ck0001293210-20220731
December
1, 2022
American
Century Investments
Prospectus
One
Choice®
Portfolio: Very Conservative
Investor
Class (AONIX)
R
Class (AORHX)
One
Choice®
Portfolio: Conservative
Investor
Class (AOCIX)
R
Class (AORSX)
One
Choice®
Portfolio: Moderate
Investor
Class (AOMIX)
R
Class (AORMX)
One
Choice®
Portfolio: Aggressive
Investor
Class (AOGIX)
R
Class (AORYX)
One
Choice®
Portfolio: Very Aggressive
Investor
Class (AOVIX)
R
Class (AORVX)
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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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©2022
American Century Proprietary Holdings, Inc. All rights reserved.
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.
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Shareholder
Fees (fees
paid directly from your investment) |
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Investor
Class |
R
Class |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
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
Class |
R
Class |
| Management
Fee |
None |
None |
| Distribution
and Service (12b-1) Fees |
None |
0.50% |
| Other
Expenses |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.69% |
0.69% |
| Total
Annual Fund Operating Expenses |
0.69% |
1.19% |
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, that you earn a 5% return each year, and
that the fund’s operating expenses remain the same. 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 |
$71 |
$221 |
$385 |
$859 |
| R
Class |
$122 |
$378 |
$655 |
$1,443 |
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 9%
of the average value of its portfolio.
One
Choice Portfolio: Very Conservative is a “fund of funds,” meaning that it seeks
to achieve its objective by investing in other American Century Investments
mutual funds (the underlying funds) that represent a variety of asset classes
and investment styles. The fund’s asset allocation strategy emphasizes
investments in fixed-income securities and short-term investments, but maintains
a portion of the fund’s assets in equity securities.
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 over the
long term. The table also shows the neutral weightings of each underlying fund
currently being used within the various asset classes. This information is as of
the date of this prospectus.
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| Equity
Securities (Stock Funds) |
25.00 |
% |
| Fixed-Income
Securities (Bond Funds) |
62.00 |
% |
| Growth
Fund |
2.25 |
% |
| Diversified
Bond Fund |
18.00 |
% |
| Disciplined
Growth Fund |
1.50 |
% |
| High
Income Fund |
2.00 |
% |
| Sustainable
Equity Fund |
6.50 |
% |
| Inflation-Adjusted
Bond Fund |
11.00 |
% |
| Focused
Large Cap Value Fund |
6.25 |
% |
| Short
Duration Inflation Protection Bond Fund |
13.00 |
% |
| Heritage
Fund |
2.25 |
% |
| International
Bond Fund |
7.00 |
% |
| Mid
Cap Value Fund |
3.25 |
% |
| Global
Bond Fund |
9.00 |
% |
| Small
Cap Growth Fund |
0.50 |
% |
| Emerging
Markets Debt Fund |
2.00 |
% |
| Small
Cap Value Fund |
0.50 |
% |
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| Real
Estate Fund |
2.00 |
% |
| Short-Term
Investments (Short-Term Funds) |
13.00 |
% |
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| Short
Duration Fund |
13.00 |
% |
The
managers regularly review the fund and may make changes to the fund’s asset
class allocations that deviate from the neutral mix to emphasize investments
that they believe will provide the most favorable outlook for achieving the
fund’s objective. The fund also may deviate from the neutral mix due to
differences in asset class performance or prevailing market conditions. The
following table shows the operating ranges within which the fund’s asset class
allocations generally will vary over short-term periods.
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Equity
Securities
(Stock Funds) |
Fixed-Income
Securities
(Bond Funds) |
Short-Term
Investments
(Short-Term Funds) |
| Operating
Ranges |
20-30% |
52-72% |
3-25% |
•Allocation
Risk – The
fund’s ability to achieve its investment objective depends in part on the
managers’ skill in determining the funds’ asset class allocations and in
selecting and weighting the underlying funds. The managers’ evaluations and
assumptions regarding asset classes and 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. Shareholders
of the fund will also indirectly bear their pro rata share of the expenses of
such underlying funds. The fund’s investment in other American Century
Investments funds may create a conflict of interest for the fund’s
advisor.
•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.
•Public
Health Emergency Risk
– A pandemic, caused by the infectious respiratory illness COVID-19, has caused
market disruption and other economic impacts. Markets experienced volatility,
reduced liquidity, and increased trading costs. The pandemic may continue to
impact the fund and its underlying funds.
•“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.
•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 the inability or perceived inability 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.
•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.
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): 7.96% Lowest Performance Quarter
(1Q
2020): -6.53%
As
of September 30, 2022 the
most recent calendar quarter end, the fund’s Investor Class year-to-date
return was -14.55%.
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Average
Annual Total Returns
For
the calendar year ended December 31, 2021 |
1
year |
5
years |
10
years |
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Investor
Class
Return Before Taxes |
6.63% |
6.28% |
5.22% |
| Return After Taxes on
Distributions |
4.54% |
4.89% |
4.08% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
4.45% |
4.45% |
3.74% |
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R
Class1
Return Before Taxes |
6.09% |
5.76% |
4.70% |
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Russell
3000®
Index
(reflects no deduction for
fees, expenses or taxes) |
25.66% |
17.96% |
16.29% |
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Bloomberg
U.S. Aggregate Bond Index
(reflects no deduction for
fees, expenses or taxes) |
-1.54% |
3.57% |
2.90% |
1
Historical performance for
R Class prior to its inception (March 20, 2015) is based
on the performance of Investor Class shares. R Class performance has been
adjusted to reflect differences in sales charges, if applicable, and expenses
between classes.
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.
Scott
Wilson,
CFA, Vice President and Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2006.
Brian
L. Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2020.
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, 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.
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. 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.
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| |
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Shareholder
Fees (fees
paid directly from your investment) |
|
| |
Investor
Class |
R
Class |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
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
Class |
R
Class |
| Management
Fee |
None |
None |
| Distribution
and Service (12b-1) Fees |
None |
0.50% |
| Other
Expenses |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.79% |
0.79% |
| Total
Annual Fund Operating Expenses |
0.79% |
1.29% |
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, that you earn a 5% return each year, and
that the fund’s operating expenses remain the same. 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 |
$81 |
$253 |
$439 |
$978 |
| R
Class |
$132 |
$410 |
$708 |
$1,556 |
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 10%
of the average value of its portfolio.
