Inflation Solutions
Combat the erosion of your purchasing power
Combat the Erosion of Your Purchasing Power
Of all the threats to your financial well-being, only inflation is guaranteed to steal your wealth by decreasing the real
value of your investment portfolio over time. American Century Investments® can help you and your advisor develop
a strategy to offset the corrosive effects of inflation. In the pages that follow, you’ll learn more about four important
steps that can help you sustain the real value of the investment portfolio you are building.
Understand the Impact of Inflation on Your Savings
Regardless of how much you save, inflation can take a big bite out of your purchasing
power. This means your portfolio may not fund the goals you envisioned when you
started investing.
Enhance Your Inflation-Fighting Know-How
No single inflation hedge is optimal for all circumstances. Being aware of the various
factors that can drive inflation can help you form effective strategies as inflationary
conditions evolve.
Integrate Inflation Protection into Your Portfolio
From portfolios focused on individual inflation hedges to a single comprehensive
inflation solution, there are an array of options for developing a strategy to preserve
the purchasing power of your portfolio.
Benefit from Professional, Active Management
For more than 25 years, American Century Investments has been delivering
inflation-hedging solutions to investors. Our actively managed portfolios are shaped
by a comprehensive inflation view that reflects the economic environment and the
trends and relationships of key inflation drivers and hedges.
Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
Non-FDIC Insured • May Lose Value • No Bank Guarantee
1
Understand the Impact of Inflation on Your Savings
Inflation represents one of the great risks in investing because of its dual threat to purchasing power and financial
asset performance. The simultaneous increase in living costs and negative real returns on investments resulting from
an inflation shock can deliver a potentially devastating blow to financial wealth.
In the example below, an inflation rate of 3% over the course of just 10 years will shrink the purchasing power of your
nest egg by roughly 25%. Here are a few reasons to consider incorporating some degree of inflation protection in
your portfolio:
• Inflation has averaged 4.2% annually since 1964*
• Predicting inflation is notoriously difficult
• History shows unexpected spikes in inflation are not unusual
The more inflation rises, the more your dollar erodes
$100,000 May Be Worth a Lot Less 10 Years From Now
$100,000
$80,000
74,409
$60,000
67,556
61,391
55,839
$40,000
$20,000
$0
3%
4%
5%
6%
Annual Inflation Rate
Source: American Century Investments
This hypothetical example assumes an initial amount of $100,000 with no additional contributions and no return on investment. It is intended for illustrative purposes only and is not representative of the
performance of any security. There is no assurance similar results can be achieved, and this information should not be relied upon as a specific recommendation to buy or sell securities.
*U.S. Department of Labor, Bureau of Labor Statistics
2
Enhance Your Inflation-Fighting Know-How
No single inflation hedge is optimal for all circumstances. Different types of investments can benefit your portfolio at
different times. Historically, identifying the best-performing inflation hedges depended on the factors driving inflation.
However, inflation can come from numerous sources and involves a complex interaction between supply, demand,
government policies, market dynamics, and economic forces that change constantly. That’s why a variety of assets
in a portfolio may be a better strategy than any single investment.
Three common sources of inflation:
• Rise in demand for goods and/or services, generally seen during periods of economic growth
• Increase in cost of goods and/or services, such as commodity prices
• Stimulated by government policies, including fiscal spending and central bank actions
Potential Uses of Inflation Hedges Throughout a Cycle
HIGH INFLATION
TIPS | REITS | Gold | Commodity-Related
Investments | Emerging Markets Equity
Inflation Rate (CPI)
5%
TIPS | REITS | Gold | Commodity-Related
Emerging Markets Equity
CONTAINED
INFLATION
0%
Nominal Treasuries
DEFLATION
Economy
Source: American Century Investments.
nprecedented monetary and fiscal policies enacted in the wake of the 2008
U
financial crisis are potential sources of inflation risk going forward.
Inflation is a general increase in prices of goods and/or services. The Federal Reserve considers an annual inflation rate of 2%
consistent over the longer run with price stability and maximum employment. Deflation is a general decline in prices of goods
and/or services. A sustained increase in the inflation rate reaching 5% and beyond is considered high and inconsistent with
the Federal Reserve’s mandate for price stability.
3
Integrate Inflation Protection into Your Portfolio
Regardless of how your portfolio is currently structured, there are an array of options for incorporating a strategy
that can help you preserve purchasing power.
• F
unds focused on traditional inflation hedges, such as inflation-indexed bonds, commodity-related
investments and real estate.
• A comprehensive solution that combines a variety of inflation-fighting assets in a single portfolio.
Develop an inflation strategy for your portfolio
Getting Started
60% Stocks
You have many options for implementing
an inflation-fighting strategy.
Inflation Solution
Depending on your time horizon and risk tolerance,
inflation hedges could account for 5% to 50% of
your portfolio. An advisor can help you determine
the optimal weights.
40% Bonds
Individual Fund Solution
Comprehensive Fund Solution
Hedge bond and stock
allocations with a single fund
Inflation-Indexed Bonds
Commodity-Related
• Global Real Estate
• Currencies
•
•
OR
Substitute a portion
of your stock allocation
Substitute a portion
of your bond allocation
Commodity-Related
Real Estate
• Currencies
•
•
Inflation-Indexed Bonds
• Global
Hypothetical portfolio investment allocations. This information is for illustrative purposes only and is not intended as advice or to represent a particular investment product.
4
Benefit from Professional, Active Management
American Century Investments has been delivering inflation solutions since 1987.
