# EDGAR Filing Document

**Accession Number:** 0000924211
**File Stem:** 0000924211-25-000021
**Filing Date:** 2025-11
**Character Count:** 706106
**Document Hash:** 41768fbf9839b534c33ebee2e2f206fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000924211-25-000021.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000924211-25-000021

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS INC
- **CENTRAL INDEX KEY:** 0000924211

**ORGANIZATION NAME:**
- **EIN:** 431677617
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08532
- **FILM NUMBER:** 251526180

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY STRATEGIC PORTFOLIOS INC /MO/
- **DATE OF NAME CHANGE:** 19951130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY INSTITUTIONAL PORTFILIOS INC
- **DATE OF NAME CHANGE:** 19940531
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS INC
- **CENTRAL INDEX KEY:** 0000924211

**ORGANIZATION NAME:**
- **EIN:** 431677617
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-79482
- **FILM NUMBER:** 251526179

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY STRATEGIC PORTFOLIOS INC /MO/
- **DATE OF NAME CHANGE:** 19951130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TWENTIETH CENTURY INSTITUTIONAL PORTFILIOS INC
- **DATE OF NAME CHANGE:** 19940531

## Series and Classes Contracts Data

### STRATEGIC ALLOCATION: AGGRESSIVE FUND (Series ID: S000005931)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016318 | R CLASS        | AAARX           |
| C000016319 | INVESTOR CLASS | TWSAX           |
| C000016320 | A CLASS        | ACVAX           |
| C000016321 | I CLASS        | AAAIX           |
| C000016324 | C CLASS        | ASTAX           |
| C000131619 | R6 CLASS       | AAAUX           |
| C000189654 | R5 CLASS       | ASAUX           |

### STRATEGIC ALLOCATION: MODERATE FUND (Series ID: S000005932)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016325 | INVESTOR CLASS | TWSMX           |
| C000016326 | A CLASS        | ACOAX           |
| C000016327 | I CLASS        | ASAMX           |
| C000016330 | C CLASS        | ASTCX           |
| C000016331 | R CLASS        | ASMRX           |
| C000131620 | R6 CLASS       | ASMDX           |
| C000189655 | R5 CLASS       | ASMUX           |

### STRATEGIC ALLOCATION: CONSERVATIVE FUND (Series ID: S000005933)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016332 | R CLASS        | AACRX           |
| C000016333 | INVESTOR CLASS | TWSCX           |
| C000016334 | A CLASS        | ACCAX           |
| C000016335 | I CLASS        | ACCIX           |
| C000016338 | C CLASS        | AACCX           |
| C000131621 | R6 CLASS       | AACDX           |
| C000189656 | R5 CLASS       | AACGX           |

?xml version='1.0' encoding='ASCII'? ck0000924211-20251126

**As Filed with the U.S. Securities and Exchange Commission on November 26, 2025**

**1933 Act File No. 033-79482**

**1940 Act File No. 811-08532**

    

---

| | |
|:---|:---|
| **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**  | **UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>**WASHINGTON, D.C. 20549**  |
| **__________________**  | **__________________**  |
| <br>**FORM N-1A**  | <br>**FORM N-1A**  |
| **__________________**  | **__________________**  |
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**  | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. 64 | ☒ |
| and/or | and/or |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**  | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 64 | ☒ |
| (Check appropriate box or boxes.) | (Check appropriate box or boxes.) |
| **__________________**  | **__________________**  |
| **American Century Strategic Asset Allocations, Inc.**<br>(Exact Name of Registrant as Specified in Charter) | **American Century Strategic Asset Allocations, Inc.**<br>(Exact Name of Registrant as Specified in Charter) |
| **__________________**  | **__________________**  |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI 64111**<br>(Address of Principal Executive Offices)(Zip Code) | **4500 MAIN STREET, KANSAS CITY, MISSOURI 64111**<br>(Address of Principal Executive Offices)(Zip Code) |
| <br>**REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (816) 531-5575**  | <br>**REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (816) 531-5575**  |
| <br>**JOHN PAK**<br>**4500 MAIN STREET, KANSAS CITY, MISSOURI 64111**<br>**(**Name and Address of Agent for Service) | <br>**JOHN PAK**<br>**4500 MAIN STREET, KANSAS CITY, MISSOURI 64111**<br>**(**Name and Address of Agent for Service) |
| Approximate Date of Proposed Public Offering: December 1, 2025 |  |
| It is proposed that this filing will become effective (check appropriate box) | It is proposed that this filing will become effective (check appropriate box) |

---

---

| | |
|:---|:---|
| ☐ | immediately upon filing pursuant to paragraph (b) |
| ☒ | on December 1, 2025, at 8:30 a.m. (Central) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) |
| ☐ | on (date) pursuant to paragraph (a)(1) |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) |
| ☐ | on (date) pursuant to paragraph (a)(2) of rule 485. |
| If appropriate, check the following box: | If appropriate, check the following box: |
| ☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |

---

------

December 1, 2025

**American Century Investments**

Prospectus

**Strategic Allocation: Conservative Fund**

Investor Class (TWSCX)

I Class (ACCIX)

A Class (ACCAX)

C Class (AACCX)

R Class (AACRX)

R5 Class (AACGX)

R6 Class (AACDX)

**Strategic Allocation: Moderate Fund**

Investor Class (TWSMX)

I Class (ASAMX)

A Class (ACOAX)

C Class (ASTCX)

R Class (ASMRX)

R5 Class (ASMUX)

R6 Class (ASMDX)

**Strategic Allocation: Aggressive Fund**

Investor Class (TWSAX)

I Class (AAAIX)

A Class (ACVAX)

C Class (ASTAX)

R Class (AAARX)

R5 Class (ASAUX)

R6 Class (AAAUX)

---

| | |
|:---|:---|
| ***The Securities and Exchange Commission has***<br>***not approved or disapproved these securities or***<br>***passed upon the adequacy of this prospectus. Any***<br>***representation to the contrary is a criminal offense.***  | ![Image3.jpg](ck0000924211-20251126_g1.jpg) |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| **Fund Summary – Strategic Allocation: Conservative Fund**  | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Risks | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Performance | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Management | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 6 |
| **Fund Summary – Strategic Allocation: Moderate Fund**  | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Risks | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Performance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Management | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 11 |
| **Fund Summary – Strategic Allocation: Aggressive Fund**  | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Objective | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Risks | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund Performance | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Management | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 16 |
| **Objectives, Strategies and Risks**  | **17** |
| **Management**  | **21** |
| **Investing Directly with American Century Investments**  | **23** |
| **Investing Through a Financial Intermediary**  | **25** |
| **Additional Policies Affecting Your Investment**  | **30** |
| **Share Price and Distributions**  | **34** |
| **Taxes**  | **36** |
| **Multiple Class Information**  | **38** |
| **Financial Highlights**  | **39** |
| **Appendix A** | **A-1** |

---

<sup>©</sup>2025 American Century Proprietary Holdings, Inc. All rights reserved.

------

**Fund Summary – Strategic Allocation: Conservative Fund**

**Investment Objective**

The fund is an asset allocation fund. That is, it diversifies its assets among various classes of investments such as equity securities, bonds and money market instruments. The fund seeks the highest level of total return consistent with its asset mix.

**Fees and Expenses**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in *Calculation of Sales Charges* on page 26 of the fund's prospectus, *Appendix A* of the fund's prospectus and *Sales Charges* in *Appendix B* of the statement of additional information.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) |
|  | *Investor* | *I* | *A*  | *C*  | *R*  | *R5* | *R6*  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  | 5.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase) |  |  | None¹ | 1.00% |  |  |  |
| Maximum Annual Account Maintenance Fee<br>(waived if eligible investments total at least $25,000 or shareholder has elected electronic delivery) | $25 |  |  |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
|  | *Investor* | *I* | *A*  | *C*  | *R*  | *R5* | *R6*  |
| Management Fee | 1.00% | 0.80% | 1.00% | 1.00% | 1.00% | 0.80% | 0.65% |
| Distribution and Service (12b-1) Fees |  |  | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Acquired Fund Fees and Expenses | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
| Total Annual Fund Operating Expenses | 1.13% | 0.93% | 1.38% | 2.13% | 1.63% | 0.93% | 0.78% |
| Fee Waiver<sup>2,3</sup> | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.83% | 0.63% | 1.08% | 1.83% | 1.33% | 0.63% | 0.48% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The advisor will waive a portion of the fund's management fee equal to the expenses attributable to the management fees of American Century advised underlying funds. The amount of this waiver will fluctuate depending on the fund's daily allocations to such funds. This waiver is expected to remain in effect permanently, and it cannot be terminated without the approval of the Board of Directors.*

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The advisor also agreed to waive an additional 0.19 percentage points of the fund's management fee. The advisor expects this fee waiver to continue until November 30, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.*

**Example**

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund's operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 year*  | *3 years*  | *5 years*  | *10 years*  |
| Investor Class | $85 | $306 | $545 | $1231 |
| I Class | $65 | $243 | $437 | $996 |
| A Class | $679 | $938 | $1215 | $2004 |
| C Class | $186 | $616 | $1071 | $2137 |
| R Class | $136 | $462 | $812 | $1795 |
| R5 Class | $65 | $243 | $437 | $996 |
| R6 Class | $49 | $196 | $355 | $817 |

---

------

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). 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 95% of the average value of its portfolio.

**Principal Investment Strategies**

The fund's asset allocation strategy diversifies investments among equity securities, bonds and money market instruments. The fund seeks regular income through its emphasis on bonds and money market securities. It also has the potential for moderate long-term total return as a result of its stake 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 operating ranges within which the fund's asset mix generally will vary over short-term periods.

---

| | | | |
|:---|:---|:---|:---|
|  | *Equity Securities*<br>*(Stocks)*  | *Fixed-Income or*<br>*Debt Securities (Bonds)*  | *Cash Equivalents*<br>*(Money Markets)*  |
| Neutral Mix | 45% | 49% | 6% |
| Operating Range | 39-51% | 38-55% | 2-20% |

---

The fund may invest in any type of U.S. or foreign equity security that meets certain fundamental and technical standards. The portfolio managers draw on growth, value and quantitative investment techniques in managing the equity portion of the fund's portfolio, and they diversify the fund's equity investments among small, medium and large companies.

The fund also invests in a variety of debt securities payable in U.S. and foreign currencies. The fixed-income portion of the fund invests primarily in investment-grade debt securities. An investment-grade security is one that has been rated by at least one independent rating agency in its top four credit quality categories or determined by the advisor to be of comparable credit quality. However, the fund may invest up to 10% of its assets in below investment-grade securities (also known as high-yield securities or "junk bonds"). The fund may also invest in bank loans and collateralized debt obligations (including collateralized loan obligations).

To gain exposure to certain investment disciplines and categories, the fund may invest in varying combinations of affiliated investment companies (mutual funds and exchange-traded funds (ETFs) advised by American Century).

The fund also may invest in derivative instruments such as options, futures contracts, options on futures contracts, and swap agreements (including, but not limited to, credit default swap agreements), provided that such investments are in keeping with the fund's investment objective.

Responsibility for research, stock selection and portfolio construction for other portions of the fund has been allocated among portfolio teams representing various investment disciplines and strategies employed by other American Century funds.

**Principal Risks**

• **Allocation Risk** — The fund's ability to achieve its investment objective depends in part on the portfolio managers' skill in determining the fund's asset class allocations and in selecting and weighting investments within each class. The portfolio managers' evaluations and assumptions regarding asset classes and investments may differ from actual market conditions.

• **Fund of Funds Risk** — The fund's performance and risks also reflect the performance and risks of the underlying funds in which it invests.

• **ETF Risk** — ETF shares are based on market price rather than net asset value (NAV), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchasing or selling ETF shares.

• **Small- and Mid-Cap Stock Risks** — Stocks of smaller companies can 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 the fund invests in these companies, it may take on more risk.

• **"Growth" and "Value" Style Risks** — The fund employs 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.

• **Investment Process Risk** — Stocks selected by the portfolio managers using quantitative models may perform differently than expected due to the portfolio managers' judgments regarding the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues with the construction and implementation of the models (including, for example, data problems and/or software or other implementation issues). There is no guarantee that the use of the quantitative model will result in effective investment decisions for the fund. Additionally, the commonality of portfolio holdings across quantitative investment managers may amplify losses.

------

• **Interest Rate Risk** — Investments in debt securities are sensitive to interest rate changes. Generally, when interest rates rise, the value of debt securities and the funds that hold them will decline. A period of rising interest rates may negatively affect the fund's performance. The fund will also be exposed to interest rate risk outside of the U.S. where interest rate trends may differ.

• **Credit Risk** — Debt securities, even investment-grade debt securities, are subject to credit risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. As a result, the fund's share price could also decrease. Changes in the credit rating of a debt security held by the fund could have a similar effect. To the extent that the fund invests in below investment-grade securities (high-yield securities or "junk bonds"), the fund takes on additional credit risk.

**• Liquidity Risk** — The fund may also be subject to liquidity risk. During periods of market turbulence or unusually low trading activity, in order to meet redemptions it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund's share price. Changing regulatory and market conditions, including increases in interest rates and credit spreads, may adversely affect the liquidity of the fund's investments.

• **Counterparty Risk** — If the fund enters into financial contracts, the fund will be subject to the credit risk presented by the counterparties.

• **Prepayment and Extension Risk** — The fund may invest in debt securities backed by mortgages or other assets. If these underlying assets are prepaid, the fund may benefit less from declining interest rates than funds of similar maturity that invest less heavily in mortgage- and asset-backed securities. Conversely, an issuer may exercise its right to pay principal on an obligation held by the fund later than expected (extend the obligation) especially in periods of rising interest rates. These events may lengthen the maturity and potentially reduce the value of these securities.

• **Foreign Risk** — The fund may invest in foreign securities, which may be 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. Fluctuations in currency exchange rates also may affect the fund's share price. Investing in securities of companies located in emerging market countries is generally riskier than investing in securities located in developed foreign countries.

• **Bank Loan Risk** — The market for bank loans may not be highly liquid and the fund may have difficulty selling them. Bank loans may not be considered securities, thus the fund may not be afforded anti-fraud protections available under the federal securities laws. In connection with purchasing loan participations, the fund generally will have no right to enforce compliance by borrowers with loan terms nor any set off rights, and the fund may not benefit directly from any posted collateral. As a result, the fund may be subject to the credit risk of both the borrower and the lender selling the participation. Bank loan transactions may take more than seven days to settle, meaning that proceeds would be unavailable to make additional investments or meet redemptions.

• **Collateralized Obligations Risk** — Collateralized obligations such as collateralized loan obligations (CLOs) are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of collateralized obligations may be affected by, among other things, changes in the market value of the underlying assets held by the collateralized obligations, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, and prices and interest rates of underlying assets. Lower rated tranches of such debt are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. Some of the collateralized obligations in which the fund invests may be covenant-lite loans. Covenant-lite loans contain fewer or less restrictive constraints on the borrower. The fund may have fewer rights against a borrower and an accompanying greater risk of loss when it invests in covenant-lite loans.

• **Derivatives Risk** — The use of derivative instruments, such as futures, options and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives are subject to a number of risks, including leverage, liquidity, interest rate, market, credit, counterparty and correlation risk. 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 or the fund's other investments. Gains or losses involving some futures, options and other derivatives may be substantial – in part because a relatively small price movement in these instruments may result in an immediate and substantial gain or loss for the fund. Derivatives used for hedging or risk management may not operate as intended, may expose the fund to other risks, and may be insufficient to protect the fund from the risks they were intended to hedge.

• **Market Risk** — The value of the fund's shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

• **Principal Loss Risk** — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

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.

------

**Fund Performance**

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**

![12456](ck0000924211-20251126_g2.jpg)

**Highest Performance Quarter (Q2 2020): 12.15%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowest Performance Quarter (Q1 2020): -10.77%**

**As of September 30, 2025, the most recent calendar quarter end, the fund's Investor Class year-to-date return was 9.09%.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>*For the calendar year ended December 31, 2024* | *1 year*  | *5 years*  | *10 years*  | *Inception*<br>*Date*  |
| **Investor Class** Return Before Taxes | 7.75% | 5.15% | 5.03% | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 5.60% | 3.50% | 3.39% | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 5.39% | 3.59% | 3.55% | 02/15/1996 |
| **I Class** Return Before Taxes | 7.96% | 5.36% | 5.23% | 08/01/2000 |
| **A Class** Return Before Taxes | 1.30% | 3.65% | 4.13% | 10/02/1996 |
| **C Class**<sup>1</sup> Return Before Taxes | 6.70% | 4.10% | 4.13% | 09/30/2004 |
| **R Class** Return Before Taxes | 7.24% | 4.65% | 4.50% | 03/31/2005 |
| **R5 Class**<sup>2</sup> Return Before Taxes | 8.15% | 5.35% | 5.24% | 04/10/2017 |
| **R6 Class** Return Before Taxes | 8.13% | 5.51% | 5.39% | 07/26/2013 |
| &nbsp;&nbsp;&nbsp;MSCI ACWI IMI<br>(reflects no deductions for fees, expenses or taxes) | 16.37% | 9.67% | 9.00% |  |
| Bloomberg U.S. Aggregate Bond Index<br>&nbsp;&nbsp;&nbsp;&nbsp;(reflects no deductions for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |  |

---

<sup>1</sup>*&nbsp;&nbsp;&nbsp;&nbsp;C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares.*

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.

**Portfolio Management**

**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 fund since 2010.

**Brian L. Garbe**, Vice President and Senior Portfolio Manager, has been a member of the team that manages the funds since 2020. Mr. Garbe has announced his plans to retire. As a result, he will no longer serve as portfolio manager for the fund effective December 31, 2025.

**Radu Gabudean**, **Ph.D.,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2013.

**Vidya Rajappa, CFA,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2018.

**Scott Wilson**, **CFA,** Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2006.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the fund on any business day through our website at americancentury.com, in person (at one of our Investor Centers), by mail (American Century Investments, P.O. Box 419200, Kansas City, MO 64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative) or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement Plans), or through a financial intermediary. Shares may be purchased and redemption proceeds received by electronic bank transfer, by check or by wire.

Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs). However, American Century Investments will waive the fund minimum if you make an initial investment of at least $500 and continue to make automatic investments of at least $100 a month until reaching the fund minimum. Investors opening accounts through financial intermediaries may open an account with $250 for Investor, A, C and R Classes, but the financial intermediaries may require their clients to meet different investment minimums. The minimum may be waived for broker-dealer sponsored wrap program accounts, fee based accounts, and accounts through bank/trust and wealth management advisory organizations.

The minimum initial investment amount for the I Class is generally $5 million ($3 million for endowments and foundations), but the minimum may be waived if you have an aggregate investment in the American Century family of funds of $10 million or more ($5 million for endowments and foundations). This includes accounts held directly with American Century and those held through a financial intermediary.

There is no minimum initial investment amount for R5 or R6 Class shares.

For the Investor, A, C, R, R5 and R6 Classes, there is no minimum initial investment amount for certain employer-sponsored retirement plans, however, financial intermediaries or plan recordkeepers may require plans to meet different minimums. Employer-sponsored retirement plans are not eligible to invest in the I Class.

There is a $50 minimum for subsequent purchases, except that there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans.

**Tax Information**

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).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, insurance company, plan sponsor or financial professional), the fund and its related companies may pay the intermediary for the sale of fund shares and related services for investments in all classes except the R6 Class. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Fund Summary – Strategic Allocation: Moderate Fund**

**Investment Objective**

The fund is an asset allocation fund. That is, it diversifies its assets among various classes of investments such as equity securities, bonds and money market instruments. The fund seeks the highest level of total return consistent with its asset mix.

**Fees and Expenses**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in *Calculation of Sales Charges* on page 26 of the fund's prospectus, *Appendix A* of the fund's prospectus and *Sales Charges* in *Appendix B* of the statement of additional information.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) |
|  | *Investor* | *I* | *A*  | *C*  | *R*  | *R5*  | *R6*  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  | 5.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase) |  |  | None¹ | 1.00% |  |  |  |
| Maximum Annual Account Maintenance Fee<br>(waived if eligible investments total at least $25,000 or shareholder has elected electronic delivery) | $25 |  |  |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
|  | *Investor* | *I* | *A*  | *C*  | *R*  | *R5* | *R6*  |
| Management Fee | 1.10% | 0.90% | 1.10% | 1.10% | 1.10% | 0.90% | 0.75% |
| Distribution and Service (12b-1) Fees |  |  | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Acquired Fund Fees and Expenses | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| Total Annual Fund Operating Expenses | 1.26% | 1.06% | 1.51% | 2.26% | 1.76% | 1.06% | 0.91% |
| Fee Waiver<sup>2,3</sup> | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.83% | 0.63% | 1.08% | 1.83% | 1.33% | 0.63% | 0.48% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The advisor will waive a portion of the fund's management fee equal to the expenses attributable to the management fees of American Century advised underlying funds. The amount of this waiver will fluctuate depending on the fund's daily allocations to such funds. This waiver is expected to remain in effect permanently, and it cannot be terminated without the approval of the Board of Directors.*

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The advisor also agreed to waive an additional 0.29 percentage points of the fund's management fee. The advisor expects this waiver to continue until November 30, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.*

**Example**

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund's operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 year* | *3 years* | *5 years* | *10 years* |
| Investor Class | $85 | $328 | $590 | $1337 |
| I Class | $65 | $265 | $482 | $1105 |
| A Class | $679 | $958 | $1256 | $2102 |
| C Class | $186 | $637 | $1113 | $2235 |
| R Class | $136 | $484 | $855 | $1896 |
| R5 Class | $65 | $265 | $482 | $1105 |
| R6 Class | $49 | $217 | $400 | $927 |

---

------

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). 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 75% of the average value of its portfolio.

**Principal Investment Strategies**

The fund's asset allocation strategy diversifies investments among equity securities, bonds and money market instruments. The fund seeks long-term capital growth with some regular income. It emphasizes investments in equity securities but maintains a sizeable stake in bonds and money market 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 operating ranges within which the fund's asset mix generally will vary over short-term periods.

---

| | | | |
|:---|:---|:---|:---|
|  | *Equity Securities*<br>*(Stocks)*  | *Fixed-Income or*<br>*Debt Securities (Bonds)*  | *Cash Equivalents*<br>*(Money Markets)*  |
| Neutral Mix | 64% | 32% | 4% |
| Operating Range | 53-73% | 21-41% | 0-15% |

---

The fund may invest in any type of U.S. or foreign equity security that meets certain fundamental and technical standards. The portfolio managers draw on growth, value and quantitative investment techniques in managing the equity portion of the fund's portfolio, and they diversify the fund's equity investments among small, medium and large companies.

The fund also invests in a variety of debt securities payable in U.S. and foreign currencies. The fixed-income portion of the fund primarily invests in investment-grade debt securities. An investment-grade security is one that has been rated by at least one independent rating agency in its top four credit quality categories or determined by the advisor to be of comparable credit quality. However, the fund may invest up to 10% of its assets in below investment-grade securities (also known as high-yield securities or "junk bonds"). The fund may also invest in bank loans and collateralized debt obligations (including collateralized loan obligations).

To gain exposure to certain investment disciplines and categories, the fund may invest in varying combinations of affiliated investment companies (mutual funds and exchange-traded funds (ETFs) advised by American Century).

The fund also may invest in derivative instruments such as options, futures contracts, options on futures contracts, and swap agreements (including, but not limited to, credit default swap agreements), provided that such investments are in keeping with the fund's investment objective.

Responsibility for research, stock selection and portfolio construction for other portions of the fund has been allocated among portfolio teams representing various investment disciplines and strategies employed by other American Century funds.

**Principal Risks**

• **Allocation Risk** — The fund's ability to achieve its investment objective depends in part on the portfolio managers' skill in determining the fund's asset class allocations and in selecting and weighting investments within each class. The portfolio managers' evaluations and assumptions regarding asset classes and investments may differ from actual market conditions.

• **Fund of Funds Risk** — The fund's performance and risks also reflect the performance and risks of the underlying funds in which it invests.

• **ETF Risk** — ETF shares are based on market price rather than net asset value (NAV), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchasing or selling ETF shares.

**• Small- and Mid-Cap Stock Risks** — Stocks of smaller companies can 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 the fund invests in these companies, it may take on more risk.

• **"Growth" and "Value" Style Risks** — The fund employs 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.

• **Investment Process Risk** — Stocks selected by the portfolio managers using quantitative models may perform differently than expected due to the portfolio managers' judgments regarding the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues with the construction and implementation of the models (including, for example, data problems and/or software or other implementation issues). There is no guarantee that the use of the quantitative model will result in effective investment decisions for the fund. Additionally, the commonality of portfolio holdings across quantitative investment managers may amplify losses.

------

• **Interest Rate Risk** — Investments in debt securities are sensitive to interest rate changes. Generally, when interest rates rise, the value of debt securities and the funds that hold them will decline. A period of rising interest rates may negatively affect the fund's performance. The fund will also be exposed to interest rate risk outside of the U.S. where interest rate trends may differ.

• **Credit Risk** — Debt securities, even investment-grade debt securities, are subject to credit risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. As a result, the fund's share price could also decrease. Changes in the credit rating of a debt security held by the fund could have a similar effect. To the extent that the fund invests in below investment-grade securities (high-yield securities or "junk bonds"), the fund takes on additional credit risk.

• **Counterparty Risk** — If the fund enters into financial contracts, the fund will be subject to the credit risk presented by the counterparties.

• **Liquidity Risk** — The fund may also be subject to liquidity risk. During periods of market turbulence or unusually low trading activity, in order to meet redemptions it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund's share price. The market for lower-quality debt securities is generally less liquid than the market for higher-quality securities. Changing regulatory and market conditions, including increases in interest rates and credit spreads, may adversely affect the liquidity of the fund's investments.

• **Prepayment and Extension Risk** — The fund may invest in debt securities backed by mortgages or other assets. If these underlying assets are prepaid, the fund may benefit less from declining interest rates than funds of similar maturity that invest less heavily in mortgage- and asset-backed securities. Conversely, an issuer may exercise its right to pay principal on an obligation held by the fund later than expected (extend the obligation) especially in periods of rising interest rates. These events may lengthen the maturity and potentially reduce the value of these securities.

• **Foreign Risk** — The fund may invest in foreign securities, which may be 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. Fluctuations in currency exchange rates also may affect the 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.

• **Bank Loan Risk** — The market for bank loans may not be highly liquid and the fund may have difficulty selling them. Bank loans may not be considered securities, thus the fund may not be afforded anti-fraud protections available under the federal securities laws. In connection with purchasing loan participations, the fund generally will have no right to enforce compliance by borrowers with loan terms nor any set off rights, and the fund may not benefit directly from any posted collateral. As a result, the fund may be subject to the credit risk of both the borrower and the lender selling the participation. Bank loan transactions may take more than seven days to settle, meaning that proceeds would be unavailable to make additional investments or meet redemptions.

• **Collateralized Obligations Risk** — Collateralized obligations such as collateralized loan obligations (CLOs) are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of collateralized obligations may be affected by, among other things, changes in the market value of the underlying assets held by the collateralized obligations, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, and prices and interest rates of underlying assets. Lower rated tranches of such debt are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. Some of the collateralized obligations in which the fund invests may be covenant-lite loans. Covenant-lite loans contain fewer or less restrictive constraints on the borrower. The fund may have fewer rights against a borrower and an accompanying greater risk of loss when it invests in covenant-lite loans.

• **Derivatives Risk** — The use of derivative instruments, such as futures, options and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives are subject to a number of risks, including leverage, liquidity, interest rate, market, credit, counterparty and correlation risk. 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 or the fund's other investments. Gains or losses involving some futures, options and other derivatives may be substantial – in part because a relatively small price movement in these instruments may result in an immediate and substantial gain or loss for the fund. Derivatives used for hedging or risk management may not operate as intended, may expose the fund to other risks, and may be insufficient to protect the fund from the risks they were intended to hedge.

• **Market Risk** — The value of the fund's shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

• **Principal Loss Risk** — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

------

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.

**Fund Performance**

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**

![12564](ck0000924211-20251126_g3.jpg)

**Highest Performance Quarter (Q2 2020): 15.96%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowest Performance Quarter (Q1 2020): -15.25%**

**As of September 30, 2025, the most recent calendar quarter end, the fund's Investor Class year-to-date return was 11.71%.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>*For the calendar year ended December 31, 2024* | *1 year*  | *5 years*  | *10 years*  | *Inception*<br>*Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*  |
| **Investor Class** Return Before Taxes | 10.48% | 6.82% | 6.57% | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 8.72% | 5.15% | 4.58% | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 6.93% | 4.97% | 4.72% | 02/15/1996 |
| **I Class** Return Before Taxes | 10.69% | 7.06% | 6.79% | 08/01/2000 |
| **A Class** Return Before Taxes | 3.75% | 5.29% | 5.67% | 10/02/1996 |
| **C Class**<sup>1</sup> Return Before Taxes | 9.44% | 5.77% | 5.68% | 10/02/2001 |
| **R Class** Return Before Taxes | 10.09% | 6.31% | 6.05% | 08/29/2003 |
| **R5 Class**<sup>2</sup> Return Before Taxes | 10.69% | 7.02% | 6.79% | 04/10/2017 |
| **R6 Class** Return Before Taxes | 10.90% | 7.21% | 6.95% | 07/26/2013 |
| &nbsp;&nbsp;&nbsp;MSCI ACWI IMI<br>(reflects no deductions for fees, expenses or taxes) | 16.37% | 9.67% | 9.00% |  |
| Bloomberg U.S. Aggregate Bond Index<br>&nbsp;&nbsp;&nbsp;&nbsp;(reflects no deductions for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |  |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup> *C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares.*

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.

**Portfolio Management**

**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 fund since 2010.

**Brian L. Garbe**, Vice President and Senior Portfolio Manager, has been a member of the team that manages the funds since 2020. Mr. Garbe has announced his plans to retire. As a result, he will no longer serve as portfolio manager for the fund effective December 31, 2025.

**Radu Gabudean**, **Ph.D.,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2013.

**Vidya Rajappa, CFA,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2018.

**Scott Wilson**, **CFA,** Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2006.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the fund on any business day through our website at americancentury.com, in person (at one of our Investor Centers), by mail (American Century Investments, P.O. Box 419200, Kansas City, MO 64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative) or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement Plans), or through a financial intermediary. Shares may be purchased and redemption proceeds received by electronic bank transfer, by check or by wire.

Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs). However, American Century Investments will waive the fund minimum if you make an initial investment of at least $500 and continue to make automatic investments of at least $100 a month until reaching the fund minimum. Investors opening accounts through financial intermediaries may open an account with $250 for Investor, A, C and R Classes, but the financial intermediaries may require their clients to meet different investment minimums. The minimum may be waived for broker-dealer sponsored wrap program accounts, fee based accounts, and accounts through bank/trust and wealth management advisory organizations.

The minimum initial investment amount for the I Class is generally $5 million ($3 million for endowments and foundations), but the minimum may be waived if you have an aggregate investment in the American Century family of funds of $10 million or more ($5 million for endowments and foundations). This includes accounts held directly with American Century and those held through a financial intermediary.

There is no minimum initial investment amount for R5 or R6 Class shares.

For the Investor, A, C, R, R5 and R6 Classes, there is no minimum initial investment amount for certain employer-sponsored retirement plans, however, financial intermediaries or plan recordkeepers may require plans to meet different minimums. Employer-sponsored retirement plans are not eligible to invest in the I Class.

There is a $50 minimum for subsequent purchases, except that there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans.

**Tax Information**

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).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, insurance company, plan sponsor or financial professional), the fund and its related companies may pay the intermediary for the sale of fund shares and related services for investments in all classes except the R6 Class. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Fund Summary – Strategic Allocation: Aggressive Fund**

**Investment Objective**

The fund is an asset allocation fund. That is, it diversifies its assets among various classes of investments such as equity securities, bonds and money market instruments. The fund seeks the highest level of total return consistent with its asset mix.