One
Choice Portfolio: Conservative is a “fund of funds,” meaning that it seeks to
achieve its objective by investing in other American Century Investments mutual
funds (the underlying funds) that represent a variety of asset classes and
investment styles. The fund’s asset allocation strategy emphasizes investments
in fixed-income securities and short-term investments, but maintains a sizeable
portion of the fund’s assets in equity securities.
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 over the
long term. The table also shows the neutral weightings of each underlying fund
currently being used within the various asset classes. This information is as of
the date of this prospectus.
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| Equity
Securities (Stock Funds) |
45.00 |
% |
| Fixed-Income
Securities (Bond Funds) |
49.00 |
% |
| Growth
Fund |
4.00 |
% |
| Diversified
Bond Fund |
18.00 |
% |
| Disciplined
Growth Fund |
2.50 |
% |
| High
Income Fund |
2.00 |
% |
| Sustainable
Equity Fund |
9.50 |
% |
| Inflation-Adjusted
Bond Fund |
8.50 |
% |
| Focused
Large Cap Value Fund |
7.25 |
% |
| Short
Duration Inflation Protection Bond Fund |
5.00 |
% |
| Heritage
Fund |
3.75 |
% |
| International
Bond Fund |
5.50 |
% |
| Mid
Cap Value Fund |
4.50 |
% |
| Global
Bond Fund |
8.00 |
% |
| Small
Cap Growth Fund |
0.75 |
% |
| Emerging
Markets Debt Fund |
2.00 |
% |
| Small
Cap Value Fund |
0.75 |
% |
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| International
Growth Fund |
4.50 |
% |
| Short-Term
Investments (Short-Term Funds) |
6.00 |
% |
| International
Value Fund |
4.50 |
% |
| Short
Duration Fund |
6.00 |
% |
| International
Small-Mid Cap Fund |
1.00 |
% |
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| Global
Real Estate Fund |
2.00 |
% |
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The
managers regularly review the fund and may make changes to the fund’s asset
class allocations that deviate from the neutral mix to emphasize investments
that they believe will provide the most favorable outlook for achieving the
fund’s objective. The fund also may deviate from the neutral mix due to
differences in asset class performance or prevailing market conditions. The
following table shows the operating ranges within which the fund’s asset class
allocations generally will vary over short-term periods.
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Equity
Securities
(Stock Funds) |
Fixed-Income
Securities
(Bond Funds) |
Short-Term
Investments
(Short-Term Funds) |
| Operating
Ranges |
39-51% |
38-55% |
2-20% |
•Allocation
Risk – The
fund’s ability to achieve its investment objective depends in part on the
managers’ skill in determining the funds’ asset class allocations and in
selecting and weighting the underlying funds. The managers’ evaluations and
assumptions regarding asset classes and 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. Shareholders
of the fund will also indirectly bear their pro rata share of the expenses of
such underlying funds. The fund’s investment in other American Century
Investments funds may create a conflict of interest for the fund’s
advisor.
•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.
•Public
Health Emergency Risk
– A pandemic, caused by the infectious respiratory illness COVID-19, has caused
market disruption and other economic impacts. Markets experienced volatility,
reduced liquidity, and increased trading costs. The pandemic may continue to
impact the fund and its underlying funds.
•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.
•“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.
•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 the inability or perceived inability 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.
•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.
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): 11.79% Lowest Performance Quarter
(1Q
2020): -10.36%
As
of September 30, 2022,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was -18.77%.
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Average
Annual Total Returns
For
the calendar year ended December 31, 2021 |
1
year |
5
years |
10
years |
|
Investor
Class
Return Before Taxes |
9.03% |
8.57% |
7.36% |
| Return After Taxes on
Distributions |
6.51% |
6.92% |
6.03% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
6.22% |
6.28% |
5.50% |
|
R
Class1
Return Before Taxes |
8.49% |
8.02% |
6.82% |
|
Russell
3000®
Index
(reflects no deduction for
fees, expenses or taxes) |
25.66% |
17.96% |
16.29% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no deduction for
fees, expenses or taxes) |
-1.54% |
3.57% |
2.90% |
1
Historical performance for
R Class prior to its inception (March 20, 2015) is based
on the performance of Investor Class shares. R Class performance has been
adjusted to reflect differences in sales charges, if applicable, and expenses
between classes.
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.
Scott
Wilson,
CFA, Vice President and Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2006.
Brian
L. Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2020.
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, 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.
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. 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.
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| |
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Shareholder
Fees (fees
paid directly from your investment) |
|
| |
Investor
Class |
R
Class |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses (expenses
that you pay each year as a percentage of the value of your
investment) |
| |
Investor
Class |
R
Class |
| Management
Fee |
None |
None |
| Distribution
and Service (12b-1) Fees |
None |
0.50% |
| Other
Expenses |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.87% |
0.87% |
| Total
Annual Fund Operating Expenses |
0.87% |
1.37% |
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, that you earn a 5% return each year, and
that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would
be:
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|
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| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$89 |
$278 |
$483 |
$1,073 |
| R
Class |
$140 |
$435 |
$751 |
$1,645 |
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
11% of
the average value of its portfolio.
One
Choice Portfolio: Moderate is a “fund of funds,” meaning that it seeks to
achieve its objective by investing in other American Century Investments mutual
funds (the underlying funds) that represent a variety of asset classes and
investment styles. The fund’s asset allocation strategy emphasizes investments
in equity securities, but maintains a sizeable portion of the fund’s assets in
fixed-income securities and short-term investments.
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 over the
long term. The table also shows the neutral weightings of each underlying fund
currently being used within the various asset classes. This information is as of
the date of this prospectus.