• Portfolio managers and analysts dedicated to identifying the root causes of inflation.
• M
ore than $6 billion in assets focused on inflation hedges.*
• P
ortfolios focused on specific inflation hedges and a comprehensive solution combining
multiple inflation fighters in a single portfolio.
Extensive insight strengthens our inflation view
The senior investment professionals who mold American Century Investments’ inflation
view have an average of 25 years of industry experience. Their insight is crucial to
strategies designed to help investors preserve the purchasing power of their portfolios.
Inflation-Linked Bonds
and Derivatives
Determines inflation drivers through
in-depth research and seeks to
exploit the markets’ mispricing
of inflation expectations.
Asset Allocation Modeling
Sets strategic and tactical asset
allocation positions that reflect
team’s analysis of risk and relative
value.
Global Real Estate
Establishes a global perspective
on real estate price changes
that helps to identify and
understand inflationary trends
and opportunities.
Quantitative Research
and Data Modeling
Strengthens firm’s forecasting
capabilities by using complex
mathematical modeling to identify
drivers of inflation.
*As of 12/31/2015
5
Currencies
Analyzes currency valuations
and global trading trends to
uncover opportunities to exploit
market inefficiencies.
Commodities
Analyzes supply and demand for raw
materials that influences the markets’
inflation expectations.
Global Macroeconomic Strategy
Conducts comprehensive research and
fundamental analysis of economic data
to strengthen team’s conviction in inflation
drivers in the U.S. and around the world.
Inflation-Adjusted Bond
Short Duration Inflation
Protection Bond
Global Gold
Inflation Protection Bond
Inflation Protection Bond
Precious Metals
Fund Category
Role in Portfolio
• Core holding
• Inflation hedge for the fixed
income allocation in portfolios
• Core holding
• Inflation hedge for the fixed
income allocation in portfolios
• For investors with shorter investment
time horizons or concerns about
rapidly rising interest rates
• Satellite holding
• Inflation hedge for the stock
allocation in portfolios
Goal and
Strategy
Real return primarily through
investment-grade, inflation-indexed
bonds.
Real return primarily through
investment-grade, short-term
inflation-indexed bonds.
Total return primarily through holdings
in companies engaged in mining,
processing or distributing gold or other
precious metals throughout the world.
Distinguishing
Characteristics
Designed to help combat the
effects of domestic inflation by
investing primarily in high-quality,
inflation-indexed bonds. Employs
comprehensive risk management
designed to maximize real return
per level of risk.
Designed to help combat the effects
of domestic inflation and reduce
interest-rate risk through a portfolio
of short-term inflation-indexed
bonds and other fixed income
securities. Employs comprehensive
risk management designed to
maximize real return per level of risk.
Seeks to help investors hedge against
inflation and overall economic uncertainty
through gold’s traditional status as
a global alternative currency and its
historical ability to hold intrinsic value.
Fast Facts
Inception Date: 2/10/1997
Avg Team Experience: 21 years
Positive Results: 15 of 18 years
Inception Date: 5/31/2005
Avg Team Experience: 21 years
Positive Results: 6 of 10 years
Inception Date: 8/17/1988
Avg Team Experience: 25 years
Positive Results: 11 of 27 years
Average Annual
Total Return as
of 12/31/2015
6
6
4
4
3.50%
2
(Investor Shares)
1.93%
-2.99%
-2
Risks
Investor: ACITX
I nstitutional: AIANX
A:
AIAVX
C
: AINOX
R
: AIARX
Fixed income investment risks may
include credit, price and interest
rate risk. In certain interest rate
environments inflation-protected
securities may experience greater
losses than other fixed income
securities with similar durations.
Interest payments on inflationprotected debt securities will
fluctuate as the principal and/or
interest is adjusted for inflation
and can be unpredictable.
-1.51%
3 Years 5 Years Lifetime
Expense Ratio: 0.57%
3 Years 5 Years 10 Years
Expense Ratio: 0.47%
•
•
•
•
•
1.46%
0
-4
Tickers
3.31%
2
0
-2
0
-5
-10
-15
-20
-25
-30
-35
•
•
•
•
•
•
Investor: APOIX
Institutional:
APISX
A
: APOAX
C
: APOCX
R
: APORX
R
6: APODX
Fixed income investment risks may
include credit, price and interest
rate risk. In certain interest rate
environments inflation-protected
securities may experience greater
losses than other fixed income
securities with similar durations.
Interest payments on inflationprotected debt securities will
fluctuate as the principal and/or
interest is adjusted for inflation
and can be unpredictable.
-5.90%
-24.42%
-30.80%
3 Years 5 Years 10 Years
Expense Ratio: 0.67%
•
•
•
•
•
I nvestor: BGEIX
Institutional: AGGNX
A:
ACGGX
C: AGYCX
R: AGGWX
International investing involves special
risk considerations, including economic
and political conditions, inflation rates
and currency fluctuations. Due to
the limited focus of this fund, it may
experience greater volatility than funds
with a broader investment strategy. It
is not intended to serve as a complete
investment program by itself.
You should consider the fund’s investment objectives, risks, and charges and expenses carefully before you invest. The fund’s prospectus or
summary prospectus, which can be obtained by visiting americancentury.com, contains this and other information about the fund, and should be
read carefully before investing.
Data presented reflects past performance of Investor Class shares. Past performance is no guarantee of future results. Current
performance may be higher or lower than the performance shown. To obtain performance data current to the most recent month end,
please visit americancentury.com. Investment return and fund share value will fluctuate, and redemption value may be more or less
than original cost. Data assume reinvestment of dividends and capital gains. For information about other share classes available,
please consult the prospectus. There is no guarantee the fund will meet its investment objective.