**Fees and Expenses**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in American Century Investments funds. More information about these and other discounts is available from your financial professional and in *Calculation of Sales Charges* on page 26 of the fund's prospectus, *Appendix A* of the fund's prospectus and *Sales Charges* in *Appendix B* of the statement of additional information.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) | **Shareholder Fees** (fees paid directly from your investment) |
|  | *Investor* | *I* | *A*  | *C*  | *R*  | *R5*  | *R6*  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  | 5.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original offering price or redemption proceeds when redeemed within one year of purchase) |  |  | None¹ | 1.00% |  |  |  |
| Maximum Annual Account Maintenance Fee<br>(waived if eligible investments total at least $25,000 or shareholder has elected electronic delivery) | $25 |  |  |  |  |  |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
|  | *Investor* | *I* | *A*  | *C*  | *R*  | *R5* | *R6*  |
| Management Fee | 1.15% | 0.95% | 1.15% | 1.15% | 1.15% | 0.95% | 0.80% |
| Distribution and Service (12b-1) Fees |  |  | 0.25% | 1.00% | 0.50% |  |  |
| Other Expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Acquired Fund Fees and Expenses | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% | 0.17% |
| Total Annual Fund Operating Expenses | 1.33% | 1.13% | 1.58% | 2.33% | 1.83% | 1.13% | 0.98% |
| Fee Waiver<sup>2,3</sup> | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.79% | 0.59% | 1.04% | 1.79% | 1.29% | 0.59% | 0.44% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Purchases of $1 million or more may be subject to a contingent deferred sales charge of 1.00% if the shares are redeemed within one year of the date of the purchase.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The advisor will waive a portion of the fund's management fee equal to the expenses attributable to the management fees of American Century advised underlying funds. The amount of this waiver will fluctuate depending on the fund's daily allocations to such funds. This waiver is expected to remain in effect permanently, and it cannot be terminated without the approval of the Board of Directors.*

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The advisor also agreed to waive an additional 0.37 percentage points of the fund's management fee. The advisor expects this waiver to continue until November 30, 2026 and cannot terminate it prior to such date without the approval of the Board of Directors.*

**Example**

The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods and that you earn a 5% return each year. The example also assumes that the fund's operating expenses remain the same, except that it reflects the rate and duration of any fee waivers noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 year*  | *3 years*  | *5 years*  | *10 years*  |
| Investor Class | $81 | $332 | $603 | $1376 |
| I Class | $60 | $269 | $495 | $1144 |
| A Class | $675 | $962 | $1269 | $2138 |
| C Class | $182 | $642 | $1126 | $2270 |
| R Class | $132 | $488 | $868 | $1933 |
| R5 Class | $60 | $269 | $495 | $1144 |
| R6 Class | $45 | $222 | $414 | $968 |

---

------

**Portfolio Turnover**

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). 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 60% of the average value of its portfolio.

**Principal Investment Strategies**

The fund's asset allocation strategy diversifies investments among equity securities, bonds and money market instruments. The fund seeks long-term capital growth with a small amount of regular income. It emphasizes investments in equity securities but maintains a portion of its assets in bonds and money market 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 operating ranges within which the fund's asset mix generally will vary over short-term periods.

---

| | | | |
|:---|:---|:---|:---|
|  | *Equity Securities*<br>*(Stocks)*  | *Fixed-Income or*<br>*Debt Securities (Bonds)*  | *Cash Equivalents*<br>*(Money Markets)*  |
| Neutral Mix | 79% | 20% | 1% |
| Operating Range | 60-90% | 10-30% | 0-15% |

---

The fund may invest in any type of U.S. or foreign equity security that meets certain fundamental and technical standards. The portfolio managers draw on growth, value and quantitative investment techniques in managing the equity portion of the fund's portfolio, and they diversify the fund's equity investments among small, medium and large companies.

The fund also invests in a variety of debt securities payable in U.S. and foreign currencies. The fixed-income portion of the fund primarily invests in investment-grade debt securities. An investment-grade security is one that has been rated by at least one independent rating agency in its top four credit quality categories or determined by the advisor to be of comparable credit quality. However, the fund may invest up to 10% of its assets in below investment-grade securities (also known as high-yield securities or "junk bonds"). The fund may also invest in bank loans and collateralized debt obligations (including collateralized loan obligations).

To gain exposure to certain investment disciplines and categories, the fund may invest in varying combinations of affiliated investment companies (mutual funds and exchange-traded funds (ETFs) advised by American Century).

The fund also may invest in derivative instruments such as options, futures contracts, options on futures contracts, and swap agreements (including, but not limited to, credit default swap agreements), provided that such investments are in keeping with the fund's investment objective.

Responsibility for research, stock selection and portfolio construction for other portions of the fund has been allocated among portfolio teams representing various investment disciplines and strategies employed by other American Century funds.

**Principal Risks**

• **Allocation Risk** — The fund's ability to achieve its investment objective depends in part on the portfolio managers' skill in determining the fund's asset class allocations and in selecting and weighting investments within each class. The portfolio managers' evaluations and assumptions regarding asset classes and investments may differ from actual market conditions.

• **Fund of Funds Risk** — The fund's performance and risks also reflect the performance and risks of the underlying funds in which it invests.

• **ETF Risk** — ETF shares are based on market price rather than net asset value (NAV), as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchasing or selling ETF shares.

**• Small- and Mid-Cap Stock Risks** — Stocks of smaller companies can 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 the fund invests in these companies, it may take on more risk.

• **"Growth" and "Value" Style Risks** — The fund employs 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.

• **Investment Process Risk** — Stocks selected by the portfolio managers using quantitative models may perform differently than expected due to the portfolio managers' judgments regarding the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues with the construction and implementation of the models (including, for example, data problems and/or software or other implementation issues). There is no guarantee that the use of the quantitative model will result in effective investment decisions for the fund. Additionally, the commonality of portfolio holdings across quantitative investment managers may amplify losses.

------

• **Interest Rate Risk** — Investments in debt securities are sensitive to interest rate changes. Generally, when interest rates rise, the value of debt securities and the funds that hold them will decline. A period of rising interest rates may negatively affect the fund's performance. The fund will also be exposed to interest rate risk outside of the U.S. where interest rate trends may differ.

• **Credit Risk** — Debt securities, even investment-grade debt securities, are subject to credit risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. As a result, the fund's share price could also decrease. Changes in the credit rating of a debt security held by the fund could have a similar effect. To the extent that the fund invests in below investment-grade securities (high-yield securities or "junk bonds"), the fund takes on additional credit risk.

• **Counterparty Risk** — If the fund enters into financial contracts, the fund will be subject to the credit risk presented by the counterparties.

• **Liquidity Risk** — The fund may also be subject to liquidity risk. During periods of market turbulence or unusually low trading activity, in order to meet redemptions it may be necessary for the fund to sell securities at prices that could have an adverse effect on the fund's share price. The market for lower-quality debt securities is generally less liquid than the market for higher-quality securities. Changing regulatory and market conditions, including increases in interest rates and credit spreads, may adversely affect the liquidity of the fund's investments.

• **Prepayment and Extension Risk** — The fund may invest in debt securities backed by mortgages or other assets. If these underlying assets are prepaid, the fund may benefit less from declining interest rates than funds of similar maturity that invest less heavily in mortgage- and asset-backed securities. Conversely, an issuer may exercise its right to pay principal on an obligation held by the fund later than expected (extend the obligation) especially in periods of rising interest rates. These events may lengthen the maturity and potentially reduce the value of these securities.

• **Foreign Risk** — The fund may invest in foreign securities, which may be 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. Fluctuations in currency exchange rates also may affect the 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.

• **Bank Loan Risk** — The market for bank loans may not be highly liquid and the fund may have difficulty selling them. Bank loans may not be considered securities, thus the fund may not be afforded anti-fraud protections available under the federal securities laws. In connection with purchasing loan participations, the fund generally will have no right to enforce compliance by borrowers with loan terms nor any set off rights, and the fund may not benefit directly from any posted collateral. As a result, the fund may be subject to the credit risk of both the borrower and the lender selling the participation. Bank loan transactions may take more than seven days to settle, meaning that proceeds would be unavailable to make additional investments or meet redemptions.

• **Collateralized Obligations Risk** — Collateralized obligations such as collateralized loan obligations (CLOs) are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of collateralized obligations may be affected by, among other things, changes in the market value of the underlying assets held by the collateralized obligations, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, and prices and interest rates of underlying assets. Lower rated tranches of such debt are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. Some of the collateralized obligations in which the fund invests may be covenant-lite loans. Covenant-lite loans contain fewer or less restrictive constraints on the borrower. The fund may have fewer rights against a borrower and an accompanying greater risk of loss when it invests in covenant-lite loans.

• **Derivatives Risk** — The use of derivative instruments, such as futures, options and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives are subject to a number of risks, including leverage, liquidity, interest rate, market, credit, counterparty and correlation risk. 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 or the fund's other investments. Gains or losses involving some futures, options and other derivatives may be substantial – in part because a relatively small price movement in these instruments may result in an immediate and substantial gain or loss for the fund. Derivatives used for hedging or risk management may not operate as intended, may expose the fund to other risks, and may be insufficient to protect the fund from the risks they were intended to hedge.

• **Market Risk** — The value of the fund's shares will go up and down based on the performance of the companies whose securities it owns and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund's investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

• **Principal Loss Risk** — At any given time your shares may be worth less than the price you paid for them. In other words, it is possible to lose money by investing in the fund.

------

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.

**Fund Performance**

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**

![12644](ck0000924211-20251126_g4.jpg)

**Highest Performance Quarter (Q2 2020): 19.13%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowest Performance Quarter (Q1 2020): -18.47%**

**As of September 30, 2025, the most recent calendar quarter end, the fund's Investor Class year-to-date return was 13.47%.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**<br>*For the calendar year ended December 31, 2024* | *1 year*  | *5 years*  | *10 years*  | *Inception*<br>*Date*  |
| **Investor Class** Return Before Taxes | 13.06% | 8.45% | 7.96% | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 11.15% | 6.59% | 5.83% | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 8.80% | 6.29% | 5.84% | 02/15/1996 |
| **I Class** Return Before Taxes | 13.16% | 8.64% | 8.17% | 08/01/2000 |
| **A Class** Return Before Taxes | 6.26% | 6.91% | 7.06% | 10/02/1996 |
| **C Class**<sup>1</sup> Return Before Taxes | 11.95% | 7.36% | 7.05% | 11/27/2001 |
| **R Class** Return Before Taxes | 12.47% | 7.89% | 7.41% | 03/31/2005 |
| **R5 Class**<sup>2</sup> Return Before Taxes | 13.30% | 8.66% | 8.17% | 04/10/2017 |
| **R6 Class** Return Before Taxes | 13.40% | 8.82% | 8.34% | 07/26/2013 |
| &nbsp;&nbsp;&nbsp;MSCI ACWI IMI<br>(reflects no deductions for fees, expenses or taxes) | 16.37% | 9.67% | 9.00% |  |
| Bloomberg U.S. Aggregate Bond Index<br>&nbsp;&nbsp;&nbsp;&nbsp;(reflects no deductions for fees, expenses or taxes) | 1.25% | -0.33% | 1.35% |  |

---

<sup>1</sup>*&nbsp;&nbsp;&nbsp;&nbsp;C Class shares automatically convert to A Class shares after approximately eight years. All returns for periods greater than eight years reflect this conversion.*

<sup>2</sup>*&nbsp;&nbsp;&nbsp;&nbsp;Historical performance for the R5 Class prior to its inception is based on the performance of I Class shares, which have the same expenses as the R5 Class shares.*

------

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.

**Portfolio Management**

**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 fund since 2010.

**Brian L. Garbe,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the funds since 2020. Mr. Garbe has announced his plans to retire. As a result, he will no longer serve as portfolio manager for the fund effective December 31, 2025.

**Radu Gabudean, Ph.D.,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2013.

**Vidya Rajappa, CFA,** Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2018.

**Scott Wilson**, **CFA,** Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2006.

**Purchase and Sale of Fund Shares**

You may purchase or redeem shares of the fund on any business day through our website at americancentury.com, in person (at one of our Investor Centers), by mail (American Century Investments, P.O. Box 419200, Kansas City, MO 64141-6200), by telephone at 1-800-345-2021 (Investor Services Representative) or 1-800-345-3533 (Business, Not-For-Profit and Employer-Sponsored Retirement Plans), or through a financial intermediary. Shares may be purchased and redemption proceeds received by electronic bank transfer, by check or by wire.

Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500 ($1,000 for Coverdell Education Savings Accounts and IRAs). However, American Century Investments will waive the fund minimum if you make an initial investment of at least $500 and continue to make automatic investments of at least $100 a month until reaching the fund minimum. Investors opening accounts through financial intermediaries may open an account with $250 for Investor, A, C and R Classes, but the financial intermediaries may require their clients to meet different investment minimums. The minimum may be waived for broker-dealer sponsored wrap program accounts, fee based accounts, and accounts through bank/trust and wealth management advisory organizations.

The minimum initial investment amount for the I Class is generally $5 million ($3 million for endowments and foundations), but the minimum may be waived if you have an aggregate investment in the American Century family of funds of $10 million or more ($5 million for endowments and foundations). This includes accounts held directly with American Century and those held through a financial intermediary.

There is no minimum initial investment amount for R5 or R6 Class shares.

For the Investor, A, C, R, R5 and R6 Classes, there is no minimum initial investment amount for certain employer-sponsored retirement plans, however, financial intermediaries or plan recordkeepers may require plans to meet different minimums. Employer-sponsored retirement plans are not eligible to invest in the I Class.

There is a $50 minimum for subsequent purchases, except that there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans.

**Tax Information**

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).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank, insurance company, plan sponsor or financial professional), the fund and its related companies may pay the intermediary for the sale of fund shares and related services for investments in all classes except the R6 Class. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

**Objectives, Strategies and Risks**

**What are the funds' investment objectives?**

The funds are asset allocation funds. That is, they diversify their assets among various classes of investments such as equity securities, bonds and money market instruments. Each fund holds a different mix of these asset types and seeks the highest level of ***total return*** consistent with its asset mix.

***Total return*** *includes capital appreciation plus dividend and interest income.*<br>*The names of the three asset allocation funds offered in this prospectus 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.* <br>

**What are the funds' principal investment strategies?**

The funds' asset allocation strategies diversify investments among equity securities, bonds and money market instruments.

• **Strategic Allocation: Conservative** seeks regular income through its emphasis on bonds and money market securities. It also has the potential for moderate long-term total return as a result of its stake in equity securities.

• **Strategic Allocation: Moderate** seeks long-term capital growth with some regular income. It emphasizes investments in equity securities but maintains a sizeable stake in bonds and money market securities.

• **Strategic Allocation: Aggressive** seeks long-term capital growth with a small amount of regular income. It emphasizes investments in equity securities but maintains a portion of its assets in bonds and money market securities.

The following table shows the operating ranges within which each fund's asset mix generally will vary over short-term periods. These variations may be due to differences in asset class performance or prevailing market conditions.

---

| | | | |
|:---|:---|:---|:---|
| **Operating Ranges**  | | | |
| *Fund*  | *Equity Securities (Stocks)*  | *Fixed-Income or*<br>*Debt Securities (Bonds)*  | *Cash Equivalents*<br>*(Money Markets)*  |
| Strategic Allocation: Conservative | 39-51% | 38-55% | 2-20% |
| Strategic Allocation: Moderate | 53-73% | 21-41% | 0-15% |
| Strategic Allocation: Aggressive | 60-90% | 10-30% | 0-15% |

---

The funds may invest in any type of U.S. or foreign equity security that meets certain fundamental and technical standards. The portfolio managers draw on growth, value and quantitative investment techniques in managing the equity portion of the funds' portfolios and diversify the funds' equity investments among small, medium and large companies.

To gain exposure to investment disciplines and categories, the funds may invest in varying combinations of affiliated investment companies (mutual funds and ETFs advised by American Century).

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 well-established companies that the funds' portfolio managers believe to be temporarily undervalued. The primary quantitative management technique the managers use is portfolio optimization. The managers may construct a portion of the funds' portfolios using portfolio optimization, a technique that seeks to achieve a desired balance between the risk of a portfolio versus the S&P 500 and the portfolio's return potential.

Although the funds 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.

The funds also invest in a variety of debt securities payable in U.S. and foreign currencies. The fixed-income portion of the funds primarily invest in investment-grade government, corporate, asset-backed, mortgage-backed and similar debt securities. An investment-grade security is one that has been rated by at least one independent rating agency in its top four credit quality categories or determined by the advisor to be of comparable credit quality. However, the funds may invest up to 10% of their assets in high-yield securities (junk bonds). High-yield securities are higher risk, nonconvertible debt obligations that are rated below investment-grade. The rating category of a security will be determined at the time of purchase. In the event a security is subsequently downgraded, the fund will not be obligated to dispose of that security, but may continue to hold the security if deemed appropriate by the portfolio managers. The funds may also invest in unrated securities based on the portfolio managers' assessment of their credit quality. Under normal market conditions, the weighted average maturity for the fixed-income portfolio will be in the three- to ten-year range.

------

The funds may invest the cash-equivalent portion of their portfolios in high-quality money market investments (denominated in U.S. dollars or foreign currencies).

The funds may invest a portion of their assets in securities issued or guaranteed by the U.S. Treasury and certain U.S. government agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae). Ginnie Mae is supported by the full faith and credit of the U.S. government. Securities issued or guaranteed by other U.S. government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank are not guaranteed by the U.S. Treasury or supported by the full faith and credit of the U.S. government. However, they are authorized to borrow from the U.S. Treasury to meet their obligations.

The funds may also invest in bank loans and collateralized debt obligations (including collateralized loan obligations).

Securities may be sold when the portfolio managers believe they no longer represent attractive investment opportunities.

In addition to the principal investment strategies described above, the funds also may invest in derivative instruments such as options, futures contracts, options on futures contracts, and swap agreements (including, but not limited to, credit default swap agreements), provided that such investments are in keeping with each fund's investment 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 principal risks of investing in the funds?**

Each fund's performance and risks depend in part on the managers' skill in determining the funds' asset class allocations and in selecting and weighting investments within each class. There is a risk that the managers' evaluations and assumptions regarding asset classes or investments may differ from actual market conditions.

The funds' performance and risks also reflect the performance and risks of the underlying funds in which they invest, including mutual funds and ETFs advised by American Century. Some of these risks relate to investments in stocks. Others relate to fixed-income or foreign investments.

ETF shares are based on market price rather than NAV, as a result, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The funds may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchase or selling ETF shares.

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 a particular style, gains in the funds' equity portions may not be as big as, or losses may be bigger than, those of other equity funds emphasizing different investment styles.

Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized. If the portfolio managers' assessment of a company's prospects for earnings growth or how other investors will value the company's earnings growth is incorrect, the price of the company's stock may fall or fail to reach the value the managers have placed on it. Growth stock prices tend to fluctuate more dramatically than the overall stock market.

Similarly, if the market does not consider the value stocks purchased by the fund to be undervalued, the funds' shares may not rise as high as other funds and may in fact decline, even if stock prices generally are increasing.

Investments in smaller companies may be more volatile, and subject to greater short-term risk, than investments 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.

Stocks selected by the portfolio managers using quantitative models may perform differently than expected due to the portfolio managers' judgments regarding the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues with the construction and implementation of the models (including, for example, data problems and/or software or other implementation issues). There is no guarantee that the use of the quantitative model will result in effective investment decisions for the funds. Additionally, the commonality of portfolio holdings across quantitative investment managers may amplify losses.

Although the portfolio managers intend to invest the funds' assets primarily in U.S. securities, the funds may 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 generally is also riskier than investing in securities of companies located in foreign developed countries. Emerging market countries may have unstable governments and/or economies that are subject to sudden change. These changes may be magnified by the countries' emergent financial markets, resulting in significant volatility to investments in these countries. These countries also may lack the legal, business and social framework to support securities markets.

The value of the funds' ***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 funds' performance. The funds will also be exposed to interest rate risk outside of the U.S. where interest rate trends may differ from the U.S.

***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. A detailed description of SROs, their ratings systems and what we do if a security isn't rated is included in the statement of additional information.* <br>

The funds' fixed-income securities, even investment-grade debt securities, are subject to credit risk. Credit risk is the risk that the inability or perceived inability of the issuer to make interest and principal payments will cause the value of the securities to decrease. As a result, the funds' share price could also decrease. A high credit rating indicates a high degree of confidence by the rating organization that the issuer will be able to withstand adverse business, financial or economic conditions and make interest and principal payments on time. A lower credit rating indicates a greater risk of non-payment. Changes in the credit rating of a debt security held by a fund could have a similar effect. A fund's credit quality restrictions apply at the time of purchase; the fund will not necessarily sell securities if they are downgraded by a rating agency.

If a fund enters into financial contracts, the fund will be subject to the credit risk presented by the counterparties.

Additionally, the funds may be subject to liquidity risk. The chance that a fund will have difficulty selling its debt securities is called liquidity risk. During periods of market turbulence or unusually low trading activity, in order to meet redemptions it may be necessary for a fund to sell securities at prices that could have an adverse effect on the fund's share price. Changing regulatory and market conditions, including increases in interest rates and credit spreads, may adversely affect the liquidity of the fund's investments. In addition, when the market for certain investments is illiquid, a fund may be unable to achieve its desired level of exposure to a certain sector. Illiquid securities may be difficult to value.

The lowest-rated investment-grade bonds in which the 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, the funds may invest in higher-risk high-yield securities, which are below investment-grade and sometimes referred to as junk bonds. These securities are considered to be predominantly speculative, subject to a higher degree of credit risk, and more likely to be negatively affected by changes in interest rates or other economic conditions.

The funds may invest in debt securities backed by mortgages or assets such as auto loan, home equity loan or student loan receivables. These underlying obligations may be prepaid, as when a homeowner refinances a mortgage to take advantage of declining interest rates. If so, the funds must reinvest prepayments at current rates, which may be less than the rate of the prepaid mortgage. Because of this prepayment risk, the funds may benefit less from declining interest rates than funds of similar maturity that invest less heavily in mortgage- and asset-backed securities.

Investments in bank loans, loans made by banks or other financial intermediaries to borrowers, require the funds to depend primarily upon the creditworthiness of the borrower for payment of principal and interest, exposing the funds to the credit risk of both the financial institution and the underlying borrower. The market for bank loans may not be highly liquid and the funds may have difficulty selling them. In connection with purchasing participations, the funds generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights with respect to any funds acquired by other lenders through set-off against the borrower, and the funds may not directly benefit from any collateral supporting the loan in which it has purchased the participation. In addition, transactions in bank loans may take more than seven days to settle. As a result, the proceeds from the sale of bank loans may not be readily available to make additional investments or to meet the funds' redemption obligations. Some bank loan interests may not be considered securities or registered under the Securities Act of 1933 and therefore not afforded the protections of the federal securities laws.

The risks of an investment in a collateralized debt obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the funds invest. Collateralized debt obligations (CDOs), collateralized mortgage obligations (CMOs) and collateralized loan obligations (CLOs) are subject to credit, interest rate, valuation, prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLO securities may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, and prices and interest rates of underlying assets. Some of the collateralized obligations in which the fund invests may be covenant-lite loans. Covenant-lite loans contain fewer or less restrictive constraints on the borrower. Generally, the lender is not allowed to monitor the borrower's performance, declare default, or force borrowers into bankruptcy. In this type of loan, lenders rely on restrictive covenants to prevent a company from engaging in specified

------

actions such as taking on additional debt. Generally, such covenants are precipitated only by an affirmative breach by the borrower, as opposed to a decline in the borrower's financial condition. Thus, the fund may have fewer rights against a borrower and an accompanying greater risk of loss when it invests in covenant-lite loans.

The use of derivative instruments, such as futures, options and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional instruments. Derivatives are subject to a number of risks including leverage, liquidity, interest rate, market, credit, counterparty and correlation risk. 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 or the fund's other investments. They also involve the risk of mispricing or improper valuation, the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index, and the risk of default or bankruptcy of the other party to the instrument. Gains or losses involving some futures, options, and other derivatives may be substantial – in part because the leverage in a derivative instrument may cause a relatively small price movement in these instruments to result in an immediate and substantial gain or loss for the fund. Derivatives used for hedging or risk management may not operate as intended, may expose the fund to other risks, and may be insufficient to protect the fund from the risks they were intended to hedge.

A fund's performance also may be affected by investments in initial public offerings (IPOs). The impact of IPOs on a fund's performance depends on the strength of the IPO market and the size of the fund. IPOs may have less impact on a fund's performance as its assets grow.

The value of a 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 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 may increase transaction costs. Selling securities could also cause the fund to realize capital gains, which may result in taxable distributions to non-redeeming shareholders. Redemption activity can occur for may reasons, including shareholder reactions to market events or when American Century makes product changes that may result in shareholders redeeming shares of the fund to purchase shares of another similar fund or investment vehicle. To the extent that a large shareholder (including the advisor, another account advised by the advisor, a fund of funds or 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.

------

**Management**

**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 Investment Advisor**

The funds' investment advisor is American Century Investment Management, Inc. (ACIM or 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 their investment securities. The advisor also arranges for transfer agency, custody and all other services necessary for the funds to operate.

For the services it provides to each fund, the advisor receives a unified management fee based on a percentage of the daily net assets of each class of shares of each fund. The amount of the fee is calculated daily and paid monthly in arrears. Out of each fund's fee, the advisor pays all expenses of managing and operating that fund except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940. The difference in unified management fees among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. For all classes other than R6 Class, the advisor may pay unaffiliated third parties who provide recordkeeping and administrative services that would otherwise be performed by an affiliate of the advisor.

The rate of the fee is determined by applying a formula that takes into account the assets of a fund as well as certain assets, if any, of other clients of the advisor outside the American Century Investments fund family (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the advisor, that use very similar investment teams and strategies (strategy assets). The funds in this prospectus do not have the same investment strategy and their assets are therefore not combined for purposes of calculating strategy assets. The use of strategy assets, rather than fund assets alone, in calculating each fund's fee rate could allow the fund to realize scheduled cost savings more quickly. However, the strategy assets of each fund currently do not include assets of other accounts. In addition, if such assets are acquired in the future, they may not be sufficient to result in a lower fee rate.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Management Fees Paid by the Funds to the Advisor as a Percentage of Average Net Assets for the Fiscal Year Ended July 31, 2025* | *Investor<br>Class* | *I<br>Class* | *A<br>Class* | *C<br>Class* | *R<br>Class* | *R5<br>Class* | *R6<br>Class* |
| Strategic Allocation: Conservative | 0.71% | 0.51% | 0.71% | 0.71% | 0.71% | 0.51% | 0.36% |
| Strategic Allocation: Moderate | 0.68% | 0.48% | 0.68% | 0.68% | 0.68% | 0.48% | 0.33% |
| Strategic Allocation: Aggressive | 0.61% | 0.41% | 0.61% | 0.61% | 0.61% | 0.41% | 0.26% |

---

A discussion regarding the basis for the Board of Directors' approval of the funds' investment advisory agreement with the advisor is available on the funds' website and filed on the funds' Form N-CSR for the fiscal period ending July 31, 2025.

------

**The Fund Management Team**

The advisor uses teams 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 fund. Responsibility for research, security selection and portfolio construction for specified portions of the funds has been allocated among portfolio teams representing various investment disciplines and strategies employed by other ACIM-advised funds. The following portfolio managers are jointly and primarily responsible for coordinating the funds' activities, including recommending appropriate asset allocations, reviewing overall fund compositions for compliance with stated investment objectives and strategies, and monitoring cash flows.

**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.

**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 from the John E. Anderson Graduate School of Management, both the University of California, Los Angeles. Mr. Garbe has announced his plans to retire. As a result, he will no longer serve as portfolio manager for the funds effective December 31, 2025.

**Radu Gabudean, Ph.D.**

Dr. Gabudean, Vice President and Senior Portfolio Manager, has been a member of the team that manages the funds since he joined American Century Investments in 2013. 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, CFA**

Ms. Rajappa, Vice President and Senior Portfolio Manager, has been a member of the team that manages the funds since 2018 when she joined American Century Investments. 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, CFA**

Mr. Wilson, Vice President and Portfolio Manager, has been a member of the team that manages the funds since 2006. He joined American Century Investments in 1992, became an analyst in 1994 and a portfolio manager in 2011. He has a bachelor's degree in business administration from Pepperdine University and is a CFA charterholder.

The statement of additional information provides additional information about the accounts managed by these 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 funds at any time, subject to applicable notice provisions.

------

**Investing Directly with American Century Investments**

**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 employment-sponsored retirement plan account), we may charge you a $25 annual account maintenance fee if the value of those shares is less than $25,000. 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 $25,000 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 registered under your Social Security number (including directly held American Century Investments mutual fund accounts, as well as certain retirement, American Century Brokerage, American Century Private Client Group, American Century Digital Advice, and Learning Quest 529 accounts).

The account maintenance fee is automatically waived for any accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction confirmations, prospectuses, and shareholder reports. Paper copies of fund documents remain available, free of charge, to any such shareholder upon request.

American Century Investments reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of the account maintenance fee.

**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**

**<u>ONLINE</u>**

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 a shared owner (restrictions apply).

**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.* 

**<u>IN PERSON</u>**

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

**<u>BY TELEPHONE</u>**

**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 a representative or use our Automated Information Line to exchange your shares from one American Century Investments account to another with a shared owner (restrictions apply) (available only to Investor Class shareholders).

**Make additional investments:** Call a representative 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 a representative or use our Automated Information Line (if your account is under an employer-sponsored retirement plan, you may be required to complete a form). The Automated Information Line redemptions are up to $25,000 per day per account and are available for Investor Class shareholders only.

**<u>BY MAIL OR FAX</u>**

**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 a shared owner (restrictions apply).

**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:** Complete the appropriate redemption form to sell shares. Forms are available at americancentury.com/forms or call a representative to request a form.

**<u>AUTOMATICALLY</u>**

**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 a shared owner (restrictions apply).

**Make additional investments:** With the automatic investment service, you can purchase shares on a regular basis by drafting your bank account. You must invest at least $50 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.**

------

**Investing Through a Financial Intermediary**

The funds may be purchased by participants in employer-sponsored retirement plans or through ***financial intermediaries*** that provide various administrative and distribution services.

***Financial intermediaries*** *include banks, broker-dealers, insurance companies, plan sponsors and financial professionals.*<br>

Although each class of each fund's shares represents an interest in the same fund, each has a different cost structure, as described below. Which class is right for you depends on many factors, including how long you plan to hold the shares, how much you plan to invest, the fee structure of each class, and how you wish to compensate your financial professional for the services provided to you. Your financial professional can help you choose the option that is most appropriate.

**Investor Class**

Investor Class shares are available for purchase without sales charges or commissions but may be subject to account or transaction fees if purchased through financial intermediaries. These shares are available to investors in retail brokerage accounts, broker-dealer-sponsored fee-based advisory accounts, other advisory accounts where fees are charged, and employer-sponsored retirement plans.

**I Class**

I Class shares are available for purchase without sales charges or commissions by endowments, foundations, large institutional investors and financial intermediaries. Employer-sponsored retirement plans may not invest in I Class shares, except plans that were invested in the I Class prior to April 10, 2017 may make additional purchases.

**A Class**

A Class shares are available for purchase through broker-dealers and other financial intermediaries. These shares carry an initial sales charge and an ongoing distribution and service (12b-1) fee that is used to compensate your financial professional. See *Calculation of Sales Charges* below for commission amounts received by financial professionals on the purchase of A Class shares. The sales charge decreases with the size of the purchase, and may be reduced or eliminated in certain situations. See *Reductions and Waivers of Sales Charges for A Class* and *CDSC Waivers* below for a full description of the breakpoints, reductions and waivers that may be available through financial intermediaries in certain types of accounts or products.

**C Class**

C Class shares are available for purchase through broker-dealers and other financial intermediaries. These shares do not have an initial sales charge but carry an ongoing distribution and service (12b-1) fee. Except as noted below, the commission paid to your financial professional for purchases of C Class shares is 1.00% of the amount invested, and the shares have a contingent deferred sales charge (CDSC) when redeemed within one year of purchase. Your financial professional does not receive the distribution and service (12b-1) fee until the CDSC period has expired (it is retained by the distributor). See *CDSC Waivers* below for a full description of the waivers that may be available. C Class shares automatically convert to A Class shares 8 years after purchase.

**R Class**

R Class shares do not carry a sales charge or commission, but they have an ongoing distribution and service (12b-1) fee. R Class shares are available for purchase through certain employer-sponsored retirement plans. R Class shares also may be available for certain other accounts through financial intermediaries who have an agreement with us to offer the R Class in certain products. Additionally, IRA accounts in R Class shares established through financial intermediaries prior to August 1, 2006, may make additional purchases. With respect to purchase 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.

**R5 and R6 Class**

R5 and R6 Class shares are available for purchase without sales charges or commissions by participants in certain employer-sponsored retirement plans. R5 and R6 Class shares may be purchased or redeemed only through employer-sponsored retirement plans where a financial intermediary provides retirement recordkeeping services to plan participants.

------

**Calculation of Sales Charges**

The information regarding sales charges provided herein is included free of charge and in a clear and prominent format at americancentury.com in the *Investors Using Advisors* and *Investment Professionals* portions of the website. From the description of A or C Class shares, a hyperlink will take you directly to this disclosure.

The availability of the sales charge reductions and waivers discussed below will depend upon whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of these reductions or waivers. Please refer to Appendix A for information provided by certain financial intermediaries regarding their sales charge waiver or discount policies that are applicable to investors transacting in fund shares through such financial intermediary.