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|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
64.00 |
% |
| Fixed-Income
Securities (Bond Funds) |
32.00 |
% |
| Growth
Fund |
5.00 |
% |
| Core
Plus Fund |
13.50 |
% |
| Disciplined
Growth Fund |
1.75 |
% |
| High
Income Fund |
2.50 |
% |
| Focused
Dynamic Growth Fund |
1.75 |
% |
| Inflation-Adjusted
Bond Fund |
6.00 |
% |
| Sustainable
Equity Fund |
13.00 |
% |
| Short
Duration Inflation Protection Bond Fund |
1.00 |
% |
| Focused
Large Cap Value Fund |
8.50 |
% |
| International
Bond Fund |
2.00 |
% |
| Heritage
Fund |
5.50 |
% |
| Global
Bond Fund |
5.00 |
% |
| Mid
Cap Value Fund |
5.50 |
% |
| Emerging
Markets Debt Fund |
2.00 |
% |
| Small
Cap Growth Fund |
1.25 |
% |
|
| |
| Small
Cap Value Fund |
1.25 |
% |
| Short-Term
Investments (Short-Term Funds) |
4.00 |
% |
| International
Growth Fund |
6.00 |
% |
| Short
Duration Fund |
4.00 |
% |
| International
Value Fund |
4.00 |
% |
|
| |
| Non-U.S.
Intrinsic Value Fund |
2.00 |
% |
|
| |
| International
Small-Mid Cap Fund |
2.00 |
% |
|
| |
| Emerging
Markets Fund |
4.00 |
% |
|
| |
| Global
Real Estate Fund |
2.50 |
% |
|
| |
|
|
|
|
| |
The
managers regularly review the fund and may make changes to the fund’s asset
class allocations that deviate from the neutral mix to emphasize investments
that they believe will provide the most favorable outlook for achieving the
fund’s objective. The fund also may deviate from the neutral mix due to
differences in asset class performance or prevailing market conditions. The
following table shows the operating ranges within which the fund’s asset class
allocations generally will vary over short-term periods.
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|
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|
|
| |
| |
Equity
Securities
(Stock Funds) |
Fixed-Income
Securities
(Bond Funds) |
Short-Term
Investments
(Short-Term Funds) |
| Operating
Ranges |
53-73% |
21-41% |
0-15% |
•Allocation
Risk – The
fund’s ability to achieve its investment objective depends in part on the
managers’ skill in determining the funds’ asset class allocations and in
selecting and weighting the underlying funds. The managers’ evaluations and
assumptions regarding asset classes and 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. Shareholders
of the fund will also indirectly bear their pro rata share of the expenses of
such underlying funds. The fund’s investment in other American Century
Investments funds may create a conflict of interest for the fund’s
advisor.
•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.
•Public
Health Emergency Risk
– A pandemic, caused by the infectious respiratory illness COVID-19, has caused
market disruption and other economic impacts. Markets experienced volatility,
reduced liquidity, and increased trading costs. The pandemic may continue to
impact the fund and its underlying funds.
•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.
•“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.
•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 the inability or perceived inability 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.
•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.
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): 15.53% Lowest Performance Quarter
(1Q
2020): -14.44%
As
of September 30, 2022,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was -21.95%.
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|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2021 |
1
year |
5
years |
10
years |
|
Investor
Class
Return Before Taxes |
11.83% |
10.93% |
9.48% |
| Return After Taxes on
Distributions |
8.89% |
8.92% |
7.96% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
8.06% |
8.16% |
7.28% |
|
R
Class
1
Return Before Taxes |
11.27% |
10.38% |
8.94% |
|
Russell
3000®
Index
(reflects no deduction for
fees, expenses or taxes) |
25.66% |
17.96% |
16.29% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no deduction for
fees, expenses or taxes) |
-1.54% |
3.57% |
2.90% |
1
Historical performance for
R Class prior to its inception (March 20, 2015) is based
on the performance of Investor Class shares. R Class performance has been
adjusted to reflect differences in sales charges, if applicable, and expenses
between classes.
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.
Scott
Wilson,
CFA, Vice President and Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2006.
Brian
L. Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2020.
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, 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.
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. 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.
|
|
|
|
|
|
|
|
| |
|
Shareholder
Fees (fees
paid directly from your investment) |
|
| |
Investor
Class |
R
Class |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses (expenses
that you pay each year as a percentage of the value of your
investment) |
| |
Investor
Class |
R
Class |
| Management
Fee |
None |
None |
| Distribution
and Service (12b-1) Fees |
None |
0.50% |
| Other
Expenses |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
0.93% |
0.93% |
| Total
Annual Fund Operating Expenses |
0.93% |
1.43% |
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, that you earn a 5% return each year, and
that the fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based on these assumptions your costs would
be:
|
|
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|
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|
|
|
|
|
|
|
|
|
| |
| |
1
year |
3
years |
5
years |
10
years |
| Investor
Class |
$95 |
$297 |
$515 |
$1,143 |
| R
Class |
$146 |
$453 |
$782 |
$1,712 |
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 11% of
the average value of its portfolio.
One
Choice Portfolio: Aggressive is a “fund of funds,” meaning that it seeks to
achieve its objective by investing in other American Century Investments mutual
funds (the underlying funds) that represent a variety of asset classes and
investment styles. The fund’s asset allocation strategy emphasizes investments
in equity securities, but maintains a portion of the fund’s assets in
fixed-income securities and short-term investments.
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 over the
long term. The table also shows the neutral weightings of each underlying fund
currently being used within the various asset classes. This information is as of
the date of this prospectus.
|
|
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|
|
|
|
|
|
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
79.00 |
% |
| Fixed-Income
Securities (Bond Funds) |
20.00 |
% |
| Growth
Fund |
7.00 |
% |
| Core
Plus Fund |
7.00 |
% |
| Focused
Dynamic Growth Fund |
4.50 |
% |
| High
Income Fund |
4.50 |
% |
| Sustainable
Equity Fund |
14.00 |
% |
| Inflation-Adjusted
Bond Fund |
3.00 |
% |
| Focused
Large Cap Value Fund |
11.50 |
% |
| Short
Duration Inflation Protection Bond Fund |
1.00 |
% |
| Heritage
Fund |
7.00 |
% |
| Global
Bond Fund |
3.00 |
% |
| Mid
Cap Value Fund |
7.00 |
% |
| Emerging
Markets Debt Fund |
1.50 |
% |
| Small
Cap Growth Fund |
1.50 |
% |
|
| |
| Small
Cap Value Fund |
1.50 |
% |
| Short-Term
Investments (Short-Term Funds) |
1.00 |
% |
| International
Growth Fund |
7.00 |
% |
| Short
Duration Fund |
1.00 |
% |
| International
Value Fund |
3.75 |
% |
|
| |
| Non-U.S.