6
3
Real Estate
Global Real Estate
Multi-Asset Real Return
Real Estate
Global Real Estate
Asset Allocation
• Satellite holding
• Inflation hedge for the stock
allocation in portfolios
• Core holding
• Inflation hedge for both stock
and bond portfolios
Total return through capital
appreciation and income primarily
from holdings in U.S. real estate
investment trusts (REITs).
Total return through capital
appreciation and income
primarily from holdings in
U.S. and non-U.S. REITs.
Total real return through holdings
in a mix of inflation-indexed bonds,
non-dollar and commodity-related
investments and global real estate.
Designed to deliver pure exposure
to U.S. REITs and provide a hedge
against inflation through rental income
that has the potential to rise along
with inflation. Focused on an asset
class with historically low correlations
to the stock and bond markets.
Designed to deliver global diversification
and pure exposure to REITs around
the world. Provides a hedge against
inflation through rental income that
has the potential to rise along with
inflation. Focused on an asset class
with historically low correlations to
the stock and bond markets.
Employs a comprehensive, strategic
mix of inflation hedges to help
protect against the primary sources
of inflation, including governmentinduced inflation, imported inflation
and commodity inflation.
Inception Date: 9/21/1995
Avg Team Experience: 20 years
Positive Results: 16 of 20 years
Inception Date: 4/29/2011
Avg Team Experience: 20 years
Positive
Results: 3 of 4 years
8
Inception Date: 4/30/2010
Avg Team Experience: 27 years
Positive Results: 1 of 5 years
15
6
12
9
10.50%
12.13%
6
-1
3 Years
Investor: REACX
I nstitutional: REAIX
A:
AREEX
C
: ARYCX
R
: AREWX
R
6: AREDX
Due to the limited focus of this fund,
it may experience greater volatility
than funds with a broader investment
strategy. It is not intended to serve as a
complete investment program by itself.
Understanding inherent risks such as
interest rate fluctuation, credit risk and
economic conditions are important when
considering an investment in real estate.
-4
5 Years Lifetime
•
•
•
•
•
•
Investor: ARYVX
Institutional:
ARYNX
A
: ARYMX
C
: ARYTX
R
: ARYWX
R
6: ARYDX
Due to the limited focus of this fund,
it may experience greater volatility
than funds with a broader investment
strategy. It is not intended to serve as
a complete investment program by
itself. International investing involves
special risk considerations, including
economic and political conditions,
inflation rates and currency fluctuations.
Understanding inherent risks such as
interest rate fluctuation, credit risk and
economic conditions are important when
considering an investment in real estate.
-4.58%
-5
Expense Ratio: 1.21%
3 Years 5 Years 10 Years
Expense Ratio: 1.14%
-2.52%
-3
N/A
0
0
-1.38%
-2
2
3
•
•
•
•
•
•
0
6.79%
5.64%
4
6.42%
REMOVE FOR SHORTER FLAP
• Satellite holding
• Inflation hedge for the
stock allocation in portfolios
3 Years 5 Years Lifetime
Expense Ratio: 1.17%
•
•
•
•
•
I nvestor: ASIOX
Institutional: ASINX
A:
ASIDX
C: ASIZX
R: ASIUX
Since inflation-indexed securities trade
at prevailing after-inflation interest
rates, changes in these rates affect the
value of such securities. The fund may
also invest in debt securities issued by
entities other than the U.S. government
and its agencies, which may increase
the potential credit risk associated
with the fund. In addition, the fund’s
commodity-related holdings may be
more volatile than traditional securities.
This fund guide must be accompanied by the most recent American Century Investor Class Performance Summary.
Mutual fund investing involves risk. There is no guarantee that a fund’s investment objectives will be met. For information about other share classes available, please consult the prospectus. Expense
ratio is as of the fund’s current prospectus.
7
Key Terms
Commodity-related investments include commodity-related securities
and stocks of companies that mine, process, or distribute precious metals
and natural resources. These investments often increase along with
inflation when it is caused by rising energy prices, although it depends
on the type of commodity and what is driving inflation.
The Consumer Price Index (CPI) is an inflation measure that examines
the weighted average prices of a basket of consumer goods and services.
Duration measures the price sensitivity of a bond or bond fund to
changes in interest rates. Specifically, duration represents the approximate
percentage change in the price of a bond or bond fund if interest rates
move up or down 100 basis points.
REMOVE FOR SHORTER FLAP
Foreign currency exposure may help offset a decline in the value of the
U.S. dollar, which occurs during inflationary periods.
Non-U.S. investments have the potential for higher returns than domestic
securities when U.S. inflation spikes.
Emerging Markets Equity refers to an economy that is progressing
toward becoming advanced. International investing involves special risks,
such as political instability and currency fluctuations. Investing in emerging
markets may accentuate these risks.
Gold investments can include companies engaged in the mining,
processing, fabrication or distribution of gold or other precious metals. Gold
performance is based on the daily spot price of gold set by the London
Bullion Market Association.
Inflation-indexed bonds, like Treasury Inflation Protected Securities
(TIPS), are bonds whose principal value rises and falls with the Consumer
Price Index.
Nominal Treasuries are securities issued by the U.S. government, which
will pay par value of the bonds if held to maturity.
Quantitative research and data modeling refers to the application
of mathematics to perform research, track trends, identify investment
opportunities and construct investment portfolios.