**A Class**

A Class shares are sold at their offering price, which is net asset value plus an initial sales charge. This sales charge varies depending on the amount of your investment, and is deducted from your purchase before it is invested. The sales charges and the amounts paid to your financial professional are:

---

| | | | |
|:---|:---|:---|:---|
| *Purchase Amount*  | *Sales Charge as a %*<br>*of Offering Price*  | *Sales Charge as a % of*<br>*Net Amount Invested*  | *Dealer Commission as a % of Offering Price*  |
| Less than $50,000 | 5.75% | 6.10% | 5.00% |
| $50000 - $99999 | 4.75% | 4.99% | 4.00% |
| $100000 - $249999 | 3.75% | 3.90% | 3.25% |
| $250000 - $499999 | 2.50% | 2.56% | 2.00% |
| $500000 - $999999 | 2.00% | 2.04% | 1.75% |
| $1000000 - $3999999 | 0.00% | 0.00% | 1.00% |
| $4000000 - $9999999 | 0.00% | 0.00% | 0.50% |
| $10,000,000 or more | 0.00% | 0.00% | 0.25% |

---

There is no front-end sales charge for purchases of $1,000,000 or more, but if you redeem your shares within one year of purchase you will pay a deferred sales charge of 1.00% of the lower of the original purchase price or the current market value at redemption, subject to the exceptions listed below. No sales charge applies to reinvested dividends. No dealer commission will be paid to your financial professional for purchases by certain employer-sponsored retirement plans. For this purpose, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs.

**Reductions and Waivers of Sales Charges for A Class**

You may qualify for a reduction or waiver of certain sales charges, but you or your financial professional must provide certain information, including the account numbers of any accounts to be aggregated, to American Century Investments at the time of purchase in order to take advantage of such reduction or waiver. If you hold assets among multiple intermediaries, it is your responsibility to inform your intermediary and/or American Century Investments at the time of purchase of any accounts to be aggregated.

You and your immediate family (which includes your spouse or domestic partner and children, step-children, parents or step-parents of you, your spouse or domestic partner) may combine investments in any share class of any American Century Investments mutual fund (excluding certain assets in money market accounts, but including account assets invested in Qualified Tuition Programs under Section 529) to reduce your A Class sales charge in the following ways:

*Account Aggregation.* Investments made by you and your immediate family may be aggregated at each account's current market value if made for your own account(s) and/or certain other accounts, such as:

• Certain trust accounts

• Solely controlled business accounts

• Single-participant retirement plans

• Endowments or foundations established and controlled by you or an immediate family member

For purposes of aggregation, only investments made through individual-level accounts may be combined. Assets held in multiple participant employer-sponsored retirement plans may be aggregated at a plan level.

*Concurrent Purchases.* You may combine simultaneous purchases in any share class of any American Century Investments mutual fund to qualify for a reduced A Class sales charge.

------

*Rights of Accumulation.* You may take into account the current value of your existing holdings, less any commissionable shares in the money market funds, in any share class of any American Century Investments mutual fund to qualify for a reduced A Class sales charge. An investor who purchases fund shares through a financial intermediary may be subject to different rights of accumulation policies of such financial intermediary. Please consult with your financial professional for further details.

*Letter of Intent.* A Letter of Intent allows you to combine all purchases of any share class of any American Century Investments mutual fund you intend to make over a 13-month period to determine the applicable sales charge, except for purchases in the A or C Class of money market funds. At your request, existing holdings may be combined with new purchases and sales charge amounts may be adjusted for purchases made within 90 days prior to our receipt of the Letter of Intent. Capital appreciation, capital gains and reinvested dividends earned during the Letter of Intent period do not apply toward its completion. A portion of your account will be held in escrow to cover additional A Class sales charges that will be due if your total investments over the 13-month period do not qualify for the applicable sales charge reduction.

*Waivers for Certain Investors.* The sales charge on A Class shares may be waived for:

• Purchases by registered representatives and other employees of certain financial intermediaries (and their immediate family members, which includes their spouse or domestic partner and children, step-children, parents or step-parents of them, their spouse or domestic partner) having selling agreements with the advisor or distributor

• Broker-dealer sponsored wrap program accounts and/or fee-based accounts maintained for clients of certain financial intermediaries who have entered into selling agreements with American Century Investments

• Purchases in accounts of financial intermediaries that have entered into a selling agreement with American Century Investments that allows for the waiver of the sales charge in brokerage accounts that may or may not charge a transaction fee

• Current officers, directors and employees of American Century Investments

• Certain group employer-sponsored retirement plans, where plan level or omnibus accounts are held with the fund, or shares are purchased by certain retirement plans that are part of a retirement plan or platform offered by banks, broker-dealers, financial advisors or insurance companies, or serviced by retirement recordkeepers. For purposes of this waiver, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. However, SEP IRA, SIMPLE IRA or SARSEP retirement plans that (i) held shares of an A Class fund prior to March 1, 2009 that received sales charge waivers or (ii) held shares of an Advisor Class fund that was renamed A Class on March 1, 2010, may permit additional purchases by new and existing participants in A Class shares without an initial sales charge. Refer to *Buying and Selling Fund Shares* in the statement of additional information.

• Purchases of additional shares in accounts that held shares of an Advisor Class fund that was renamed A Class on either September 4, 2007, December 3, 2007 or March 1, 2010. However, if you close your account or if you transfer your account to another financial intermediary, future purchases of A Class shares of a fund may not receive a sales charge waiver.

An investor who receives a sales charge waiver for purchases of fund shares through a financial intermediary may become ineligible to receive such waiver if the nature of the investor's relationship with and/or the services it receives from the financial intermediary changes. Please consult with your financial professional for further details.

**C Class**

C Class shares are sold at their net asset value without an initial sales charge. If you purchase shares through a financial intermediary who receives a commission from the fund's distributor on the purchase and redeem your shares within 12 months of purchase, you will pay a CDSC of 1.00% of the original purchase price or the current market value at redemption, whichever is less. The purpose of the CDSC is to permit the funds' distributor to recoup all or a portion of the up-front payment made to your financial professional.

There is no CDSC on shares acquired through reinvestment of dividends or capital gains.

American Century Investments generally limits purchases of C Class shares to investors whose aggregate investments in American Century Investments mutual funds are less than $1,000,000. However, it is your responsibility to inform your financial intermediary and/or American Century Investments at the time of purchase of any accounts to be aggregated, including investments in any share class of any American Century Investments mutual fund (excluding certain assets in money market accounts, but including account assets invested in Qualified Tuition Programs under Section 529) in accounts held by you and your immediate family members (which includes your spouse or domestic partner and children, step-children, parents or step-parents of you, your spouse or domestic partner). Once you reach this limit, you should work with your financial intermediary to determine what share class is most appropriate for additional purchases.

C Class shares automatically convert to A Class shares after being held for 8 years. The automatic conversion will be executed in the month following the 8-year anniversary of the purchase date for such C Class shares without any sales charge, fee or other charges. The conversion from C Class shares is not considered a taxable event for Federal income tax purposes. After the conversion, shares will be subject to all features and expenses of A Class shares.

------

**Calculation of Contingent Deferred Sales Charge (CDSC)**

To minimize the amount of the CDSC you may pay when you redeem shares, the fund will first redeem shares acquired through reinvested dividends and capital gain distributions, which are not subject to a CDSC. Shares that have been in your account long enough that they are not subject to a CDSC are redeemed next. For any remaining redemption amount, shares will be sold in the order they were purchased (earliest to latest).

**CDSC Waivers**

Any applicable CDSC for A or C Classes may be waived in the following cases:

• redemptions through systematic withdrawal plans not exceeding annually 12% of the lesser of the original purchase cost or current market value

• redemptions through employer-sponsored retirement plans. For this purpose, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs

• distributions from IRAs due to attainment of age 59½

• required minimum distributions from retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations

• tax-free returns of excess contributions to IRAs

• redemptions due to death or post-purchase disability

• exchanges, unless the shares acquired by exchange are redeemed within the original CDSC period

• IRA Rollovers from any American Century Investments mutual fund held in an employer-sponsored retirement plan, for A Class shares only

• if no dealer commission was paid to the financial intermediary on the purchase for any other reason

**Reinstatement Privilege**

Within 90 days of a redemption, dividend payment or capital gains distribution of any A Class shares, you may reinvest all or a portion of the proceeds in A Class shares of any American Century Investments mutual fund at the then-current net asset value without paying an initial sales charge. At your request, any CDSC you paid on an A Class redemption that you are reinvesting will be credited to your account. You may use the privilege only once per account. This privilege may only be invoked by the original account owner to reinvest shares in an account with the same registration as the account from which the redemption or distribution originated. This privilege does not apply to systematic or automatic transactions, including, for example, automatic purchases, withdrawals and payroll deductions. If you wish to use this reinvestment privilege, you or your financial professional must provide written notice to American Century Investments.

**Employer-Sponsored Retirement Plans**

Certain group employer-sponsored retirement plans that hold a single account for all plan participants with the fund, or that are part of a retirement plan or platform offered by banks, broker-dealers, financial advisors or insurance companies, or serviced by retirement recordkeepers are eligible to purchase Investor, A, C, R, R5 and R6 Class shares. Employer-sponsored retirement plans are not eligible to purchase I Class shares. However, employer-sponsored retirement plans that were invested in the I Class prior to April 10, 2017 may make additional purchases. For more information regarding employer-sponsored retirement plan types, please refer to *Buying and Selling Fund Shares* in the statement of additional information. A and C Class purchases are available at net asset value with no dealer commission paid to the financial professional, and do not incur a CDSC. A, C and R Class shares purchased in employer-sponsored retirement plans are subject to applicable distribution and service (12b-1) fees, which the financial intermediary begins receiving immediately at the time of purchase. American Century Investments does not impose minimum initial investment amount, plan size or participant number requirements by class for employer-sponsored retirement plans; however, financial intermediaries or plan recordkeepers may require plans to meet different requirements.

**Exchanging Shares**

You may exchange shares of the fund for shares of the same class of another American Century Investments mutual fund without a sales charge if you meet the following criteria:

• The exchange is for a minimum of $100

• For an exchange that opens a new account, the amount of the exchange must meet or exceed the minimum account size requirement for the fund receiving the exchange

For purposes of computing any applicable CDSC on shares that have been exchanged, the holding period will begin as of the date of purchase of the original fund owned. Exchanges from a money market fund are subject to a sales charge on the fund being purchased, unless the money market fund shares were acquired by exchange from a fund with a sales charge or by reinvestment of dividends or capital gains distributions.

------

**Moving Between Share Classes and Accounts**

You may move your investment between share classes (within the same fund or between different funds) in certain circumstances deemed appropriate by American Century Investments. You also may move investments held in certain accounts to a different type of account if you meet certain criteria. Please contact your financial professional for more information about moving between share classes or account types.

**Buying and Selling Shares Through a Financial Intermediary**

Your ability to purchase, exchange, redeem and transfer shares will be affected by the policies of the financial intermediary through which you do business. Some policy differences may include

• minimum investment requirements

• exchange policies

• fund choices

• cutoff time for investments

• trading restrictions

In addition, your financial intermediary may charge a transaction fee for the purchase or sale of fund shares. Those charges are retained by the financial intermediary and are not shared with American Century Investments or the fund. Please contact your financial intermediary or plan sponsor for a complete description of its policies. Copies of the funds' annual report, semiannual report and statement of additional information are available from your financial intermediary or plan sponsor.

The funds have authorized certain financial intermediaries to accept orders on the funds' behalf. American Century Investments has selling agreements with these financial intermediaries requiring them to track the time investment orders are received and to comply with procedures relating to the transmission of orders. Orders must be received by the financial intermediary on the funds' behalf before the time the net asset value is determined in order to receive that day's share price. If those orders are transmitted to American Century Investments and paid for in accordance with the selling agreement, they will be priced at the net asset value next determined after your request is received in the form required by the financial intermediary.

If you submit a transaction request through a financial intermediary that does not have a selling agreement with us, or if the financial intermediary's selling agreement does not cover the type of account or share class requested, we may reject or cancel the transaction without prior notice to you or the intermediary.

Investor and I Class shares may also be available on brokerage platforms of financial intermediaries that have agreements with American Century Investments to offer such shares solely when acting as an agent for the shareholder. A shareholder transacting in Investor or I Class shares in these programs may be required to pay a commission and/or other forms of compensation to the broker. Shares of the fund are available in other share classes that have different fees and expenses.

**See *Additional Policies Affecting Your Investment* for more information about investing with us.**

------

**Additional Policies Affecting Your Investment**

**Eligibility for Investor Class Shares**

The funds' 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

Each 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 Investor, A, C and R Classes**

Unless otherwise specified below, the minimum initial investment amount to open an account is $2,500. However, American Century Investments will waive the fund minimum if you make an initial investment of at least $500 and continue to make automatic investments of at least $100 a month until reaching the fund minimum. Investors opening accounts through financial intermediaries may open an account with $250, but the financial intermediaries may require their clients to meet different investment minimums. See *Investing Through a Financial Intermediary* for more information.

---

| | |
|:---|:---|
| Broker-dealer sponsored wrap program accounts and/or fee-based advisory accounts | No minimum |
| Coverdell Education Savings Account and IRAs | $1000<sup>12</sup>  |
| Employer-sponsored retirement plans | No minimum |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>*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.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The minimum initial investment for shareholders investing through financial intermediaries is $250. Financial intermediaries may have different minimums for their clients.*

**Subsequent Purchases**

There is a $50 minimum for subsequent purchases. See *Ways to Manage Your Account* for more information about making additional investments directly with American Century Investments. However, there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans, but financial intermediaries may require their clients to meet different subsequent purchase requirements.

**Eligibility for I Class Shares**

I Class shares are made available for purchase by individuals and large institutional shareholders such as bank trust departments, corporations, endowments, foundations and financial advisors that meet the funds' minimum investment requirements. Employer-sponsored retirement plans may not invest in I Class shares, except plans that were invested in the I Class prior to April 10, 2017 may make additional purchases.

**Minimum Initial Investment Amounts for I Class**

The minimum initial investment amount is generally $5 million ($3 million for endowments and foundations) per fund. If you invest with us through a financial intermediary, this requirement may be met if your financial intermediary aggregates your investments with those of other clients into a single group, or omnibus, account that meets the minimum. The minimum investment requirement may be waived if you have an aggregate investment in the American Century family of funds of $10 million or more ($5 million for endowments and foundations). This includes accounts held directly with American Century and those held through a financial intermediary. American Century Investments also may waive the minimum initial investment in other situations it deems appropriate.

American Century Investments may permit an intermediary to waive the initial minimum per shareholder as provided in *Buying and Selling Fund Shares* in the statement of additional information.

**Eligibility for R5 and R6 Class Shares**

The fund's R5 and R6 Class shares are generally available only through employer-sponsored retirement plans where a financial intermediary provides retirement recordkeeping services to plan participants. To be eligible, plan level or omnibus accounts must be held on the books of the fund. R6 Class shares also are available to funds of funds advised by American Century and unaffiliated funds of funds sold primarily to the employer-sponsored retirement plan market.

R5 and R6 Class shares are not available to retail accounts, traditional or Roth IRAs, SEP IRAs, SIMPLE IRAs, SARSEPs or Coverdell education savings accounts.

------

**Minimum Initial Investment Amounts for R5 and R6 Classes**

There is no minimum initial investment amount or subsequent investment amount for R5 or R6 Class shares, but financial intermediaries or plan recordkeepers may require plans to meet different investment minimums.

**Redemptions**

Your redemption proceeds will be calculated using the net asset value (NAV) next determined after we receive your transaction request in good order. If you sell C or, in certain cases, A Class shares, you may pay a sales charge, depending on how long you have held your shares, as described above.

Generally, we expect to remit your redemption proceeds to you one business day after we process your transaction. However, we reserve the right to delay delivery of redemption proceeds 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.

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.

Under normal market conditions, the fund generally meets redemption requests through its holdings of cash or cash equivalents or by selling portfolio securities. However, we reserve the right to honor certain redemptions with securities, rather than cash, as described in the next section. Additionally, the fund may consider interfund lending to meet redemption requests. The fund is more likely to use these other methods to meet large redemption requests or during times of market stress.

**Special Requirements for Large Redemptions**

If, during any 90-day period, you redeem fund shares worth more than $250,000 (or 1% of the value of a fund's assets if that amount is less than $250,000), we reserve the right to pay part or all of the redemption proceeds in excess of this amount in readily marketable securities instead of in cash. To the extent practicable, these securities will represent your pro rata share of the fund's securities.

We will value these securities in the same manner as we do in computing the fund's net asset value. We may provide these securities in lieu of cash without prior notice. Also, if payment is made in securities, you may have to pay brokerage or other transaction costs to convert the securities to cash. These securities remain subject to market risk until sold, and you may incur capital gains and/or losses when you sell the securities.

If your redemption would exceed this limit and you would like to avoid being paid in securities, please provide us with an unconditional instruction to redeem at least 15 days prior to the date on which the redemption transaction is to occur. The instruction must specify the dollar amount or number of shares to be redeemed and the date of the transaction. This minimizes the effect of the redemption on a fund and its remaining investors.

**Redemption of Shares in Accounts Below Minimum**

If your account balance falls below the minimum initial investment amount for any reason, of 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 shares redeemed in this manner may be subject to a sales charge if held less than the applicable time period. Please note that you may incur tax liability as a result of the redemption. For I Class shares, we reserve the right to convert your shares to Investor Class shares of the same fund. The Investor Class shares have a unified management fee that is 0.20 percentage points higher than the I Class.

------

**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**

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. 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 funds of funds (however shareholders of American Century's funds of funds are subject to the limitations); 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 and Distributions**

**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.

*The* ***net asset value****, or NAV, of each class of the fund is the current value of the class's assets, minus any liabilities, divided by the number of shares of the class outstanding.* <br>

The value of the securities and other assets and liabilities held by the funds are determined by the advisor, as the valuation designee, pursuant to its valuation policies and procedures. The funds' Board of Directors oversees the valuation designee and at least annually reviews its valuation policies and procedures. Valuations are determined in accordance with applicable federal securities laws and accounting principles generally accepted in the United States.

Portfolio securities for which market quotations are readily available are valued at their market price. Equity securities (including exchange-traded funds) and other equity instruments for which market quotations are readily available are valued at the last reported official closing price or sale price as of the time the NAV is determined. If the fund invests in futures contracts, futures contacts are generally valued at the settlement price as provided by the exchange or clearing corporation. Portfolio securities primarily traded on foreign securities exchanges that are generally open later than the NYSE are valued at the last sale price reported at the time the NAV is determined.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to:

• when there is a significant event subsequent to the market quotation;

• trading in a security has been halted during the trading day; or

• trading in a security is insufficient or did not take place due to a closure or holiday.

If such circumstances occur, the valuation designee will fair value the security if the fair valuation would materially impact the fund's NAV. While fair value determinations involve judgments that are inherently subjective, these determinations are made in good faith in accordance with the valuation designee's valuation policies and procedures.

The effect of using fair value determinations is that the fund's NAV will be based, to some degree, on security valuations that the valuation designee reasonably believes are fair rather than being solely determined by the market.

Fixed-income securities are generally valued using prices obtained from independent pricing services approved by the valuation designee or market quotations provided by dealers. Pricing services will generally provide evaluated prices based on accepted industry conventions, which may require the service to use its own discretion. Evaluated prices are commonly derived through utilization of market models that take into consideration various market factors, assumptions and security characteristics including, but not limited to: trade data, quotations from broker-dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, trade data or market information on comparable securities and other relevant security-specific information.The use of different models or inputs may result in pricing services determining a different price for the same security. The methods used by the pricing services and the valuations so established are reviewed by the valuation designee under the oversight of the Board of Directors.

Debt obligations with 60 days or less remaining until maturity may be valued at amortized cost.

With respect to any portion of the fund's assets that are invested in other mutual funds, the fund's NAV will be calculated based upon the NAVs of such mutual funds. These mutual funds are required to explain the circumstances under which they will use fair value pricing and the effects of using fair value pricing in their prospectuses.

The value of any security or other asset denominated in a currency other than U.S. dollars is then converted to U.S. dollars at the prevailing foreign exchange rate at the time the fund's NAV is determined.Trading of securities in foreign markets 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 fund's NAV is not calculated. So, the value of the fund's portfolio 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.

***Capital gains*** *are increases in the values of capital assets, such as stocks and bonds, from the time the assets are purchased.* <br>

The funds generally expect to pay distributions of substantially all of their income, if any, quarterly, with the exception of Strategic Allocation: Aggressive, which pays such distributions annually. The funds generally pay distributions from realized capital gains, if any, once a year. The funds may make more frequent distributions, if necessary, to comply with Internal Revenue Code provisions.

You will participate in fund distributions when they are declared, starting the next business day after your purchase is effective. For example, if you purchase shares on a day that a distribution is declared, you will not receive that distribution. If you redeem shares, you will receive any distribution declared on the day you redeem. If you redeem all shares, we will include any distributions received with your redemption proceeds.

Generally, participants in tax-deferred retirement plans reinvest all distributions. For investors investing through taxable accounts, we will reinvest distributions unless you elect to have dividends and/or capital gains sent to another American Century Investments account, to your bank electronically, or to your home address or to another person or address by check.

------

**Taxes**

Some of the tax consequences of owning shares of the funds will vary depending on whether you own them through a taxable or tax-deferred account. Distributions by the funds of dividend and interest income, capital gains and other income they have generated through their investment activities will generally be taxable to shareholders who hold shares in a taxable account. Tax consequences also may result when investors sell fund shares after the net asset value has increased or decreased.

**Tax-Deferred Accounts**

If you purchase fund shares through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, income and capital gains distributions usually will not be subject to current taxation but will accumulate in your account under the plan on a tax-deferred basis. Likewise, moving from one fund to another fund within a plan or tax-deferred account generally will not cause you to be taxed. For information about the tax consequences of making purchases or withdrawals through a tax-deferred account, please consult your plan administrator, your summary plan description or a tax advisor.

**Taxable Accounts**

If you own fund shares through a taxable account, you may be taxed on your investments if the fund makes distributions or if you sell your fund shares.

**Taxability of Distributions**

Fund distributions may consist of income, such as dividends and interest earned by a fund from its investments, or capital gains generated by a fund from the sale of investment securities. Distributions of income are taxed as ordinary income, unless they are designated as ***qualified dividend income*** and you meet a minimum required holding period with respect to your shares of the fund, in which case distributions of income are taxed at the same rates as long-term capital gains.

***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.* <br>

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 a 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.

------

**Multiple Class Information**

The funds offer multiple classes of shares. The classes have different fees, expenses, eligibility requirements and/or minimum investment requirements. Different fees and expenses will affect performance.

Except as described below, all classes of shares of a fund have identical voting, dividend, liquidation and other rights, preferences, terms and conditions. The only differences among the classes are (a) each class may be subject to different expenses specific to that class; (b) each class has a different identifying designation or name; (c) each class has exclusive voting rights with respect to matters solely affecting such class; (d) each class may have different exchange privileges; (e) the I Class may provide for conversion from that class into shares of the Investor Class of the same fund; and (f) the C Class provides for automatic conversion from that class into shares of the A Class of the same fund after 8 years.

**Service, Distribution and Administrative Fees**

Investment Company Act Rule 12b-1 permits mutual funds that adopt a written plan to pay certain expenses associated with the distribution of their shares out of fund assets. The A Class, C Class and R Class each have a 12b-1 plan. The plans provide for the funds to pay annual fees of 0.25% for A Class, 1.00% for C Class and 0.50% for R Class to the distributor for distribution and individual shareholder services, including past distribution services. The distributor pays all or a portion of such fees to the financial intermediaries that make the classes available. Because these fees may be used to pay for services that are not related to prospective sales of the funds, each class will continue to make payments under its plan even if it is closed to new investors. Because these fees are paid out of the funds' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The higher fees for C Class shares may cost you more over time than paying the initial sales charge for A Class shares. For additional information about the plans and their terms, see *Multiple Class Structure* in the statement of additional information.

Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by American Century Investments' transfer agent. In some circumstances, the advisor will pay such service providers a fee for performing those services. Also, the advisor and the funds' distributor may make payments to intermediaries for various additional services, other expenses and/or the intermediaries' distribution of the funds 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 funds 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 and activities are intended to provide an incentive to intermediaries to sell the funds by educating them about the funds and helping defray the costs associated with offering the funds. These payments may create a conflict of interest by influencing the intermediary to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. The amount of any payments described by this paragraph is determined by the advisor or the distributor, and all such amounts are paid out of their available assets, and not paid by you or the funds. As a result, the total expense ratio of the funds will not be affected by any such payments.

American Century Investments does not pay any fees to financial intermediaries on R6 Class shares.

------

**Financial Highlights**

**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' Form N-CSR, which is available upon request.

------

**Strategic Allocation: Conservative Fund**

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net Investment Income (Loss) (before expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets, End of<br>Period (in<br>thousands)** |
| **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2025 | $5.63 | 0.14 | 0.28 | 0.42 | (0.14) | (0.26) | (0.40) | $5.65 | 7.85% | 0.72% | 1.01% | 2.48% | 2.19% | 95% | $110612 |
| 2024 | $5.26 | 0.13 | 0.35 | 0.48 | (0.11) | —<sup>(3)</sup> | (0.11) | $5.63 | 9.37% | 0.72% | 1.01% | 2.49% | 2.20% | 30% | $116902 |
| 2023 | $5.35 | 0.12 | 0.03 | 0.15 | (0.11) | (0.13) | (0.24) | $5.26 | 3.04% | 0.72% | 1.01% | 2.39% | 2.10% | 21% | $126027 |
| 2022 | $6.39 | 0.12 | (0.61) | (0.49) | (0.12) | (0.43) | (0.55) | $5.35 | (8.39)% | 0.72% | 1.01% | 2.00% | 1.71% | 40% | $136990 |
| 2021 | $5.65 | 0.08 | 0.92 | 1.00 | (0.07) | (0.19) | (0.26) | $6.39 | 18.09% | 0.76% | 1.00% | 1.38% | 1.14% | 57% | $167285 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.63 | 0.15 | 0.29 | 0.44 | (0.15) | (0.26) | (0.41) | $5.66 | 8.25% | 0.52% | 0.81% | 2.68% | 2.39% | 95% | $22912 |
| 2024 | $5.26 | 0.14 | 0.35 | 0.49 | (0.12) | —<sup>(3)</sup> | (0.12) | $5.63 | 9.59% | 0.52% | 0.81% | 2.69% | 2.40% | 30% | $22876 |
| 2023 | $5.35 | 0.13 | 0.03 | 0.16 | (0.12) | (0.13) | (0.25) | $5.26 | 3.24% | 0.52% | 0.81% | 2.59% | 2.30% | 21% | $24080 |
| 2022 | $6.40 | 0.13 | (0.62) | (0.49) | (0.13) | (0.43) | (0.56) | $5.35 | (8.35)% | 0.52% | 0.81% | 2.20% | 1.91% | 40% | $35548 |
| 2021 | $5.65 | 0.10 | 0.93 | 1.03 | (0.09) | (0.19) | (0.28) | $6.40 | 18.51% | 0.56% | 0.80% | 1.58% | 1.34% | 57% | $38058 |
| **A Class** | **A Class** | **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.62 | 0.12 | 0.30 | 0.42 | (0.13) | (0.26) | (0.39) | $5.65 | 7.77% | 0.97% | 1.26% | 2.23% | 1.94% | 95% | $68525 |
| 2024 | $5.25 | 0.12 | 0.35 | 0.47 | (0.10) | —<sup>(3)</sup> | (0.10) | $5.62 | 9.12% | 0.97% | 1.26% | 2.24% | 1.95% | 30% | $73419 |
| 2023 | $5.34 | 0.11 | 0.03 | 0.14 | (0.10) | (0.13) | (0.23) | $5.25 | 2.77% | 0.97% | 1.26% | 2.14% | 1.85% | 21% | $74616 |
| 2022 | $6.39 | 0.10 | (0.62) | (0.52) | (0.10) | (0.43) | (0.53) | $5.34 | (8.78)% | 0.97% | 1.26% | 1.75% | 1.46% | 40% | $79128 |
| 2021 | $5.65 | 0.07 | 0.92 | 0.99 | (0.06) | (0.19) | (0.25) | $6.39 | 17.79% | 1.01% | 1.25% | 1.13% | 0.89% | 57% | $92011 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.48 | 0.08 | 0.27 | 0.35 | (0.08) | (0.26) | (0.34) | $5.49 | 6.76% | 1.72% | 2.01% | 1.48% | 1.19% | 95% | $4584 |
| 2024 | $5.12 | 0.08 | 0.34 | 0.42 | (0.06) | —<sup>(3)</sup> | (0.06) | $5.48 | 8.37% | 1.72% | 2.01% | 1.49% | 1.20% | 30% | $5172 |
| 2023 | $5.21 | 0.07 | 0.03 | 0.10 | (0.06) | (0.13) | (0.19) | $5.12 | 2.05% | 1.72% | 2.01% | 1.39% | 1.10% | 21% | $6118 |
| 2022 | $6.24 | 0.06 | (0.60) | (0.54) | (0.06) | (0.43) | (0.49) | $5.21 | (9.37)% | 1.72% | 2.01% | 1.00% | 0.71% | 40% | $8606 |
| 2021 | $5.53 | 0.02 | 0.90 | 0.92 | (0.02) | (0.19) | (0.21) | $6.24 | 16.90% | 1.76% | 2.00% | 0.38% | 0.14% | 57% | $11902 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset**<br>**Value,**<br>**Beginning**<br>**of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net**<br>**Realized**<br>**and**<br>**Unrealized**<br>**Gain (Loss)** | **Total From**<br>**Investment**<br>**Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset Value,**<br>**End**<br>**of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net Investment Income (Loss) (before expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets, End of<br>Period (in<br>thousands)** |
| **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | **Strategic Allocation: Conservative Fund** | | | | | | | | | | | |
| **R Class** | **R Class** | **R Class** | | | | | | | | | | | | | |
| 2025 | $5.61 | 0.11 | 0.28 | 0.39 | (0.11) | (0.26) | (0.37) | $5.63 | 7.34% | 1.22% | 1.51% | 1.98% | 1.69% | 95% | $9525 |
| 2024 | $5.24 | 0.11 | 0.35 | 0.46 | (0.09) | —<sup>(3)</sup> | (0.09) | $5.61 | 8.86% | 1.22% | 1.51% | 1.99% | 1.70% | 30% | $9714 |
| 2023 | $5.32 | 0.10 | 0.03 | 0.13 | (0.08) | (0.13) | (0.21) | $5.24 | 2.72% | 1.22% | 1.51% | 1.89% | 1.60% | 21% | $8681 |
| 2022 | $6.37 | 0.09 | (0.62) | (0.53) | (0.09) | (0.43) | (0.52) | $5.32 | (9.04)% | 1.22% | 1.51% | 1.50% | 1.21% | 40% | $10251 |
| 2021 | $5.63 | 0.05 | 0.93 | 0.98 | (0.05) | (0.19) | (0.24) | $6.37 | 17.59% | 1.26% | 1.50% | 0.88% | 0.64% | 57% | $11768 |
| **R5 Class** | **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.64 | 0.15 | 0.28 | 0.43 | (0.15) | (0.26) | (0.41) | $5.66 | 8.05% | 0.52% | 0.81% | 2.68% | 2.39% | 95% | $8 |
| 2024 | $5.27 | 0.14 | 0.35 | 0.49 | (0.12) | —<sup>(3)</sup> | (0.12) | $5.64 | 9.57% | 0.52% | 0.81% | 2.69% | 2.40% | 30% | $8 |
| 2023 | $5.36 | 0.13 | 0.03 | 0.16 | (0.12) | (0.13) | (0.25) | $5.27 | 3.23% | 0.52% | 0.81% | 2.59% | 2.30% | 21% | $9 |
| 2022 | $6.41 | 0.10 | (0.59) | (0.49) | (0.13) | (0.43) | (0.56) | $5.36 | (8.34)% | 0.52% | 0.81% | 2.20% | 1.91% | 40% | $8 |
| 2021 | $5.66 | 0.10 | 0.93 | 1.03 | (0.09) | (0.19) | (0.28) | $6.41 | 18.48% | 0.56% | 0.80% | 1.58% | 1.34% | 57% | $38543 |
| **R6 Class** | **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $5.63 | 0.16 | 0.29 | 0.45 | (0.16) | (0.26) | (0.42) | $5.66 | 8.41% | 0.37% | 0.66% | 2.83% | 2.54% | 95% | $60671 |
| 2024 | $5.26 | 0.15 | 0.35 | 0.50 | (0.13) | —<sup>(3)</sup> | (0.13) | $5.63 | 9.76% | 0.37% | 0.66% | 2.84% | 2.55% | 30% | $95526 |
| 2023 | $5.35 | 0.14 | 0.03 | 0.17 | (0.13) | (0.13) | (0.26) | $5.26 | 3.40% | 0.37% | 0.66% | 2.74% | 2.45% | 21% | $94974 |
| 2022 | $6.40 | 0.14 | (0.62) | (0.48) | (0.14) | (0.43) | (0.57) | $5.35 | (8.21)% | 0.37% | 0.66% | 2.35% | 2.06% | 40% | $87310 |
| 2021 | $5.66 | 0.10 | 0.93 | 1.03 | (0.10) | (0.19) | (0.29) | $6.40 | 18.48% | 0.41% | 0.65% | 1.73% | 1.49% | 57% | $92483 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

