net
Investment
Income
(Loss)(1) |
Net
Realized
and
Unrealized
Gain (Loss) |
Total
From
Investment
Operations |
Net
Investment
Income |
Net
Realized
Gains |
Total
Distributions |
Net
Asset
Value,
End of Period |
Total
Return(2) |
Operating
Expenses |
Operating
Expenses
(before
expense
waiver) |
Net
Investment
Income
(Loss) |
Net
Investment
Income (Loss) (before expense waiver) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in thousands) |
| One
Choice 2065 Portfolio |
| |
| Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.86 |
0.15 |
0.77 |
0.92 |
(0.17) |
(0.26) |
(0.43) |
$11.35 |
9.00% |
0.91% |
0.97% |
1.37% |
1.31% |
19% |
$5,229 |
|
| 2022 |
$12.89 |
0.60 |
(2.09) |
(1.49) |
(0.52) |
(0.02) |
(0.54) |
$10.86 |
(12.16)% |
0.88% |
0.93% |
4.77% |
4.72% |
18% |
$3,483 |
|
|
2021(3) |
$10.00 |
0.06 |
2.93 |
2.99 |
(0.10) |
— |
(0.10) |
$12.89 |
30.02% |
0.88%(4) |
0.94%(4) |
0.33%(4) |
0.27%(4) |
17% |
$2,103 |
|
| I
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.87 |
0.17 |
0.77 |
0.94 |
(0.19) |
(0.26) |
(0.45) |
$11.36 |
9.22% |
0.71% |
0.77% |
1.57% |
1.51% |
19% |
$8,114 |
|
| 2022 |
$12.90 |
0.63 |
(2.09) |
(1.46) |
(0.55) |
(0.02) |
(0.57) |
$10.87 |
(11.97)% |
0.68% |
0.74% |
4.97% |
4.91% |
18% |
$3,324 |
|
|
2021(3) |
$10.00 |
0.03 |
2.98 |
3.01 |
(0.11) |
— |
(0.11) |
$12.90 |
30.19% |
0.68%(4) |
0.75%(4) |
0.53%(4) |
0.46%(4) |
17% |
$1,901 |
|
| A
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.84 |
0.11 |
0.78 |
0.89 |
(0.14) |
(0.26) |
(0.40) |
$11.33 |
8.73% |
1.16% |
1.22% |
1.12% |
1.06% |
19% |
$2,534 |
|
| 2022 |
$12.86 |
0.57 |
(2.08) |
(1.51) |
(0.49) |
(0.02) |
(0.51) |
$10.84 |
(12.33)% |
1.13% |
1.18% |
4.52% |
4.47% |
18% |
$797 |
|
|
2021(3) |
$10.00 |
0.03 |
2.92 |
2.95 |
(0.09) |
— |
(0.09) |
$12.86 |
29.63% |
1.13%(4) |
1.19%(4) |
0.08%(4) |
0.02%(4) |
17% |
$271 |
|
| C
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.80 |
0.04 |
0.77 |
0.81 |
(0.06) |
(0.26) |
(0.32) |
$11.29 |
7.92% |
1.91% |
1.97% |
0.37% |
0.31% |
19% |
$117 |
|
| 2022 |
$12.81 |
0.45 |
(2.05) |
(1.60) |
(0.39) |
(0.02) |
(0.41) |
$10.80 |
(12.98)% |
1.88% |
1.93% |
3.77% |
3.72% |
18% |
$35 |
|
|
2021(3) |
$10.00 |
(0.01) |
2.89 |
2.88 |
(0.07) |
— |
(0.07) |
$12.81 |
28.86% |
1.88%(4) |
1.94%(4) |
(0.67)%(4) |
(0.73)%(4) |
17% |
$32 |
|
| R
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.83 |
0.09 |
0.77 |
0.86 |
(0.11) |
(0.26) |
(0.37) |
$11.32 |
8.46% |
1.41% |
1.47% |
0.87% |
0.81% |
19% |
$18,382 |
|
| 2022 |
$12.85 |
0.54 |
(2.08) |
(1.54) |
(0.46) |
(0.02) |
(0.48) |
$10.83 |
(12.57)% |
1.38% |
1.43% |
4.27% |
4.22% |
18% |
$6,927 |
|
|
2021(3) |
$10.00 |
(0.02) |
2.95 |
2.93 |
(0.08) |
— |
(0.08) |
$12.85 |
29.44% |
1.38%(4) |
1.44%(4) |
(0.17)%(4) |
(0.23)%(4) |
17% |
$1,688 |
|
| R6
Class |
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 2023 |
$10.89 |
0.18 |
0.77 |
0.95 |
(0.20) |
(0.26) |
(0.46) |
$11.38 |
9.37% |
0.56% |
0.64% |
1.72% |
1.64% |
19% |
$17,636 |
|
| 2022 |
$12.92 |
0.66 |
(2.10) |
(1.44) |
(0.57) |
(0.02) |
(0.59) |
$10.89 |
(11.81)% |
0.53% |
0.60% |
5.12% |
5.05% |
18% |
$10,883 |
|
|
2021(3) |
$10.00 |
0.06 |
2.97 |
3.03 |
(0.11) |
— |
(0.11) |
$12.92 |
30.44% |
0.53%(4) |
0.61%(4) |
0.68%(4) |
0.60%(4) |
17% |
$3,224 |
|
|
|
| |
| Notes
to Financial Highlights |
(1)Computed
using average shares outstanding throughout the period.