Real Estate Investment Trusts (REITS) are securities that trade like
stocks and invest in real estate through properties or mortgages. These
securities offer exposure to rising rental rates and leases that adjust readily
to inflation, such as malls, apartment buildings and self-storage facilities.
Treasury Inflation-Protected Securities (TIPS), are securities issued
by the U.S. government that are indexed to the rate of inflation.
Actively Investing in Your Success®
At American Century Investments, we believe the ultimate measure of our performance is our
clients’ success. We relentlessly focus on delivering superior investment performance and
developing long-term relationships with our clients. Our track record, our business model and
the legacy of our founder set us apart in the industry.
• Performance focus for more than 55 years
• Pure play business model
• Privately controlled and independent
• Profits With A Purpose™
You should consider the fund’s investment objectives, risks, charges and
expenses carefully before you invest. The fund’s prospectus or summary
prospectus, which can be obtained by visiting americancentury.com,
contains this and other information about the fund, and should be read
carefully before investing.
Investment return and principal value of security investments will fluctuate. The value at the time
of redemption may be more or less than the original cost. Past performance is no guarantee of
future results.
The value and/or returns of a portfolio will fluctuate with market and economic conditions.
International investing involves special risk considerations, including economic and political
conditions, inflation rates and currency fluctuations. The fund’s investments in fixed income
securities are subject to the risks associated with debt securities including credit, price and
interest rate risk. The fund may invest in small- and mid-cap stocks which have historically been
more volatile than the stock of larger, more-established companies. The performance of the
portfolio is partially dependent on the performance of the underlying American Century funds
and will assume the risks associated with these funds.
American Century Investment Services, Inc., Distributor
©2016 American Century Proprietary Holdings, Inc. All rights reserved.
IN-BRO-88557 1606
P.O. Box 419385 | Kansas City, MO 64141-6385 | americancentury.com
Investor Class Performance Summary
For period ended March 31, 2017
Data presented reflects past performance. Past performance is no guarantee of future results. Current performance may be higher
or lower than the performance shown. Investment return and fund share value will fluctuate, and redemption value may be more
or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit
www.americancentury.com. Performance reflects Investor Class shares. Data assumes reinvestment of dividends and capital
gains. For information about other share classes available, please consult the prospectus.
DUE TO MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN.
Ticker
7-Day
7-Day
Current Yield Current Yield
Before Waiver After Waiver
%
%
%
%
%
%
0.03
0.19
0.07
0.02
0.07
0.03
0.01
0.05
0.02
0.48
0.71
0.72
3.77
2.52
2.56
%
%
%
%
%
%
%
BCTXX
BNTXX
0.43
0.46
0.43
0.46
0.19
0.21
0.07
0.08
0.05
0.06
0.48
0.55
2.34
2.46
5
Year
10
Year
Since
Inception
3
Year
%
11/09/1983 0.50
07/31/1984 0.50
Fund
Inception
Date
Gross
Expense
Ratio
%
0.48
0.58
0.46
%
0.50
0.50
Net
Expense
Ratio
Qtr
%
%
%
%
%
%
%
%
ACCNX
ADFIX
AEDVX
BGNMX
AGBVX
CPTNX
ABHIX
ACITX
BEGBX
ACSNX
1.23
0.83
2.93
0.22
0.80
0.61
2.15
1.30
2.67
0.54
1.76
0.51
8.20
-0.35
1.74
-1.10
12.62
1.57
-4.50
1.65
2.81
2.46
1.80
3.18
1.75
2.86
1.56
-3.11
1.18
2.46
2.20
1.30
2.95
1.20
5.26
0.48
-1.88
1.08
4.86
4.44
3.79
3.70
5.97
3.86
1.46
2.66
4.81
4.34
4.72
6.12
2.99
6.52
4.92
4.90
4.47
2.72
11/30/2006
12/02/2001
07/29/2014
09/23/1985
01/31/2012
05/16/1980
09/30/1997
02/10/1997
01/07/1992
11/30/2006
0.67
0.60
0.97
0.55
0.96
0.47
0.85
0.47
0.80
0.60
0.65
0.60
0.97
0.55
0.84
0.47
0.85
0.47
0.80
0.60
APOIX
0.88
2.11
0.58
0.20
3.50
3.14
05/31/2005
0.57
0.57
ASDVX
TWUSX
ASIEX
BTTTX
BTTRX
1.11
0.21
2.19
0.54
1.54
5.96
-0.14
7.06
-0.66
-2.60
0.33
2.68
4.36
0.20
2.19
3.66
1.69
5.62
6.44
1.64
4.70
3.10
8.21
7.76
07/28/2014
12/15/1982
07/28/2014
12/29/1989
02/15/1996
0.81
0.55
0.86
0.56
0.56
0.66
0.55
0.75
0.56
0.56
%
%
%
%
%
%
%
%
BCHYX