------

**Strategic Allocation: Moderate Fund**

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized<br>Gains** | **Total Distributions** | **Net <br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net <br>Assets,<br>End of Period (in thousands)** |
| **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2025 | $6.54 | 0.14 | 0.50 | 0.64 | (0.15) | (0.22) | (0.37) | $6.81 | 10.20% | 0.69% | 1.11% | 2.14% | 1.72% | 75% | $226765 |
| 2024 | $5.99 | 0.13 | 0.54 | 0.67 | (0.12) |  | (0.12) | $6.54 | 11.30% | 0.69% | 1.11% | 2.21% | 1.79% | 28% | $236663 |
| 2023 | $6.00 | 0.12 | 0.20 | 0.32 | (0.11) | (0.22) | (0.33) | $5.99 | 5.89% | 0.69% | 1.11% | 2.10% | 1.68% | 25% | $256440 |
| 2022 | $7.40 | 0.10 | (0.76) | (0.66) | (0.11) | (0.63) | (0.74) | $6.00 | (9.97)% | 0.70% | 1.12% | 1.55% | 1.13% | 39% | $262310 |
| 2021 | $6.25 | 0.07 | 1.43 | 1.50 | (0.07) | (0.28) | (0.35) | $7.40 | 24.69% | 0.73% | 1.11% | 1.01% | 0.63% | 48% | $332602 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $6.55 | 0.15 | 0.50 | 0.65 | (0.16) | (0.22) | (0.38) | $6.82 | 10.42% | 0.49% | 0.91% | 2.34% | 1.92% | 75% | $73791 |
| 2024 | $6.00 | 0.15 | 0.53 | 0.68 | (0.13) |  | (0.13) | $6.55 | 11.50% | 0.49% | 0.91% | 2.41% | 1.99% | 28% | $76385 |
| 2023 | $6.00 | 0.13 | 0.21 | 0.34 | (0.12) | (0.22) | (0.34) | $6.00 | 6.28% | 0.49% | 0.91% | 2.30% | 1.88% | 25% | $55900 |
| 2022 | $7.40 | 0.12 | (0.77) | (0.65) | (0.12) | (0.63) | (0.75) | $6.00 | (9.80)% | 0.50% | 0.92% | 1.75% | 1.33% | 39% | $56679 |
| 2021 | $6.25 | 0.08 | 1.44 | 1.52 | (0.09) | (0.28) | (0.37) | $7.40 | 24.93% | 0.53% | 0.91% | 1.21% | 0.83% | 48% | $71639 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2025 | $6.51 | 0.12 | 0.50 | 0.62 | (0.13) | (0.22) | (0.35) | $6.78 | 9.98% | 0.94% | 1.36% | 1.89% | 1.47% | 75% | $261797 |
| 2024 | $5.97 | 0.12 | 0.52 | 0.64 | (0.10) |  | (0.10) | $6.51 | 10.89% | 0.94% | 1.36% | 1.96% | 1.54% | 28% | $263506 |
| 2023 | $5.97 | 0.11 | 0.20 | 0.31 | (0.09) | (0.22) | (0.31) | $5.97 | 5.82% | 0.94% | 1.36% | 1.85% | 1.43% | 25% | $267677 |
| 2022 | $7.37 | 0.09 | (0.77) | (0.68) | (0.09) | (0.63) | (0.72) | $5.97 | (10.26)% | 0.95% | 1.37% | 1.30% | 0.88% | 39% | $280223 |
| 2021 | $6.22 | 0.05 | 1.44 | 1.49 | (0.06) | (0.28) | (0.34) | $7.37 | 24.48% | 0.98% | 1.36% | 0.76% | 0.38% | 48% | $342835 |
| **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $6.31 | 0.07 | 0.49 | 0.56 | (0.10) | (0.22) | (0.32) | $6.55 | 9.15% | 1.69% | 2.11% | 1.14% | 0.72% | 75% | $9286 |
| 2024 | $5.79 | 0.07 | 0.51 | 0.58 | (0.06) |  | (0.06) | $6.31 | 10.09% | 1.69% | 2.11% | 1.21% | 0.79% | 28% | $12208 |
| 2023 | $5.81 | 0.06 | 0.21 | 0.27 | (0.07) | (0.22) | (0.29) | $5.79 | 5.12% | 1.69% | 2.11% | 1.10% | 0.68% | 25% | $14930 |
| 2022 | $7.19 | 0.03 | (0.73) | (0.70) | (0.05) | (0.63) | (0.68) | $5.81 | (10.90)% | 1.70% | 2.12% | 0.55% | 0.13% | 39% | $18764 |
| 2021 | $6.10 | —<sup>(3)</sup> | 1.39 | 1.39 | (0.02) | (0.28) | (0.30) | $7.19 | 23.55% | 1.73% | 2.11% | 0.01% | (0.37)% | 48% | $28683 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment Income** | **Net<br>Realized<br>Gains** | **Total Distributions** | **Net <br>Asset Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Operating Expenses<br>(before expense waiver)** | **Net<br>Investment Income<br>(Loss)** | **Net Investment Income (Loss) (before expense waiver)** | **Portfolio Turnover<br>Rate** | **Net <br>Assets,<br>End of Period (in thousands)** |
| **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | **Strategic Allocation: Moderate Fund** | | | | | | | | | | | |
| **R Class** | **R Class** | **R Class** | | | | | | | | | | | | | |
| 2025 | $6.44 | 0.11 | 0.49 | 0.60 | (0.12) | (0.22) | (0.34) | $6.70 | 9.70% | 1.19% | 1.61% | 1.64% | 1.22% | 75% | $26412 |
| 2024 | $5.91 | 0.10 | 0.52 | 0.62 | (0.09) |  | (0.09) | $6.44 | 10.55% | 1.19% | 1.61% | 1.71% | 1.29% | 28% | $27204 |
| 2023 | $5.91 | 0.09 | 0.21 | 0.30 | (0.08) | (0.22) | (0.30) | $5.91 | 5.65% | 1.19% | 1.61% | 1.60% | 1.18% | 25% | $25907 |
| 2022 | $7.31 | 0.07 | (0.76) | (0.69) | (0.08) | (0.63) | (0.71) | $5.91 | (10.56)% | 1.20% | 1.62% | 1.05% | 0.63% | 39% | $30086 |
| 2021 | $6.17 | 0.03 | 1.43 | 1.46 | (0.04) | (0.28) | (0.32) | $7.31 | 24.23% | 1.23% | 1.61% | 0.51% | 0.13% | 48% | $38353 |
| **R5 Class** | **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $6.55 | 0.15 | 0.51 | 0.66 | (0.16) | (0.22) | (0.38) | $6.83 | 10.57% | 0.49% | 0.91% | 2.34% | 1.92% | 75% | $9 |
| 2024 | $6.00 | 0.14 | 0.54 | 0.68 | (0.13) |  | (0.13) | $6.55 | 11.50% | 0.49% | 0.91% | 2.41% | 1.99% | 28% | $9 |
| 2023 | $6.00 | 0.14 | 0.20 | 0.34 | (0.12) | (0.22) | (0.34) | $6.00 | 6.27% | 0.49% | 0.91% | 2.30% | 1.88% | 25% | $688 |
| 2022 | $7.41 | 0.09 | (0.75) | (0.66) | (0.12) | (0.63) | (0.75) | $6.00 | (9.92)% | 0.50% | 0.92% | 1.75% | 1.33% | 39% | $470 |
| 2021 | $6.25 | 0.08 | 1.45 | 1.53 | (0.09) | (0.28) | (0.37) | $7.41 | 25.10% | 0.53% | 0.91% | 1.21% | 0.83% | 48% | $7768 |
| **R6 Class** | **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2025 | $6.53 | 0.16 | 0.50 | 0.66 | (0.17) | (0.22) | (0.39) | $6.80 | 10.61% | 0.34% | 0.76% | 2.49% | 2.07% | 75% | $141748 |
| 2024 | $5.99 | 0.16 | 0.52 | 0.68 | (0.14) |  | (0.14) | $6.53 | 11.52% | 0.34% | 0.76% | 2.56% | 2.14% | 28% | $138125 |
| 2023 | $5.99 | 0.14 | 0.21 | 0.35 | (0.13) | (0.22) | (0.35) | $5.99 | 6.45% | 0.34% | 0.76% | 2.45% | 2.03% | 25% | $132562 |
| 2022 | $7.39 | 0.13 | (0.77) | (0.64) | (0.13) | (0.63) | (0.76) | $5.99 | (9.67)% | 0.35% | 0.77% | 1.90% | 1.48% | 39% | $113859 |
| 2021 | $6.24 | 0.09 | 1.44 | 1.53 | (0.10) | (0.28) | (0.38) | $7.39 | 25.17% | 0.38% | 0.76% | 1.36% | 0.98% | 48% | $134426 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)Per-share amount was less than $0.005.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

------

**Strategic Allocation: Aggressive Fund**

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025 | $8.15 | 0.16 | 0.80 | 0.96 | (0.15) | (0.40) | (0.55) | $8.56 | 12.26% | 0.62% | 1.16% | 1.90% | 1.36% | 60% | $249750 |
| 2024 | $7.39 | 0.14 | 0.80 | 0.94 | (0.14) | (0.04) | (0.18) | $8.15 | 12.93% | 0.62% | 1.16% | 1.88% | 1.34% | 29% | $250281 |
| 2023 | $7.20 | 0.13 | 0.42 | 0.55 | (0.11) | (0.25) | (0.36) | $7.39 | 8.35% | 0.63% | 1.17% | 1.85% | 1.31% | 28% | $249998 |
| 2022 | $9.09 | 0.13 | (0.93) | (0.80) | (0.14) | (0.95) | (1.09) | $7.20 | (10.38)% | 0.63% | 1.17% | 1.61% | 1.07% | 36% | $250891 |
| 2021 | $7.45 | 0.08 | 2.09 | 2.17 | (0.06) | (0.47) | (0.53) | $9.09 | 30.04% | 0.67% | 1.16% | 0.95% | 0.46% | 44% | $316039 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |
| 2025 | $8.06 | 0.17 | 0.80 | 0.97 | (0.17) | (0.40) | (0.57) | $8.46 | 12.51% | 0.42% | 0.96% | 2.10% | 1.56% | 60% | $31773 |
| 2024 | $7.31 | 0.15 | 0.79 | 0.94 | (0.15) | (0.04) | (0.19) | $8.06 | 13.16% | 0.42% | 0.96% | 2.08% | 1.54% | 29% | $32894 |
| 2023 | $7.13 | 0.14 | 0.42 | 0.56 | (0.13) | (0.25) | (0.38) | $7.31 | 8.51% | 0.43% | 0.97% | 2.05% | 1.51% | 28% | $57065 |
| 2022 | $9.02 | 0.15 | (0.93) | (0.78) | (0.16) | (0.95) | (1.11) | $7.13 | (10.28)% | 0.43% | 0.97% | 1.81% | 1.27% | 36% | $60934 |
| 2021 | $7.40 | 0.10 | 2.07 | 2.17 | (0.08) | (0.47) | (0.55) | $9.02 | 30.42% | 0.47% | 0.96% | 1.15% | 0.66% | 44% | $55466 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2025 | $8.25 | 0.14 | 0.81 | 0.95 | (0.13) | (0.40) | (0.53) | $8.67 | 11.95% | 0.87% | 1.41% | 1.65% | 1.11% | 60% | $154934 |
| 2024 | $7.48 | 0.12 | 0.81 | 0.93 | (0.12) | (0.04) | (0.16) | $8.25 | 12.63% | 0.87% | 1.41% | 1.63% | 1.09% | 29% | $150330 |
| 2023 | $7.28 | 0.11 | 0.44 | 0.55 | (0.10) | (0.25) | (0.35) | $7.48 | 8.12% | 0.88% | 1.42% | 1.60% | 1.06% | 28% | $146576 |
| 2022 | $9.18 | 0.11 | (0.94) | (0.83) | (0.12) | (0.95) | (1.07) | $7.28 | (10.64)% | 0.88% | 1.42% | 1.36% | 0.82% | 36% | $144188 |
| 2021 | $7.52 | 0.06 | 2.11 | 2.17 | (0.04) | (0.47) | (0.51) | $9.18 | 29.69% | 0.92% | 1.41% | 0.70% | 0.21% | 44% | $177147 |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2025 | $7.91 | 0.07 | 0.79 | 0.86 | (0.07) | (0.40) | (0.47) | $8.30 | 11.20% | 1.62% | 2.16% | 0.90% | 0.36% | 60% | $13074 |
| 2024 | $7.18 | 0.06 | 0.77 | 0.83 | (0.06) | (0.04) | (0.10) | $7.91 | 11.73% | 1.62% | 2.16% | 0.88% | 0.34% | 29% | $13504 |
| 2023 | $7.00 | 0.06 | 0.41 | 0.47 | (0.04) | (0.25) | (0.29) | $7.18 | 7.29% | 1.63% | 2.17% | 0.85% | 0.31% | 28% | $14782 |
| 2022 | $8.86 | 0.05 | (0.91) | (0.86) | (0.05) | (0.95) | (1.00) | $7.00 | (11.30)% | 1.63% | 2.17% | 0.61% | 0.07% | 36% | $16652 |
| 2021 | $7.29 | (0.01) | 2.05 | 2.04 |  | (0.47) | (0.47) | $8.86 | 28.76% | 1.67% | 2.16% | (0.05)% | (0.54)% | 44% | $23338 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Income From Investment Operations\*:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | **Ratio to Average Net Assets of**<sup>†</sup>**:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net <br>Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating<br>Expenses<br>(before<br>expense<br>waiver)** | **Net<br>Investment<br>Income<br>(Loss)** | **Net<br>Investment<br>Income<br>(Loss)<br>(before<br>expense<br>waiver)** | **Portfolio<br>Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | **Strategic Allocation: Aggressive Fund** | | | | | | | | | | | |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2025 | $8.23 | 0.12 | 0.81 | 0.93 | (0.11) | (0.40) | (0.51) | $8.65 | 11.69% | 1.12% | 1.66% | 1.40% | 0.86% | 60% | $14660 |
| 2024 | $7.46 | 0.11 | 0.80 | 0.91 | (0.10) | (0.04) | (0.14) | $8.23 | 12.38% | 1.12% | 1.66% | 1.38% | 0.84% | 29% | $14413 |
| 2023 | $7.27 | 0.09 | 0.43 | 0.52 | (0.08) | (0.25) | (0.33) | $7.46 | 7.71% | 1.13% | 1.67% | 1.35% | 0.81% | 28% | $14296 |
| 2022 | $9.17 | 0.09 | (0.95) | (0.86) | (0.09) | (0.95) | (1.04) | $7.27 | (10.88)% | 1.13% | 1.67% | 1.11% | 0.57% | 36% | $15518 |
| 2021 | $7.51 | 0.04 | 2.11 | 2.15 | (0.02) | (0.47) | (0.49) | $9.17 | 29.58% | 1.17% | 1.66% | 0.45% | (0.04)% | 44% | $18729 |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2025 | $8.07 | 0.17 | 0.80 | 0.97 | (0.17) | (0.40) | (0.57) | $8.47 | 12.49% | 0.42% | 0.96% | 2.10% | 1.56% | 60% | $15 |
| 2024 | $7.32 | 0.15 | 0.79 | 0.94 | (0.15) | (0.04) | (0.19) | $8.07 | 13.14% | 0.42% | 0.96% | 2.08% | 1.54% | 29% | $13 |
| 2023 | $7.13 | 0.15 | 0.42 | 0.57 | (0.13) | (0.25) | (0.38) | $7.32 | 8.66% | 0.43% | 0.97% | 2.05% | 1.51% | 28% | $22 |
| 2022 | $9.02 | 0.15 | (0.93) | (0.78) | (0.16) | (0.95) | (1.11) | $7.13 | (10.28)% | 0.43% | 0.97% | 1.81% | 1.27% | 36% | $16 |
| 2021 | $7.40 | 0.10 | 2.07 | 2.17 | (0.08) | (0.47) | (0.55) | $9.02 | 30.24% | 0.47% | 0.96% | 1.15% | 0.66% | 44% | $15 |
| **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** | **R6 Class** |
| 2025 | $8.03 | 0.18 | 0.79 | 0.97 | (0.18) | (0.40) | (0.58) | $8.42 | 12.60% | 0.27% | 0.81% | 2.25% | 1.71% | 60% | $230581 |
| 2024 | $7.29 | 0.17 | 0.77 | 0.94 | (0.16) | (0.04) | (0.20) | $8.03 | 13.23% | 0.27% | 0.81% | 2.23% | 1.69% | 29% | $201078 |
| 2023 | $7.11 | 0.15 | 0.42 | 0.57 | (0.14) | (0.25) | (0.39) | $7.29 | 8.71% | 0.28% | 0.82% | 2.20% | 1.66% | 28% | $183818 |
| 2022 | $8.99 | 0.16 | (0.92) | (0.76) | (0.17) | (0.95) | (1.12) | $7.11 | (10.05)% | 0.28% | 0.82% | 1.96% | 1.42% | 36% | $162186 |
| 2021 | $7.38 | 0.11 | 2.06 | 2.17 | (0.09) | (0.47) | (0.56) | $8.99 | 30.57% | 0.32% | 0.81% | 1.30% | 0.81% | 44% | $268579 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

\*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

------

**Appendix A**

The information in this Appendix is part of, and incorporated into, the fund's prospectus.

**Financial Intermediary Sales Charge Reduction and Waiver Information**

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (CDSC) waivers, which are set forth below. In all instances, it is the investor's responsibility to notify the fund or the applicable financial intermediary at the time of purchase of any relationship or other facts qualifying the investor for sales charge waivers or discounts. **For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.**

**Sales Charge Reductions and Waivers Available through Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction size breakpoints, as described in this prospectus or the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation (ROA), as described in this prospectus or the SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions made in connection with a return of excess contributions from an IRA account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares purchased through a Right of Reinstatement (as defined above)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Sales Charge Reductions and Waivers Available through Baird**

Effective June 15, 2020, shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

**Front-End Sales Charge Waivers on Investors A-shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share purchase by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchase from the proceeds of redemptions from another American Century Investments fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the funds' Investor C Shares will have their share converted at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

**CDSC Waivers on Investor A and C shares Available at Baird**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares bought due to returns of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-End Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of American Century Investments assets held by accounts within the purchaser's household at Baird. Eligible American Century Investments assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of American Century Investments funds through Baird, over a 13-month period of time.

**Policies Regarding Transactions Through Edward D. Jones & Co., L.P. ("Edward Jones")**

The following information has been provided by Edward Jones:

Effective on or after September 3, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of American Century, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

**Breakpoints**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

------

**Rights of Accumulation ("ROA")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of American Century held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

**Letter of Intent ("LOI")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

**Sales Charge Waivers**

Sales charges are waived for the following shareholders and in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The redemption and repurchase occur in the same account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of Class 529-A shares made for recontribution of refunded amounts.

**Contingent Deferred Sales Charge ("CDSC") Waivers**

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The death or disability of the shareholder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Systematic withdrawals with up to 10% per year of the account value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an Individual Retirement Account (IRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged in an Edward Jones fee-based program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through NAV reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**<u>Other Important Information Regarding Transactions Through Edward Jones</u>**

**Minimum Purchase Amounts**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial purchase minimum: $250

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent purchase minimum: none

**Minimum Balances**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account with an active systematic investment plan or LOI

**Exchanging Share Classes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Sales Charge Reductions and Waivers Available through Janney Montgomery Scott LLC (Janney)**

Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (Janney) brokerage account, you will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge (CDSC), or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this fund's Prospectus or SAI.

**Front-end sales charge\* waivers on A Class shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (*i.e.*, right of reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• C Class shares that are no longer subject to a contingent deferred sales charge and are converted to A Class shares of the same fund pursuant to Janney's policies and procedures.

**CDSC waivers on A and C Class shares available at Janney**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and other retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged into the same share class of a different fund.

**Front-end sales charge\* discounts available at Janney: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

\*Also referred to as an "initial sales charge."

**Sales Charge Reductions and Waivers Available through J.P. Morgan Securities LLC**

Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or statement of additional information.

**Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from Class C (*i.e.*, level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through rights of reinstatement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A share conversion** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold upon the death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in connection with a return of excess contributions from an IRA account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

------

**Sales Charge Reductions and Waivers Available through Merrill Lynch**

Purchases or sales of front-end (*i.e.*, Class A) or level-load (*i.e.*, Class C) mutual fund shares through a Merrill Lynch platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill Lynch at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill Lynch representative may ask for reasonable documentation of such facts and Merrill Lynch may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill Lynch** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Merrill Lynch investment advisory program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill Lynch investment advisory program to a Merrill Lynch brokerage account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through the Merrill Edge Self-Directed platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by eligible employees of Merrill Lynch or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by eligible persons associated with the fund as defined in this prospectus (*e.g.*, the fund's officers or trustees)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (*i.e.*, systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch's account maintenance fees are not eligible for Rights of Reinstatement

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill Lynch**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold pursuant to a systematic withdrawal program subject to Merrill Lynch's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold due to return of excess contributions from an IRA account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (*e.g.*, traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

**Front-end Load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill Lynch permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill Lynch, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

**Sales Charge Reductions and Waivers available through Morgan Stanley Wealth Management**

Effective July 1, 2018, shareholders purchasing fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to A Class shares, which may differ from and may be more limited than those disclosed elsewhere in this fund's prospectus or SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement plans (*e.g.*, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a Morgan Stanley self-directed brokerage account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• C Class (*i.e.*, level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to A Class shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the American Century Investments family of mutual funds, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

**Sales Charge Reductions and Waivers Available through Oppenheimer & Co. Inc. (OPCO)**

Effective February 26, 2020, shareholders purchasing fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**Front-end Sales Load Waivers on Class A Shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased by or through a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through an OPCO affiliated investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the fund's C Class shares will have their shares converted at net asset value to A Class shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of OPCO or its affiliates and their family members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directors or Trustees of the fund, and employees of the fund's investment adviser or any of its affiliates, as described in this prospectus.

**CDSC Waivers on A and C Shares available at OPCO**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

**PFS Investments Inc. ("PFSI") Policies Regarding Transactions Through PFSI**

The following information supersedes all prior information with respect to transactions and positions held in fund shares purchased through PFSI and held on the mutual fund platform of its affiliate, Primerica Shareholder Services ("PSS"). Clients of PFSI (also referred to as "shareholders") purchasing fund shares on the PSS platform are eligible only for the following share classes, sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from share classes, discounts and waivers described elsewhere in this prospectus or the related statement of additional information ("SAI") or through another broker-dealer.

**Share Classes** 

Class A shares: in non-retirement accounts, individual retirement accounts (IRA), SEP IRAs, SIMPLE IRAs, Keogh Plans, and all other account types unless expressly provided for below. Class C shares: only in accounts with existing Class C share holdings.

**Breakpoints** 

Breakpoint pricing at dollar thresholds as described in the prospectus of the fund you are purchasing.

**Rights of Accumulation ("ROA")** 

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except any assets held in group retirement plans) of American Century Funds held by the shareholder on the PSS Platform.

It is the shareholder's responsibility to inform PFSI of all eligible fund family assets at the time of calculation. Shares of money market funds are included only if such shares were acquired in exchange for shares of another American Century Fund purchased with a sales charge. No shares of American Century Funds held by the shareholder away from the PSS platform will be granted ROA with shares of any American Century Fund purchased on the PSS platform.

Any SEP IRA plan, any SIMPLE IRA plan or any Payroll Deduction plan ("PDP") on the PSS platform will be defaulted to plan-level grouping for purposes of ROA, which allows each participating employee ROA with all other eligible shares held in plan accounts on the PSS platform. At any time, a participating employee may elect to exercise a one-time option to change grouping for purposes of ROA to shareholder- level grouping, which allows the plan account of the electing employee ROA with her other eligible holdings on the PSS platform, but not with all other eligible participant holdings in the plan. Eligible shares held in plan accounts electing shareholder-level grouping will not be available for purposes of ROA to plan accounts electing plan-level grouping.

ROA is determined by calculating the higher of cost minus redemptions or current market value (current shares x NAV).

**Letter of Intent ("LOI")** 

By executing a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period through PFSI, from the date PSS receives the LOI. The purchase price of the LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the dollar amount the shareholder intends to invest over a 13-month period to arrive at total investment for purposes of determining any breakpoint discount and the applicable front-end sales charge. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the projected total investment.

Only holdings of American Century Funds on the PSS platform are eligible for inclusion in the LOI calculation and the shareholder must notify PFSI of all eligible assets at the time of calculation. It is the shareholder's responsibility to inform PFSI at the time of a purchase of all holdings of American Century Funds on the PSS platform, or other facts qualifying the purchaser for this discount.

Purchases made before the LOI is received by PSS are not adjusted under the LOI, and the LOI will not reduce any sales charge previously paid. Sales charges will be automatically adjusted if the total purchases required by the LOI are not met.

If an employer maintaining a SEP IRA plan, SIMPLE IRA plan or non-IRA PDP on the PSS platform has elected to establish or change ROA for the accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer. LOIs are not available to PDP IRA plans on the PSS platform with plan-level grouping for purposes of ROA, but are available to any participating employee that elects shareholder-level grouping for purposes of ROA.

**Sales Charge Waivers** 

Sales charges are waived for the following shareholders and in the following situations:

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

Shares purchased with the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 90 days of the purchase, 2) the sale and purchase are made in the same share class

------

and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account, and 3) the redeemed shares were subject to a front-end or deferred sales load. Automated transactions (i.e. systematic purchases and withdrawals), full or partial transfers or rollovers of retirement accounts, and purchases made after shares are automatically sold to pay account maintenance fees are not eligible for this sales charge waiver.

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of PFSI. PFSI is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

**Policies Regarding Fund Purchases Through PFSI That Are Not Held on the PSS Platform** 

Class R shares are available through PFSI only in 401(k) plans covering a business owner with no employees, commonly referred to as a one-participant 401(k) plan or solo 401(k).

PFSI may request reasonable documentation of facts qualifying the purchaser for the discounts and waivers identified above, and condition the granting of any discount or waiver on the timely receipt of such documents. Shareholders should contact PSS if they have questions regarding their eligibility for these discounts and waivers.

**Raymond James & Associates, Inc., Raymond James Financial Services & each entity's affiliates (Raymond James)**

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased within the same fund family through a systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the American Century Investments fund family).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased from the proceeds of redemptions within the American Century Investments fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder in the fund's C Class shares will have their shares converted at net asset value to A Class shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

**CDSC waivers on A and C Class shares available at Raymond James**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares acquired through a right of reinstatement.

**Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of American Century Investments fund family assets held by accounts within the purchaser's household at Raymond James. Eligible American Century Investments fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

------

**Sales Charge Reductions and Waivers Available through Stifel, Nicolaus & Company, Incorporated (Stifel)**

Effective July 1, 2020, shareholders purchasing fund shares through a Stifel platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

**Front-end Sales Load Waiver on Class A Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel's policies and procedures

All other sales charge waivers and reductions described elsewhere in the fund's prospectus or SAI still apply.

**Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares purchased through a rollover from another 529 plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gift of shares will not be considered when determining breakpoint discounts.

------

**Notes**

------

**Notes**

------

**Where to Find More Information**

**Annual and Semiannual Reports**

Additional information about each fund's investments is available in the fund's annual and semiannual reports to shareholders and in Form N-CSR. In each fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR, you will find each fund's annual and semiannual financial statements. This prospectus incorporates by reference the Report of Independent Registered Public Accounting Firm and the financial statements included in each fund's <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421125000009/ck0000924211-20250731.htm)</u> for the fiscal period ending July 31, 2025.

**Statement of Additional Information (SAI)**

The SAI contains a more detailed legal description of the funds' operations, investment restrictions, policies and practices. The <u>[S](#i361fe3fe38c943099d22cb684e13f81b_79)[AI](#i361fe3fe38c943099d22cb684e13f81b_79)</u> 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 other information such as fund financial statements, 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 fund 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: publicinfo@sec.gov.

***This prospectus shall not constitute an offer to sell securities of a fund in any state, territory, or other jurisdiction where the fund's 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**<br>americancentury.com | |
| Retail Investors<br>P.O. Box 419200<br>Kansas City, Missouri 64141-6200<br>1-800-345-2021 or 816-531-5575 | Financial Professionals<br>P.O. Box 419385<br>Kansas City, Missouri 64141-6385<br>1-800-345-6488 |

---

Investment Company Act File No. 811-08532

CL-PRS-91807 2512

------

December 1, 2025

**American Century Investments**

Statement of Additional Information

**American Century Strategic Asset Allocations, Inc.**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Strategic Allocation: Conservative Fund**<br>Investor Class (TWSCX)<br>I Class (ACCIX)<br>A Class (ACCAX)<br>C Class (AACCX)<br>R Class (AACRX)<br>R5 Class (AACGX)<br>R6 Class (AACDX) |
| &nbsp;&nbsp;&nbsp;**Strategic Allocation: Moderate Fund**<br>Investor Class (TWSMX)<br>I Class (ASAMX)<br>A Class (ACOAX)<br>C Class (ASTCX)<br>R Class (ASMRX)<br>R5 Class (ASMUX)<br>R6 Class (ASMDX) |
| &nbsp;&nbsp;&nbsp;**Strategic Allocation: Aggressive Fund**<br>Investor Class (TWSAX)<br>I Class (AAAIX)<br>A Class (ACVAX)<br>C Class (ASTAX)<br>R Class (AAARX)<br>R5 Class (ASAUX)<br>R6 Class (AAAUX) |

---

---

| | |
|:---|:---|
| ***This statement of additional information adds to the discussion in the funds' prospectuses dated December 1, 2025, but is not a prospectus. The statement of additional information should be read in conjunction with the funds' current prospectuses. If you would like a copy of a prospectus, please contact us at one of the addresses or telephone numbers listed on the back cover or visit American Century Investments' website at americancentury.com.*** | |
| ***This statement of additional information incorporates by reference certain information that appears in the funds' financial statements, which are included in the funds' Form N-CSR. You may obtain a free copy of the funds' annual reports, as well as financial statements and other information, by calling 1-800-345-2021.*** | ![Image3.jpg](ck0000924211-20251126_g1.jpg) |

---

------

<sup>©</sup>2025 American Century Proprietary Holdings, Inc. All rights reserved.

------

**Table of Contents**

---

| | |
|:---|:---|
| **The Funds' History**  | **2** |
| **Fund Investment Guidelines**  | **2** |
| **Fund Investments and Risks**  | **5** |
| &nbsp;&nbsp;&nbsp;Investment Strategies and Risks | 5 |
| &nbsp;&nbsp;&nbsp;Investment Policies | 28 |
| &nbsp;&nbsp;&nbsp;Portfolio Turnover | 30 |
| &nbsp;&nbsp;&nbsp;Disclosure of Portfolio Holdings | 31 |
| **Management**  | **35** |
| &nbsp;&nbsp;&nbsp;The Board of Directors | 35 |
| &nbsp;&nbsp;&nbsp;Officers | 39 |
| &nbsp;&nbsp;&nbsp;Code of Ethics | 40 |
| &nbsp;&nbsp;&nbsp;Proxy Voting Policies | 40 |
| **The Funds' Principal Shareholders**  | **40** |
| **Service Providers**  | **40** |
| &nbsp;&nbsp;&nbsp;Investment Advisor | 40 |
| &nbsp;&nbsp;&nbsp;Portfolio Managers | 42 |
| &nbsp;&nbsp;&nbsp;Transfer Agent and Administrator | 45 |
| &nbsp;&nbsp;&nbsp;Sub-Administrator | 46 |
| &nbsp;&nbsp;&nbsp;Distributor | 46 |
| &nbsp;&nbsp;&nbsp;Custodian Bank | 46 |
| &nbsp;&nbsp;&nbsp;Securities Lending Agent | 46 |
| &nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firm | 47 |
| **Brokerage Allocation**  | **47** |
| &nbsp;&nbsp;&nbsp;Regular Broker-Dealers | 48 |
| **Information About Fund Shares**  | **48** |
| &nbsp;&nbsp;&nbsp;Multiple Class Structure | 49 |
| &nbsp;&nbsp;&nbsp;Valuation of a Fund's Securities | 51 |
| **Taxes**  | **52** |
| &nbsp;&nbsp;&nbsp;Federal Income Taxes | 52 |
| &nbsp;&nbsp;&nbsp;State and Local Taxes | 54 |
| **Financial Statements**  | **54** |
| **Appendix A – Principal Shareholders**  | **A-1** |
| **Appendix B – Sales Charges and Payments to Dealers**  | **B-1** |
| **Appendix C – Buying and Selling Fund Shares**  | **C-1** |
| **Appendix D – Explanation of Fixed-Income Securities Ratings**  | **D-1** |
| **Appendix E – Proxy Voting Policies**  | **E-1** |

---

------

**The Funds' History**

American Century Strategic Asset Allocations, Inc. is a registered open-end management investment company that was organized as a Maryland corporation on April 4, 1994. Prior to January 1, 1997, it was known as Twentieth Century Strategic Asset Allocations, Inc. Throughout this statement of additional information, we refer to American Century Strategic Asset Allocations, Inc. as the corporation. Prior to July 31, 2018, each fund had a fiscal year ended November 30. Beginning July 31, 2018, each fund changed its fiscal year end to July 31.