Intrinsic Value Fund |
3.25 |
% |
|
| |
| International
Small-Mid Cap Fund |
2.50 |
% |
|
| |
| Emerging
Markets Fund |
5.50 |
% |
|
| |
| Global
Real Estate Fund |
3.00 |
% |
|
| |
|
|
|
|
| |
The
managers regularly review the fund and may make changes to the fund’s asset
class allocations that deviate from the neutral mix to emphasize investments
that they believe will provide the most favorable outlook for achieving the
fund’s objective. The fund also may deviate from the neutral mix due to
differences in asset class performance or prevailing market conditions. The
following table shows the operating ranges within which the fund’s asset class
allocations generally will vary over short-term periods.
|
|
|
|
|
|
|
|
|
|
|
| |
| |
Equity
Securities
(Stock Funds) |
Fixed-Income
Securities
(Bond Funds) |
Short-Term
Investments
(Short-Term Funds) |
| Operating
Ranges |
60-90% |
10-30% |
0-15% |
•Allocation
Risk – The
fund’s ability to achieve its investment objective depends in part on the
managers’ skill in determining the funds’ asset class allocations and in
selecting and weighting the underlying funds. The managers’ evaluations and
assumptions regarding asset classes and 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. Shareholders
of the fund will also indirectly bear their pro rata share of the expenses of
such underlying funds. The fund’s investment in other American Century
Investments funds may create a conflict of interest for the fund’s
advisor.
•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.
•Public
Health Emergency Risk
– A pandemic, caused by the infectious respiratory illness COVID-19, has caused
market disruption and other economic impacts. Markets experienced volatility,
reduced liquidity, and increased trading costs. The pandemic may continue to
impact the fund and its underlying funds.
•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.
•“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.
•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 the inability or perceived inability 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.
•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.
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): 18.50% Lowest Performance Quarter
(1Q
2020): -17.90%
As
of September 30, 2022,
the most recent calendar quarter end, the fund’s Investor Class year-to-date
return was -23.69%.
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2021 |
1
year |
5
years |
10
years |
|
Investor
Class
Return Before Taxes |
13.88% |
12.78% |
11.14% |
| Return After Taxes on
Distributions |
10.77% |
10.41% |
9.32% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
9.46% |
9.65% |
8.65% |
|
R
Class1
Return Before Taxes |
13.36% |
12.23% |
10.58% |
|
Russell
3000®
Index
(reflects no deduction for
fees, expenses or taxes) |
25.66% |
17.96% |
16.29% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no deduction for
fees, expenses or taxes) |
-1.54% |
3.57% |
2.90% |
1
Historical performance for
R Class prior to its inception (March 20, 2015) is based
on the performance of Investor Class shares. R Class performance has been
adjusted to reflect differences in sales charges, if applicable, and expenses
between classes.
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.
Scott
Wilson,
CFA, Vice President and Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2006.
Brian
L. Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2020.
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, 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.
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. 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.
|
|
|
|
|
|
|
|
| |
|
Shareholder
Fees (fees
paid directly from your investment) |
|
| |
Investor
Class |
R
Class |
Maximum
Annual Account Maintenance Fee
(waived if eligible investments total at
least $10,000) |
$25 |
None |
|
|
|
|
|
|
|
|
| |
|
Annual
Fund Operating Expenses (expenses
that you pay each year as a percentage of the value of your
investment) |
| |
Investor
Class |
R
Class |
| Management
Fee |
None |
None |
| Distribution
and Service (12b-1) Fees |
None |
0.50% |
| Other
Expenses |
0.00% |
0.00% |
| Acquired
Fund Fees and Expenses |
1.04% |
1.04% |
| Total
Annual Fund Operating Expenses |
1.04% |
1.54% |
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, that you earn a 5% return each year, and
that the fund’s operating expenses remain the same. 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 |
$106 |
$331 |
$575 |
$1,271 |
| R
Class |
$157 |
$487 |
$840 |
$1,833 |
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 11% of
the average value of its portfolio.
One
Choice Portfolio: Very Aggressive is a “fund of funds,” meaning that it seeks to
achieve its objective by investing in other American Century Investments mutual
funds (the underlying funds) that represent a variety of asset classes and
investment styles. The fund’s asset allocation strategy generally invests in
equity securities. However, if the portfolio managers believe it is
prudent, the fund may invest a portion of its assets in fixed-income securities
and short-term investments.
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 over the
long term. The table also shows the neutral weightings of each underlying fund
currently being used within the various asset classes. This information is as of
the date of this prospectus.
|
|
|
|
|
| |
| Equity
Securities (Stock Funds) |
100.00 |
% |
| Growth
Fund |
9.00 |
% |
| Focused
Dynamic Growth Fund |
6.00 |
% |
| Sustainable
Equity Fund |
15.00 |
% |
| Focused
Large Cap Value Fund |
12.00 |
% |
| Heritage
Fund |
8.50 |
% |
| Mid
Cap Value Fund |
8.00 |
% |
| Small
Cap Growth Fund |
2.50 |
% |
| Small
Cap Value Fund |
2.50 |
% |
| International
Growth Fund |
10.00 |
% |
| International
Value Fund |
4.00 |
% |
| Non-U.S.
Intrinsic Value Fund |
5.00 |
% |
| International
Small-Mid Cap Fund |
5.00 |
% |
| Emerging
Markets Fund |
8.50 |
% |
| Global
Real Estate Fund |
4.00 |
% |
|
| |
|
|
|
|
|
| |
| Fixed-Income
Securities (Bond Funds) |
0.00 |
% |
|
| |
| Short-Term
Investments (Short-Term Funds) |
0.00 |
% |
|
| |
The
managers regularly review the fund and may make changes to the fund’s asset
class allocations that deviate from the neutral mix to emphasize investments
that they believe will provide the most favorable outlook for achieving the
fund’s objective. The fund also may deviate from the neutral mix due to
differences in asset class performance or prevailing market conditions. The
following table shows the operating ranges within which the fund’s asset class
allocations generally will vary over short-term periods.
|
|
|
|
|
|
|
|
|
|
|
| |
| |
Equity
Securities
(Stock Funds) |
Fixed-Income
Securities
(Bond Funds) |
Short-Term
Investments
(Short-Term Funds) |
| Operating
Ranges |
75-100% |
0-10% |
0-15% |
•Allocation
Risk – The
fund’s ability to achieve its investment objective depends in part on the
managers’ skill in determining the funds’ asset class allocations and in
selecting and weighting the underlying funds. The managers’ evaluations and
assumptions regarding asset classes and 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. Shareholders
of the fund will also indirectly bear their pro rata share of the expenses of
such underlying funds. The fund’s investment in other American Century
Investments funds may create a conflict of interest for the fund’s
advisor.