2.28
0.21
5.17
4.90
4.62
5.86
12/30/1986
0.50
0.50
BCITX
1.32
-0.48
2.45
2.54
3.72
5.28
11/09/1983
0.47
0.47
BCLTX
ABHYX
TWTIX
1.41
2.45
1.39
-0.41
0.84
-0.41
3.56
5.02
2.29
3.60
4.65
2.17
4.12
3.39
3.59
6.22
4.71
4.80
11/09/1983
03/31/1998
03/02/1987
0.47
0.60
0.47
0.47
0.60
0.47
%
%
%
%
%
%
%
%
ACTIX
TWEIX
BIGRX
ALVIX
ACMVX
ASVIX
TWVLX
3.90
3.92
5.86
3.83
3.30
3.53
1.96
19.88
17.14
16.38
19.44
20.71
31.15
19.79
8.37
10.72
7.62
8.32
11.81
9.28
8.70
12.34
12.01
12.01
12.34
14.84
13.40
12.49
5.16
7.09
5.96
5.29
9.24
8.66
6.46
6.52
10.82
10.01
6.32
11.01
11.85
9.94
03/31/1999
08/01/1994
12/17/1990
07/30/1999
03/31/2004
07/31/1998
09/01/1993
1.10
0.94
0.68
0.84
1.01
1.26
0.98
1.00
0.94
0.68
0.84
0.98
1.26
0.98
%
%
%
%
%
%
%
%
BEQGX
ASQIX
AFDIX
6.65
2.46
5.29
16.94
21.73
15.19
7.60
6.02
8.23
11.68
12.07
11.57
6.55
5.39
7.19
9.43
8.64
8.77
05/09/1991
07/31/1998
07/29/2005
0.67
0.88
1.00
0.67
0.88
1.00
Blend
Equity Growth
Small Company19
Sustainable Equity22,23
1
Year
%
10/13/1972 0.48
11/17/1993 0.58
04/01/1993 0.46
Ticker
Value
Capital Value10,18
Equity Income19,20
Income & Growth
Large Company Value
Mid Cap Value10,19,20,21
Small Cap Value19,20
Value
Fund
Gross
Net
Inception Expense Expense
Since
Inception
Date
Ratio Ratio
0.20
0.47
0.27
Tax-Free Bond
California High-Yield Municipal3,4,5,6,8,11
California Intermediate-Term Tax-Free
Bond4,5,6,11
California Long-Term Tax-Free4,5,6,11
High-Yield Municipal4,6,8,11
Intermediate-Term Tax-Free Bond4,6,11
10
Year
%
Taxable Bond
Core Plus7,8,9,10,11
Diversified Bond11
Emerging Markets Debt7,11,12
Ginnie Mae4,11
Global Bond7,10,11,13
Government Bond4,11
High-Yield4,8,11
Inflation-Adjusted Bond11,14
International Bond11,12,15
Short Duration7,8,11
Short Duration Inflation Protection
Bond11,14
Short Duration Strategic Income8,10,11,16
Short-Term Government4,11
Strategic Income8,9,10,11
Zero Coupon 202011,17
Zero Coupon 202511,17
5
Year
0.20
0.47
0.27
Tax-Free Money Market
California Tax-Free Money Market1,3,4,5,6
Tax-Free Money Market1,3,4,6
3
Year
CPFXX
BPRXX
TCRXX
Taxable Money Market
Capital Preservation2,3,4
Prime Money Market1,3,4
U.S. Government Money Market2,3,4
1
Year
americancentury.com
Ticker
Growth
Qtr
1 Year
3 Year
%
%
%
Since
5 Year 10 Year Inception
%
%
Adaptive All Cap24,25
ACMNX
4.13
15.06
7.90
12.68
6.50
Adaptive Equity10,26,27,28
AMVIX
6.04
18.66
9.41
13.50
6.76
All Cap Growth19
TWGTX
8.86
14.24
9.23
10.48
8.45
Disciplined Growth
ADSIX
8.93
17.30
8.89
11.86
8.30
Focused Dynamic Growth10,24,29,30
ACFOX
9.85
16.55
6.72
11.42
6.60
Growth
TWCGX
9.89
16.07
9.48
11.09
8.55
Heritage19
TWHIX
7.14
13.29
5.89
9.47
8.42
New Opportunities10,19,31
TWNOX
6.85
20.62
5.98
10.68
7.14
Select
TWCIX
8.91
16.50
11.22
11.74
8.65
Small Cap Growth19
ANOIX
6.54
27.44
5.94
10.88
7.23
Ultra®3
TWCUX
9.58
16.54
10.25
12.54
8.96
New Opportunities, Small Cap Growth and Adaptive Equity each have a 2% redemption fee on shares held less than 60 days.
Global and Non-U.S. Equity
%
%
%
%
%
Fund
Inception
Date
%
7.45
5.73
11.37
8.84
7.07
13.24
11.29
7.69
12.23
8.32
11.44
05/31/2006
11/30/1999
11/25/1983
09/30/2005
05/31/2006
06/30/1971
11/10/1987
12/26/1996
06/30/1971
06/01/2001
11/02/1981
%
Gross
Net
Expense Expense
Ratio
Ratio
%
%
1.16
1.25
1.00
1.03
1.11
0.98
1.00
1.50
0.99
1.36
0.98
1.16
1.15
1.00
1.03
1.03
0.98
1.00
1.35
0.99
1.36
0.98
%
Emerging Markets7,10,32
TWMIX
12.38
16.79
3.67
3.27
1.58
6.24
09/30/1997
1.64
Emerging Markets Small Cap7,19
AECVX
8.56
12.56
04/07/2016
1.66
Emerging Markets Value7,10,33
AEVVX
11.45
16.02
-2.83
-4.21
10/31/2013
1.59
Focused International Growth12,15
AFCNX
6.76
4.17
5.08
03/29/2016
1.24
Global Growth7
TWGGX
8.83
11.31
4.16
8.22
4.92
7.95
12/01/1998
1.08
Global Small Cap15,19
AGCVX
10.54
18.89
19.48
03/29/2016
1.51
International Core Equity7
ACIMX
8.99
10.26
-0.42
6.33
0.14
1.28
11/30/2006
1.18
International Discovery15,19
TWEGX 10.38
5.76
0.09
7.22
1.56
10.02
04/01/1994
1.65
International Growth15
TWIEX
8.25
5.80
-0.94
5.21
2.00
7.22
05/09/1991
1.18
International Opportunities10,15,34
AIOIX
11.47
8.44
1.54
9.17
3.54
11.29
06/01/2001
1.74
International Value15
ACEVX
7.15
13.90
-1.43
5.11
0.97
2.69
04/03/2006
1.32
Emerging Markets, Global Growth, International Core Equity, International Discovery, International Growth, International Opportunities and International Value each have a 2%
redemption free on shares held less than 60 days.