Each fund described in this statement of additional information is a separate series of the corporation and operates for many purposes as if it were an independent company. Each fund has its own investment objective, strategy, management team, assets, and tax identification and stock registration numbers.

---

| | | |
|:---|:---|:---|
| *Fund Class*  | *Ticker Symbol*  | *Inception Date*  |
| **Strategic Allocation: Conservative**  | **Strategic Allocation: Conservative**  | **Strategic Allocation: Conservative**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | TWSCX | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | ACCIX | 08/01/2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | ACCAX | 10/02/1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | AACCX | 09/30/2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | AACRX | 03/31/2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | AACGX | 04/10/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | AACDX | 07/26/2013 |
| **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | TWSMX | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | ASAMX | 08/01/2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | ACOAX | 10/02/1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | ASTCX | 10/02/2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | ASMRX | 08/29/2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | ASMUX | 04/10/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | ASMDX | 07/26/2013 |
| **Strategic Allocation: Aggressive**  | **Strategic Allocation: Aggressive**  | **Strategic Allocation: Aggressive**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | TWSAX | 02/15/1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | AAAIX | 08/01/2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | ACVAX | 10/02/1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | ASTAX | 11/27/2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | AAARX | 03/31/2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | ASAUX | 04/10/2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | AAAUX | 07/26/2013 |

---

**Fund Investment Guidelines**

This section explains the extent to which the funds' advisor, American Century Investment Management, Inc. (ACIM), can use various investment vehicles and strategies in managing a fund's assets. Descriptions of the investment techniques and risks associated with each appear in the section, *Investment Strategies and Risks,* which begins on page 5. In the case of the funds' principal investment strategies, these descriptions elaborate upon the discussion contained in the prospectuses. Each fund is diversified as defined in the Investment Company Act of 1940 (the Investment Company Act). Diversified means that, with respect to 75% of its total assets, each fund will not invest more than 5% of its total assets in the securities of a single issuer or own more than 10% of the outstanding voting securities of a single issuer (other than U.S. government securities and securities of other investment companies).

To meet federal tax requirements for qualification as a regulated investment company, each fund must limit its investments so that at the close of each quarter of its taxable year

(1)no more than 25% of its total assets are invested in the securities of a single issuer (other than the U.S. government or a regulated investment company), and

(2)with respect to at least 50% of its total assets, no more than 5% of its total assets are invested in the securities of a single issuer (other than the U.S. government or a regulated investment company) and it does not own more than 10% of the outstanding voting securities of a single issuer.

------

In general, within the restrictions outlined here and in the funds' prospectuses, the portfolio managers have broad powers to decide how to invest fund assets, including the power to hold them uninvested.

Investments are varied according to what is judged advantageous under changing economic conditions. It is the advisor's policy to retain maximum flexibility in management without restrictive provisions as to the proportion of one or another class of securities that may be held, subject to the investment restrictions described in the funds' prospectuses and below. Subject to the specific limitations applicable to a fund, the fund management teams may invest the assets of each fund in varying amounts in other instruments when such a course is deemed appropriate in order to pursue a fund's investment objective. Unless otherwise noted, all investment restrictions described below and in each fund's prospectus are measured at the time of the transaction in the security. If market action affecting fund securities (including, but not limited to, appreciation, depreciation or a credit rating event) causes a fund to exceed an investment restriction, the advisor is not required to take immediate action. Under normal market conditions, however, the advisor's policies and procedures indicate that the advisor will not make any purchases that will make the fund further outside the investment restriction.

The assets of Strategic Allocation: Conservative, Strategic Allocation: Moderate and Strategic Allocation: Aggressive (collectively, the Strategic Allocation Funds) are allocated among major asset classes, including equity securities, bonds and cash-equivalent instruments, based on the fund's target allocation and subject to the applicable operating ranges. Each fund's assets are further diversified among various investment categories and disciplines within the major asset classes.

The equity portion of each fund's portfolio may be invested in any type of domestic or foreign equity or equity-equivalent security that meets certain fundamental and technical standards of selection. Equity equivalents include securities that permit the fund to receive an equity interest in an issuer, the opportunity to acquire an equity interest in an issuer, or the opportunity to receive a return on its investment that permits the fund to benefit from the growth over time in the equity of an issuer. Examples of equity securities and equity equivalents include preferred stock, convertible preferred stock and convertible securities. Equity equivalents also may include securities whose value or return is derived from the value or return of a different security. Derivative instruments are discussed in greater detail on page 8 under the heading *Derivative Instruments.* 

The funds' portfolio managers use several investment disciplines in managing the equity portion of each fund's portfolio, including growth, value and quantitative management disciplines. The growth strategy is based on the belief that, over the long term, stock price movements follow growth in earnings, revenue and/or cash flow. The portfolio managers use a variety of analytical research tools and techniques to identify stocks of companies that meet their investment criteria. This includes 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 well-established companies that the managers believe to be temporarily undervalued.

The advisor believes both value investing and growth investing provide the potential for appreciation over time. Value investing tends to provide less volatile results. This lower volatility means that the price of value stocks tends not to fall as significantly as the price of growth stocks in down markets. However, value stocks do not usually appreciate as significantly as growth stocks do in up markets. In keeping with the diversification theme of these funds, and as a result of management's belief that these styles are complementary, both disciplines will be represented to some degree in each portfolio at all times.

As noted, the value investment discipline tends to be less volatile than the growth investment discipline. As a result, Strategic Allocation: Conservative will generally have a higher proportion of its equity investments in value stocks than Strategic Allocation: Moderate and Strategic Allocation: Aggressive. Likewise, Strategic Allocation: Aggressive will generally have a greater proportion of growth stocks than either Strategic Allocation: Moderate or Strategic Allocation: Conservative.

In addition, the equity portion of each fund's portfolio will be further diversified among small, medium and large companies. This approach provides investors with an additional level of diversification and enables investors to achieve a broader exposure to the various capitalization ranges without having to invest in multiple funds.

The funds' portfolio managers also may apply quantitative management techniques to a portion of each fund's portfolio. These techniques are applied in a multi-step process that draws heavily on computer technology. In the first step, the portfolio managers rank stocks from most attractive to least attractive using a computer model that combines measures of a stock's value, as well as measures of its growth potential, among others. In the second step, the managers use a technique called portfolio optimization. In portfolio optimization the managers build a portfolio of stocks from the ranking described above that they believe will provide the optimal balance between risk and expected return. The goal is to create a portfolio that provides better returns than its benchmark without taking on significant additional risk. Finally, the managers review the output of the quantitative model, considering factors such as risk management, transaction costs, and liquidity management.

Although the funds will remain exposed to each of the investment disciplines and categories described above, a particular investment discipline or investment category may be emphasized when, in the managers' opinion, such investment discipline or category is undervalued relative to the other disciplines or categories.

The fixed-income portion of a fund's portfolio may include U.S. Treasury securities, securities issued or guaranteed by the U.S. government or a foreign government, or an agency or instrumentality of the U.S. or a foreign government, and convertible and nonconvertible debt obligations issued by U.S. or foreign corporations. The funds also may invest in inflation-indexed securities,

------

which are described in greater detail under the heading *Inflation-Indexed Securities*, or in mortgage-related and other asset-backed securities, which are described in greater detail below*.* As with the equity portion of a fund's portfolio, the fixed-income portion of a fund's portfolio will be diversified among the various fixed-income investment categories described above. The managers' strategy is to actively manage the portfolio by investing the funds' assets in sectors they believe are undervalued (relative to the other sectors) and that represent better relative long-term investment opportunities.

The value of fixed-income securities fluctuates based on changes in interest rates and in the credit quality of the issuers. Debt securities that comprise part of a fund's fixed-income portfolio will be limited primarily to investment-grade obligations. However, Strategic Allocation: Aggressive, Strategic Allocation: Moderate and Strategic Allocation: Conservative may each invest up to 10% of their assets in below investment-grade (high yield) securities. Investment-grade means that at the time of purchase, such obligations are rated within the four highest categories by a nationally recognized statistical rating organization (for example, at least Baa by Moody's Investors Service, Inc. (Moody's) or BBB by Standard & Poor's Corporation (S&P)), or, if not rated, are of equivalent investment quality as determined by the managers. According to Moody's, bonds rated Baa are medium-grade and possess some speculative characteristics. A BBB rating by S&P indicates S&P's belief that a security exhibits a satisfactory degree of safety and capacity for repayment but is more vulnerable to adverse economic conditions and changing circumstances.

High-yield securities, which are also known as "junk bonds," are higher risk, nonconvertible debt obligations that are rated below investment-grade securities, or are unrated, but with similar credit quality.

There are no credit or maturity restrictions on the fixed-income securities in which the high-yield portion of a fund's portfolio may be invested. Debt securities rated below investment-grade are considered by many to be predominantly speculative. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments on such securities than is the case with higher-quality debt securities. Regardless of rating levels, all debt securities considered for purchase by the funds are analyzed by the managers to determine, to the extent reasonably possible, that the planned investment is consistent with the investment objective of the fund.

Under normal market conditions, the weighted average maturity for the fixed-income portions of the Strategic Allocation Funds will be in the three- to 10-year range.

The cash-equivalent portion of the Strategic Allocation Funds' portfolios may be invested in high-quality money market instruments (denominated in U.S. dollars or foreign currencies), including U.S. government obligations, obligations of domestic and foreign banks, short-term corporate debt instruments and repurchase agreements.

The portfolio managers also intend to invest a portion of the funds' assets in real estate-related investments. Such investments may provide exposure to (or direct holdings in) securities issued by real estate investment trusts (REITs) or companies engaged in the real estate industry. Equity REITs buy real estate and investors receive income from the rents received and from any profits on the sale of its properties. Mortgage REITs lend money to building developers and other real estate companies, and receive income from interest paid on those loans. There are also hybrid REITs, which engage in both owning real estate and making loans. A company is considered to be a real estate company if, in the opinion of the portfolio managers, at least 50% of its revenues or 50% of the market value of its assets at the time its securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

The managers regularly review each fund's investments and allocations and may make changes in the securities holdings within each asset class or to a fund's asset mix (within the defined operating ranges for the Strategic Allocation Funds) to emphasize investments that they believe will provide the most favorable outlook for achieving a fund's objective. Recommended reallocations may be implemented promptly or may be implemented gradually.

The funds will use elements of both "strategic" and "tactical" asset allocation to achieve their objectives. The longer-term, strategic asset allocation will be driven primarily by the need for broad diversification, while the shorter-term, tactical deviations from strategic positions will be implemented in an effort to add value based on the portfolio managers' assessments of the current economic and financial environment. Given the tactical component of the funds' asset allocation strategy, the funds may reallocate assets promptly.

In determining the allocation of assets among U.S. and foreign capital markets, the managers consider the condition and growth potential of the various economies; the relative valuations of the markets; and social, political and economic factors that may affect the markets.

In selecting securities in foreign currencies, the managers consider, among other factors, the impact of foreign exchange rates relative to the U.S. dollar value of such securities. In addition to purchasing securities denominated in foreign currencies, the funds may also invest in foreign currencies. The managers may seek to hedge all or a part of a fund's foreign currency exposure through the use of foreign currency exchange contracts or options thereon. The funds also may use foreign currency exchange contracts to enhance the funds' return.

------

The funds attempt to diversify across asset classes and investment categories to a greater extent than funds that invest primarily in equity securities or primarily in fixed-income securities. However, the Strategic Allocation Funds are designed to fit three general risk profiles and may not provide an appropriately balanced investment plan for all investors.

**Fund Investments and Risks**

**Investment Strategies and Risks**

This section describes investment vehicles and techniques the portfolio managers can use in managing a fund's assets. It also details the risks associated with each, because each investment vehicle and technique contributes to a fund's overall risk profile.

**Asset-Backed Securities (ABS)**

ABS are structured like mortgage-backed securities, but instead of mortgage loans or interest in mortgage loans, the underlying assets may include, for example, such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, home equity loans, student loans, small business loans, and receivables from credit card agreements. The ability of an issuer of ABS to enforce its security interest in the underlying assets may be limited. The value of an asset-backed security is affected by changes in the market's perception of the assets backing the security, the creditworthiness of the servicing agent for the loan pool, the originator of the loans, the financial institution providing any credit enhancement, and subordination levels.

Payments of principal and interest passed through to holders of ABS are typically supported by some form of credit enhancement, such as a letter of credit, surety bond, limited guarantee by another entity or a priority to certain of the borrower's other securities. The degree of credit enhancement varies, and generally applies to only a fraction of the asset-backed security's par value until exhausted. If the credit enhancement of an asset-backed security held by the fund has been exhausted, and if any required payments of principal and interest are not made with respect to the underlying loans, the fund may experience losses or delays in receiving payment.

Some types of ABS may be less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the fund.

The risks of investing in ABS are ultimately dependent upon the repayment of loans by the individual or corporate borrowers. Although a fund would generally have no recourse against the entity that originated the loans in the event of default by a borrower, ABS typically are structured to mitigate this risk of default.

ABS are generally issued in more than one class, each with different payment terms. Multiple class ABS may be used as a method of providing credit support through creation of one or more classes whose right to payments is made subordinate to the right to such payments of the remaining class or classes. Multiple classes also may permit the issuance of securities with payment terms, interest rates or other characteristics differing both from those of each other and from those of the underlying assets. Examples include so-called strips (ABS entitling the holder to disproportionate interests with respect to the allocation of interest and principal of the assets backing the security), and securities with classes having characteristics such as floating interest rates or scheduled amortization of principal.

**Bank Loans**

Each fund may invest in bank loans, which include senior secured and unsecured floating rate loans of corporations, partnerships, or other entities. Typically, these loans hold a senior position in the borrower's capital structure, may be secured by the borrower's assets and have interest rates that reset frequently. These loans are usually rated non-investment grade by the rating agencies. An economic downturn generally leads to higher non-payment and default rates by borrowers, and a bank loan can lose a substantial part of its value due to these and other adverse conditions and events. However, as compared to junk bonds, senior floating rate loans are typically senior in the capital structure and are often secured by collateral of the borrower. A fund's investments in bank loans are subject to credit risk, and there is no assurance that the liquidation of collateral would satisfy the claims of the borrower's obligations in the event of non-payment of scheduled interest or principal, or that the collateral could be readily liquidated. The interest rates on many bank loans reset frequently, and therefore investors are subject to the risk that the return will be less than anticipated when the investment was first made. Most bank loans, like most investment grade bonds, are not traded on any national securities exchange. Bank loans generally have less liquidity than investment grade bonds and there may be less publicly available information about them.

A fund eligible to invest in bank loans may purchase bank loans from the primary market, from other lenders (sometimes referred to as loan assignments) or it may also acquire a participation interest in another lender's portion of the bank loan. Large bank loans to

------

corporations or governments may be shared or syndicated among several lenders, usually commercial or investment banks. A fund may participate in such syndicates, or can buy part of a loan, becoming a direct lender. Participation interests involve special types of risk, including liquidity risk and the risks of being a lender. Risks of being a lender include credit risk (the borrower's ability to meet required principal and interest payments under the terms of the loan), industry risk (the borrower's industry's exposure to rapid change or regulation), financial risk (the effectiveness of the borrower's financial policies and use of leverage), liquidity risk (the adequacy of the borrower's back-up sources of cash), and collateral risk (the sufficiency of the collateral's value to repay the loan in the event of non-payment or default by the borrower). If a fund purchases a participation interest, it may only be able to enforce its rights through the lender, and may assume the credit risk of the lender in addition to the credit risk of the borrower.

In addition, transactions in bank loans may take more than seven days to settle. As a result, the proceeds from the sale of bank loans may not be readily available to make additional investments or to meet the fund's redemption obligations. To mitigate these risks, the fund monitors its short-term liquidity needs in light of the longer settlement period of bank loans. Some bank loan interests may not be considered securities or registered under the Securities Act of 1933 and therefore not afforded the protections of the federal securities laws.

**Collateralized Obligations**

Each fund may also invest in collateralized obligations, including collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), collateralized mortgage obligations (CMOs), collateralized bond obligations (CBOs), and other similarly structured investments. CBOs and CLOs are types of asset backed securities. A CLO is a trust or other special purpose entity that is typically collateralized by a pool of loans, which may include, among others, U.S. and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. A CBO is generally a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. The risks of an investment in a CDO depend largely on the type of the collateral backing the obligation and the class of the CDO in which a fund invests. CDOs are subject to credit, interest rate, valuation, prepayment and extension risks. These securities are also subject to risk of default on the underlying asset, particularly during periods of economic downturn. CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the collateral may decline in value or default, (iii) a fund may invest in CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. A CMO is a multiclass bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs are discussed in more detail in the *Mortgage-Backed Securities* section below.

**Commercial Paper**

The funds may invest in commercial paper (CP) that is issued by utility, financial, and industrial companies, supranational organizations and foreign governments and their agencies and instrumentalities. Rating agencies assign ratings to short-term securities (including CP) issuers indicating the agencies' assessment of credit risk. Short-term ratings assigned by certain rating agencies are provided in the *Explanation of Fixed-Income Securities Ratings, Appendix D*.

Domestic CP is issued by U.S. industrial and finance companies, utility companies, thrifts and bank holding companies. Foreign CP is issued by non-U.S. industrial and finance companies and financial institutions. Domestic and foreign corporate issuers occasionally have the underlying support of a well-known, highly rated commercial bank or insurance company. Bank support is provided in the form of a letter of credit (an LOC) or irrevocable revolving credit commitment (an IRC). Insurance support is provided in the form of a surety bond.

Bank holding company CP is issued by the holding companies of many well-known domestic banks. Bank holding company CP may be issued by the parent of a money center or regional bank.

Thrift CP is issued by major federal- or state-chartered savings and loan associations and savings banks.

Schedule B Bank CP is short-term, U.S. dollar-denominated CP issued by Canadian subsidiaries of non-Canadian banks (Schedule B banks). Whether issued as CP, a certificate of deposit or a promissory note, each instrument issued by a Schedule B bank ranks equally with any other deposit obligation. CP issued by Schedule B banks provides an investor with the comfort and reduced risk of a direct and unconditional parental bank guarantee.

Schedule B instruments generally offer higher rates than the short-term instruments of the parent bank or holding company.

Asset-backed CP is issued by corporations through special programs. In a typical program, a special purpose corporation (SPC), created and/or serviced by a bank or other financial institution, uses the proceeds from an issuance of CP to purchase receivables or other financial assets from one or more corporations (sellers). The sellers transfer their interest in the receivables or other financial assets to the SPC, and the cash flow from the receivables or other financial assets is used to pay interest and principal on the CP. Letters of credit or other forms of credit enhancement may be available to cover the risk that the cash flow from the receivables or other financial assets will not be sufficient to cover the maturing CP.

------

**Convertible Securities**

The funds may invest in convertible securities. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular time period at a specified price or formula. A convertible security entitles the holder to receive the interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion or exchange, such securities ordinarily provide a stream of income with generally higher yields than common stocks of the same or similar issuers, but lower than the yield on non-convertible debt. Of course, there can be no assurance of current income because issuers of convertible securities may default on their obligations. In addition, there can be no assurance of capital appreciation because the value of the underlying common stock will fluctuate. Because of the conversion feature, the managers consider some convertible securities to be equity equivalents.

The price of a convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset. A convertible security is subject to risks relating to the activities of the issuer and/or general market and economic conditions. The stream of income typically paid on a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the stream of income causes fluctuations based upon changes in interest rates and the credit quality of the issuer. In general, the value of a convertible security is a function of (1) its yield in comparison with yields of other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted or exchanged into the underlying common stock. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that a non-convertible security does not. At any given time, investment value generally depends upon such factors as the general level of interest rates, the yield of similar nonconvertible securities, the financial strength of the issuer and the seniority of the security in the issuer's capital structure.

A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by a fund is called for redemption, the fund would be required to permit the issuer to redeem the security and convert it to underlying common stock or to cash, or would sell the convertible security to a third party, which may have an adverse effect on the fund. A convertible security may feature a put option that permits the holder of the convertible security to sell that security back to the issuer at a predetermined price. A fund generally invests in convertible securities for their favorable price characteristics and total return potential and normally would not exercise an option to convert unless the security is called or conversion is forced.

Contingent convertible securities (sometimes referred to as CoCos) generally either convert into equity or have their principal written down upon the occurrence of certain trigger events, which may be linked to the issuer's stock price, regulatory capital thresholds, regulatory actions relating to the issuer's continued viability, or other pre-specified events. Under certain circumstances, CoCos may be subject to an automatic write-down of the principal amount or value of the securities, sometimes to zero, thereby cancelling the securities. If such an event occurs, a fund may not have any rights to repayment of the principal amount of the securities that has not become due. Additionally, a fund may not be able to collect interest payments or dividends on such securities once the write-down has occurred. In the event of liquidation or dissolution of the issuer, CoCos generally rank junior to the claims of holders of the issuer's other debt obligations. CoCos also may provide for the mandatory conversion of the security into common stock of the issuer under certain circumstances. Because the common stock of an issuer may not pay a dividend, a fund may experience reduced yields (or no yield) as a result of the conversion. Conversion of the security from debt to equity would deepen the subordination of the investor and thereby worsen the fund's standing in bankruptcy.

**Counterparty Risk**

A fund will be exposed to the credit risk of the counterparties with which, or the brokers, dealers and exchanges through which, it deals, whether it engaged in exchange traded or off-exchange transactions.

A fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations under those instruments, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer of an instrument in which a fund invests will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that a fund will not sustain a loss on a transaction as a result.

Transactions entered into by a fund may be executed on various U.S. and non-U.S. exchanges, and may be cleared and settled through various clearinghouses, custodians, depositories and prime brokers throughout the world. Although a fund attempts to execute, clear and settle the transactions through entities the advisor believes to be sound, there can be no assurance that a failure by any such entity will not lead to a loss to a fund.

**Cyber Security Risk**

As the funds increasingly rely on technology and information systems to operate, they become susceptible to operational risks linked to security breaches in those information systems. Both calculated attacks and unintentional events can cause failures in the funds' information systems. Cyber attacks can include acquiring unauthorized access to information systems, usually through hacking or the use of malicious software, for purposes of stealing assets or confidential information, corrupting data, or disrupting fund operations. Cyber attacks can also occur without direct access to information systems, for example by making network services unavailable to

------

intended users. Cyber security failures by, or breaches of the information systems of, the advisor, distributors, broker-dealers, other service providers (including, but not limited to, index providers, fund accountants, custodians, transfer agents and administrators), or the issuers of securities the fund invests in may also cause disruptions and impact the funds' business operations. Breaches in information security may result in financial losses, interference with the funds' ability to calculate NAV, impediments to trading, inability of fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Additionally, the funds may incur substantial costs to prevent future cyber incidents. The funds have business continuity plans in the event of, and risk management systems to help prevent, such cyber attacks, but these plans and systems have limitations including the possibility that certain risks have not been identified. Moreover, the funds do not control the cyber security plans and systems of our service providers and other third party business partners. The funds and their shareholders could be negatively impacted as a result.

**Derivative Instruments**

To the extent permitted by its investment objectives and policies, each of the funds may invest in derivative instruments. Generally, a derivative instrument is a financial arrangement, the value of which is based on, or derived from, a traditional security, asset, or market index. The advisor has a derivatives risk management program that includes policies and procedures reasonably designed to manage each fund's respective derivatives risk. The derivatives risk management program complies with Rule 18f-4 of the Investment Company Act. Unless a fund qualifies as a limited derivatives user, the fund will be required to participate in the derivatives risk management program, which includes compliance with value-at-risk based leverage limits, oversight by a derivatives risk manager, and additional reporting and disclosure regarding its derivatives positions. A fund designated as a limited derivatives user has policies and procedures to manage its aggregate derivatives risk. The advisor will periodically report on the derivatives risk management program to the Board of Trustees.

Examples of common derivative instruments include futures contracts, warrants, structured notes, credit default swaps, options contracts, swap transactions and forward currency contracts.

The risks associated with investments in derivatives differ from, and may be greater than, the risks associated with investing directly in traditional investments.

**Leverage Risk** – Relatively small market movements may cause large changes in an investment's value. Leverage is associated with certain types of derivatives or trading strategies. Certain transactions in derivatives (such as futures transactions or sales of put options) involve substantial leverage and may expose a fund to potential losses that exceed the amount of initial investment.

**Hedging Risk** – When used to hedge against a position in a fund, losses on a derivative instrument are typically offset by gains on the hedged position, and vice versa. Thus, though hedging can minimize or cancel out losses, it can also have the same effect on gains. Occasionally, there may be imperfect matching between the derivative and the underlying security, such a match may prevent the fund from achieving the intended hedge or expose it to a risk of loss. There is no guarantee that a fund's hedging strategy will be effective. Portfolio managers may decide not to hedge against any given risk either because they deem such risk improbable or they do not foresee the occurrence of the risk. Additionally, certain risks may be impossible to hedge against.

**Correlation Risk** – The value of the underlying security, interest rate, market index or other financial asset may not move in the direction the portfolio managers anticipate. Additionally, the value of the derivative may not move or react to changes in the underlying security, interest rate, market index or other financial asset as anticipated.

**Illiquidity Risk** – There may be no liquid secondary market, which may make it difficult or impossible to close out a position when desired. For exchange-traded derivatives contracts, daily limits on price fluctuations and speculative position limits set by the exchanges on which the fund transacts in derivative instruments may prevent profitable liquidation of positions, subjecting a fund to the potential of greater losses.

**Settlement Risk** – A fund may have an obligation to deliver securities or currency pursuant to a derivatives transaction that such fund does not own at the inception of the derivatives trade.

**Counterparty Risk** – A counterparty may fail to perform its obligations. Because bi-lateral derivative transactions are traded between counterparties based on contractual relationships, a fund is subject to the risk that a counterparty will not perform its obligations under the related contracts. Although each fund intends to enter into transactions only with counterparties which the advisor believes to be creditworthy, there can be no assurance that a counterparty will not default and that the funds will not sustain a loss on a transaction as a result. In situations where a fund is required to post margin or other collateral with a counterparty, the counterparty may fail to segregate the collateral or may commingle the collateral with the counterparty's own assets. As a result, in the event of the counterparty's bankruptcy or insolvency, a fund's collateral may be subject to the conflicting claims of the counterparty's creditors, and a fund may be exposed to the risk of a court treating a fund as a general unsecured creditor of the counterparty, rather than as the owner of the collateral.

**Volatility Risk** – A fund could face higher volatility because some derivative instruments create leverage.

***Foreign Currency Exchange Transactions***

A fund may conduct foreign currency transactions on a spot basis (i.e., for prompt delivery and settlement) or forward basis (i.e., by entering into forward currency exchange contracts, currency options and futures transactions for hedging or any other lawful purpose).

------

Although foreign exchange dealers generally do not charge a fee for such transactions, they do realize a profit based on the difference between the prices at which they are buying and selling various currencies.

Forward contracts are customized transactions that require a specific amount of a currency to be delivered at a specific exchange rate on a specific date or range of dates in the future. Forward contracts are generally traded in an interbank market directly between currency traders (usually larger commercial banks) and their customers. The parties to a forward contract may agree to offset or terminate the contract before its maturity, or may hold the contract to maturity and complete the contemplated currency exchange.

The following summarizes the principal currency management strategies involving forward contracts. A fund may also use swap agreements, indexed securities, and options and futures contracts relating to foreign currencies for the same purposes. A fund's foreign currency management strategies may involve currencies of developed as well as emerging market countries.

(1)**Settlement Hedges or Transaction Hedges** – When the portfolio managers wish to lock in the U.S. dollar price of or proceeds from a foreign currency denominated security when a fund is purchasing or selling the security, the fund may enter into a forward contract to do so. This type of currency transaction, often called a "settlement hedge" or "transaction hedge," protects the fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received (i.e., settled). Forward contracts to purchase or sell a foreign currency may also be used by a fund in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected by the portfolio managers. This strategy is often referred to as "anticipatory hedging."

(2)**Position Hedges** – When the portfolio managers believe that the currency of a particular foreign country may suffer substantial decline against the U.S. dollar, a fund may enter into a forward contract to sell foreign currency for a fixed U.S. dollar amount approximating the value of some or all of its portfolio securities either denominated in, or whose value is tied to, such foreign currency. This use of a forward contract is sometimes referred to as a "position hedge." For example, if a fund owned securities denominated in Euro, it could enter into a forward contract to sell Euro in return for U.S. dollars to hedge against possible declines in the Euro's value. This hedge would tend to offset both positive and negative currency fluctuations, but would not tend to offset changes in security values caused by other factors.

A fund could also hedge the position by entering into a forward contract to sell another currency expected to perform similarly to the currency in which the fund's existing investments are denominated. This type of hedge, often called a "proxy hedge," could offer advantages in terms of cost, yield or efficiency, but may not hedge currency exposure as effectively as a simple position hedge against U.S. dollars. This type of hedge may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

The precise matching of forward contracts in the amounts and values of securities involved generally would not be possible because the future values of such foreign currencies will change as a consequence of market movements in the values of those securities between the date the forward contract is entered into and the date it matures. Predicting short-term currency market movements is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. Normally, consideration of the prospect for currency parities will be incorporated into the long-term investment decisions made with respect to overall diversification strategies. However, the managers believe that it is important to have flexibility to enter into such forward contracts when they determine that a fund's best interests may be served.

At the maturity of the forward contract, the fund may either sell the portfolio security and make delivery of the foreign currency, or it may retain the security and terminate the obligation to deliver the foreign currency by purchasing an "offsetting" forward contract with the same currency trader obligating the fund to purchase, on the same maturity date, the same amount of the foreign currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of the forward contract. Accordingly, it may be necessary for a fund to purchase additional foreign currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the fund is obligated to deliver and if a decision is made to sell the security and make delivery of the foreign currency the fund is obligated to deliver.

(3)**Shifting Currency Exposure** – A fund may also enter into forward contracts to shift its investment exposure from one currency into another for hedging purposes or to enhance returns. This may include shifting exposure from U.S. dollars to foreign currency, or from one foreign currency to another foreign currency and may result in the fund being obligated to deliver an amount in excess of the value of its securities or other assets denominated in that currency (a "net short" position). This strategy tends to limit exposure to the currency sold, and increase exposure to the currency that is purchased, much as if a fund had sold a security denominated in one currency and purchased an equivalent security denominated in another currency. For example, if the portfolio managers believed that the U.S. dollar may suffer a substantial decline against the Euro, they could enter into a forward contract to purchase Euros for a fixed amount of U.S. dollars. This transaction would protect against losses resulting from a decline in the value of the U.S. dollar, but would cause the fund to assume the risk of fluctuations in the value of the Euro.

Successful use of currency management strategies will depend on the fund management team's skill in analyzing currency values. Currency management strategies may substantially subject a fund's investment exposure to changes in currency rates and could result in losses to a fund if currencies do not perform as the portfolio managers anticipate. For example, if a currency's value rose at a time when the portfolio managers hedged a fund by selling the currency in exchange for U.S. dollars, a fund would not participate in the

------

currency's appreciation. Similarly, if the portfolio managers increase a fund's exposure to a currency and that currency's value declines, a fund will sustain a loss. These risks are heightened when the transactions involve currencies of emerging market countries. There is no assurance that the portfolio managers' use of foreign currency management strategies will be advantageous to a fund or that they will hedge at appropriate times.

The fund will generally cover outstanding forward contracts by maintaining liquid portfolio securities denominated in, or whose value is tied to, the currency underlying the forward contract or the currency being hedged.

The funds may also invest in nondeliverable forward (NDF) currency transactions. An NDF is a transaction that represents an agreement between the fund and a counterparty to buy or sell a specified amount of a particular currency at an agreed upon foreign exchange rate on a future date. Unlike other currency transactions, there is no physical delivery of the currency on the settlement of an NDF transaction. Rather, the fund and the counterparty agree to net the settlement by making a payment in U.S. dollars or another fully convertible currency that represents any difference between the foreign exchange rate agreed upon at the inception of the NDF agreement and the actual exchange rate on the agreed upon future date. The funds may use an NDF contract to gain exposure to foreign currencies which are not internationally traded or if the markets for such currencies are heavily regulated or highly taxed. When currency exchange rates do not move as anticipated, a fund could sustain losses on the NDF transaction. This risk is heightened when the transactions involve currencies of emerging market countries. Additionally, certain NDF transactions which involve currencies of less developed countries or with respect to certain other currencies may be relatively illiquid.

***Futures and Options***

Each fund may enter into futures contracts, options or options on futures contracts. Futures contracts provide for the sale by one party and purchase by another party of a specific security at a specified future time and price.

**Futures**

Generally, futures transactions will be used to

• protect against a decline in market value of the funds' securities (taking a short futures position),

• protect against the risk of an increase in market value for securities in which the fund generally invests at a time when the fund is not fully invested (taking a long futures position), or

• provide a temporary substitute for the purchase of an individual security that may not be purchased in an orderly fashion.

Some futures and options strategies, such as selling futures, buying puts and writing calls, hedge a fund's investments against price fluctuations. Other strategies, such as buying futures, writing puts and buying calls, tend to increase market exposure.

