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One Fund, Global Diversification. Global Allocation Fund is designed to help investors build and preserve capital with a single fund that’s diversified globally across traditional stocks and bonds and a range of alternative investments.

/sd/customer/portfolio_json 1.800.345.2021

Leading Edge Diversification

The Global Allocation Fund team casts a wide net in a global search for opportunities to expand return potential and reduce downside risk. They've established a strategic framework spanning traditional U.S. and non-U.S. stock and bond investments as well as alternative asset classes such as commodities, real estate and gold.

State-of-the-Art Tactical Asset Allocation

The fund's management team monitors global macroeconomic conditions and market metrics. Informed by this research, the management team uses a proprietary tactical asset allocation model to take advantage of opportunities, manage risk and adjust to changing market conditions.

Active Alpha Strategies

The fund follows a flexible but risk-managed approach designed for today's increasingly integrated global market. The management team seeks additional return potential through investments in foreign currency, sector exchange-traded funds (ETFs) and other instruments. At the same time, they seek to mitigate risk through investments in volatility-related instruments.

A Note About Risk

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 may invest in small- and mid-cap stock, which can be more volatile than larger-company stock. The fund also employs a mix of investment styles, each of which has risks associated with it. 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 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. The fund’s commodity-related investments may be subject to greater volatility than investments in traditional securities. In addition, the fund’s real estate-related investments may subject the fund to risks similar to those associated with direct investment in real estate. There is no guarantee that the investment objectives will be met. Dividends and yields represent past performance and there is no guarantee that they will continue to be paid.

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Rating & Rankings

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For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Morningstar ratings are based upon Investor class of shares, unless otherwise indicated. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. Past performance is no guarantee of future results.
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The Morningstar Investment Style BoxTM reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

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Fund Management

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

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 performance of the portfolio is partially dependent on the performance of the underlying American Century Investments' funds and will assume the risks associated with these funds.

Diversification does not assure a profit nor does it protect against loss of principal.

Historically, small- and/or mid-cap stocks have been more volatile than the stock 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 the securities of larger companies.

W2 If your account falls below the minimum balance, you will be notified and given 90 days to meet the minimum. If the deadline is not met, American Century Investments may redeem the shares in the account and send the proceeds to the address of record.

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Expense ratios provided are the funds' total annual operating expense ratios, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus.

Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright 2015 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

©2015 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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Distribution