Asset Allocation
%
%
%
%
%
%
%
%
1.29
1.66
1.52
1.24
1.08
1.51
1.18
1.65
1.18
1.54
1.32
%
Balanced
TWBIX
4.32
9.92
5.31
7.60
5.84
7.91
10/20/1988
0.91
0.91
Global Allocation10,35,36
AGAVX
3.56
5.89
-0.11
2.42
3.01
01/31/2012
2.22
1.25
Multi-Asset Income9,10
AMJVX
3.88
10.75
4.96
12/01/2014
1.33
0.97
One Choice® 2020 Portfolio37
ARBVX
3.35
8.01
4.12
6.09
5.08
05/30/2008
0.82
0.82
One Choice® 2025 Portfolio37
ARWIX
3.81
8.69
4.43
6.53
5.17
6.48
08/31/2004
0.85
0.85
One Choice® 2030 Portfolio37
ARCVX
4.16
9.59
4.76
7.08
5.30
05/30/2008
0.87
0.87
One Choice® 2035 Portfolio37
ARYIX
4.52
10.42
5.11
7.64
5.41
7.03
08/31/2004
0.90
0.90
One Choice® 2040 Portfolio37
ARDVX
4.93
11.31
5.45
8.17
5.83
05/30/2008
0.93
0.93
One Choice® 2045 Portfolio37
AROIX
5.36
12.20
5.79
8.63
5.73
7.47
08/31/2004
0.97
0.97
One Choice® 2050 Portfolio37
ARFVX
5.66
12.81
5.95
8.82
5.86
05/30/2008
0.99
0.99
One Choice® 2055 Portfolio37
AREVX
5.71
13.20
6.10
9.02
8.42
03/31/2011
0.99
0.99
One Choice® 2060 Portfolio37
ARGVX
5.75
13.35
11.84
09/30/2015
0.99
0.99
One Choice® In Retirement Portfolio37
ARTOX
3.22
7.60
3.88
5.64
5.01
5.54
08/31/2004
0.79
0.79
One Choice® Portfolio: Aggressive37
AOGIX
5.79
12.53
5.61
8.40
5.82
7.41
09/30/2004
1.01
1.01
One Choice® Portfolio: Conservative37
AOCIX
3.41
7.25
4.03
5.64
5.02
5.70
09/30/2004
0.81
0.81
One Choice® Portfolio: Moderate37
AOMIX
4.77
10.42
4.86
7.19
5.48
6.73
09/30/2004
0.91
0.91
One Choice® Portfolio: Very Aggressive37
AOVIX
6.87
15.08
6.34
9.66
5.80
7.76
09/30/2004
1.07
1.07
One Choice® Portfolio: Very Conservative37
AONIX
2.02
5.01
3.33
3.89
4.23
4.58
09/30/2004
0.70
0.70
Strategic Allocation: Aggressive10,38,39
TWSAX
5.89
12.52
5.39
8.04
5.68
7.50
02/15/1996
1.16
1.11
Strategic Allocation: Conservative39
TWSCX
3.44
6.87
3.75
5.27
4.73
5.89
02/15/1996
1.00
1.00
Strategic Allocation: Moderate39
TWSMX
4.61
10.17
4.66
6.89
5.36
6.98
02/15/1996
1.07
1.07
A One Choice Portfolio's target date is the approximate year when investors plan to retire or start withdrawing their money. The principal value of the investment is not
guaranteed at any time, including at the target date. Over time, the asset mix and weightings are adjusted to be more conservative. In general, as the target year approaches,
the portfolio's allocation becomes more conservative by decreasing the allocation to stocks and increasing the allocation to bonds and money market instruments.
Specialty/Alternative
%
AC Alternatives® Emerging Opportunities Total
AEOVX
3.57
Return10,11,12,40,41,42,43
AC Alternatives® Equity Market Neutral43,44
ALHIX
0.54
AC Alternatives® Income10,12,45,46
ALNNX
2.11
AC Alternatives® Long Short43,44
ALEVX
3.54
AC Alternatives® Market Neutral
ACVVX
2.09
Value10,20,23,43,44,47
Core Equity Plus44
ACPVX
5.83
Disciplined Growth Plus44
ACDJX
7.47
Global Gold12,15,48,54
BGEIX
8.85
Global Real Estate10,15,48,49,50
ARYVX
1.77
Multi-Asset Real Return7,10,28,51,52,53
ASIOX
3.18
Real Estate12,48,49
REACX
0.27
Utilities48
BULIX
1.22
Global Gold has a 1% redemption fee on shares held for less than 60 days.