(2)Total
returns are calculated based on the net asset value of the last business day and
do not reflect applicable sales charges, if any. Total returns for periods less
than one year are not annualized.
(3)September
23, 2020 (fund inception) through July 31, 2021.
(4)Annualized.
*The
amount shown for a share outstanding throughout the period may not correlate
with the Statement(s) of Operations or precisely reflect the class expense
differentials due to the timing of transactions in shares of a fund in relation
to income earned and/or fluctuations in the fair value of a fund's
investments.
The
information in this Appendix is part of, and incorporated into, the fund’s
prospectus.
Financial
Intermediary Sales Charge Reduction and Waiver Information
The
availability of certain sales charge waivers and discounts will depend on
whether you purchase your shares directly from the fund or through a financial
intermediary. Intermediaries may have different policies and procedures
regarding the availability of front-end sales load waivers or contingent
deferred (back-end) sales load (CDSC) waivers, which are set forth below. In all
instances, it is the investor’s responsibility to notify the fund or the
applicable financial intermediary at the time of purchase of any relationship or
other facts qualifying the investor for sales charge waivers or discounts.
For
waivers and discounts not available through a particular intermediary,
shareholders will have to purchase fund shares directly from the fund or through
another intermediary to receive these waivers or discounts.
Sales
Charge Reductions and Waivers Available through Ameriprise
Financial
The
following information applies to A Class shares purchases if you have an account
with or otherwise purchase fund shares through Ameriprise
Financial.
Shareholders
purchasing fund shares through an Ameriprise Financial brokerage account are
eligible for the following front-end sales charge waivers, which may differ from
those disclosed elsewhere in this fund’s prospectus or SAI:
•Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs or SAR-SEPs.
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the same fund family).
•Shares
exchanged from C Class shares of the same fund in the month of or following the
7-year anniversary of the purchase date. To the extent that this prospectus
elsewhere provides for a waiver with respect to exchanges of C Class shares or
conversion of C Class shares following a shorter holding period, that waiver
will apply.
•Employees
and registered representatives of Ameriprise Financial or its affiliates and
their immediate family members.
•Shares
purchased by or through qualified accounts (including IRAs, Coverdell Education
Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit
plans) that are held by a covered family member, defined as an Ameriprise
financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant
(mother, father, grandmother, grandfather, great grandmother, great
grandfather), advisor’s lineal descendant (son, step-son, daughter,
step-daughter, grandson, granddaughter, great grandson, great granddaughter) or
any spouse of a covered family member who is a lineal descendant.
•Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within 90 days following the redemption, (2) the
redemption and purchase occur in the same account, and (3) redeemed shares were
subject to a front-end or deferred sales load (i.e., Rights of
Reinstatement).
Sales
Charge Reductions and Waivers Available through Baird
Effective
June 15, 2020, shareholders purchasing fund shares through a Baird platform or
account will only be eligible for the following sales charge waivers (front-end
sales charge waivers and CDSC waivers) and discounts, which may differ from
those disclosed elsewhere in this prospectus or the SAI.
Front-End
Sales Charge Waivers on Investors A-shares Available at Baird
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing share of the same fund.
•Share
purchase by employees and registered representatives of Baird or its affiliate
and their family members as designated by Baird.
•Shares
purchase from the proceeds of redemptions from another American Century
Investments fund, provided (1) the repurchase occurs within 90 days following
the redemption, (2) the redemption and purchase occur in the same accounts, and
(3) redeemed shares were subject to a front-end or deferred sales charge (known
as rights of reinstatement).
•A
shareholder in the funds’ Investor C Shares will have their share converted at
net asset value to Investor A shares of the fund if the shares are no longer
subject to CDSC and the conversion is in line with the policies and procedures
of Baird.
•Employer-sponsored
retirement plans or charitable accounts in a transactional brokerage account at
Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans,
profit sharing and money purchase pension plans and defined benefit plans. For
purposes of this provision, employer-sponsored retirement plans do not include
SEP IRAs, Simple IRAs or SAR-SEPs.
CDSC
Waivers on Investor A and C shares Available at Baird
•Shares
sold due to death or disability of the shareholder.
•Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•Shares
bought due to returns of excess contributions from an IRA Account.
•Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the shareholder reaching the qualified age based on applicable IRS
regulations as described in the prospectus.
•Shares
sold to pay Baird fees but only if the transaction is initiated by
Baird.
•Shares
acquired through a right of reinstatement.
Front-End
Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of
Accumulations
•Breakpoints
as described in this prospectus.
•Rights
of accumulations which entitles shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of American Century
Investments assets held by accounts within the purchaser’s household at Baird.