•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.
•Public
Health Emergency Risk
– A pandemic, caused by the infectious respiratory illness COVID-19, has caused
market disruption and other economic impacts. Markets experienced volatility,
reduced liquidity, and increased trading costs. The pandemic may continue to
impact the fund and its underlying funds.
•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.
•“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.
•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.
•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.
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): 22.38% Lowest Performance Quarter
(1Q
2020): -21.64%
As
of September 30, 2022, the
most recent calendar quarter end, the fund’s Investor Class year-to-date
return was -27.12%.
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average
Annual Total Returns
For
the calendar year ended December 31, 2021 |
1
year |
5
years |
10
years |
|
Investor
Class
Return Before Taxes |
15.87% |
14.63% |
12.78% |
| Return After Taxes on
Distributions |
12.89% |
12.51% |
11.13% |
| Return After Taxes on Distributions and
Sale of Fund Shares |
10.65% |
11.26% |
10.18% |
|
R
Class1
Return Before Taxes |
15.26% |
14.06% |
12.21% |
|
Russell
3000®
Index
(reflects no deduction for
fees, expenses or taxes) |
25.66% |
17.96% |
16.29% |
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no deduction for
fees, expenses or taxes) |
-1.54% |
3.57% |
2.90% |
1
Historical performance for
R Class prior to its inception (March 20, 2015) is based
on the performance of Investor Class shares. R Class performance has been
adjusted to reflect differences in sales charges, if applicable, and expenses
between classes.
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.
Scott
Wilson,
CFA, Vice President and Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2006.
Brian
L. Garbe,
Vice President and Senior Portfolio Manager, has been a member of the team that
manages the One Choice Portfolios since 2020.
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, 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.
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. 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?
Each
of the funds seeks the highest total
return
consistent with its asset mix.
|
|
| |
|
Total
return
includes
capital appreciation plus dividend and interest
income. |
What
are the funds’ principal investment strategies?
Each
fund invests in a combination of underlying American Century Investments funds.
Generally, more conservative portfolios emphasize investments in bonds and
short-term investments while more aggressive portfolios emphasize investments in
stocks.
The
following table shows which underlying funds are currently being used within the
various asset classes and the neutral weightings for each individual underlying
fund as of the date of this prospectus.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Asset
Class
Underlying
Fund 1 |
One
Choice
Portfolio:
Very Conservative |
One
Choice
Portfolio:
Conservative |
One
Choice
Portfolio:
Moderate |
One
Choice
Portfolio:
Aggressive |
One
Choice
Portfolio:
Very Aggressive |
| Equity
Securities (Stock Funds) |
|
| Growth
Fund |
2.25 |
% |
4.00 |
% |
5.00 |
% |
7.00 |
% |
9.00 |
% |
|
| Disciplined
Growth Fund |
1.50 |
% |
2.50 |
% |
1.75 |
% |
0.00 |
% |
0.00 |
% |
|
| Focused
Dynamic Growth Fund |
0.00 |
% |
0.00 |
% |
1.75 |
% |
4.50 |
% |
6.00 |
% |
|
| Sustainable
Equity Fund |
6.50 |
% |
9.50 |
% |
13.00 |
% |
14.00 |
% |
15.00 |
% |
|
| Focused
Large Cap Value Fund |
6.25 |
% |
7.25 |
% |
8.50 |
% |
11.50 |
% |
12.00 |
% |
|
| Heritage
Fund |
2.25 |
% |
3.75 |
% |
5.50 |
% |
7.00 |
% |
8.50 |
% |
|
| Mid
Cap Value Fund |
3.25 |
% |
4.50 |
% |
5.50 |
% |
7.00 |
% |
8.00 |
% |
|
| Small
Cap Growth Fund |
0.50 |
% |
0.75 |
% |
1.25 |
% |
1.50 |
% |
2.50 |
% |
|
| Small
Cap Value Fund |
0.50 |
% |
0.75 |
% |
1.25 |
% |
1.50 |
% |
2.50 |
% |
|
| Real
Estate Fund |
2.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
|
| International
Growth Fund |
0.00 |
% |
4.50 |
% |
6.00 |
% |
7.00 |
% |
10.00 |
% |
|
| International
Value Fund |
0.00 |
% |
4.50 |
% |
4.00 |
% |
3.75 |
% |
4.00 |
% |
|
| Non-U.S.