Although other techniques may be used to control a fund's exposure to market fluctuations, the use of futures contracts may be a more effective means of hedging this exposure. While a fund pays brokerage commissions in connection with opening and closing out futures positions, these costs are lower than the transaction costs incurred in the purchase and sale of the underlying securities.

For example, the sale of a future by a fund means the fund becomes obligated to deliver the security (or securities, in the case of an index future) at a specified price on a specified date. The purchase of a future means the fund becomes obligated to buy the security (or securities) at a specified price on a specified date. The portfolio managers may engage in futures and options transactions, consistent with a fund's investment objective, that are based on securities indices, such as the S&P 500 Index. The managers also may engage in futures and options transactions based on specific securities, such as Treasury notes. Futures contracts are traded on national futures exchanges. Futures exchanges and trading are regulated under the Commodity Exchange Act by the Commodity Futures Trading Commission (CFTC), a U.S. government agency.

Index futures contracts differ from traditional futures contracts in that when delivery takes place, no stocks or bonds change hands. Instead, these contracts settle in cash at the spot market value of the index. Although other types of futures contracts by their terms call for actual delivery or acceptance of the underlying securities, in most cases the contracts are closed out before the settlement date. A futures position may be closed by taking an opposite position in an identical contract (i.e., buying a contract that has previously been sold or selling a contract that has previously been bought).

Unlike when a fund purchases or sells a security, no price is paid or received by the fund upon the purchase or sale of the future. Initially, a fund will be required to deposit an amount of cash or securities equal to a varying specified percentage of the contract amount. This amount is known as initial margin. The margin deposit is intended to ensure completion of the contract (delivery or acceptance of the underlying security) if it is not terminated prior to the specified delivery date. A margin deposit does not constitute a margin transaction for purposes of a fund's investment restrictions. Minimum initial margin requirements are established by the futures exchanges and may be revised.

In addition, brokers may establish margin deposit requirements that are higher than the exchange minimums. Cash held in the margin accounts generally is not income-producing. However, coupon bearing securities, such as Treasury bills and bonds, held in margin accounts generally will earn income. Subsequent payments to and from the broker, called variation margin, will be made on a daily basis as the price of the underlying securities or index fluctuates, making the future more or less valuable, a process known as marking the contract to market. Changes in variation margin are recorded by a fund as unrealized gains or losses. At any time prior to

------

expiration of the future, a fund may elect to close the position by taking an opposite position. A final determination of variation margin is then made; additional cash is required to be paid by or released to the fund and the fund realizes a loss or gain.

**Options**

By buying a put option, a fund obtains the right (but not the obligation) to sell the instrument underlying the option at a fixed strike price and in return a fund pays the current market price for the option (known as the option premium). A fund may terminate its position in a put option it has purchased by allowing it to expire, by exercising the option or by entering into an offsetting transaction, if a liquid market exists. If the option is allowed to expire, a fund will lose the entire premium it paid. If a fund exercises a put option on a security, it will sell the instrument underlying the option at the strike price. The buyer of a typical put option can expect to realize a gain if the value of the underlying instrument falls substantially. However, if the price of the instrument underlying the option does not fall enough to offset the cost of purchasing the option, a put buyer can expect to suffer a loss limited to the amount of the premium paid, plus related transaction costs.

The features of call options are essentially the same as those of put options, except that the buyer of a call option obtains the right to purchase, rather than sell, the instrument underlying the option at the option's strike price. The buyer of a typical call option can expect to realize a gain if the value of the underlying instrument increases substantially and can expect to suffer a loss if security prices do not rise sufficiently to offset the cost of the option.

When a fund writes a put option, it takes the opposite side of the transaction from the option's buyer. In return for the receipt of the premium, a fund assumes the obligation to pay the strike price for the instrument underlying the option if the other party to the option chooses to exercise it. A fund may seek to terminate its position in a put option it writes before exercise by purchasing an offsetting option in the market at its current price. Otherwise, a fund must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes, and must continue to post margin as discussed below. If the price of the underlying instrument rises, a put writer would generally realize as profit the premium it received. If the price of the underlying instrument remains the same over time, it is likely that the writer will also profit, because it should be able to close out the option at a lower price. If the price of the underlying instrument falls, the put writer would expect to suffer a loss.

A fund writing a call option is obligated to sell or deliver the option's underlying instrument in return for the strike price upon exercise of the option. Writing calls generally is a profitable strategy if the price of the underlying instrument remains the same or falls. A call writer offsets part of the effect of a price decline by receipt of the option premium, but gives up some ability to participate in security price increases. The writer of an exchange traded put or call option on a security, an index of securities or a futures contract is required to deposit cash or securities or a letter of credit as margin and to make mark to market payments of variation margin as the position becomes unprofitable.

Call option overwriting is a related investment strategy that typically combines a long equity position and short call position. This strategy enhances potential return by generating income through receipt of a call option premium. By reducing potential loss and capping potential return, call option overwriting may also help reduce volatility in a fund's equity holdings.

**Options on Futures**

By purchasing an option on a futures contract, a fund obtains the right, but not the obligation, to sell the futures contract (a put option) or to buy the contract (a call option) at a fixed strike price. A fund can terminate its position in a put option by allowing it to expire or by exercising the option. If the option is exercised, the fund completes the sale of the underlying security at the strike price. Purchasing an option on a futures contract does not require a fund to make margin payments unless the option is exercised.

The funds may write (or sell) call options that obligate them to sell (or deliver) the option's underlying instrument upon exercise of the option. While the receipt of option premiums would mitigate the effects of price declines, the funds would give up some ability to participate in a price increase on the underlying security. If a fund were to engage in options transactions, it would own the futures contract at the time a call was written and would keep the contract open until the obligation to deliver it pursuant to the call expired.

**Risks Related to Futures and Options Transactions**

Futures and options prices can be volatile, and trading in these markets involves certain risks. If the portfolio managers apply a hedge at an inappropriate time or judge interest rate or equity market trends incorrectly, futures and options strategies may lower a fund's return.

A fund could suffer losses if it is unable to close out its position because of an illiquid secondary market. Futures contracts may be closed out only on an exchange that provides a secondary market for these contracts, and there is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time. Consequently, it may not be possible to close a futures position when the portfolio managers consider it appropriate or desirable to do so. In the event of adverse price movements, a fund would be required to continue making daily cash payments to maintain its required margin. If the fund had insufficient cash, it might have to sell portfolio securities to meet daily margin requirements at a time when the portfolio managers would not otherwise elect to do so. In addition, a fund may be required to deliver or take delivery of instruments underlying futures contracts it holds. The portfolio managers will seek to minimize these risks by limiting the futures contracts entered into on behalf of the funds to those traded on national futures exchanges and for which there appears to be a liquid secondary market.

------

A fund could suffer losses if the prices of its futures and options positions were poorly correlated with its other investments or if securities underlying futures contracts purchased by a fund had different maturities than those of the portfolio securities being hedged. Such imperfect correlation may give rise to circumstances in which a fund loses money on a futures contract at the same time that it experiences a decline in the value of its hedged portfolio securities. A fund also could lose margin payments it has deposited with a margin broker if, for example, the broker became bankrupt.

Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of the trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond the limit. However, the daily limit governs only price movement during a particular trading day and, therefore, does not limit potential losses. In addition, the daily limit may prevent liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses.

If a fund's futures commission merchant, (FCM) becomes bankrupt or insolvent, or otherwise defaults on its obligations to the fund, the fund may not receive all amounts owed to it in respect of its trading, despite the clearinghouse fully discharging all of its obligations. The Commodity Exchange Act requires an FCM to segregate all funds received from its customers with respect to regulated futures transactions from such FCM's proprietary funds. If an FCM were not to do so to the full extent required by law, the assets of an account might not be fully protected in the event of the bankruptcy of an FCM. Furthermore, in the event of an FCM's bankruptcy, a fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of an FCM's combined customer accounts, even though certain property specifically traceable to the fund (for example, U.S. Treasury bills deposited by the fund) was held by an FCM. FCM bankruptcies have occurred in which customers were unable to recover from the FCM's estate the full amount of their funds on deposit with such FCM and owing to them. Such situations could arise due to various factors, or a combination of factors, including inadequate FCM capitalization, inadequate controls on customer trading and inadequate customer capital. In addition, in the event of the bankruptcy or insolvency of a clearinghouse, the fund might experience a loss of funds deposited through its FCM as margin with the clearinghouse, a loss of unrealized profits on its open positions, and the loss of funds owed to it as realized profits on closed positions. Such a bankruptcy or insolvency might also cause a substantial delay before the fund could obtain the return of funds owed to it by an FCM who was a member of such clearinghouse.

When purchasing an option on a futures contract, the fund assumes the risk of the premium paid for the option plus related transaction costs. The purchase of an option on a futures contract also entails the risk that changes in the value of the underlying futures contract will not be fully reflected in the value of the option purchased.

**Restrictions on the Use of Futures Contracts and Options**

Each fund may enter into futures contracts, options, options on futures contracts, or swap agreements as permitted by its investment policies and the CFTC rules. The advisor to each fund has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and, therefore, the advisor is not subject to registration or regulation as a commodity pool operator under that Act with respect to its provision of services to each fund.

Certain rules adopted by the CFTC may impose additional limits on the ability of a fund to invest in futures contracts, options on futures, swaps, and certain other commodity interests if its investment advisor does not register with the CFTC as a "commodity pool operator" with respect to such fund. It is expected that the funds will be able to execute their investment strategies within the limits adopted by the CFTC's rules. As a result, the advisor does not intend to register with the CFTC as a commodity pool operator on behalf of any of the funds. In the event that one of the funds engages in transactions that necessitate future registration with the CFTC, the advisor will register as a commodity pool operator and comply with applicable regulations with respect to that fund.

***Swap Agreements***

Each fund may invest in swap agreements, consistent with its investment objective and strategies. A fund may enter into a swap agreement in order to, for example, attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets; protect against currency fluctuations; attempt to manage duration to protect against any increase in the price of securities the fund anticipates purchasing at a later date; or gain exposure to certain markets in the most economical way possible.

Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. Forms of swap agreements include, for example, interest rate swaps, under which fixed- or floating-rate interest payments on a specific principal amount are exchanged and total return swaps, under which one party agrees to pay the other the total return of a defined underlying asset (usually an index, including inflation indexes, stock, bond or defined portfolio of loans and mortgages) in exchange for fee payments, often a variable stream of cash flows based on a reference rate. The funds may enter into credit default swap agreements to hedge an existing position by purchasing or selling credit protection.

------

Credit default swaps enable an investor to buy/sell protection against a credit event of a specific issuer. The seller of credit protection against a security or basket of securities receives an up-front or periodic payment to compensate against potential default event(s). The fund may enhance returns by selling protection or attempt to mitigate credit risk by buying protection. Market supply and demand factors may cause distortions between the cash securities market and the credit default swap market.

Whether a fund's use of swap agreements will be successful depends on the advisor's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Interest rate swaps could result in losses if interest rate changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated by the fund. Credit default swaps could result in losses if the fund does not correctly evaluate the creditworthiness of the issuer on which the credit default swap is based. Because they are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness or that are cleared through a Derivatives Clearing Organization (DCO). Certain restrictions imposed on the funds by the Internal Revenue Code may limit the funds' ability to use swap agreements.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments require the clearing and exchange-trading of certain standardized derivative instruments that the CFTC and SEC have defined as "swaps." The CFTC has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Although exchange trading is designed to decrease counterparty risk, it does not do so entirely because the fund will still be subject to the credit risk of the central clearinghouse. Cleared swaps are subject to margin requirements imposed by both the central clearinghouse and the clearing member FCM. Uncleared swaps are now subject to posting and collecting collateral on a daily basis to secure mark-to-market obligations (variation margin). Swaps data reporting may subject a fund to administrative costs, and the safeguards established to protect trader anonymity may not function as expected. Exchange trading, central clearing, margin requirements, and data reporting regulations may increase a fund's cost of hedging risk and, as a result, may affect shareholder returns.

**Equity and Equity Equivalents**

In addition to investing in common stocks, the funds may invest in other equity securities and equity equivalents, including securities that permit a fund to receive an equity interest in an issuer, the opportunity to acquire an equity interest in an issuer, or the opportunity to receive a return on its investment that permits the fund to benefit from the growth over time in the equity of an issuer. Examples of equity securities and equity equivalents include preferred stock, convertible preferred stock and convertible securities. Equity equivalents also may include securities whose value or return is derived from the value or return of a different security.

Preferred stock is a type of equity security that generally pays dividends at a specified rate and has preference over common stock in the liquidation of assets and payment of dividends. Preferred stock does not ordinarily carry voting rights. Unlike interest payments on a fixed-income security, preferred stock dividends are only payable if declared by the issuer's board of directors. A board of directors, however, is usually not obligated to pay dividends even if they have accrued. Additionally, if an issuer of preferred stock experiences economic or financial difficulties, its preferred stock may lose value due to the reduced likelihood that its board of directors will declare a dividend. Preferred stocks are typically subordinated to bonds and other debt instruments in an issuer's capital structure, in which case, preferred stock dividends are usually paid only after the company makes required payments to those bond and other debt holders. Consequently, the value of preferred stock may react more strongly than bonds and other debt to actual or perceived changes in a company's financial condition or prospects. Preferred stock may be substantially less liquid than other securities.

**Foreign Securities**

Each fund may invest in the securities (including debt securities) of foreign issuers, including foreign governments, when these securities meet its standards of selection. Securities of foreign issuers may trade in the U.S. or foreign securities markets.

The following table shows the operating ranges within which the funds' assets invested in securities of foreign issuers generally will vary.

---

| | |
|:---|:---|
| *Fund*  | *Foreign Securities*  |
| Strategic Allocation: Conservative | 10-35% |
| Strategic Allocation: Moderate | 10-35% |
| Strategic Allocation: Aggressive | 10-40% |

---

The funds may make such investments either directly in foreign securities or indirectly by purchasing depositary receipts or depositary shares of similar instruments (depositary receipts) for foreign securities. Depositary receipts are securities that are listed on exchanges or quoted in the domestic over-the-counter markets in one country, but represent shares of issuers domiciled in another country. Direct investments in foreign securities may be made either on foreign securities exchanges or in the over-the-counter markets.

------

Subject to its investment objective and policies, each fund may invest in common stocks, convertible securities, preferred stocks, bonds, notes and other debt securities of foreign issuers and debt securities of foreign governments and their agencies. The credit quality standards applicable to domestic debt securities purchased by each fund are also applicable to its foreign securities investments.

Investments in foreign securities may present certain risks, including:

**Currency Risk** – The value of the foreign investments held by the funds may be significantly affected by changes in currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar falls against such currency. In addition, the value of fund assets may be affected by losses and other expenses incurred in converting between various currencies in order to purchase and sell foreign securities, and by currency restrictions, exchange control regulation, currency devaluations and political developments.

**Social, Political and Economic Risk** – The economies of many of the countries in which the funds invest are not as developed as the economy of the United States and may be subject to significantly different forces. Political or social instability, expropriation, nationalization, confiscatory taxation and limitations on the removal of funds or other assets also could adversely affect the value of investments. Further, the funds may find it difficult or be unable to enforce ownership rights, pursue legal remedies or obtain judgments in foreign courts.

**Regulatory Risk** – Foreign companies generally are not subject to the regulatory controls imposed on U.S. issuers and, in general, there is less publicly available information about foreign securities than is available about domestic securities. Many foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to domestic companies and there may be less stringent investor protection and disclosure standards in some foreign markets. Certain jurisdictions do not currently provide the Public Company Accounting Oversight Board ("PCAOB") with sufficient access to inspect audit work papers and practices, or otherwise do not cooperate with U.S. regulators, potentially exposing investors in U.S. capital markets to significant risks. Income from foreign securities owned by the funds may be reduced by a withholding tax at the source, which would reduce dividend income payable to shareholders.

**Market and Trading Risk** – Brokerage commission rates in foreign countries, which generally are fixed rather than subject to negotiation as in the United States, are likely to be higher. The securities markets in many of the countries in which the funds may invest have substantially less trading volume than the principal U.S. markets. As a result, the securities of some companies in these countries may be less liquid, more volatile and harder to value than comparable U.S. securities. Furthermore, one securities broker may represent all or a significant part of the trading volume in a particular country, resulting in higher trading costs and decreased liquidity due to a lack of alternative trading partners. There generally is less government regulation and supervision of foreign stock exchanges, brokers and issuers, which may make it difficult to enforce contractual obligations.

**Clearance and Settlement Risk** – Foreign securities markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in clearance and settlement could result in temporary periods when assets of the funds are uninvested and no return is earned. The inability of the funds to make intended security purchases due to clearance and settlement problems could cause the funds to miss attractive investment opportunities. Inability to dispose of portfolio securities due to clearance and settlement problems could result either in losses to the funds due to subsequent declines in the value of the portfolio security or, if the fund has entered into a contract to sell the security, liability to the purchaser.

**Ownership Risk** – Evidence of securities ownership may be uncertain in many foreign countries. In many of these countries, the most notable of which is the Russian Federation, the ultimate evidence of securities ownership is the share register held by the issuing company or its registrar. While some companies may issue share certificates or provide extracts of the company's share register, these are not negotiable instruments and are not effective evidence of securities ownership. In an ownership dispute, the company's share register is controlling. As a result, there is a risk that a fund's trade details could be incorrectly or fraudulently entered on the issuer's share register at the time of the transaction, or that a fund's ownership position could thereafter be altered or deleted entirely, resulting in a loss to the fund. While the funds intend to invest directly in Russian companies that utilize an independent registrar, there can be no assurance that such investments will not result in a loss to the funds.

**Sanctions Risk** – The U.S. may impose economic sanctions against companies in various sectors of certain countries. This could limit a fund's investment opportunities in such countries, impairing the fund's ability to invest in accordance with its investment strategy and/or to meet its investment objective. For example, a fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require a fund to freeze its existing investments in sanctioned companies, prohibiting the fund from selling or otherwise transacting in these investments. Current sanctions or the threat of potential sanctions may also impair the value or liquidity of affected securities and negatively impact a fund.

In early 2022, the United States and countries throughout the world imposed economic sanctions on Russia in response to its military invasion of Ukraine. The sanctions are broad and include restrictions on the Russian government as well as Russian companies, individuals, and banking entities. The sanctions and other measures, such as boycotts or changes in consumer preferences, will likely cause declines in the value and liquidity of Russian securities, downgrades in the credit ratings of Russian securities, devaluation of

------

Russia's currency, and increased market volatility and disruption in Russia and throughout the world. Sanctions and similar measures, such as banning Russia from financial transaction systems that facilitate international transfers of funds, could limit or prevent the funds from selling and buying impacted securities both in Russia and in other markets. Such measures will likely cause significant delay in the settlement of impacted securities transactions or prevent settlement all together. The lack of available market prices for such securities may cause the funds to use fair value procedures to value certain securities. The consequences of the war and sanctions may negatively impact other regional and global economic markets. Additionally, Russia may take counter measures or engage in retaliatory actions—including cyberattacks and espionage—which could further disrupt global markets and supply chains. Companies in other countries that do business with Russia and the global commodities market for oil and natural gas, especially, will likely feel the impact of the sanctions. The sanctions, together with the potential for a wider armed or cyber conflict, could increase financial market volatility globally and negatively impact the funds' performance beyond any direct exposure to Russian issuers or securities.

**Risk of Investing in China** - Investing in Chinese securities is riskier than investing in U.S. securities. Although the Chinese government is currently implementing reforms to promote foreign investment and reduce government economic control, there is no guarantee that the reforms will be ongoing or effective. Investing in China involves risk of loss due to nationalization, expropriation, and confiscation of assets and property. Losses may also occur due to new or expanded restrictions on foreign investments or repatriation of capital. Participants in the Chinese market are subject to less regulation and oversight than participants in the U.S. market. This may lead to trading volatility, difficulty in the settlement and recording of transactions, and uncertainty in interpreting and applying laws and regulations. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in the economies of any of China's key trading partners may adversely affect the securities of Chinese issuers. Regional conflict could also have an adverse effect on the Chinese economy.

The SEC and the PCAOB continue to have concerns about their ability to inspect international auditing standards of U.S. companies operating in China and PCAOB-registered auditing firms in China. Because the SEC and PCAOB have limited access to information about these auditing firms and are restricted from inspecting the audit work and practices of registered accountants in China, there is the risk that material information about Chinese issuers may be unavailable. As a result, there is substantially greater risk that disclosures will be incomplete or misleading and, in the event of investor harm, substantially less access to recourse, in comparison to U.S. domestic companies.

The U.S. government may occasionally place restrictions on investments in Chinese companies. For example, in November 2020, an Executive Order was issued that prohibits U.S. persons from purchasing or investing in certain publicly-traded securities of companies identified as "Communist Chinese military companies" or in instruments that are designed to provide investment exposure to those companies. The companies identified may change from time to time. A fund may incur losses if more investors attempt to sell such securities or if the fund is unable to participate in an otherwise attractive investment. Securities that are or become prohibited may become less liquid and their market prices may decline. In addition, the market for securities of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

Due to Chinese governmental restrictions on foreign ownership of companies in certain industries, Chinese operating companies often rely on variable interest entity (VIE) structures to raise capital from non-Chinese investors. In a VIE structure, a China-based operating company establishes an entity—typically offshore—that enters into service and other contracts with the Chinese company designed to provide economic exposure to the company. The offshore entity then issues shares that are sold to non-Chinese investors. A U.S.-listed company and its China-based VIE might appear to be the same company—because they are presented in a consolidated manner—but they are not. The U.S.-listed company's control over the China-based company is predicated on contracts with the China-based company, not equity ownership. The Chinese government has never explicitly approved these structures and thus could determine at any time, and without notice, that the VIE's underlying contractual arrangements violate Chinese law. If either the China-based company (or its officers, directors, or Chinese equity owners) breach those contracts with the U.S.-listed shell company, or Chinese law changes in a way that affects the enforceability of these arrangements, or those contracts are otherwise not enforceable under Chinese law, U.S. investors may suffer losses with limited recourse available. Additionally, investments in the U.S.-listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the U.S.-listed company. Finally, if Chinese companies listed on U.S. exchanges, including ADRs and companies that rely on VIE structures, do not meet U.S. accounting standards and auditor oversight requirements they may be delisted, which would likely decrease the liquidity and value of these securities.

**Inflation-Indexed Securities**

The funds may purchase inflation-indexed securities issued by the U.S. Treasury, U.S. government agencies and instrumentalities other than the U.S. Treasury, and entities other than the U.S. Treasury or U.S. government agencies and instrumentalities including state and local municipalities.

Inflation-indexed securities are designed to offer a return linked to inflation, thereby protecting future purchasing power of the money invested in them. However, inflation-indexed securities provide this protected return only if held to maturity. In addition, inflation-indexed securities may not trade at par value. Real interest rates (the market rate of interest less the anticipated rate of inflation) change over time as a result of many factors, such as what investors are demanding as a true value for money. When real rates do change, inflation-indexed securities prices will be more sensitive to these changes than conventional bonds, because these securities were sold originally based upon a real interest rate that is no longer prevailing. Should market expectations for real interest rates rise,

------

the price of inflation-indexed securities and the share price of a fund holding these securities will fall. Investors in the funds should be prepared to accept not only this share price volatility but also the possible adverse tax consequences it may cause.

An investment in securities featuring inflation-adjusted principal and/or interest involves factors not associated with more traditional fixed-principal securities. Such factors include the possibility that the inflation index may be subject to significant changes, that changes in the index may or may not correlate to changes in interest rates generally or changes in other indices, or that the resulting interest may be greater or less than that payable on other securities of similar maturities. In the event of sustained deflation, it is possible that the amount of semiannual interest payments, the inflation-adjusted principal of the security or the value of the stripped components will decrease. If any of these possibilities are realized, a fund's net asset value could be negatively affected.

Municipal inflation-linked bonds generally have a fixed principal amount and the inflation component is reflected in the nominal coupon.

***Inflation-Indexed Treasury Securities***

Inflation-indexed U.S. Treasury securities are U.S. Treasury securities with a final value and interest payment stream linked to the inflation rate. Inflation-indexed U.S. Treasury securities may be issued in either note or bond form. Inflation-indexed U.S. Treasury notes have maturities of at least one year, but not more than 10 years. Inflation-indexed U.S. Treasury bonds have maturities of more than 10 years.

Inflation-indexed U.S. Treasury securities may be attractive to investors seeking an investment backed by the full faith and credit of the U.S. government that provides a return in excess of the rate of inflation. These securities were first sold in the U.S. market in January 1997. Inflation-indexed U.S. Treasury securities are auctioned and issued on a quarterly basis.

**Structure and Inflation Index –** The principal value of inflation-indexed U.S. Treasury securities will be adjusted to reflect changes in the level of inflation. The index for measuring the inflation rate for inflation-indexed U.S. Treasury securities is the non-seasonally adjusted U.S. City Average All Items Consumer Price for All Urban Consumers Index (Consumer Price Index) published monthly by the U.S. Department of Labor's Bureau of Labor Statistics.

Semiannual coupon interest payments are made at a fixed percentage of the inflation-indexed principal value. The coupon rate for the semiannual interest rate of each issuance of inflation-indexed U.S. Treasury securities is determined at the time the securities are sold to the public (i.e., by competitive bids in the auction). The coupon rate will likely reflect real yields available in the U.S. Treasury market; real yields are the prevailing yields on U.S. Treasury securities with similar maturities, less then-prevailing inflation expectations. While a reduction in inflation will cause a reduction in the interest payment made on the securities, the repayment of principal at the maturity of the security is guaranteed by the U.S. Treasury to be no less than the original face or par amount of the security at the time of issuance.

**Indexing Methodology –** The principal value of inflation-indexed U.S. Treasury securities will be indexed, or adjusted, to account for changes in the Consumer Price Index. Semiannual coupon interest payment amounts will be determined by multiplying the inflation-indexed principal amount by one-half the stated rate of interest on each interest payment date.

**Taxation** – The taxation of inflation-indexed U.S. Treasury securities is similar to the taxation of conventional bonds. Both interest payments and the difference between original principal and the inflation-adjusted principal will be treated as interest income subject to taxation. Interest payments are taxable when received or accrued. The inflation adjustment to the principal is subject to tax in the year the adjustment is made, not at maturity of the security when the cash from the repayment of principal is received. If an upward adjustment has been made, investors in non-tax-deferred accounts will pay taxes on this amount currently. Decreases in the indexed principal can be deducted only from current or previous interest payments reported as income.

Inflation-indexed U.S. Treasury securities therefore have a potential cash flow mismatch to an investor, because investors must pay taxes on the inflation-adjusted principal before the repayment of principal is received. It is possible that, particularly for high income tax bracket investors, inflation-indexed U.S. Treasury securities would not generate enough cash in a given year to cover the tax liability they could create. This is similar to the current tax treatment for zero-coupon bonds and other discount securities. If inflation-indexed U.S. Treasury securities are sold prior to maturity, capital losses or gains are realized in the same manner as traditional bonds.

Investors in a fund will receive dividends that represent both the interest payments and the principal adjustments of the inflation-indexed securities held in the fund's portfolio. An investment in a fund may, therefore, be a means to avoid the cash flow mismatch associated with a direct investment in inflation-indexed securities. For more information about taxes and their effect on you as an investor in the funds, see *Taxes*, page 52.

***U.S. Government Agencies***

A number of U.S. government agencies and instrumentalities other than the U.S. Treasury may issue inflation-indexed securities. Some U.S. government agencies have issued inflation-indexed securities whose design mirrors that of the inflation-indexed U.S. Treasury securities described above.

***Other Entities***

Entities other than the U.S. Treasury or U.S. government agencies and instrumentalities may issue inflation-indexed securities. While some entities have issued inflation-linked securities whose design mirrors that of the inflation-indexed U.S. Treasury securities

------

described above, others utilize different structures. For example, the principal value of these securities may be adjusted with reference to the Consumer Price Index, but the semiannual coupon interest payments are made at a fixed percentage of the original issue principal. Alternatively, the principal value may remain fixed, but the coupon interest payments may be adjusted with reference to the Consumer Price Index.

**Initial Public Offerings**

The funds may invest in initial public offerings (IPOs) of common stock or other equity securities issued by a company. The purchase of securities in an IPO may involve higher transaction costs than those associated with the purchase of securities already traded on exchanges or other established markets. In addition to the risks associated with equity securities generally, IPO securities may be subject to additional risk due to factors such as the absence of a prior public market, unseasoned trading and speculation, a potentially small number of securities available for trading, limited information about the issuer and other factors. These factors may cause IPO shares to be volatile in price. While a fund may hold IPO securities for a period of time, it may sell them in the aftermarket soon after the purchase, which could increase portfolio turnover and lead to increased expenses such as commissions and transaction costs. Investments in IPOs could have a magnified impact (either positive or negative) on performance if a fund's assets are relatively small. The impact of IPOs on a fund's performance may tend to diminish as assets grow.

**Inverse Floaters**

An inverse floater is a type of derivative instrument that bears an interest rate that moves inversely to market interest rates. As market interest rates rise, the interest rate on inverse floaters goes down, and vice versa. Generally, this is accomplished by expressing the interest rate on the inverse floater as an above-market fixed rate of interest, reduced by an amount determined by reference to a market-based or bond-specific floating interest rate (as well as by any fees associated with administering the inverse floater program).

Inverse floaters may be issued in conjunction with an equal amount of Dutch Auction floating-rate bonds (floaters), or a market-based index may be used to set the interest rate on these securities. A Dutch Auction is an auction system in which the price of the security is gradually lowered until it meets a responsive bid and is sold. Floaters and inverse floaters may be brought to market (1) by a broker-dealer who purchases fixed-rate bonds and places them in a trust; or (2) by an issuer seeking to reduce interest expenses by using a floater/inverse floater structure in lieu of fixed-rate bonds.

In the case of a broker-dealer structured offering (where underlying fixed-rate bonds have been placed in a trust), distributions from the underlying bonds are allocated to floater and inverse floater holders in the following manner:

(i)Floater holders receive interest based on rates set at a six-month interval or at a Dutch Auction, which is typically held every 28 to 35 days. Current and prospective floater holders bid the minimum interest rate that they are willing to accept on the floaters, and the interest rate is set just high enough to ensure that all of the floaters are sold.

(ii)Inverse floater holders receive all of the interest that remains, if any, on the underlying bonds after floater interest and auction fees are paid. The interest rates on inverse floaters may be significantly reduced, even to zero, if interest rates rise.

Procedures for determining the interest payment on floaters and inverse floaters brought to market directly by the issuer are comparable, although the interest paid on the inverse floaters is based on a presumed coupon rate that would have been required to bring fixed-rate bonds to market at the time the floaters and inverse floaters were issued.

Where inverse floaters are issued in conjunction with floaters, inverse floater holders may be given the right to acquire the underlying security (or to create a fixed-rate bond) by calling an equal amount of corresponding floaters. The underlying security may then be held or sold. However, typically, there are time constraints and other limitations associated with any right to combine interests and claim the underlying security.

Floater holders subject to a Dutch Auction procedure generally do not have the right to put back their interests to the issuer or to a third party. If a Dutch Auction fails, the floater holder may be required to hold its position until the underlying bond matures, during which time interest on the floater is capped at a predetermined rate.

The secondary market for floaters and inverse floaters may be limited. The market value of inverse floaters tends to be significantly more volatile than the market value of fixed-rate bonds.

**Investing in Emerging Market Countries**

Strategic Allocation: Conservative, Strategic Allocation: Moderate, and Strategic Allocation: Aggressive may invest a minority portion of their holdings in securities of issuers in emerging market (developing) countries. The funds consider a security to be an emerging markets security if its issuer is located outside the following developed countries list, which is subject to change: Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. In determining an issuer's location, the portfolio managers may consider various factors including where the company is headquartered, where the company's principal operations are located, where a majority of the company's revenues are derived, where the principal trading market is located and the country in which the company was legally organized.

Investing in securities of issuers in emerging market countries involves exposure to significantly higher risk than investing in countries with developed markets.Risks of investing in emerging markets countries may relate to lack of liquidity, market manipulation, and

------

limited reliable access to capital. Emerging market countries may have economic structures that generally are less diverse and mature, and political systems that can be expected to be less stable than those of developed countries. Securities prices in emerging market countries can be significantly more volatile than in developed countries, reflecting the greater uncertainties of investing in lesser developed markets and economies. In particular, emerging market countries may have relatively unstable governments, and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or in certain instances, reversion to closed-market, centrally planned economies. Such countries may also have less protection of property rights than developed countries.

The economies of emerging market countries may be based predominantly on only a few industries or may be dependent on revenues from particular commodities or on international aid or developmental assistance, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. In addition, securities markets in emerging market countries may trade a relatively small number of securities and may be unable to respond effectively to increases in trading volume, potentially resulting in a lack of liquidity and in volatility in the price of securities traded on those markets. Also, securities markets in emerging market countries typically offer less regulatory protection for investors.