Eligible American Century Investments assets not held at Baird may be included
in the rights of accumulations calculation only if the shareholder notifies his
or her financial advisor about such assets.
•Letters
of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of
American Century Investments funds through Baird, over a 13-month period of
time.
Policies
regarding transactions through Edward D. Jones & Co., L.P. (Edward
Jones)
The
following information has been provided by Edward Jones:
Effective
on or after April 1, 2021, the following information supersedes prior
information with respect to transactions and positions held in fund shares
through an Edward Jones system. Clients of Edward Jones (also referred to as
“shareholders”) purchasing fund shares on the Edward Jones commission and
fee-based platforms are eligible only for the following sales charge discounts
(also referred to as “breakpoints”) and waivers, which can differ from discounts
and waivers described elsewhere in the mutual fund prospectus or statement of
additional information (SAI) or through another broker-dealer. In all instances,
it is the shareholder’s responsibility to inform Edward Jones at the time of
purchase of any relationship, holdings of American Century, or other facts
qualifying the purchaser for discounts or waivers. Edward Jones can ask for
documentation of such circumstance. Shareholders should contact Edward Jones if
they have questions regarding their eligibility for these discounts and
waivers.
Breakpoints
•Breakpoint
pricing, otherwise known as volume pricing, at dollar thresholds as described in
the prospectus.
Rights
of Accumulation (ROA)
•The
applicable sales charge on a purchase of A Class shares is determined by taking
into account all share classes (except certain money market funds and any assets
held in group retirement plans) of American Century held by the shareholder or
in an account grouped by Edward Jones with other accounts for the purpose of
providing certain pricing considerations (pricing groups). If grouping assets as
a shareholder, this includes all share classes held on the Edward Jones platform
and/or held on another platform. The inclusion of eligible fund family assets in
the ROA calculation is dependent on the shareholder notifying Edward Jones of
such assets at the time of calculation. Money market funds are included only if
such shares were sold with a sales charge at the time of purchase or acquired in
exchange for shares purchased with a sales charge.
•The
employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping as opposed to including all share classes at a shareholder
or pricing group level.
•ROA
is determined by calculating the higher of cost minus redemptions or market
value (current shares x NAV).
Letter
of Intent (LOI)
•Through
a LOI, shareholders can receive the sales charge and breakpoint discounts for
purchases shareholders intend to make over a 13- month period from the date
Edward Jones receives the LOI. The LOI is determined by calculating the higher
of cost or market value of qualifying holdings at LOI initiation in combination
with the value that the shareholder intends to buy over a 13-month period to
calculate the front-end sales charge and any breakpoint discounts. Each purchase
the shareholder
makes
during that 13-month period will receive the sales charge and breakpoint
discount that applies to the total amount. The inclusion of eligible fund family
assets in the LOI calculation is dependent on the shareholder notifying Edward
Jones of such assets at the time of calculation. Purchases made before the LOI
is received by Edward Jones are not adjusted under the LOI and will not reduce
the sales charge previously paid. Sales charges will be adjusted if LOI is not
met.
•If
the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to
establish or change ROA for the IRA accounts associated with the plan to a
plan-level grouping, LOIs will also be at the plan-level and may only be
established by the employer.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations:
•Associates
of Edward Jones and its affiliates and their family members who are in the same
pricing group (as determined by Edward Jones under its policies and procedures)
as the associate. This waiver will continue for the remainder of the associate’s
life if the associate retires from Edward Jones in good-standing and remains in
good standing pursuant to Edward Jones’ policies and procedures.
•Shares
purchased in an Edward Jones fee-based program.
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
•Shares
purchased from the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: 1) the proceeds are from the sale of shares
within 60 days of the purchase, and 2) the sale and purchase are made in the
same share class and the same account or the purchase is made in an individual
retirement account with proceeds from liquidations in a non-retirement
account.
•Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of Edward Jones.
Edward Jones is responsible for any remaining CDSC due to the fund company, if
applicable. Any future purchases are subject to the applicable sales charge as
disclosed in the prospectus.
•Exchanges
from Class C shares to Class A shares of the same fund, generally, in the 84th
month following the anniversary of the purchase date or earlier at the
discretion of Edward Jones.
Contingent
Deferred Sales Charge (CDSC) Waivers
If
the shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the shareholder is responsible to pay the
CDSC except in the following conditions:
•The
death or disability of the shareholder.
•Systematic
withdrawals with up to 10% per year of the account value.
•Return
of excess contributions from an Individual Retirement Account
(IRA).
•Shares
sold as part of a required minimum distribution for IRA and retirement accounts
if the redemption is taken in or after the year the shareholder reaches
qualified age based on applicable IRS regulations.
•Shares
sold to pay Edward Jones fees or costs in such cases where the transaction is
initiated by Edward Jones.
•Shares
exchanged in an Edward Jones fee-based program.
•Shares
acquired through NAV reinstatement.
•Shares
redeemed at the discretion of Edward Jones for Minimum Balances, as described
below.