Intrinsic Value Fund |
0.00 |
% |
0.00 |
% |
2.00 |
% |
3.25 |
% |
5.00 |
% |
|
| International
Small-Mid Cap Fund |
0.00 |
% |
1.00 |
% |
2.00 |
% |
2.50 |
% |
5.00 |
% |
|
| Emerging
Markets Fund |
0.00 |
% |
0.00 |
% |
4.00 |
% |
5.50 |
% |
8.50 |
% |
|
| Global
Real Estate Fund |
0.00 |
% |
2.00 |
% |
2.50 |
% |
3.00 |
% |
4.00 |
% |
|
| TOTAL |
25.00 |
% |
45.00 |
% |
64.00 |
% |
79.00 |
% |
100.00 |
% |
| Fixed-Income
Securities (Bond Funds) |
|
| Diversified
Bond Fund |
18.00 |
% |
18.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
|
| Core
Plus Fund |
0.00 |
% |
0.00 |
% |
13.50 |
% |
7.00 |
% |
0.00 |
% |
|
| High
Income Fund |
2.00 |
% |
2.00 |
% |
2.50 |
% |
4.50 |
% |
0.00 |
% |
|
| Inflation-Adjusted
Bond Fund |
11.00 |
% |
8.50 |
% |
6.00 |
% |
3.00 |
% |
0.00 |
% |
|
| Short
Duration Inflation Protection Bond Fund |
13.00 |
% |
5.00 |
% |
1.00 |
% |
1.00 |
% |
0.00 |
% |
|
| International
Bond Fund |
7.00 |
% |
5.50 |
% |
2.00 |
% |
0.00 |
% |
0.00 |
% |
|
| Global
Bond Fund |
9.00 |
% |
8.00 |
% |
5.00 |
% |
3.00 |
% |
0.00 |
% |
|
| Emerging
Markets Debt Fund |
2.00 |
% |
2.00 |
% |
2.00 |
% |
1.50 |
% |
0.00 |
% |
|
| TOTAL |
62.00 |
% |
49.00 |
% |
32.00 |
% |
20.00 |
% |
0.00 |
% |
| Short-Term
Investments (Short-Term Funds) |
|
|
|
| |
|
| Short
Duration Fund |
13.00 |
% |
6.00 |
% |
4.00 |
% |
1.00 |
% |
0.00 |
% |
|
| TOTAL |
13.00 |
% |
6.00 |
% |
4.00 |
% |
1.00 |
% |
0.00 |
% |
1
The
funds invest in Investor Class shares of each underlying fund.
The
managers regularly review each fund and may modify the underlying funds’ neutral
weightings or substitute other underlying funds to emphasize investments that
they believe will provide the most favorable outlook for achieving a fund’s
objective.
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 in
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) 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.
Although
the funds generally will remain exposed to each of the investment disciplines
and categories described above, a particular investment discipline or category
may be emphasized when, in the managers’ opinion, such investment discipline or
category is undervalued relative to the other disciplines or
categories.
A
brief description of each of the underlying funds follows. Additional details
are available in the statement of additional information and the underlying
funds’ prospectuses.
Stock
Funds
Disciplined
Growth Fund
seeks long-term capital growth. It uses a quantitative model and invests
primarily in large publicly traded U.S. companies.
Emerging
Markets
Fund
seeks capital growth. It uses a growth investment strategy and invests primarily
in securities of companies located in emerging market countries.
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.
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.
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.
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.
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.
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 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.
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 quantitative model that
combines fundamental measures of a stock’s value and growth
potential.
Bond
Funds
Core
Plus Fund
seeks seeks to maximize total return. As a secondary objective, the fund seeks a
high level of income. The fund invests primarily in investment-grade, non-money
market debt securities.
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.
International
Bond Fund
seeks total return by investing primarily in non-dollar-denominated debt
securities issued by foreign governments and foreign companies.
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 asset class allocations and in selecting and weighting
the underlying funds. 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 also 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.
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names of the funds are intended to reflect the relative short-term price
volatility risk among the funds and are not an indication of the advisor’s
assessment of the riskiness of the funds as compared to other mutual
funds, including other mutual funds within the American Century
Investments family of funds. |
Shareholders
of the fund will also indirectly bear their pro rata share of the expenses
charged by the underlying funds. Such expenses may increase or decrease due to
changes in the fund’s asset mix or due to changes in the underlying fund’s
expenses.
Although
the fund’s advisor does not receive a management fee for managing the fund, the
advisor receives fees for managing the underlying funds. In addition, 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’
assessments of a company’s prospects for earnings 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 markets.
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. A period of rising interest rates may negatively affect the fund’s
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 continued ability 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.
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.
A
pandemic, caused by the infectious respiratory illness COVID-19, caused travel
restrictions, disruption of healthcare systems, prolonged quarantines,
cancellations, supply chain interruptions, lower consumer demand, layoffs,
credit downgrades, and defaults among other economic impacts. Certain markets
experienced temporary closures, extreme volatility, losses, reduced liquidity
and increased trading costs. The pandemic may continue to impact the fund and
its underlying funds.
These
funds are intended for investors who seek to diversify their assets among
various classes of investments, such as stocks, bonds and short-term
investments, and who are willing to accept the risks associated with the funds’
asset allocation 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.
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. Although the advisor does not receive a separate
fee for managing the funds, the advisor does receive a management fee for
managing the underlying funds. See the underlying funds’ prospectuses for
specific fees.
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’
annual report to shareholders dated July 31, 2022.
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’
allocations.
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.
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.
Brian
L. 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, both from the University of California, Los
Angeles.
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 the funds. 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 fund at any time, 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. We will not charge the fee as long as you choose to
manage your accounts exclusively online. You may enroll for exclusive online
account management by visiting americancentury.com. Regardless of whether you
manage your account online, you may request a paper copy of the prospectus,
statement of additional information, or annual report free of
charge.
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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.
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.
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Financial
intermediaries
include banks, broker-dealers, insurance companies, plan sponsors and
financial professionals. |
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 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.
If
you do business with us through a financial intermediary or an
employer-sponsored retirement plan, your ability to purchase, exchange, redeem
and transfer shares will be affected by the policies of that entity. 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 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
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 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.
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 and R 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. 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.
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.
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
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.
Redemptions
Your
redemption proceeds will be calculated using the net asset value (NAV) next
determined after we receive your transaction request in good order.
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 statement of additional information.
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
you may incur tax liability as a result of the redemption.
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 a fund, as well as capital
gains
realized by a 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 their income are paid quarterly for One Choice
Portfolio: Very Conservative, One Choice Portfolio: Conservative and One Choice
Portfolio: Moderate and annually for One Choice Portfolio: Aggressive and One
Choice Portfolio: Very Aggressive. Distributions from realized capital gains, if
any, for all the funds are generally paid once a year 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, 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 an
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; and (d) each class may have
different exchange privileges.
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. The R Class has a 12b-1 plan. The plan provides for the funds to pay an
annual fee of 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 fee to the financial intermediaries
that make the class available. Because this fee may be used to pay for services
that are not related to prospective sales of the funds, the R Class will
continue to make payments under its plan even if it is closed to new investors.
Because this fee is paid out of the funds’ assets on an ongoing basis, over time
the fee will increase the cost of your investment and may cost you more than
paying other types of sales charges. For additional information about the plan
and its 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.
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 year. They also show the changes in
share price for this period in comparison to changes over the last five fiscal
years.