**Investment in Issuers with Limited Operating Histories** 

Each fund may invest up to 5% of its assets in the equity securities of issuers with limited operating histories. The managers consider an issuer to have a limited operating history if that issuer has a record of less than three years of continuous operation. The managers will consider periods of capital formation, incubation, consolidations, and research and development in determining whether a particular issuer has a record of three years of continuous operation.

Investments in securities of issuers with limited operating histories may involve greater risks than investments in securities of more mature issuers. By their nature, such issuers present limited operating histories and financial information upon which the managers may base their investment decision on behalf of the funds. In addition, financial and other information regarding such issuers, when available, may be incomplete or inaccurate.

For purposes of this limitation, "issuers" refers to operating companies that issue securities for the purposes of issuing debt or raising capital as a means of financing their ongoing operations. It does not, however, refer to entities, corporate or otherwise, that are created for the express purpose of securitizing obligations or income streams. For example, a fund's investments in a trust created for the purpose of pooling mortgage obligations would not be subject to the limitation.

**LIBOR Transition Risk**

The London Interbank Offered Rate ("LIBOR") was a benchmark interest rate intended to be representative of the rate at which major international banks who are members of the British Bankers Association lend to one another over short-terms. Following manipulation allegations, financial institutions began phasing out the use of LIBOR, and publication of all LIBOR settings has now ceased. The transition to a replacement rate or rates may lead to increased volatility or illiquidity in markets for instruments that previously relied on LIBOR. The transition may also result in a change in the value of certain instruments the fund holds or a change in the cost of temporary borrowing for the fund. With the discontinuance of LIBOR, the LIBOR replacement rate may be lower than market expectations, which could have an adverse impact on the value of preferred and debt-securities with floating or fixed-to-floating rate coupons. The transition away from LIBOR could result in losses to the fund.

**Loan Participation Notes**

In terms of their functioning and investment risk, loan participation notes (LPNs) are comparable to an investment in "normal" bonds. In return for the investor's commitment of capital, the issuer makes regular interest payments and, at maturity or in accordance with an agreed upon amortization schedule, the note is repaid at par.

However, in contrast to "normal" bonds, there are three parties involved in the issuance of an LPN. The legal issuer, typically a bankruptcy-remote, limited purpose entity, issues notes to investors and uses the proceeds received from investors to make loans to the borrower-with each loan generally having substantially identical payment terms to the related note issued by the issuer. The borrower is typically an operating company, and the issuer's obligations under a note are typically limited to the extent of any capital repayments and interest payments made by the borrower under the related loan. Accordingly, the investor generally assumes the credit risk of the underlying borrower. The loan participation note structure is generally used to provide the borrower more efficient financing in the capital markets than the borrower would be able to obtain if it issued notes directly.

In the event of a default by the borrower of an LPN, the fund may experience delays in receiving payments of interest and principal while the note issuer enforces and liquidates the underlying collateral, and there is no guarantee that the underlying collateral will cover the principal and interest owed to the fund under the LPN.

**Loan Participations**

The funds may purchase loan participations, which represent interests in the cash flow generated by commercial loans. Each loan participation requires three parties: a participant (or investor), a lending bank and a borrower. The investor purchases a share in a loan originated by a lending bank, and this participation entitles the investor to a percentage of the principal and interest payments made by the borrower.

------

Loan participations are attractive because they typically offer higher yields than other money market instruments. However, along with these higher yields come certain risks, not the least of which is the risk that the borrower will be unable to repay the loan. Generally, because the lending bank does not guarantee payment, the investor is directly exposed to risk of default by the borrower. In addition, the investor is not a direct creditor of the borrower. The participation represents an interest in assets owned by the lending bank. If the lending bank becomes insolvent, the investor could be considered an unsecured creditor of the bank instead of the holder of a participating interest in a loan. Because of these risks, the manager must carefully consider the creditworthiness of both the borrower and the lender.

Another concern is liquidity. Because there is no established secondary market for loan participations, a fund's ability to sell them for cash is limited. Some participation agreements place limitations on the investor's right to resell the loan participation, even when a buyer can be found.

**Loans of Portfolio Securities**

In order to realize additional income, a fund may lend its portfolio securities. Such loans may not exceed one-third of the fund's total assets valued at market, however, this limitation does not apply to purchases of debt securities in accordance with the fund's investment objectives, policies and limitations, or to repurchase agreements with respect to portfolio securities.

Cash received from the borrower as collateral through loan transactions may be invested in other eligible securities. Investing this cash subjects that investment to market appreciation or depreciation. If a borrower defaults on a securities loan because of insolvency or other reasons, the lending fund could experience delays or costs in recovering the securities it loaned; if the value of the loaned securities increased over the value of the collateral, the fund could suffer a loss. To minimize the risk of default on securities loans, the advisor adheres to guidelines prescribed by the Board of Directors governing lending of securities. These guidelines strictly govern

(1)the type and amount of collateral that must be received by the fund;

(2)the circumstances under which additions to that collateral must be made by borrowers;

(3)the return to be received by the fund on the loaned securities;

(4)the limitations on the percentage of fund assets on loan; and

(5)the credit standards applied in evaluating potential borrowers of portfolio securities.

In addition, the guidelines require that the fund have the option to terminate any loan of a portfolio security at any time and set requirements for recovery of securities from borrowers.

**Master Limited Partnerships**

The funds may invest in master limited partnerships (MLPs). MLPs are publicly traded limited partnerships or limited liability companies treated as partnerships for U.S. federal income tax purposes. In order to be treated as a partnership for U.S. federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from "qualifying income." Qualifying income includes interest, dividends, real property rents, gains from the sale of real property, and income and gains derived from the exploration, development, mining or production, processing, refining, transportation, or the marketing of any mineral or natural resource, industrial source carbon dioxide, or the transportation or storage of certain fuels, including alcohol fuel and biodiesel fuel. The partnership structure and qualifying income rules generally eliminate federal tax liability at the entity level, enabling an MLP to return a high percentage of its earnings to its partners. MLPs may, however, be subject to state taxation in certain jurisdictions, which may reduce the amount of income an MLP pays investors.

The risk of investing in MLP units involves risks that differ from an investment in equity securities of a company. For example, holders of MLP units have limited control and voting rights on matters affecting the partnership, risks related to potential conflicts of interest, cash flow risks, and dilution risks. Investments in MLP units also present special tax risks, including the risk that the MLP will fail to be treated as a partnership for U.S. federal income tax purposes. An MLP that is not treated as a partnership for tax purposes may be obligated to pay U.S. federal income tax (as well as state and local taxes) at an entity level on its taxable income, and distributions would also be taxable. Adverse tax consequences may reduce the amount of cash available for distribution by the MLP and the value of the fund's investment in the MLP. Consequently, the value of the fund's shares and cash available for distributions could be materially reduced.

MLPs engaged in the energy sector, which has historically experienced significant price volatility, are susceptible to adverse economic, environmental, business, and regulatory conditions. Energy sector MLPs are subject to additional risks including fluctuations in commodity prices, reduced supply and demand for energy commodities, as well as depletion of natural resource reserves and changes in the regulatory environment that may adversely impact profitability. MLPs that engage in particular energy industry activities (such as midstream MLPs, exploration and production MLPs, propane MLPs, marine shipping MLPs, and natural resource MLPs) are subject to additional risks specific to the products and processes in which they are involved.

------

**Mortgage-Backed Securities**

***Background***

A mortgage-backed security represents an ownership interest in a pool of mortgage loans. The loans are made by financial institutions to finance home and other real estate purchases. As the loans are repaid, investors receive payments of both interest and principal.

Like fixed-income securities such as U.S. Treasury bonds, mortgage-backed securities pay a stated rate of interest during the life of the security. However, unlike a bond, which returns principal to the investor in one lump sum at maturity, mortgage-backed securities return principal to the investor in increments during the life of the security.

Because the timing and speed of principal repayments vary, the cash flow on mortgage-backed securities is irregular. If mortgage holders sell their homes, refinance their loans, prepay their mortgages or default on their loans, the principal is distributed pro rata to investors.

As with other fixed-income securities, the prices of mortgage-backed securities fluctuate in response to changing interest rates; when interest rates fall, the prices of mortgage-backed securities rise, and vice versa. Changing interest rates have additional significance for mortgage-backed securities investors, however, because they influence prepayment rates (the rates at which mortgage holders prepay their mortgages), which in turn affect the yields on mortgage-backed securities. When interest rates decline, prepayment rates generally increase. Mortgage holders take advantage of the opportunity to refinance their mortgages at lower rates with lower monthly payments. When interest rates rise, mortgage holders are less inclined to refinance their mortgages. The effect of prepayment activity on yield depends on whether the mortgage-backed security was purchased at a premium or at a discount.

A fund may receive principal sooner than it expected because of accelerated prepayments. Under these circumstances, the fund might have to reinvest returned principal at rates lower than it would have earned if principal payments were made on schedule. Conversely, a mortgage-backed security may exceed its anticipated life if prepayment rates decelerate unexpectedly. Under these circumstances, a fund might miss an opportunity to earn interest at higher prevailing rates.

***GNMA Certificates***

The Government National Mortgage Association (GNMA) is a wholly owned corporate instrumentality of the United States within the Department of Housing and Urban Development. The National Housing Act of 1934 (Housing Act), as amended, authorizes GNMA to guarantee the timely payment of interest and repayment of principal on certificates that are backed by a pool of mortgage loans insured by the Federal Housing Administration under the Housing Act, or by Title V of the Housing Act of 1949 (FHA Loans), or guaranteed by the Department of Veterans Affairs under the Servicemen's Readjustment Act of 1944 (VA Loans), as amended, or by pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is pledged to the payment of all amounts that may be required to be paid under any guarantee. GNMA has unlimited authority to borrow from the U.S. Treasury in order to meet its obligations under this guarantee.

GNMA certificates represent a pro rata interest in one or more pools of the following types of mortgage loans: (a) fixed-rate level payment mortgage loans; (b) fixed-rate graduated payment mortgage loans (GPMs); (c) fixed-rate growing equity mortgage loans (GEMs); (d) fixed-rate mortgage loans secured by manufactured (mobile) homes (MHs); (e) mortgage loans on multifamily residential properties under construction (CLCs); (f) mortgage loans on completed multifamily projects (PLCs); (g) fixed-rate mortgage loans that use escrowed funds to reduce the borrower's monthly payments during the early years of the mortgage loans (buydown mortgage loans); and (h) mortgage loans that provide for payment adjustments based on periodic changes in interest rates or in other payment terms of the mortgage loans.

***Fannie Mae Certificates***

The Federal National Mortgage Association (FNMA or Fannie Mae) is a federally chartered and privately owned corporation established under the Federal National Mortgage Association Charter Act. Fannie Mae was originally established in 1938 as a U.S. government agency designed to provide supplemental liquidity to the mortgage market and was reorganized as a stockholder-owned and privately managed corporation by legislation enacted in 1968. Fannie Mae acquires capital from investors who would not ordinarily invest in mortgage loans directly and thereby expands the total amount of funds available for housing. This money is used to buy home mortgage loans from local lenders, replenishing the supply of capital available for mortgage lending.

Fannie Mae certificates represent a pro rata interest in one or more pools of FHA Loans, VA Loans, or, most commonly, conventional mortgage loans (i.e., mortgage loans that are not insured or guaranteed by a government agency) of the following types: (a) fixed-rate level payment mortgage loans; (b) fixed-rate growing equity mortgage loans; (c) fixed-rate graduated payment mortgage loans; (d) adjustable-rate mortgage loans; and (e) fixed-rate mortgage loans secured by multifamily projects.

Fannie Mae certificates entitle the registered holder to receive amounts representing a pro rata interest in scheduled principal and interest payments (at the certificate's pass-through rate, which is net of any servicing and guarantee fees on the underlying mortgage loans), any principal prepayments, and a proportionate interest in the full principal amount of any foreclosed or otherwise liquidated mortgage loan. The full and timely payment of interest and repayment of principal on each Fannie Mae certificate is guaranteed by Fannie Mae; this guarantee is not backed by the full faith and credit of the U.S. government. See *Current Status of Fannie Mae and Freddie Mac* below.

------

***Freddie Mac Certificates***

The Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) is a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970 (FHLMC Act), as amended. Freddie Mac was established primarily for the purpose of increasing the availability of mortgage credit. Its principal activity consists of purchasing first-lien conventional residential mortgage loans (and participation interests in such mortgage loans) and reselling these loans in the form of mortgage-backed securities, primarily Freddie Mac certificates.

Freddie Mac certificates represent a pro rata interest in a group of mortgage loans (a Freddie Mac certificate group) purchased by Freddie Mac. The mortgage loans underlying Freddie Mac certificates consist of fixed- or adjustable-rate mortgage loans with original terms to maturity of between 10 and 30 years, substantially all of which are secured by first-liens on one- to four-family residential properties or multifamily projects. Each mortgage loan must meet standards set forth in the FHLMC Act. A Freddie Mac certificate group may include whole loans, participation interests in whole loans, undivided interests in whole loans, and participations composing another Freddie Mac certificate group.

Freddie Mac guarantees to each registered holder of a Freddie Mac certificate the timely payment of interest at the rate provided for by the certificate. Freddie Mac also guarantees ultimate collection of all principal on the related mortgage loans, without any offset or deduction, but generally does not guarantee the timely repayment of principal. Freddie Mac may remit principal at any time after default on an underlying mortgage loan, but no later than 30 days following (a) foreclosure sale, (b) payment of a claim by any mortgage insurer, or (c) the expiration of any right of redemption, whichever occurs later, and in any event no later than one year after demand has been made upon the mortgager for accelerated payment of principal. Obligations guaranteed by Freddie Mac are not backed by the full faith and credit pledge of the U.S. government. See *Current Status of Fannie Mae and Freddie Mac* below.

***Current Status of Fannie Mae and Freddie Mac***

Since September 2008, Fannie Mae and Freddie Mac have operated under a conservatorship administered by the Federal Housing Finance Agency (FHFA). In addition, the U.S. Treasury has entered into senior preferred stock purchase agreements (SPSPAs) to provide additional financing to Fannie Mae and Freddie Mac. Although the SPSPAs are intended to provide Fannie Mae and Freddie Mac with the necessary cash resources to meet their obligations, Fannie Mae and Freddie Mac continue to operate as going concerns while in conservatorship, and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities.

The future status and role of Fannie Mae or Freddie Mac could be impacted by, among other things, the actions taken and restrictions placed on Fannie Mae or Freddie Mac by the FHFA in its role as conservator, the restrictions placed on Fannie Mae's or Freddie Mac's operations and activities under the senior preferred stock purchase agreements, market responses to developments at Fannie Mae or Freddie Mac, and future legislative, regulatory, or legal action that alters the operations, ownership, structure and/or mission of Fannie Mae or Freddie Mac, each of which may, in turn, impact the value of, and cash flows on, any securities guaranteed by Fannie Mae and Freddie Mac.

***To-Be-Announced Mortgage-Backed Securities***

To-be-announced (TBA) commitments are forward agreements for the purchase or sale of securities, which are described in greater detail under the heading *When-Issued and Forward Commitment Agreements*. The funds may gain exposure to TBA mortgage-backed securities typically are debt securities structured by agencies such as Fannie Mae and Freddie Mac. In a typical TBA mortgage transaction, certain terms (such as price) are fixed, with delayed payment and delivery on an agreed upon future settlement date. The specific mortgage-backed securities to be delivered are not typically identified at the trade date but the delivered security must meet specified terms (such as issuer, interest rate, and underlying mortgage terms). Consequently, TBA mortgage-backed transactions involve increased interest rate risk because the underlying mortgages may be less favorable at delivery than anticipated. TBA mortgage contracts also involve a risk of loss if the value of the underlying security to be purchased declines prior to delivery date. The yield obtained for such securities may be higher or lower than yields available in the market on delivery date. The funds may also take short positions in TBA investments. To enter a short sale of a TBA security, a fund effectively agrees to sell a security it does not own at a future date and price. The funds generally anticipate closing short TBA positions before delivery of the respective security is required, however if the fund is unable to close a position, the fund would have to purchase the securities needed to settle the short sale. Such purchases could be at a different price than anticipated, and the fund would lose or gain money based on the acquisition price.

The funds may also take short positions in TBA investments. To enter a short sale of a TBA security, a fund effectively agrees to sell a security it does not own at a future date and price. The funds generally anticipate closing short TBA positions before delivery of the respective security is required, however if the fund is unable to close a position, the fund would have to purchase the securities needed to settle the short sale. Such purchases could be at a different price than anticipated, and the fund would lose or gain money based on the acquisition price.

------

***Credit Risk Transfer Securities***

Credit risk transfer securities (CRTs) transfer the credit risk related to certain types of mortgage-backed securities to the owner of the credit risk transfer. Government entities, such as Fannie Mae or Freddie Mac, primarily issue CRTs. CRTs trade in an active over the counter market facilitated by well-known investment banks. Though an active OTC market for trading exists, CRTs may be less liquid than exchange traded securities. CRTs are unguaranteed and unsecured fixed or floating rate general obligations. Holders of CRTs receive compensation for providing credit protection to the issuer. The issuer of the CRT selects the pool of mortgage loans based on that entity's eligibility criteria, and the performance of the CRTs will be directly affected by the selection of such underlying mortgage loans. The risks associated with an investment in a CRT differ from the risks of investing in mortgage-backed securities issued by government entities or issued by private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. Accordingly, investors in CRTs could lose some or all of their investment if the underlying mortgage loans default.

***Collateralized Mortgage Obligations (CMOs)***

A CMO is a multiclass bond backed by a pool of mortgage pass-through certificates or mortgage loans. CMOs may be collateralized by (a) GNMA, Fannie Mae or Freddie Mac pass-through certificates; (b) unsecured mortgage loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans' Affairs; (c) unsecuritized conventional mortgages; or (d) any combination thereof.

In structuring a CMO, an issuer distributes cash flow from the underlying collateral over a series of classes called tranches. Each CMO is a set of two or more tranches, with average lives and cash flow patterns designed to meet specific investment objectives. The average life expectancies of the different tranches in a four-part deal, for example, might be two, five, seven and 20 years.

As payments on the underlying mortgage loans are collected, the CMO issuer pays the coupon rate of interest to the bondholders in each tranche. At the outset, scheduled and unscheduled principal payments go to investors in the first tranches. Investors in later tranches do not begin receiving principal payments until the prior tranches are paid off. This basic type of CMO is known as a sequential pay or plain vanilla CMO.

Some CMOs are structured so that the prepayment or market risks are transferred from one tranche to another. Prepayment stability is improved in some tranches if other tranches absorb more prepayment variability.

The final tranche of a CMO often takes the form of a Z-bond, also known as an accrual bond or accretion bond. Holders of these securities receive no cash until the earlier tranches are paid in full. During the period that the other tranches are outstanding, periodic interest payments are added to the initial face amount of the Z-bond but are not paid to investors. When the prior tranches are retired, the Z-bond receives coupon payments on its higher principal balance plus any principal prepayments from the underlying mortgage loans. The existence of a Z-bond tranche helps stabilize cash flow patterns in the other tranches. In a changing interest rate environment, however, the value of the Z-bond tends to be more volatile.

As CMOs have evolved, some classes of CMO bonds have become more prevalent. The planned amortization class (PAC) and targeted amortization class (TAC), for example, were designed to reduce prepayment risk by establishing a sinking-fund structure. PAC and TAC bonds assure to varying degrees that investors will receive payments over a predetermined period under various prepayment scenarios. Although PAC and TAC bonds are similar, PAC bonds are better able to provide stable cash flows under various prepayment scenarios than TAC bonds because of the order in which these tranches are paid.

The existence of a PAC or TAC tranche can create higher levels of risk for other tranches in the CMO because the stability of the PAC or TAC tranche is achieved by creating at least one other tranche — known as a companion bond, support or non-PAC bond — that absorbs the variability of principal cash flows. Because companion bonds have a high degree of average life variability, they generally pay a higher yield. A TAC bond can have some of the prepayment variability of a companion bond if there is also a PAC bond in the CMO issue.

Floating-rate CMO tranches (floaters) pay a variable rate of interest that is usually tied to a reference rate, such as the Secured Overnight Financing Rate (SOFR). Institutional investors with short-term liabilities, such as commercial banks, often find floating-rate CMOs attractive investments. Super floaters (which float a certain percentage above a reference rate) and inverse floaters (which float inversely to a reference rate) are variations on the floater structure that have highly variable cash flows.

***Stripped Mortgage-Backed Securities***

The market values of IOs and POs are very sensitive to interest rate and prepayment rate fluctuations. POs, for example, increase (or decrease) in value as interest rates decline (or rise). The price behavior of these securities also depends on whether the mortgage

------

collateral was purchased at a premium or discount to its par value. Prepayments on discount coupon POs generally are much lower than prepayments on premium coupon POs. IOs may be used to hedge a fund's other investments because prepayments cause the value of an IO strip to move in the opposite direction from other mortgage-backed securities.

***Commercial Mortgage-Backed Securities (CMBS)***

CMBS are securities created from a pool of commercial mortgage loans, such as loans for hotels, shopping centers, office buildings, apartment buildings, and the like. Interest and principal payments from these loans are passed on to the investor according to a particular schedule of payments. They may be issued by U.S. government agencies or by private issuers. The credit quality of CMBS depends primarily on the quality of the underlying loans and on the structure of the particular deal. Generally, deals are structured with senior and subordinate classes. Multiple classes may permit the issuance of securities with payment terms, interest rates, or other characteristics differing both from those of each other and those of the underlying assets. Examples include classes having characteristics such as floating interest rates or scheduled amortization of principal. Rating agencies rate the individual classes of the deal based on the degree of seniority or subordination of a particular class and other factors. The value of these securities may change because of actual or perceived changes in the creditworthiness of individual borrowers, their tenants, the servicing agents, or the general state of commercial real estate and other factors.

***Adjustable Rate Mortgage Securities***

Adjustable rate mortgage securities (ARMs) have interest rates that reset at periodic intervals. Acquiring ARMs permits a fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMs are based. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, a fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, a fund holding an ARM does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMs behave more like fixed income securities and less like adjustable rate securities and are subject to the risks associated with fixed income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.

**Mortgage Dollar Rolls**

The funds may enter into mortgage dollar rolls in which a fund sells mortgage-backed securities to financial institutions for delivery in the current month and simultaneously contracts to repurchase similar securities on a specified future date. During the period between the sale and repurchase (the "roll period"), the fund forgoes principal and interest paid on the mortgage-backed securities. The fund is compensated by the difference between the current sales price and the forward price for the future purchase (often referred to as the "drop"), as well as by the interest earned on the cash proceeds of the initial sale. The fund will use the proceeds generated from the transaction to invest in other securities that are permissible investments for the fund. Such investments may have a leveraging effect, increasing the volatility of the fund.

Generally, the funds intend to physically settle dollar roll transactions within 35 days of their trade dates. If a dollar roll cannot be physically settled in this time, it will be treated as a derivatives transaction for purposes of the fund's derivative risk management program. The derivative risk management program is described in greater detail in the *Derivative Instruments* section.

A fund could suffer a loss if the contracting party fails to perform the future transaction and the fund is therefore unable to buy back the mortgage-backed securities it initially sold. The fund also takes the risk that the mortgage-backed securities that it repurchases at a later date will have less favorable market characteristics than the securities originally sold.

**Municipal Obligations**

Tax-exempt and taxable municipal obligations are generally issued by state and local governments or government entities. Interest payments from municipal obligations are generally exempt from federal income tax. Interest payments from certain municipal obligations, however, are subject to federal income tax because of the degree of non-government involvement in the transaction or because federal tax code limitations on the issuance of tax-exempt bonds that benefit private entities have been exceeded. Some typical examples of these taxable municipal obligations include industrial revenue bonds and economic development bonds issued by state or local governments to aid private enterprise. The interest on a taxable municipal bond is often exempt from state taxation in the issuing state. The funds do not expect to be eligible to pass through to shareholders the tax-exempt character of interest on municipal obligations.

***Municipal Bonds***

Municipal bonds, which generally have maturities of more than one year when issued, are designed to meet longer-term capital needs. These securities have two principal classifications: general obligation bonds and revenue bonds.

General Obligation (GO) bonds are issued by states, counties, cities, towns and regional districts to fund a variety of public projects, including construction of and improvements to schools, highways, and water and sewer systems. GO bonds are backed by the issuer's

------

full faith and credit based on its ability to levy taxes for the timely payment of interest and repayment of principal, although such levies may be constitutionally or statutorily limited as to rate or amount.

Revenue Bonds are not backed by an issuer's taxing authority; rather, interest and principal are secured by the net revenues from a project or facility. Revenue bonds are issued to finance a variety of capital projects, including construction or refurbishment of utility and waste disposal systems, highways, bridges, tunnels, air and seaport facilities, schools and hospitals.

Industrial Development Bonds (IDBs), a type of revenue bond, are issued by or on behalf of public authorities to finance privately operated facilities. These bonds are used to finance business, manufacturing, housing, athletic and pollution control projects, as well as public facilities such as mass transit systems, air and seaport facilities and parking garages. Payment of interest and repayment of principal on an IDB depend solely on the ability of the facility's operator to meet financial obligations, and on the pledge, if any, of the real or personal property financed. The interest earned on IDBs may be subject to the federal alternative minimum tax.

Some longer-term municipal bonds allow an investor to "put" or sell the security at a specified time and price to the issuer or other "put provider." If a put provider fails to honor its commitment to purchase the security, the fund may have to treat the security's final maturity as its effective maturity, lengthening the fund's weighted average maturity and increasing the volatility of the fund.

Before the 2008 financial crisis, municipal bond insurers insured approximately half of newly issued municipal securities. Since the crisis, the number of municipal bond insurers has dropped, and the role of bond insurance in the municipal markets has declined significantly. Currently, there are only a few companies actively writing such policies, and municipal market penetration is less than 10%.

***Municipal Notes***

Municipal notes are issued by state and local governments or government entities to provide short-term capital or to meet cash flow needs.

Tax Anticipation Notes (TANs) are issued in anticipation of seasonal tax revenues, such as ad valorem property, income, sales, use and business taxes, and are payable from these future taxes. TANs usually are general obligations of the issuer. General obligations are backed by the issuer's full faith and credit based on its ability to levy taxes for the timely payment of interest and repayment of principal, although such levies may be constitutionally or statutorily limited as to rate or amount.

Revenue Anticipation Notes (RANs) are issued with the expectation that receipt of future revenues, such as federal revenue sharing or state aid payments, will be used to repay the notes. Typically, these notes also constitute general obligations of the issuer.

Bond Anticipation Notes (BANs) are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds provide the money for repayment of the notes.

Revenue anticipation warrants, or reimbursement warrants, are issued to meet the cash flow needs of state governments at the end of a fiscal year and in the early weeks of the following fiscal year. These warrants are payable from unapplied money in the state's General Fund, including the proceeds of RANs issued following enactment of a state budget or the proceeds of refunding warrants issued by the state.

**Other Investment Companies**

Each of the funds may invest in other investment companies, such as closed-end investment companies, unit investment trusts, exchange-traded funds (ETFs) and other open-end investment companies, provided that the investment is consistent with the fund's investment policies and restrictions. Under the Investment Company Act, each fund's investment in such securities, subject to certain exceptions, currently is limited to:

• 3% of the total voting stock of any one investment company;

• 5% of the fund's total assets with respect to any one investment company; and

• 10% of the fund's total assets in the aggregate.

Such exceptions may include reliance on Rule 12d1-4 of the Investment Company Act. Rule 12d1-4, subject to certain requirements, would permit a fund to invest in affiliated investment companies (other mutual funds and ETFs advised by American Century) and unaffiliated investment companies in excess of the limitations described above.

A fund's investments in other investment companies may include money market funds managed by the advisor. Investments in money market funds are not subject to the percentage limitations set forth above.

As a shareholder of another investment company, a fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. These expenses would be in addition to the management fee that each fund bears directly in connection with its own operations.

ETFs are a type of fund bought and sold on a securities exchange. An ETF trades like common stock and may be actively managed or index-based. A fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities, to gain exposure to specific asset classes or sectors, or as a substitute for investing directly in securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities. Additionally, because the price of ETF shares is based on market price rather than net asset value (NAV), shares may trade at a price greater than NAV (a premium)

------

or less than NAV (a discount). A fund may also incur brokerage commissions, as well as the cost of the bid/ask spread, when purchasing or selling ETF shares.

**Repurchase Agreements**

Each fund may invest in repurchase agreements when they present an attractive short-term return on cash that is not otherwise committed to the purchase of securities pursuant to the investment policies of that fund. A repurchase agreement occurs when, at the time a fund purchases an interest-bearing obligation, the seller (a bank or a broker-dealer registered under the Securities Exchange Act of 1934) agrees to purchase it on a specified date in the future at an agreed-upon price. The repurchase price reflects an agreed-upon interest rate during the time a fund's money is invested in the security.

Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement can be considered a loan collateralized by the security purchased. The fund's risk is the seller's ability to pay the agreed-upon repurchase price on the repurchase date. If the seller defaults, the fund may incur costs in disposing of the collateral, which would reduce the amount realized thereon. If the seller seeks relief under the bankruptcy laws, the disposition of the collateral may be delayed or limited. To the extent the value of the security decreases, the fund could experience a loss.

The funds will limit repurchase agreement transactions to securities issued by the U.S. government and its agencies and instrumentalities, and will enter into such transactions with those banks and securities dealers who are deemed creditworthy by the funds' advisor.

Repurchase agreements maturing in more than seven days would count toward a fund's 15% limit on illiquid securities.

**Restricted and Illiquid Securities**

The funds may, from time to time, purchase restricted or illiquid securities, including Rule 144A securities, when they present attractive investment opportunities that otherwise meet the funds' criteria for selection. Restricted securities include securities that cannot be sold to the public without registration under the Securities Act of 1933 or the availability of an exemption from registration, or that are "not readily marketable" because they are subject to other legal or contractual delays in or restrictions on resale. Rule 144A securities are securities that are privately placed with and traded among qualified institutional investors rather than the general public. Although Rule 144A securities are considered restricted securities, they are not necessarily illiquid.

With respect to securities eligible for resale under Rule 144A, the advisor will determine the liquidity of such securities pursuant to the fund's Liquidity Risk Management Program, approved by the Board of Trustees in accordance with Rule 22e-4.

Because the secondary market for such securities is limited to certain qualified institutional investors, the liquidity of such securities may be limited accordingly and a fund may, from time to time, hold a Rule 144A or other security that is illiquid. In such an event, the portfolio managers will consider appropriate remedies to minimize the effect on such fund's liquidity. Each of the funds may invest no more than 15% of the value of its assets in illiquid securities.

**Short Sales**

A fund engages in short selling when it sells a security it does not own. To sell a security short, a fund must borrow the security from someone else to deliver it to the buyer. That fund then replaces the borrowed security by purchasing it at the market price at or before the time of replacement. Until it replaces the security, the fund repays the person that lent it the security for any interest or dividends that may have been paid or accrued during the period of the loan. Each fund may engage in short sales for cash management purposes only if, at the time of the short sale, the fund owns or has the right to acquire securities equivalent in kind and amount to the securities being sold short.

In short sale transactions, a fund's gain is limited to the price at which it sold the security short; its loss is limited only by the maximum price it must pay to acquire the security less the price at which the security was sold. In theory, losses from short sales may be unlimited. In order to borrow the security, a fund may be required to pay compensation to the lender for securities that are difficult to borrow due to demand or other factors. Short sales also cause a fund to incur brokerage fees and other transaction costs. Therefore, the amount of any gain a fund may receive from a short sale transaction is decreased and the amount of any loss increased by the amount of compensation to the lender, accrued interest or dividends and transaction costs a fund may be required to pay.

There is no guarantee that a fund will be able to close out a short position at any particular time or at a particular price. During the time that a fund is short a security, it is subject to the risk that the lender of the security will terminate the loan at a time when the fund is unable to borrow the same security from another lender. If that occurs, the fund may be "bought in" at the price required to purchase the security needed to close out the short position, which may be a disadvantageous price.

**Short-Term Securities**

In order to meet anticipated redemptions, anticipated purchases of additional securities for a fund's portfolio, or, in some cases, for temporary defensive purposes, these funds may invest a portion of their assets in money market and other short-term securities.

Examples of those securities include:

• Securities issued or guaranteed by the U.S. government and its agencies and instrumentalities

• Commercial Paper

------

• Certificates of Deposit and Euro Dollar Certificates of Deposit

• Bankers' Acceptances

• Short-term notes, bonds, debentures or other debt instruments

• Repurchase agreements

• Money market funds

**Structured Investments**

A structured investment is a security whose value or performance is linked to an underlying index or other security or asset class. Structured investments involve the transfer of specified financial assets to a special purpose entity, generally a corporation or trust, or the deposit of financial assets with a custodian; and the issuance of securities or depositary receipts backed by, or representing interests in, those assets. Structured investments may be organized and operated to restructure the investment characteristics of the underlying security. The cash flow on the underlying instruments may be apportioned among the newly issued structured investments to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of such payments made with respect to structured investments is dependent on the extent of the cash flow on the underlying instruments.