Other
Important Information Regarding Transactions Through Edward Jones
Minimum
Purchase Amounts
▪Initial
purchase minimum: $250
▪Subsequent
purchase minimum: none
Minimum
Balances
▪Edward
Jones has the right to redeem at its discretion fund holdings with a balance of
$250 or less. The following are examples of accounts that are not included in
this policy:
•A
fee-based account held on an Edward Jones platform.
•A
529 account held on an Edward Jones platform.
•An
account with an active systematic investment plan or LOI.
Exchanging
Share Classes
▪At
any time it deems necessary, Edward Jones has the authority to exchange at NAV a
shareholder’s holdings in a fund to Class A shares of the same
fund.
Effective
on or after January 1, 2024, the following information supersedes prior
information with respect to transactions and positions held in fund shares
through an Edward Jones system.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations:
•Associates
of Edward Jones and its affiliates and other accounts in the same pricing group
(as determined by Edward Jones under its policies and procedures) as the
associate. This waiver will continue for the remainder of the associate's life
if the associate retires from Edward Jones in good-standing and remains in good
standing pursuant to Edward Jones' policies and procedures.
•Shares
purchased in an Edward Jones fee-based program.
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
•Shares
purchased from the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: the proceeds are from the sale of shares
within 60 days of the purchase, the sale and purchase are made from a share
class that charges a front load and one of the following:
•The
redemption and repurchase occur in the same account.
•The
redemption proceeds are used to process an: IRA contribution, excess
contributions, conversion, recharacterizing of contributions, or distribution,
and the repurchase is done in an account within the same Edward Jones grouping
for ROA.
•Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of Edward Jones.
Edward Jones is responsible for any remaining CDSC due to the fund company, if
applicable. Any future purchases are subject to the applicable sales charge as
disclosed in the prospectus.
•Exchanges
from Class C shares to Class A shares of the same fund, generally, in the 84th
month following the anniversary of the purchase date or earlier at the
discretion of Edward Jones.
•Purchases
of Class 529-A shares through a rollover from either another education savings
plan or a security used for qualified distributions.
•Purchases
of Class 529 shares made for recontribution of refunded amounts.
Contingent
Deferred Sales Charge ("CDSC") Waivers
If
the shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the shareholder is responsible to pay the
CDSC except in the following conditions:
•The
death or disability of the shareholder.
•Systematic
withdrawals with up to 10% per year of the account value.
•Return
of excess contributions from an Individual Retirement Account
(IRA).
•Shares
redeemed as part of a required minimum distribution for IRA and retirement
accounts if the redemption is taken in or after the year the shareholder reaches
qualified age based on applicable IRS regulations.
•Shares
redeemed to pay Edward Jones fees or costs in such cases where the transaction
is initiated by Edward Jones.
•Shares
exchanged in an Edward Jones fee-based program.
•Shares
acquired through NAV reinstatement.
•Shares
redeemed at the discretion of Edward Jones for Minimums Balances, as described
below.
Sales
Charge
Reductions and Waivers Available through Janney Montgomery Scott LLC
(Janney)
Effective
May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC
(Janney) brokerage account, you will be eligible for the following load waivers
(front-end sales charge waivers and contingent deferred sales charge (CDSC), or
back-end sales charge, waivers) and discounts, which may differ from those
disclosed elsewhere in this fund’s Prospectus or SAI.
Front-end
sales charge* waivers on A Class shares available at Janney
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
•Shares
purchased by employees and registered representatives of Janney or its
affiliates and their family members as designated by Janney.
•Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within ninety (90) days following the redemption, (2)
the redemption and purchase occur in the same account, and (3) redeemed
shares
were subject to a front-end or deferred sales load (i.e., right of
reinstatement).
•Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
•Shares
acquired through a right of reinstatement.
•C
Class shares that are no longer subject to a contingent deferred sales charge
and are converted to A Class shares of the same fund pursuant to Janney’s
policies and procedures.
CDSC
waivers on A and C Class shares available at Janney
•Shares
sold upon the death or disability of the shareholder.
•Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•Shares
purchased in connection with a return of excess contributions from an IRA
account.
•Shares
sold as part of a required minimum distribution for IRA and other retirement
accounts if the redemption is taken in or after the year the shareholder reaches
qualified age based on applicable IRS regulations.
•Shares
sold to pay Janney fees but only if the transaction is initiated by
Janney.
•Shares
acquired through a right of reinstatement.
•Shares
exchanged into the same share class of a different fund.
Front-end
sales charge* discounts available at Janney: breakpoints, rights of
accumulation, and/or letters of intent
•Breakpoints
as described in the fund’s prospectus.
•Rights
of accumulation (ROA), which entitle shareholders to breakpoint discounts, will
be automatically calculated based on the aggregated holding of fund family
assets held by accounts within the purchaser’s household at Janney. Eligible
fund family assets not held at Janney may be included in the ROA calculation
only if the shareholder notifies his or her financial advisor about such
assets.
•Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Janney Montgomery Scott may be included in the calculation of
letters of intent only if the shareholder notifies his or her financial advisor
about such assets.
*Also
referred to as an "initial sales charge."
Sales
Charge Reductions and Waivers Available through J.P.