%
%
%
%
%
%
%
-
-
-
-
4.53
12/06/2016
1.31
1.21
-1.41
9.30
7.67
-0.32
-
1.01
-
0.60
-
1.23
2.06
3.47
09/30/2005
07/31/2015
10/30/2015
2.93
2.07
3.15
2.93
1.99
3.15
2.97
3.83
3.15
-
3.51
10/31/2011
4.09
3.84
14.28
14.54
16.04
-1.26
5.53
0.93
7.26
7.18
9.91
0.39
3.66
-1.24
8.88
9.44
11.93
12.50
-12.20
7.07
-0.99
8.78
11.72
-3.07
3.55
6.24
13.39
14.39
1.86
5.66
0.12
10.79
8.30
10/31/2011
10/31/2011
08/17/1988
04/29/2011
04/30/2010
09/21/1995
03/01/1993
1.89
1.91
0.68
1.21
1.18
1.14
0.68
1.89
1.91
0.68
1.13
0.98
1.14
0.68
americancentury.com
Disclosures
prospectus or summary prospectus, which can be obtained at americancentury.com, contains this and other information about
the fund, and should be read carefully before investing.
For information about other share classes available, please consult the prospectus. Performance less than one year, when quoted, is not annualized.
Expense ratio is as of the fund's current prospectus.
1
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it
will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fun
minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation
should not expect that the
sponsor will provide financial support to the fund at any time.
2 You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it
will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's
sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will pro vide financial support to the fund at
any time.
3 Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most
current information.
4 Fund shares are not guaranteed by the U.S. government.
5 Not available for sale in all states.
6 Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt
from federal income tax.
7 International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations. Investing in emerging
markets may accentuate these risks.
8 The lower-rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.
9
the American Century funds in which the
This waiver is expected to remain in effect
permanently and it cannot be terminated without the approval of the Board of Trustees.
10
s for a given time period. It is gross of any
fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that
11
Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.
The fund is classified as non-diversified. Because it is non-diversified, it may hold large positions in a small number of securities. To the extent it maintains such
diversified.
13 Returns or yields would have been lower if .12% of the management fee had not been waived. The advisor expects this waiver to continue until February 28, 2018,
and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
14 The prospectus contains very important information about the characteristics of the underlying security and potential tax implications of owning this fund.
15 International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations.
16
the American Century funds in which
the fund invests. The amount of this waiver fluctuates depending on the fund's daily allocation to other American Century funds. This waiver is expected to remain in effect
permanently and it cannot be terminated without the approval of the Board of Trustees. Effective August 1, 2016, the advisor also agreed to waive an additional 0.09% of
ut the approval of the Board of Trustees.
17 Although you can potentially earn a dependable return if you hold your shares to maturity, you should be prepared for dramatic price fluctuations which may result in
significant gains or losses if sold prior to maturity. With the risks of fluctuating prices and the uncertainty of rates of return and yield inherent in investing, credit risk, and
liquidity risk, it is possible to lose money if you sell your shares when their value is less than the price you paid.
18 Returns or yields for the fund would have been lower if .10% of the management fee had not been waived. The advisor expects this waiver to continue until February
28, 2018, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current
information.
19 Historically, small- and/or mid-cap stocks have been more volatile than the stocks of larger, more established companies. Smaller companies may have limited
resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than those of larger companies.
20 The fund is generally closed to new investors other than those who (i) invest directly with American Century (where American Century is listed as the dealer of
record); (ii) invest through certain financial intermediaries selected by American Century; or (iii) otherwise qualify for an ex
policy.
21 Returns or yields for the fund would have been lower if .03% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
22 Effective August 10, 2016, Fundamental Equity's name changed to Sustainable Equity. This change better reflects the fund's new investment strategy focus.
23 The portfolio managers use an approach to stock investing that relies heavily on quantitative tools to identify companies, regardless of size, industry type or geographic
location, whose share price patterns suggest their stocks are likely to increase in value. Among the risks associated with the f
formance may suffer.
24 Investment return and principal value will fluctuate, and it is possible to lose money by investing. Because each of these funds may, at times, concentrate its
investments in a specific area, during such times they may be subject to greater risks and market fluctuations than when the portfolio represents a broader range of
s,
capital gains tax liabilities to the shareholder.
25
investment strategy focus.
26 Returns or yields for the fund would have been lower if .10% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
27
strategy focus.
28 The fund's strategy may result in higher portfolio turnover that could result in increased commission costs, affecting the fun
liabilities to the shareholder.
29
to continue until November 30,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors.
30 Effective June 21, 2016, Legacy Focused Large Cap was renamed Focused Dynamic Growth. Performance for periods before June 21,
prior investment strategy. The new strategy focuses on stocks of early and rapid stage growth companies that the portfolio managers believe will increase in value over
time.
31 Returns or yields for the fund would have been lower if .15% of the management fee had not been waived. This advisor expects this waiver to continue until February
28, 2018, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current
information.
32 Returns or yields for the fund would have been lower if .25% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
12
americancentury.com
33
Returns or yields for the fund would have been lower if .07% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
34 Returns or yields for the fund would have been lower if .20% of the management fee had not been waived. This advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
35 The advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the American Century funds in which
the fund invests. The amount of this waiver fluctuates depending on the fund's daily allocations to other American Century funds. This waiver is expected to remain in
effect permanently. The advisor has also agreed to waive an additional 0.28% of the management fee, which is expected to continue until July 31, 2017, and cannot be
terminated without the approval of the board of directors.
36
ncome securities are subject to the risks
associated with debt securities including credit, price and interest rate risk. The performance of the portfolio is partially dependent on the performance of the underlying
American Century funds and will assume the risks associated with these funds.