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(3) |
Net
Investment
Income
(Loss) |
Portfolio
Turnover
Rate |
Net
Assets,
End of
Period (in
thousands) |
| One
Choice Portfolio: Very Conservative |
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| Investor
Class |
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| 2022 |
$13.50 |
0.45 |
(1.28) |
(0.83) |
(0.46) |
(0.39) |
(0.85) |
$11.82 |
(6.57)% |
0.00%(4) |
3.52% |
9% |
$496,501 |
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| 2021 |
$12.54 |
0.20 |
1.20 |
1.40 |
(0.19) |
(0.25) |
(0.44) |
$13.50 |
11.39% |
0.00%(4) |
1.55% |
18% |
$524,867 |
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| 2020 |
$12.19 |
0.21 |
0.57 |
0.78 |
(0.21) |
(0.22) |
(0.43) |
$12.54 |
6.56% |
0.00%(4) |
1.73% |
22% |
$459,434 |
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| 2019 |
$12.05 |
0.29 |
0.32 |
0.61 |
(0.29) |
(0.18) |
(0.47) |
$12.19 |
5.31% |
0.00%(4) |
2.48% |
11% |
$425,814 |
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| 2018 |
$12.07 |
0.24 |
0.14 |
0.38 |
(0.24) |
(0.16) |
(0.40) |
$12.05 |
3.13% |
0.01% |
2.01% |
14% |
$439,590 |
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| R
Class |
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| 2022 |
$13.50 |
0.37 |
(1.26) |
(0.89) |
(0.39) |
(0.39) |
(0.78) |
$11.83 |
(6.96)% |
0.50% |
3.02% |
9% |
$2,138 |
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| 2021 |
$12.55 |
0.14 |
1.19 |
1.33 |
(0.13) |
(0.25) |
(0.38) |
$13.50 |
10.73% |
0.50% |
1.05% |
18% |
$1,663 |
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| 2020 |
$12.19 |
0.14 |
0.59 |
0.73 |
(0.15) |
(0.22) |
(0.37) |
$12.55 |
6.11% |
0.50% |
1.23% |
22% |
$1,265 |
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| 2019 |
$12.06 |
0.21 |
0.33 |
0.54 |
(0.23) |
(0.18) |
(0.41) |
$12.19 |
4.69% |
0.50% |
1.98% |
11% |
$721 |
|
| 2018 |
$12.08 |
0.19 |
0.13 |
0.32 |
(0.18) |
(0.16) |
(0.34) |
$12.06 |
2.61% |
0.51% |
1.51% |
14% |
$363 |
|
| One
Choice Portfolio: Conservative |
|
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$15.71 |
0.57 |
(1.87) |
(1.30) |
(0.59) |
(0.67) |
(1.26) |
$13.15 |
(9.08)% |
0.00%(4) |
3.94% |
10% |
$1,252,961 |
|
| 2021 |
$14.16 |
0.22 |
2.11 |
2.33 |
(0.22) |
(0.56) |
(0.78) |
$15.71 |
16.82% |
0.00%(4) |
1.46% |
18% |
$1,452,250 |
|
| 2020 |
$13.75 |
0.22 |
0.84 |
1.06 |
(0.22) |
(0.43) |
(0.65) |
$14.16 |
7.95% |
0.00%(4) |
1.64% |
24% |
$1,245,493 |
|
| 2019 |
$13.90 |
0.33 |
0.19 |
0.52 |
(0.33) |
(0.34) |
(0.67) |
$13.75 |
4.25% |
0.00%(4) |
2.45% |
11% |
$1,240,425 |
|
| 2018 |
$13.62 |
0.28 |
0.46 |
0.74 |
(0.28) |
(0.18) |
(0.46) |
$13.90 |
5.43% |
0.01% |
2.01% |
8% |
$1,301,374 |
|
| R
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$15.71 |
0.49 |
(1.87) |
(1.38) |
(0.51) |
(0.67) |
(1.18) |
$13.15 |
(9.54)% |
0.50% |
3.44% |
10% |
$1,936 |
|
| 2021 |
$14.15 |
0.14 |
2.12 |
2.26 |
(0.14) |
(0.56) |
(0.70) |
$15.71 |
16.30% |
0.50% |
0.96% |
18% |
$1,743 |
|
| 2020 |
$13.74 |
0.15 |
0.85 |
1.00 |
(0.16) |
(0.43) |
(0.59) |
$14.15 |
7.42% |
0.50% |
1.14% |
24% |
$1,403 |
|
| 2019 |
$13.89 |
0.25 |
0.21 |
0.46 |
(0.27) |
(0.34) |
(0.61) |
$13.74 |
3.73% |
0.50% |
1.95% |
11% |
$847 |
|
| 2018 |
$13.61 |
0.21 |
0.46 |
0.67 |
(0.21) |
(0.18) |
(0.39) |
$13.89 |
4.90% |
0.51% |
1.51% |
8% |
$568 |
|
| One
Choice Portfolio: Moderate |
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$18.13 |
0.69 |
(2.49) |
(1.80) |
(0.72) |
(0.93) |
(1.65) |
$14.68 |
(11.03)% |
0.00%(4) |
4.21% |
11% |
$1,839,658 |
|
| 2021 |
$16.01 |
0.20 |
3.36 |
3.56 |
(0.20) |
(1.24) |
(1.44) |
$18.13 |
23.09% |
0.00%(4) |
1.18% |
30% |
$2,180,041 |
|
| 2020 |
$15.67 |
0.24 |
1.10 |
1.34 |
(0.24) |
(0.76) |
(1.00) |
$16.01 |
8.86% |
0.00%(4) |
1.59% |
28% |
$1,833,678 |
|
| 2019 |
$16.11 |
0.35 |
0.14 |
0.49 |
(0.35) |
(0.58) |
(0.93) |
$15.67 |
3.81% |
0.00%(4) |
2.28% |
14% |
$1,881,575 |
|
| 2018 |
$15.41 |
0.32 |
0.89 |
1.21 |
(0.32) |