Morgan Securities LLC
Effective
September 29, 2023, if you purchase or hold fund shares through an applicable
J.P. Morgan Securities LLC brokerage account, you will be eligible for the
following sales charge waivers (front-end sales charge waivers and contingent
deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class
conversion policy and discounts, which may differ from those disclosed elsewhere
in this fund’s prospectus or statement of additional information.
Front-end
sales charge waivers on Class A shares available at J.P. Morgan Securities LLC
•Shares
exchanged from Class C (i.e. level-load) shares that are no longer subject to a
CDSC and are exchanged into Class A shares of the same fund pursuant to J.P.
Morgan Securities LLC’s share class exchange policy.
•Qualified
employer-sponsored defined contribution and defined benefit retirement plans,
nonqualified deferred compensation plans, other employee benefit plans and
trusts used to fund those plans. For purposes of this provision, such plans do
not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.
•Shares
of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing
accounts.
•Shares
purchased through rights of reinstatement.
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
•Shares
purchased by employees and registered representatives of J.P. Morgan Securities
LLC or its affiliates and their spouse or financial dependent as defined by J.P.
Morgan Securities LLC.
Class
C to Class A share conversion
•A
shareholder in the fund’s Class C shares will have their shares converted to
Class A shares (or the appropriate share class) of the same fund if the shares
are no longer subject to a CDSC and the conversion is consistent with J.P.
Morgan Securities LLC’s policies and procedures.
CDSC
waivers on Class A and C shares available at J.P. Morgan Securities LLC
•Shares
sold upon the death or disability of the shareholder.
•Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•Shares
purchased in connection with a return of excess contributions from an IRA
account.
•Shares
sold as part of a required minimum distribution for IRA and retirement accounts
pursuant to the Internal Revenue Code.
•Shares
acquired through a right of reinstatement.
Front-end
load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of
accumulation & letters of intent
•Breakpoints
as described in the prospectus.
•Rights
of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as
described in the fund’s prospectus will be automatically calculated based on the
aggregated holding of fund family assets held by accounts within the purchaser’s
household at J.P. Morgan Securities LLC. Eligible fund family assets not held at
J.P. Morgan Securities LLC (including 529 program holdings, where applicable)
may be included in the ROA calculation only if the shareholder notifies their
financial advisor about such assets.
•Letters
of Intent ("LOI") which allow for breakpoint discounts based on anticipated
purchases within a fund family, through J.P. Morgan Securities LLC, over a
13-month period of time (if applicable).
Sales
Charge Reductions and Waivers Available through Merrill Lynch
Purchases
or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund
shares through a Merrill Lynch platform or account will be eligible only for the
following sales load waivers (front-end, contingent deferred, or back-end
waivers) and discounts, which differ from those disclosed elsewhere in this
fund’s prospectus. Purchasers will have to buy mutual fund shares directly from
the mutual fund company or through another intermediary to be eligible for
waivers or discounts not listed below.
It
is the client’s responsibility to notify Merrill Lynch at the time of purchase
or sale of any relationship or other facts that qualify the transaction for a
waiver or discount. A Merrill Lynch representative may ask for reasonable
documentation of such facts and Merrill Lynch may condition the granting of a
waiver or discount on the timely receipt of such documentation.
Additional
information on waivers and discounts is available in the Merrill Sales Load
Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the
Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are
encouraged to review these documents and speak with their financial advisor to
determine whether a transaction is eligible for a waiver or discount.
Front-end
Load Waivers Available at Merrill Lynch
•Shares
of mutual funds available for purchase by employer-sponsored retirement,
deferred compensation, and employee benefit plans (including health savings
accounts) and trusts used to fund those plans provided the shares are not held
in a commission-based brokerage account and shares are held for the benefit of
the plan. For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans
•Shares
purchased through a Merrill Lynch investment advisory program
•Brokerage
class shares exchanged from advisory class shares due to the holdings moving
from a Merrill Lynch investment advisory program to a Merrill Lynch brokerage
account
•Shares
purchased through the Merrill Edge Self-Directed platform
•Shares
purchased through the systematic reinvestment of capital gains distributions and
dividend reinvestment when purchasing shares of the same mutual fund in the same
account
•Shares
exchanged from level-load shares to front-end load shares of the same mutual
fund in accordance with the description in the Merrill SLWD Supplement
•Shares
purchased by eligible employees of Merrill Lynch or its affiliates and their
family members who purchase shares in accounts within the employee’s Merrill
Household (as defined in the Merrill SLWD Supplement)
•Shares
purchased by eligible persons associated with the fund as defined in this
prospectus (e.g. the fund’s officers or trustees)
•Shares
purchased from the proceeds of a mutual fund redemption in front-end load shares
provided (1) the repurchase is in a mutual fund within the same fund family; (2)
the repurchase occurs within 90 calendar days from the redemption trade date,
and (3) the redemption and purchase occur in the same account (known as Rights
of Reinstatement). Automated transactions (i.e. systematic purchases and