37
llocation as of the date of the prospectus
and each underlying fund's total annual operating expenses. The total expense results from combining the annual fund operating expenses with the estimated underlying
fund expenses. Please consult the prospectus for a detailed overview of the expenses and charges.
38 Returns or yields for the fund would have been lower if .05% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
39
the portfolio and will rebalance the
location Funds and do not represent comparisons
with any other investment.
40 The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional
instruments. Derivatives can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the fund may not correlate with the value of
the underlying instrument. Derivatives are subject to a number of other risks, including interest, market and credit risk.
41 Returns or yields for the fund would have been lower if .10% of the management fee had not been waived. The advisor expects this waiver to continue until February
28, 2018, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current
information.
42 International investing involves special risks, such as political instability and currency fluctuations. Because the fund may invest in securities denominated in foreign
currencies, the fund may be subject to currency risk, meaning the fund could experience gains or losses based solely on changes in the exchange rate between foreign
currencies and the U.S. dollar. In addition, the lower rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk. Investing in
emerging markets may accentuate these risks.
43 Alternative mutual funds often hold a variety of non-traditional investments, and also often employ more complex trading strategies than traditional mutual funds. Each
of these different alternative asset classes and investment strategies have unique risks making them more suitable for investors with an above average tolerance for risk.
44 Fund shown may take short positions. A short position arises when the fund sells stock that it does not own but was borrowed in anticipation that the market price of
the stock will decline. If the market price declines, the fund can replace the borrowed stock at a lower price and capture the value represented by the difference between
the higher sale price and the lower replacement price. Conversely, if the price of the stock goes up after the fund borrows the stock, the fund will lose money because it
will have to pay more to replace the borrowed stock than it received when it sold the stock short. Any loss will be increased by the amount of compensation, interest or
ss on a short sale stems from increases in the
value of the stock sold short, the extent of such loss, like the price of the stock sold short, is theoretically unlimited. By c
tion, the fund may not be able to close out a
short position at a particular time or price advantageous to the fund and there is some risk the lender of the stock sold short will terminate the loan at an inopportune time.
45 Alternative mutual funds generally hold a variety of non-traditional investments, and generally employ more complex trading strategies than traditional mutual funds.
Specifically, the AC Alternatives Income Fund may invest in, among other securities, lower-rated debt securities; securities backed by other assets (like mortgages or auto
loans); companies engaged in the real estate industry; and entities that must invest in energy infrastructure, financial services or real estate to obtain special tax status. The
fund may invest in these strategies directly, through short positions (effectively borrowing and then selling a security with a future delivery date in hopes that it will decline
in price in the interim), or through other derivatives, such as futures or options.
Each of these alternative asset classes and investment strategies has unique risks typically making them more suitable for investors with an above average tolerance for
risk or longer investment horizon. Specifically, among other risks, lower-rated debt securities may be subject to greater default and liquidity risk; asset-backed securities
may be subject to prepayment, credit and default risk; real estate securities may be subject to changes in economic conditions and interest rates; and special tax entities
may be subject to a change in tax status and the risks of concentrating in a particular region or industry.
In addition, these investments may be executed through investment strategies with unique risks. One of the risks of investing through short positions includes that the
stock price will go up, exposing the short seller to potentially unlimited price risk. One of the risks of investing in derivatives is volatility. Specifically, derivatives investing
price, however, can result in significant volatility
in the related derivative investment. In addition, most derivative investments involve a counterparty, which subjects the investment to the credit risk of each counterparty to
a derivatives transaction.
46 Returns or yields for the fund would have be lower if 0.08% of the management fee had not been waived. The advisor expects this waiver to continue until February
28, 2018, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the semiannual or annual report for the most current
information.
47 Returns or yields for the fund would have been lower if .25% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
48 Due to the limited focus of this fund, it may experience greater volatility than funds with a broader investment strategy. The fund is not intended to serve as a complete
investment program by itself.
49 This fund may be subject to many of the same risks as a direct investment in real estate. These risks include changes in economic conditions, interest rates, property
values, property tax increases, overbuilding and increased competition, environmental contamination, zoning and natural disasters. This is due to the fact that the value of
ent the fund invests in companies that make
loans to real estate companies, the fund also may be subject to interest rate risk and credit risk.
50 Returns or yields for the fund would have been lower if .08% of the management fee had not been waived. The advisor expects this waiver to continue until February
28, 2018, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current
information.
51 The value of the fund's shares may fluctuate significantly in the short term. At any given time your shares may be worth less than the price you paid for them. Since
inflation-indexed securities trade at prevailing real, or after-inflation, interest rates, changes in these rates affect the value of such securities owned by the fund. Generally,
when real interest rates rise, the value of these securities will decline. The opposite is true when real interest rates decline.
52 Returns or yields for the fund would have been lower if .20% of the management fee had not been waived. The advisor expects this waiver to continue until July 31,
2017, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.
53 Effective 5/2/16, Strategic Inflation Opportunities was renamed Multi-Asset Real Return. The value of the fund's shares may fluctuate significantly in the short term. At
any given time your shares may be worth less than the price you paid for them. Since inflation-indexed securities trade at prevailing real, or after-inflation, interest rates,
changes in these rates affect the value of such securities owned by the fund. Generally, when real interest rates rise, the value of these securities will decline. The
opposite is true when real interest rates decline.
54 Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
American Century Investment Services, Inc., Distributor
©2017 American Century Proprietary Holdings, Inc. All rights reserved.
IN-BRO-92114