(0.19) |
(0.51) |
$16.11 |
7.95% |
0.01% |
2.02% |
8% |
$1,953,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| R
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$18.13 |
0.60 |
(2.48) |
(1.88) |
(0.64) |
(0.93) |
(1.57) |
$14.68 |
(11.48)% |
0.50% |
3.71% |
11% |
$5,086 |
|
| 2021 |
$16.00 |
0.11 |
3.37 |
3.48 |
(0.11) |
(1.24) |
(1.35) |
$18.13 |
22.54% |
0.50% |
0.68% |
30% |
$5,053 |
|
| 2020 |
$15.66 |
0.16 |
1.11 |
1.27 |
(0.17) |
(0.76) |
(0.93) |
$16.00 |
8.32% |
0.50% |
1.09% |
28% |
$4,226 |
|
| 2019 |
$16.10 |
0.26 |
0.16 |
0.42 |
(0.28) |
(0.58) |
(0.86) |
$15.66 |
3.29% |
0.50% |
1.78% |
14% |
$3,770 |
|
| 2018 |
$15.41 |
0.24 |
0.88 |
1.12 |
(0.24) |
(0.19) |
(0.43) |
$16.10 |
7.34% |
0.51% |
1.52% |
8% |
$2,804 |
|
| One
Choice Portfolio: Aggressive |
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$19.05 |
0.77 |
(2.79) |
(2.02) |
(0.76) |
(1.07) |
(1.83) |
$15.20 |
(11.96)% |
0.00%(4) |
4.47% |
11% |
$906,402 |
|
| 2021 |
$16.24 |
0.19 |
4.23 |
4.42 |
(0.17) |
(1.44) |
(1.61) |
$19.05 |
28.36% |
0.00%(4) |
1.07% |
21% |
$1,078,655 |
|
| 2020 |
$16.82 |
0.25 |
1.23 |
1.48 |
(0.26) |
(1.80) |
(2.06) |
$16.24 |
9.12% |
0.00%(4) |
1.56% |
27% |
$882,822 |
|
| 2019 |
$17.44 |
0.36 |
0.07 |
0.43 |
(0.36) |
(0.69) |
(1.05) |
$16.82 |
3.53% |
0.00%(4) |
2.17% |
23% |
$1,333,116 |
|
| 2018 |
$16.39 |
0.34 |
1.27 |
1.61 |
(0.32) |
(0.24) |
(0.56) |
$17.44 |
9.97% |
0.01% |
1.99% |
11% |
$1,357,007 |
|
| R
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$19.03 |
0.68 |
(2.80) |
(2.12) |
(0.66) |
(1.07) |
(1.73) |
$15.18 |
(12.44)% |
0.50% |
3.97% |
11% |
$4,537 |
|
| 2021 |
$16.21 |
0.10 |
4.23 |
4.33 |
(0.07) |
(1.44) |
(1.51) |
$19.03 |
27.80% |
0.50% |
0.57% |
21% |
$4,775 |
|
| 2020 |
$16.78 |
0.17 |
1.23 |
1.40 |
(0.17) |
(1.80) |
(1.97) |
$16.21 |
8.60% |
0.50% |
1.06% |
27% |
$3,552 |
|
| 2019 |
$17.41 |
0.26 |
0.08 |
0.34 |
(0.28) |
(0.69) |
(0.97) |
$16.78 |
2.94% |
0.50% |
1.67% |
23% |
$2,898 |
|
| 2018 |
$16.36 |
0.26 |
1.27 |
1.53 |
(0.24) |
(0.24) |
(0.48) |
$17.41 |
9.43% |
0.51% |
1.49% |
11% |
$2,237 |
|
| One
Choice Portfolio: Very Aggressive |
|
|
|
|
|
|
| |
| Investor
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$22.45 |
0.90 |
(3.75) |
(2.85) |
(0.88) |
(1.19) |
(2.07) |
$17.53 |
(14.22)% |
0.00%(4) |
4.48% |
11% |
$331,761 |
|
| 2021 |
$18.07 |
0.14 |
5.90 |
6.04 |
(0.13) |
(1.53) |
(1.66) |
$22.45 |
34.63% |
0.00%(4) |
0.67% |
15% |
$396,903 |
|
| 2020 |
$17.99 |
0.21 |
1.49 |
1.70 |
(0.22) |
(1.40) |
(1.62) |
$18.07 |
9.61% |
0.00%(4) |
1.21% |
33% |
$304,714 |
|
| 2019 |
$19.07 |
0.30 |
(0.14) |
0.16 |
(0.31) |
(0.93) |
(1.24) |
$17.99 |
2.10% |
0.00%(4) |
1.70% |
19% |
$305,967 |
|
| 2018 |
$17.53 |
0.32 |
1.88 |
2.20 |
(0.33) |
(0.33) |
(0.66) |
$19.07 |
12.68% |
0.01% |
1.70% |
8% |
$321,525 |
|
| R
Class |
|
|
|
|
|
|
|
| |
| 2022 |
$22.42 |
0.80 |
(3.76) |
(2.96) |
(0.76) |
(1.19) |
(1.95) |
$17.51 |
(14.65)% |
0.50% |
3.98% |
11% |
$4,833 |
|
| 2021 |
$18.05 |
0.03 |
5.89 |
5.92 |
(0.02) |
(1.53) |
(1.55) |
$22.42 |
33.90% |
0.50% |
0.17% |
15% |
$5,032 |
|
| 2020 |
$17.96 |
0.12 |
1.49 |
1.61 |
(0.12) |
(1.40) |
(1.52) |
$18.05 |
9.11% |
0.50% |
0.71% |
33% |
$2,952 |
|
| 2019 |
$19.04 |
0.20 |
(0.12) |
0.08 |
(0.23) |
(0.93) |
(1.16) |
$17.96 |
1.58% |
0.50% |
1.20% |
19% |
$2,184 |
|
| 2018 |
$17.50 |
0.20 |
1.90 |
2.10 |
(0.23) |
(0.33) |
(0.56) |
$19.04 |
12.13% |
0.51% |
1.20% |
8% |
$1,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 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.
Total returns for periods less than one year are not annualized.
(3)Ratio
of operating expenses to average net assets does not include any fees and
expenses of the underlying funds.
(4)Ratio
was less than 0.005%.
Notes
Notes
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, 2022.
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.
|
|
|
|
|
| |
|
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-90382 2212