withdrawals) and purchases made after shares are automatically sold to pay
Merrill Lynch’s account maintenance fees are not eligible for Rights of
Reinstatement
Contingent
Deferred Sales Charge ("CDSC")
Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill
Lynch
•Shares
sold due to the client’s death or disability (as defined by Internal Revenue
Code Section 22I(3))
•Shares
sold pursuant to a systematic withdrawal program subject to Merrill Lynch’s
maximum systematic withdrawal limits as described in the Merrill SLWD
Supplement
•Shares
sold due to return of excess contributions from an IRA account
•Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the investor reaching the qualified age based on applicable IRS
regulation
•Front-end
or level-load shares held in commission-based, non-taxable retirement brokerage
accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or
Keogh plans) that are transferred to fee-based accounts or platforms and
exchanged for a lower cost share class of the same mutual fund
Front-end
Load Discounts
Available at Merrill Lynch:
Breakpoints,
Rights of Accumulation & Letters of Intent
•Breakpoint
discounts, as described in this prospectus, where the sales load is at or below
the maximum sales load that Merrill Lynch permits to be assessed to a front-end
load purchase, as described in the Merrill SLWD Supplement
•Rights
of Accumulation (ROA), as described in the Merrill SLWD Supplement, which
entitle clients to breakpoint discounts based on the aggregated holdings of
mutual fund family assets held in accounts in their Merrill
Household
•Letters
of Intent (LOI), which allow for breakpoint discounts on eligible new purchases
based on anticipated future eligible purchases within a fund family at Merrill
Lynch, in accounts within your Merrill Household, as further described in the
Merrill SLWD Supplement
Sales
Charge Reductions and Waivers available through Morgan Stanley Wealth
Management
Effective
July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley
Wealth Management transactional brokerage account will be eligible only for the
following front-end sales charge waivers with respect to A Class shares, which
may differ from and may be more limited than those disclosed elsewhere in this
fund’s prospectus or SAI.
•Employer-sponsored
retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit
plans). For purposes of this provision, employer-sponsored retirement plans do
not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
•Morgan
Stanley employee and employee-related accounts according to Morgan Stanley’s
account linking rules.
•Shares
purchased through reinvestment of dividends and capital gains distributions when
purchasing shares of the same fund.
•Shares
purchased through a Morgan Stanley self-directed brokerage account.
•C
Class (i.e., level-load) shares that are no longer subject to a contingent
deferred sales charge and are converted to A Class shares of the same fund
pursuant to Morgan Stanley Wealth Management’s share class conversion
program.
•Shares
purchased from the proceeds of redemptions within the American Century
Investments family of mutual funds, provided (i) the repurchase occurs within 90
days following the redemption, (ii) the redemption and purchase occur in the
same account, and (iii) redeemed shares were subject to a front-end or deferred
sales charge.
Sales
Charge Reductions and Waivers Available through Oppenheimer & Co. Inc.
(OPCO)
Effective
February 26, 2020, shareholders purchasing fund shares through an OPCO platform
or account are eligible only for the following load waivers (front-end sales
charge waivers and contingent deferred, or back-end, sales charge waivers) and
discounts, which may differ from those disclosed elsewhere in this fund’s
prospectus or SAI.
Front-end
Sales Load Waivers on Class A Shares available at OPCO
•Employer-sponsored
retirement, deferred compensation and employee benefit plans (including health
savings accounts) and trusts used to fund those plans, provided that the shares
are not held in a commission-based brokerage account and shares are held for the
benefit of the plan.
•Shares
purchased by or through a 529 Plan.
•Shares
purchased through an OPCO affiliated investment advisory program.
•Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment when purchasing shares of the same fund (but not any other fund
within the fund family).
•Shares
purchased from the proceeds of redemptions within the same fund family, provided
(1) the repurchase occurs within
90
days following the redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or deferred sales
load (known as Rights of Restatement).
•A
shareholder in the fund's C Class shares will have their shares converted at net
asset value to A Class shares (or the appropriate share class) of the fund if
the shares are no longer subject to a CDSC and the conversion is in line with
the policies and procedures of OPCO.
•Employees
and registered representatives of OPCO or its affiliates and their
family members.
•Directors
or Trustees of the fund, and employees of the fund’s investment adviser or any
of its affiliates, as described in this prospectus.
CDSC
Waivers on A and C Shares available at OPCO
•Death
or disability of the shareholder.
•Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•Return
of excess contributions from an IRA.
•Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the shareholder reaching the qualified age based on applicable IRS
regulations as described in the prospectus.
•Shares
sold to pay OPCO fees but only if the transaction is initiated by
OPCO.
•Shares
acquired through a right of reinstatement.
Front-end
load Discounts Available at OPCO: Breakpoints, Rights of Accumulation &
Letters of Intent
•Breakpoints
as described in this prospectus.
•Rights
of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of fund family assets
held by accounts within the purchaser’s household at OPCO. Eligible fund family
assets not held at OPCO may be included in the ROA calculation only if the
shareholder notifies his or her financial advisor about such
assets.
Sales
Charge Reductions and Waivers Available through PFS Investments Inc.
(PFSI)
Policies
Regarding Fund Purchases Held on the PSS Platform
The
following information supersedes all prior information with respect to
transactions and positions held in fund shares purchased through PFSI and held
on the mutual fund platform of its affiliate, Primerica Shareholder Services
("PSS").
Clients of PFSI (also referred to as "shareholders")
purchasing fund shares on the PSS platform are eligible only for the following
share classes, sales charge discounts (also referred to as "breakpoints")
and waivers, which can differ from share classes, discounts and waivers
described elsewhere in this prospectus or the related statement of additional
information
("SAI") or
through another broker-dealer. In all instances, it is the shareholder’s
responsibility to inform PFSI at the time of a purchase of all holdings of
American Century Funds on the PSS platform, or other facts qualifying the
purchaser for discounts or waivers. PFSI may request reasonable documentation of
such facts and condition the granting of any discount or waiver on the timely
receipt of such documents. Shareholders should contact PSS if they have
questions regarding their eligibility for these discounts and
waivers.
Share
Classes
a.Class
A shares are available to non-retirement accounts, individual retirement
accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account
types.
b.Class
C shares are available only to accounts with existing Class C share holdings
Breakpoints
a.Breakpoint
pricing at dollar thresholds as described in the prospectus of the fund you are
purchasing.
Rights
of Accumulation
("ROA")
a.The
applicable sales charge on a purchase of Class A shares is determined by taking
into account all share classes (except any assets held in group retirement
plans) of American Century Funds held by the shareholder on the PSS Platform.
The inclusion of eligible fund family assets in the ROA calculation is dependent
on the shareholder notifying PFSI of such assets at the time of calculation.
Shares of money market funds are included only if such shares were acquired in
exchange for shares of another American Century Fund purchased with a sales
charge. No shares of American Century Funds held by the shareholder away from
the PSS platform will be granted ROA with shares of any American Century Fund
purchased on the PSS platform.
b.Any
SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan
("PDP")
on the PSS platform will be defaulted to plan-level grouping for purposes of
ROA, which allows each participating employee ROA with all other eligible shares
held in plan accounts on the PSS platform. At any time, a participating employee
may elect to exercise a one-time option to
change
grouping for purposes of ROA to shareholder- level grouping, which allows the
plan account of the electing employee ROA with her other eligible holdings on
the PSS platform, but not with all other eligible participant holdings in the
plan. Eligible shares held in plan accounts electing shareholder-level grouping
will not be available for purposes of ROA to plan accounts electing plan-level
grouping.
c.ROA
is determined by calculating the higher of cost minus redemptions or current
market value (current shares x NAV).
Letter
of Intent
("LOI")
a.By
executing a LOI, shareholders can receive the sales charge and breakpoint
discounts for purchases shareholders intend to make on the PSS platform over a
13-month period, beginning from the date PSS receives the LOI. The purchase
price of the LOI is determined by calculating the higher of cost or market value
of qualifying holdings at LOI initiation in combination with the dollar amount
the shareholder intends to invest over a 13-month period to arrive at total
investment for purposes of determining any breakpoint discount and the
applicable front-end sales charge. Each purchase the shareholder makes during
that 13-month period will receive the sales charge and breakpoint discount that
applies to the projected total investment.
b.Only
holdings of American Century Funds on the PSS platform are eligible for
inclusion in the LOI calculation and the shareholder must notify PFSI of all
eligible assets at the time of calculation.
c.Purchases
made before the LOI is received by PSS are not adjusted under the LOI, and the
LOI will not reduce any sales charge previously paid. Sales charges will be
automatically adjusted if the total purchases required by the LOI are not
met.
d.If
an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the
PSS platform has elected to establish or change ROA for the accounts associated
with the plan to a plan-level grouping, LOIs will also be at the plan-level and
may only be established by the employer. LOIs are not available to PDP IRA plans
on the PSS platform with plan-level grouping for purposes of ROA but are
available to any participating employee that elects shareholder-level grouping
for purposes of ROA.
Sales
Charge Waivers
Sales
charges are waived for the following shareholders and in the following
situations:
a.Shares
purchased through reinvestment of capital gains distributions and dividend
reinvestment.
b.Shares
purchased with the proceeds of redeemed shares of the same fund family so long
as the following conditions are met: 1) the proceeds are from the sale of shares
within 90 days of the purchase, 2) the sale and purchase are made in the same
share class and the same account or the purchase is made in an individual
retirement account with proceeds from liquidations in a non-retirement account,
and 3) the redeemed shares were subject to a front-end or deferred sales load.
Automated transactions (i.e. systematic purchases and withdrawals), full or
partial transfers or rollovers of retirement accounts, and purchases made after
shares are automatically sold to pay account maintenance fees are not eligible
for this sales charge waiver.
c.Shares
exchanged into Class A shares from another share class so long as the exchange
is into the same fund and was initiated at the discretion of PFSI. PFSI is
responsible for any remaining CDSC due to the fund company, if applicable. Any
future purchases are subject to the applicable sales charge as disclosed in the
prospectus.
Raymond
James & Associates, Inc., Raymond James Financial Services & each
entity’s affiliates (Raymond James)
Effective
March 1, 2019, shareholders purchasing fund shares through a Raymond James
platform or account, or through an introducing broker-dealer or independent
registered investment adviser for which Raymond James provides trade execution,
clearance, and/or custody services, will be eligible only for the following load
waivers (front-end sales charge waivers and contingent deferred, or back-end,
sales charge waivers) and discounts, which may differ from those disclosed
elsewhere in this fund’s prospectus or SAI.
Front-end
sales load waivers on Class A shares available at Raymond James
•Shares
purchased in an investment advisory program.
•Shares
purchased within the same fund family through a systematic reinvestment of
capital gains distributions and dividend reinvestment when purchasing shares of
the same fund (but not any other fund within the American Century Investments
fund family).
•Employees
and registered representatives of Raymond James or its affiliates and their
family members as designated by Raymond James.
•Shares
purchased from the proceeds of redemptions within the American Century
Investments fund family, provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur in the same
account, and (3) redeemed shares were subject to a front-end or deferred sales
load (known as Rights of Reinstatement).
•A
shareholder in the fund’s C Class shares will have their shares converted at net
asset value to A Class shares (or the appropriate share class) of the fund if
the shares are no longer subject to a CDSC and the conversion is in line with
the
policies
and procedures of Raymond James.
CDSC
waivers on A and C Class shares available at Raymond James
•Death
or disability of the shareholder.
•Shares
sold as part of a systematic withdrawal plan as described in the fund’s
prospectus.
•Return
of excess contributions from an IRA Account.
•Shares
sold as part of a required minimum distribution for IRA and retirement accounts
due to the shareholder reaching the qualified age based on applicable IRS
regulations as described in the fund’s prospectus.
•Shares
sold to pay Raymond James fees but only if the transaction is initiated by
Raymond James.
•Shares
acquired through a right of reinstatement.
Front-end
load discounts available at Raymond James: breakpoints, rights of accumulation,
and/or letters of intent
•Breakpoints
as described in this prospectus.
•Rights
of accumulation which entitle shareholders to breakpoint discounts will be
automatically calculated based on the aggregated holding of American Century
Investments fund family assets held by accounts within the purchaser’s household
at Raymond James. Eligible American Century Investments fund family assets not
held at Raymond James may be included in the calculation of rights of
accumulation only if the shareholder notifies his or her financial advisor about
such assets.
•Letters
of intent which allow for breakpoint discounts based on anticipated purchases
within a fund family, over a 13-month time period. Eligible fund family assets
not held at Raymond James may be included in the calculation of letters of
intent only if the shareholder notifies his or her financial advisor about such
assets.
Sales
Charge Reductions and Waivers Available through Stifel, Nicolaus & Company,
Incorporated (Stifel)
Effective
July 1, 2020, shareholders purchasing fund shares through a Stifel platform or
account or who own shares for which Stifel or an affiliate is the broker-dealer
of record are eligible for the following additional sales charge waiver.
Front-end
Sales Load Waiver on Class A Shares
•Class
C shares that have been held for more than seven (7) years will be converted to
Class A shares of the same Fund pursuant to Stifel’s policies and
procedures
All
other sales charge waivers and reductions described elsewhere in the fund’s
prospectus or SAI still apply.
Where
to Find More Information
Annual
and Semiannual Reports
Additional
information about the funds’ investments is available in the funds’ annual and
semiannual reports to shareholders. In the funds’ annual report, you will find a
discussion of the market conditions and investment strategies that significantly
affected each fund’s performance during its last fiscal year. This prospectus
incorporates by reference the Report of Independent Registered Public Accounting
Firm and the financial statements included in the funds’ annual
report
to shareholders, dated July 31,
2023.
Statement
of Additional Information (SAI)
The
SAI contains a more detailed legal description of the funds’ operations,
investment restrictions, policies and practices. The SAI
is incorporated by reference into this prospectus. This means that it is legally
part of this prospectus, even if you don’t request a copy.
You
may obtain a free copy of the SAI, annual reports and semiannual reports, and
you may ask questions about the funds or your accounts, online at
americancentury.com, by contacting American Century Investments at the addresses
or telephone numbers listed below or by contacting your financial
intermediary.
The
Securities and Exchange Commission (SEC)
Reports
and other information about the funds are available on the EDGAR database on the
SEC’s website at sec.gov, and copies of this information may be obtained, after
paying a duplicating fee, by electronic request at the following email address:
[email protected].
This
prospectus shall not constitute an offer to sell securities of the funds in any
state, territory, or other jurisdiction where the funds’ shares have not been
registered or qualified for sale, unless such registration or qualification is
not required, or under any circumstances in which such offer or solicitation
would be unlawful.
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American
Century Investments
americancentury.com |
|
Retail
Investors
P.O. Box 419200
Kansas City,
Missouri 64141-6200
1-800-345-2021 or 816-531-5575 |
Financial
Professionals
P.O. Box 419385
Kansas City, Missouri
64141-6385
1-800-345-6488 |
Investment
Company Act File No. 811-21591
CL-PRS-92586 2312
Notes