Structured investments are generally individually negotiated agreements or traded over the counter, and as such, there is no active trading market for such investments. Thus structured investments may be less liquid than other securities. Because structured investments typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. In addition, structured investments are subject to the risks that the issuers of the underlying securities may be unable or unwilling to repay principal and interest (credit risk), and that issuers of the underlying securities may request to reschedule or restructure outstanding debt and to extend additional loan amounts (prepayment or extension risk).

**Tender Option Bonds**

Tender Option Bonds (TOBs) were created to increase the supply of high-quality, short-term tax-exempt obligations, and thus they are of particular interest to money market funds. However, The funds may purchase these instruments.

There is some risk that a remarketing agent will renege on a tender option agreement if the underlying bond is downgraded or defaults. Because of this, the portfolio managers monitor the credit quality of bonds underlying the fund's TOB holdings and intend to sell or put back any TOB if the rating on the underlying bond falls below the second-highest rating category designated by a rating agency.

**U.S. Government Securities**

U.S. Treasury bills, notes, zero-coupon bonds and other bonds are direct obligations of the U.S. Treasury, which has never failed to pay interest and repay principal when due. Treasury bills have initial maturities of one year or less, Treasury notes from two to 10 years, and Treasury bonds more than 10 years. Although U.S. Treasury securities carry little principal risk if held to maturity, the prices of these securities (like all debt securities) change between issuance and maturity in response to fluctuating market interest rates. Occasionally, Congressional negotiations regarding increasing the U.S. statutory debt ceiling cause uncertainty in the market. Uncertainty, or a default on U.S. government debt, could cause the credit rating of the U.S. government to be downgraded, increase volatility in debt and equity markets, result in higher interest rates, reduce prices of U.S. Treasury securities, or increase the costs of certain kinds of debt.

Some agency securities are backed by the full faith and credit pledge of the U.S. government, and some are guaranteed only by the issuing agency. Agency securities typically offer somewhat higher yields than U.S. Treasury securities with similar maturities. However, these securities may involve greater risk of default than securities backed by the U.S. Treasury.

Interest rates on agency securities may be fixed for the term of the investment (fixed-rate agency securities) or tied to prevailing interest rates (floating rate agency securities). Interest rate resets on floating rate agency securities generally occur at intervals of one year or less, based on changes in a predetermined interest rate index.

Floating-rate agency securities frequently have caps limiting the extent to which coupon rates can be raised. The price of a floating-rate agency security may decline if its capped coupon rate is lower than prevailing market interest rates. Fixed- and floating-rate agency securities may be issued with a call date (which permits redemption before the maturity date). The exercise of a call may reduce an obligation's yield to maturity.

------

***Interest Rate Resets on Floating-Rate U.S. Government Agency Securities***

Interest rate resets on floating-rate U.S. government agency securities generally occur at intervals of one year or less in response to changes in a predetermined interest rate index. There are two main categories of indices: those based on U.S. Treasury securities and those derived from a calculated measure, such as a cost-of-funds index. Commonly used indices include the three-month, six-month and one-year Treasury bill rates; the two-year Treasury note yield; and the Eleventh District Federal Home Loan Bank Cost of Funds Index (EDCOFI). Fluctuations in the prices of floating-rate U.S. government agency securities are typically attributed to differences between the coupon rates on these securities and prevailing market interest rates between interest rate reset dates.

**Utilities**

The portfolio managers consider a company to be engaged in the utilities industry if

• the company's securities are listed in at least one index that is made up exclusively of companies engaged in one or more of certain industries (electricity, natural gas, telecommunications services, cable television, water or sanitation services); or

• the company derives 50% or more of its revenues or net profits from the ownership or operation of facilities used to provide electricity, natural gas, telecommunications services, cable television, water or sanitation services.

Performance of utility-related investments depends in part on how favorably investors perceive this sector of the market relative to other sectors (such as transportation or technology). Of course, investor perceptions of the utilities industry are driven not only by comparisons with other market sectors but by trends and events within the utilities industry. The following is a brief outline of risk factors associated with investment in the utilities industry.

• **Regulatory Risks.** Regulators (primarily at the state level) monitor and control public utility company revenues and costs. Regulators can limit profits and dividends paid to investors; they also may restrict a company's access to new markets. Some analysts observe that state regulators have become increasingly active in developing and promoting energy policy through the regulatory process.

**• Natural Resource Risks.** Swift and unpredictable changes in the price and supply of natural resources can hamper utility company profitability. These changes may be caused by political events, energy conservation programs, the success of exploration projects, or tax and other regulatory policies of various governments.

• **Environmental Risks.** There are considerable costs associated with environmental compliance, nuclear waste cleanup and safety regulation. For example, coal-burning utilities are under pressure to curtail sulfur emissions, and utilities in general increasingly are called upon by regulators to bear environmental costs, which may not be easily recovered through rate increases or business growth. Changing weather patterns and natural disasters affect consumer demand for utility services (e.g., electricity, heat and air conditioning), which, in turn, affects utility revenues.

• **Technology and Competitive Risks.** The introduction and phase-in of new technologies can affect a utility company's competitive strength. The race by long-distance telephone providers to incorporate fiber optic technology is one example of competitive risk within the utilities industry. The increasing role of independent power producers (IPPs) in the natural gas and electric utility segments of the utilities industry is another example of competitive risk. Typically, IPPs wholesale power to established local providers, but there is a trend toward letting them sell power directly to industrial consumers. Co-generation facilities, such as those of landfill operators that produce methane gas as a byproduct of their core business, pose another competitive challenge to gas and electric utilities. In addition to offering a less expensive source of power, these companies may receive more favorable regulatory treatment than utilities seeking to expand facilities that consume nonrenewable energy sources.

• **Interest Rate Risks.** Utility companies usually finance capital expenditures (e.g., new plant construction) by issuing long-term debt. Rising long-term interest rates increase interest expenses and reduce company earnings.

**Variable- and Floating-Rate Securities**

Variable- and floating-rate securities, including variable-rate demand obligations (VRDOs) and floating-rate notes (FRNs), provide for periodic adjustments to the interest rate. The adjustments are generally based on an index-linked formula, or determined through a remarketing process.

These types of securities may be combined with a put or demand feature that permits the fund to demand payment of principal plus accrued interest from the issuer or a financial institution. Examples of VRDOs include the variable-rate demand note (VRDN) and variable rate demand preferreds (VRDP). VRDNs combine a demand feature with an interest rate reset mechanism designed to result in a market value for the security that approximates par. VRDNs are generally designed to meet the requirements of money market fund Rule 2a-7. VRDPs are issued by a closed-end fund that in turn invests primarily in portfolios of bonds. They feature a floating rate dividend set via a weekly remarketing and have a fixed term, mandatory redemption, and an unconditional par put option.

**When-Issued and Forward Commitment Agreements**

The funds may sometimes purchase new issues of securities on a when-issued or forward commitment (including on a to-be-announced (TBA)) basis in which the transaction price and yield are each fixed at the time the commitment is made, but payment and delivery occur at a future date.

------

For example, a fund may sell a security and at the same time make a commitment to purchase the same or a comparable security at a future date and specified price. Conversely, a fund may purchase a security and at the same time make a commitment to sell the same or a comparable security at a future date and specified price. These types of transactions are executed simultaneously in what are known as dollar-rolls, buy/sell back transactions, cash and carry, or financing transactions. For example, a broker-dealer may seek to purchase a particular security that a fund owns. The fund will sell that security to the broker-dealer and simultaneously enter into a forward commitment agreement to buy it back at a future date. This type of transaction generates income for the fund if the dealer is willing to execute the transaction at a favorable price in order to acquire a specific security.

When purchasing securities on a when-issued or forward commitment basis, a fund assumes the rights and risks of ownership, including the risks of price and yield fluctuations. Market rates of interest on debt securities at the time of delivery may be higher or lower than those contracted for on the when-issued security. Accordingly, the value of that security may decline prior to delivery, which could result in a loss to the fund. While a fund will make commitments to purchase or sell securities with the intention of actually receiving or delivering them, it may sell the securities before the settlement date if doing so is deemed advisable as a matter of investment strategy.

To the extent a fund remains fully invested or almost fully invested at the same time it has purchased securities on a when-issued basis, there will be greater fluctuations in its net asset value than if it solely set aside cash to pay for when-issued securities. When the time comes to pay for the when-issued securities, the fund will meet its obligations with available cash, through the sale of securities, or, although it would not normally expect to do so, by selling the when-issued securities themselves (which may have a market value greater or less than the fund's payment obligation). Selling securities to meet when-issued or forward commitment obligations may generate taxable capital gains or losses.

Generally, the funds intend to physically settle when-issued and forward commitments within 35 days of their trade dates. If such a transaction cannot be physically settled in this time, it will be treated as a derivatives transaction for purposes of the fund's derivative risk management program. The derivative risk management program is described in greater detail in the *Derivative Instruments* section.

**Zero-Coupon, Step-Coupon and Pay-In-Kind Securities**

Zero-coupon, step-coupon and pay-in-kind securities are debt securities that do not make regular cash interest payments. Zero-coupon and step-coupon securities are sold at a deep discount to their face value. Pay-in-kind securities pay interest through the issuance of additional securities. Because such securities do not pay current cash income, the price of these securities can be volatile when interest rates fluctuate. While these securities do not pay current cash income, federal income tax law requires the holders of zero-coupon, step-coupon and pay-in-kind securities to include in income each year the portion of the original issue discount and other noncash income on such securities accrued during that year. In order to continue to qualify for treatment as a regulated investment company under the Internal Revenue Code and avoid certain excise tax, the funds are required to make distributions of income accrued for each year. Accordingly, the funds may be required to dispose of other portfolio securities, which may occur in periods of adverse market prices, in order to generate cash to meet these distribution requirements.

**Investment Policies**

Unless otherwise indicated, with the exception of the percentage limitations on borrowing, the policies described below apply at the time a fund enters into a transaction. Accordingly, any later increase or decrease beyond the specified limitation resulting from a change in a fund's assets will not be considered in determining whether it has complied with its investment policies.

For purposes of a fund's investment policies, the party identified as the "issuer" of a municipal security depends on the form and conditions of the security. When the assets and revenues of a political subdivision are separate from those of the government that created the subdivision and the security is backed only by the assets and revenues of the subdivision, the subdivision is deemed the sole issuer. Similarly, in the case of an Industrial Development Bond, if the bond were backed only by the assets and revenues of a non-governmental user, the non-governmental user would be deemed the sole issuer. If, in either case, the creating government or some other entity were to guarantee the security, the guarantee would be considered a separate security and treated as an issue of the guaranteeing entity.

**Fundamental Investment Policies**

The funds' fundamental investment policies are set forth below. These investment policies, the investment objective of each fund, as set forth in the applicable fund's prospectus, and a fund's status as diversified may not be changed without approval of a majority of the outstanding votes of shareholders of a fund. Under the Investment Company Act, the vote of a majority of the outstanding votes of shareholders means, the vote of (A) 67 percent or more of the voting securities present at a shareholder meeting, if the holders of more than 50 percent of the outstanding voting securities are present or represented by proxy; or (B) more than 50 percent of the outstanding voting securities, whichever is less.

------

---

| | |
|:---|:---|
| *Subject*  | *Policy*  |
| Senior Securities | A fund may not issue senior securities, except as permitted under the Investment Company Act. |
| Borrowing | A fund may not borrow money, except that a fund may borrow for temporary or emergency purposes (not for leveraging or investment) in an amount not exceeding 33⅓% of the fund's total assets (including the amount borrowed) less liabilities (other than borrowings). |
| Lending | A fund may not lend any security or make any other loan if, as a result, more than 33⅓% of the fund's total assets would be lent to other parties, except (i) through the purchase of debt securities in accordance with its investment objective, policies and limitations or (ii) by engaging in repurchase agreements with respect to portfolio securities. |
| Real Estate | A fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments. This policy shall not prevent a fund from investing in securities or other instruments backed by real estate or securities of companies that deal in real estate or are engaged in the real estate business. |
| Concentration | A fund may not concentrate its investments in securities of issuers in a particular industry (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities). |
| Underwriting | A fund may not act as an underwriter of securities issued by others, except to the extent that the fund may be considered an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securities. |
| Commodities | A fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments, provided that this limitation shall not prohibit a fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities. |
| Control | A fund may not invest for purposes of exercising control over management. |

---

For purposes of the investment policy relating to senior securities, a fund may borrow from any bank provided that immediately after any such borrowing there is asset coverage of at least 300% for all borrowings of such fund. In the event that such asset coverage falls below 300%, the fund shall, within three days thereafter (not including Sundays and holidays) or such longer period as the SEC may prescribe by rules and regulations, reduce the amount of its borrowings to an extent that the asset coverage of such borrowings is at least 300%.

For purposes of the investment policies relating to lending and borrowing, the funds have received an exemptive order from the SEC regarding an interfund lending program. Under the terms of the exemptive order, the funds may borrow money from or lend money to other American Century Investments-advised funds that permit such transactions. All such transactions will be subject to the limits for borrowing and lending set forth above. The funds will borrow money through the program only when the costs are equal to or lower than the cost of short-term bank loans. Interfund loans and borrowing normally extend only overnight, but can have a maximum duration of seven days. The funds will lend through the program only when the returns are higher than those available for other short-term instruments (such as repurchase agreements). The funds may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

For purposes of the investment policy relating to concentration, a fund shall not purchase any securities that would cause 25% or more of the value of the fund's net assets at the time of purchase to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that

(a)there is no limitation with respect to obligations issued or guaranteed by the U.S. government, any state, territory or possession of the United States, the District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions and repurchase agreements secured by such obligations (except that an Industrial Development Bond backed only by the assets and revenues of a non-governmental user will be deemed to be an investment in the industry represented by such user),

(b)wholly owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents,

(c)utilities will be divided according to their services, for example, gas, gas transmission, electric and gas, electric, and telephone will each be considered a separate industry, and

(d)personal credit and business credit businesses will be considered separate industries.

In addition, each fund considers the industries of the holdings of the other American Century-advised funds in which it invests to assess industry concentration.

**Nonfundamental Investment Policies**

In addition, the funds are subject to the following investment policies that are not fundamental. These policies may be changed by the Board of Directors.

------

---

| | |
|:---|:---|
| *Subject*  | *Policy*  |
| Leveraging | A fund may not purchase additional investment securities at any time during which outstanding borrowings exceed 5% of the total assets of the fund. |
| Liquidity | A fund may not purchase any security or enter into a repurchase agreement if, as a result, more than 15% of its net assets would be invested in illiquid securities. Illiquid securities include repurchase agreements not entitling the holder to payment of principal and interest within seven days, and securities that are illiquid by virtue of legal or contractual restrictions on resale or the absence of a readily available market. |
| Short Sales | A fund may not sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, and provided that transactions in futures contracts, options, and other derivative instruments are not deemed to constitute selling securities short. |
| Margin | A fund may not purchase securities on margin, except to obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments and other deposits in connection with transactions involving futures, options (puts, calls, etc.), swaps, short sales, forward contracts, commitment agreements, and other similar investment techniques shall not be deemed to constitute purchasing securities on margin. |
| Futures &<br>Options | A fund may enter into futures contracts, and write and buy put and call options relating to futures contracts. A fund may not, however, enter into leveraged futures transactions if it would be possible for the fund to lose more than the notional value of the investment. |
| Issuers with<br>Limited<br>Operating<br>History | A fund may invest a portion of its assets in the equity securities of issuers with limited operating histories. See *Investment In Issuers with Limited Operating Histories* under *Fund Investments and Risks*. An issuer is considered to have a limited operating history if that issuer has a record of less than three years of continuous operation. Periods of capital formation, incubation, consolidations, and research and development may be considered in determining whether a particular issuer has a record of three years of continuous operation. |

---

The Investment Company Act imposes certain additional restrictions upon the funds' ability to acquire securities issued by insurance companies, broker-dealers, underwriters or investment advisors, and upon transactions with affiliated persons as defined by the Act. It also defines and forbids the creation of cross and circular ownership.

**Portfolio Turnover**

The portfolio turnover rate of each fund for its most recent fiscal year is included in the *Fund Summary* section of that fund's prospectus. The portfolio turnover rate for each fund's last five fiscal years (or a shorter period if the fund is less than five years old) is shown in the *Financial Highlights* tables in the prospectus.

With respect to each fund, the managers will sell securities without regard to the length of time the security has been held. Accordingly, each fund's portfolio turnover rate may be substantial.

The portfolio managers intend to purchase a given security whenever they believe it will contribute to the stated objective of a particular fund. In order to achieve each fund's investment objective, the portfolio managers may sell a given security regardless of the length of time it has been held in the portfolio, and regardless of the gain or loss realized on the sale. The managers may sell a portfolio security if they believe that the security is not fulfilling its purpose, because, among other things, it did not live up to the managers' expectations, because it may be replaced with another security holding greater promise, because it has reached its optimum potential, because of a change in the circumstances of a particular company or industry or in general economic conditions, or because of some combination of such reasons.

When a general decline in security prices is anticipated, an asset allocation fund may decrease its position in such category and increase its position in one or both of the other asset categories, and when a general rise in price levels is anticipated, a fund may increase its position in such category and decrease its position in the other categories. However, the asset allocation funds will, under most circumstances, be essentially fully invested within the operating ranges set forth in the prospectus.

Because investment decisions are based on a particular security's anticipated contribution to a fund's investment objective, the managers believe the rate of portfolio turnover is irrelevant when they determine that a change is required to achieve the fund's investment objective. As a result, a fund's annual portfolio turnover rate cannot be anticipated and may be higher than that of other mutual funds with similar investment objectives. Higher turnover would generate correspondingly greater brokerage commissions, which is a cost the funds pay directly. Portfolio turnover also may affect the character of capital gains realized and distributed by a fund, if any, because short-term capital gains are characterized as ordinary income.

Because the managers do not take portfolio turnover rate into account in making investment decisions, (1) the managers have no intention of maintaining any particular rate of portfolio turnover, whether high or low, and (2) the portfolio turnover rates in the past should not be considered as representative of the rates that will be attained in the future.

Variations in a fund's portfolio turnover rate from year to year may be due to a fluctuating volume of shareholder purchase and redemption activity, varying market conditions, and/or changes in the manager's investment outlook. For example, portfolio turnover rate for each fund decreased during the most recent fiscal year due to decreased changes to fund holdings compared to greater changes made as a result of varying market conditions within the two preceding fiscal years.

------

**Disclosure of Portfolio Holdings**

The advisor (ACIM) has adopted policies and procedures with respect to the disclosure of fund portfolio holdings and characteristics, which are described below.

**Distribution to the Public**

Month-end full portfolio holdings for each fund will generally be made available for distribution 15 days after the end of each calendar quarter for each of the preceding three months. This disclosure is in addition to the portfolio disclosure in annual and semiannual shareholder reports and the quarter-end portfolio disclosures on Form N-PORT. Such disclosures are filed with the Securities and Exchange Commission within 60 days of each fiscal quarter end and also posted on americancentury.com at approximately the same time the filings are made. The distribution of holdings after the above time periods is not limited.

On a monthly basis, top 10 holdings (on an absolute basis and relative to the appropriate benchmark) for each fund will generally be made available for distribution 7 days after the end of each month, and will be posted on americancentury.com at approximately the same time.

Portfolio characteristics that are derived from portfolio holdings will be made available for distribution 7 days after the end of each month, or as soon thereafter as possible, which timeframe may vary by fund. Certain characteristics, as determined by the advisor, will be posted on americancentury.com monthly at approximately the time they are made available for distribution. Data derived from portfolio returns and any other characteristics not deemed confidential will be available for distribution at any time. The advisor may make determinations of confidentiality on a fund-by-fund basis, and may add or delete characteristics to or from those considered confidential at any time.

Any American Century Investments fund that sells securities short as an investment strategy will disclose full portfolio holdings in annual and semiannual shareholder reports and on Form N-PORT. These funds will make long and short holdings as of the end of a calendar quarter available for distribution 15 days after the end of each calendar quarter. These funds may also make limited disclosures as noted in the Single Event Requests section below. The distribution of holdings after the above time periods is not limited.

Examples of securities (both long and short) currently or previously held in a portfolio may be included in presentations or other marketing documents as soon as available. The inclusion of such examples is at the relevant portfolio's team discretion.

So long as portfolio holdings are disclosed in accordance with the above parameters, the advisor makes no distinction among different categories of recipients, such as individual investors, institutional investors, intermediaries that distribute the funds' shares, third-party service providers, rating and ranking organizations, and fund affiliates. Because this information is publicly available and widely disseminated, the advisor places no conditions or restrictions on, and does not monitor, its use. Nor does the advisor require special authorization for its disclosure.

**Accelerated Disclosure**

The advisor recognizes that certain parties, in addition to the advisor and its affiliates, may have legitimate needs for information about portfolio holdings and characteristics prior to the times prescribed above. Such accelerated disclosure is permitted under the circumstances described below.

***Ongoing Arrangements***

Certain parties, such as investment consultants who provide regular analysis of fund portfolios for their clients and intermediaries who pass through information to fund shareholders, may have legitimate needs for accelerated disclosure. These needs may include, for example, the preparation of reports for customers who invest in the funds, the creation of analyses of fund characteristics for intermediary or consultant clients, the reformatting of data for distribution to the intermediary's or consultant's clients, and the review of fund performance for ERISA fiduciary purposes.

In such cases, accelerated disclosure is permitted if the service provider enters an appropriate non-disclosure agreement with the funds' distributor in which it agrees to treat the information confidentially until the public distribution date and represents that the information will be used only for the legitimate services provided to its clients (i.e., not for trading). Non-disclosure agreements require the approval of an attorney in the advisor's legal department.

Those parties who have entered into non-disclosure agreements as of September 30, 2025, are as follows:

• Aetna Inc.

• Alight Solutions LLC

• AllianceBernstein L.P.

• American Fidelity Assurance Co.

• Ameritas Life Insurance Corporation

• AMP Capital Investors Limited

• Annuity Investors Life Insurance Company

------

• Aon Hewitt Investment Consulting

• Athene Annuity & Life Assurance Company

• AUL/American United Life Insurance Company

• Bell Globemedia Publishing

• Bellwether Consulting, LLC

• BNY Mellon Performance & Risk Analytics, LLC

• Brighthouse Life Insurance Company

• Callan Associates, Inc.

• Calvert Asset Management Company, Inc.

• Cambridge Associates, LLC

• Capital Cities, LLC

• CBIZ, Inc.

• Charles Schwab & Co., Inc.

• Choreo, LLC

• Clearwater Analytics, LLC

• Cleary Gull Inc.

• Commerce Bank N.A.

• Connecticut General Life Insurance Company

• Corestone Investment Managers AG

• Corning Incorporated

• Curcio Webb LLC

• Deutsche AM Distributors, Inc.

• Eckler, Ltd.

• Electra Information Systems, Inc.

• Empower Plan Services, LLC

• Equitable Investment Management Group, LLC

• EquiTrust Life Insurance Company

• Farm Bureau Life Insurance Company

• Fidelity Workplace Services, LLC

• FIL Investment Management

• Finance-Doc Multimanagement AG

• Fund Evaluation Group, LLC

• Government Employees Pension Service

• GSAM Strategist Portfolios, Inc.

• The Guardian Life Insurance Company of America

• Intel Corporation

• InvesTrust Consulting, LLC

• Iron Capital Advisors

• JLT Investment Management Limited

• John Hancock Distributors LLC

• Jupiter Asset Management

• Kansas City Life Insurance Company

• Kiwoom Asset Management

• Kmotion, Inc.

• Korea Investment Management Co. Ltd.

• Korea Teachers Pension

• Legal Super Pty Ltd.

------

• The Lincoln National Life Insurance Company

• Lipper Inc.

• Marquette Associates

• Massachusetts Mutual Life Insurance Company

• Mercer Investment Management, Inc.

• Merian Global Investors Limited

• Merrill Lynch

• Midland National Life Insurance Company

• Minnesota Life Insurance Company

• Modern Woodmen of America

• Montana Board of Investments

• Morgan Stanley Wealth Management

• Morningstar Investment Management LLC

• Morningstar, Inc.

• Morningstar Investment Services, Inc.

• Mutual of America Life Insurance Company

• National Life Insurance Company

• Nationwide Financial

• NEPC

• The Newport Group

• Nomura Asset Management U.S.A. Inc.

• Nomura Securities International, Inc.

• The Northern Trust Company

• Northwestern Mutual Life Insurance Co.

• NYLIFE Distributors, LLC

• Pacific Life Insurance Company

• Principal Life Insurance Company

• Prudential Financial, Inc.

• RidgeWorth Capital Management, Inc.

• Rocaton Investment Advisors, LLC

• RVK, Inc.

• Säästöpankki (The Savings Banks)

• Security Benefit Life Insurance Co.

• Shinhan Asset Management

• State Street Global Exchange

• State Street Global Markets Canada Inc.

• Stellantis

• Symetra Life Insurance Company

• Tokio Marine Asset Management Co., Ltd.

• Truist Bank

• UBS Financial Services, Inc.

• UBS Wealth Management

• Univest Company

• Valic Financial Advisors Inc.

• VALIC Retirement Services Company

• Vestek Systems, Inc.

• Voya Retirement Insurance and Annuity Company

------

• Wells Fargo Bank, N.A.

• Wilshire Advisors LLC

• WTW

• Zeno Consulting Group, LLC

Once a party has executed a non-disclosure agreement, it may receive any or all of the following data for funds in which its clients have investments or are actively considering investment:

(1)Full holdings (both long and short) quarterly as soon as reasonably available;

(2)Full holdings (long only) monthly as soon as reasonably available;

(3)Top 10 holdings monthly as soon as reasonably available; and

(4)Portfolio attributes (such as sector or country weights), characteristics and performance attribution monthly as soon as reasonably available.

The types, frequency and timing of disclosure to such parties vary.

***Single Event Requests***

In certain circumstances, the advisor may provide fund holding information on an accelerated basis outside of an ongoing arrangement with authorization by a senior member of the staff of the advisor's Chief Investment Officer. For example, from time to time the advisor may receive requests for proposals (RFPs) from consultants or potential clients that request information about a fund's holdings on an accelerated basis. As long as such requests are on a one-time basis, and do not result in continued receipt of data, such information may be provided in the RFP. In these circumstances, top 15 long and short holdings may be disclosed 7 days after the end of each month. Such disclosure may be presented in paired trades, such as by showing a long holding in one sector or security and a corresponding short holding in another sector or security together to show a long/short strategy. Such information will be provided with a confidentiality legend and only in cases where the advisor has reason to believe that the data will be used only for legitimate purposes and not for trading.

***Service Providers***

Various service providers to the funds and the funds' advisor must have access to some or all of the funds' portfolio holdings information on an accelerated basis from time to time in the ordinary course of providing services to the funds. These service providers include the funds' custodian (daily, with no lag), auditors (as needed) and brokers involved in the execution of fund trades (as needed). Additional information about these service providers and their relationships with the funds and the advisor are provided elsewhere in this statement of additional information. In addition, the funds' investment advisor may use analytical systems provided by third party data aggregators who have access to the funds' portfolio holdings daily, with no lag. These data aggregators enter into separate non-disclosure agreements after authorization by an appropriate officer of the advisor. The agreements with service providers and data aggregators generally require that they treat the funds' portfolio holdings information confidentially until the public distribution date and represent that the information will be used only for the legitimate services it provides (i.e., not for trading).

**Additional Safeguards**

The advisor's policies and procedures include a number of safeguards designed to control disclosure of portfolio holdings and characteristics so that such disclosure is consistent with the best interests of fund shareholders, including procedures to address conflicts between the interests of shareholders and those of the advisor and its affiliates. First, the frequency with which this information is disclosed to the public, and the length of time between the date of the information and the date on which the information is disclosed, are selected to minimize the possibility of a third party improperly benefiting from fund investment decisions to the detriment of fund shareholders. In the event that a request for portfolio holdings or characteristics creates a potential conflict of interest that is not addressed by the safeguards and procedures described above, the advisor's procedures require that such requests may only be granted with the approval of the advisor's legal department and a senior member of the staff of the advisor's Chief Investment Officer. Finally, the funds' Board of Directors exercises oversight of disclosure of the funds' portfolio securities. The board has received and reviewed a summary of the advisor's policy and is informed on a quarterly basis of any material changes to or violations of such policy detected during the prior quarter.

Neither the advisor nor the funds receive any compensation from any party for the distribution of portfolio holdings information.

The advisor reserves the right to change its policies and procedures with respect to the distribution of portfolio holdings information at any time. There is no guarantee that these policies and procedures will protect the funds from the potential misuse of holdings information by individuals or firms in possession of such information.

------

**Management**

**The Board of Directors**

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not "interested persons," as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 75<sup>th</sup> birthday.

Jonathan S. Thomas is an "interested person" because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), 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. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Thomas W. Bunn, 8) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Name (Year of Birth)* | *Position(s) Held with Funds* | *Length of Time Served* | *Principal Occupation(s) During Past 5 Years* | *Number of American Century Portfolios Overseen by Director* | *Other Directorships Held During Past 5 Years* |
| **Independent Directors** | **Independent Directors** |  |  |  |  |
| Brian Bulatao<br>(1964) | Director | Since 2022 | Partner, CNQ Group (2024 to present); Chief Administrative Officer, *Activision Blizzard, Inc.* (2021 to 2024); Under Secretary of State for Management, *U.S. Department of State* (2018 to 2021) | 52 |  |
| Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 108 |  |
| Chris H. Cheesman<br>(1962) | Director | Since 2019 | Retired | 52 | *Alleghany Corporation* (2021 to 2022) |
| Barry Fink<br>(1955) | Director | Since 2012 (independent since 2016) | Retired | 52 |  |
| Rajesh K. Gupta (1960) | Director | Since 2019 | Partner Emeritus, *SeaCrest Investment Management* and *SeaCrest Wealth Management* (2019 to present) | 52 |  |
| Lynn M. Jenkins <br>(1963) | Director | Since 2019 | Senior Policy Advisor, *Capital Hill Policy Group* (2020 to present); Consultant, *LJ Strategies* (2019 to 2023) | 52 | *MGP Ingredients, Inc.* (2019 to 2021) |
| Jan M. Lewis<br>(1957) | Director and Board Chair | Since 2011 (Board Chair since 2022) | Retired | 52 |  |
| Gary C. Meltzer<br>(1963) | Director | Since 2022 | Advisor, *Pontoro* (2021 to present); Executive Advisor, Consultant and Investor, *Harris Ariel Advisory LLC* (2020 to present) | 52 | *SoFi Technologies, Inc.; Apollo Realty Income Solutions, Inc.; ExcelFin Acquisition Corp. (2021 to 2024)* |
| **Interested Director** | **Interested Director** |  |  |  |  |
| Jonathan S. Thomas<br>(1963) | Director | Since 2007 | Chairman, *ACC* (April 2025 to present); President and Chief Executive Officer, *ACC* (2007 to present). Also serves as Director, *ACC* and other *ACC* subsidiaries | 137 |  |

---

------

**Qualifications of Directors**

Generally, no one factor was decisive in the selection of the directors to the board. Qualifications considered by the board to be important to the selection and retention of directors include the following: (i) the individual's business and professional experience and accomplishments; (ii) the individual's educational background and accomplishments; (iii) the individual's experience and expertise performing senior policy-making functions in business, government, education, accounting, law and/or administration; (iv) how the individual's expertise and experience would contribute to the mix of relevant skills and experience on the board; (v) the individual's ability to work effectively with the other members of the board; and (vi) the individual's ability and willingness to make the time commitment necessary to serve as an effective director. In addition, the individuals' ability to review and critically evaluate information, their ability to evaluate fund service providers, their ability to exercise good business judgment on behalf of fund shareholders, their prior service on the board, and their familiarity with the funds are considered important assets.

When assessing potential new directors, the board has a policy of considering individuals from various and diverse backgrounds. Such diverse backgrounds may include differences in professional experience, education, individual skill sets and other individual attributes. Additional information about each director's individual educational and professional experience (supplementing the information provided in the table above) follows and was considered as part of his or her nomination to, or retention on, the board.

**Brian Bulatao:** BS in Engineering Management, United States Military Academy at West Point; MBA from Harvard Business School; formerly, Chief Operating Officer, Central Intelligence Agency, former military service followed by experience at McKinsey & Co. (global management consulting) and in the private equity industry; experience in senior management positions in government and the private sector

**Thomas W. Bunn:** BS in Business Administration, Wake Forest University; MBA in Finance, University of North Carolina at Chapel Hill; formerly Vice Chairman and President, KeyCorp (banking services); 31 years of experience in investment, commercial and corporate banking; managing directorship roles with Bank of America

**Chris H. Cheesman:** BS in Business Administration (Accounting), Hofstra University; 32 years of experience in global financial services at AllianceBernstein; formerly, auditor with Price Waterhouse; Certified Public Accountant

**Barry Fink:** BA in English and History, Binghamton University; Juris Doctorate, University of Michigan; formerly held leadership roles including chief operating officer with American Century Investments; formerly held leadership roles during a 20-year career with Morgan Stanley Investment Management; formerly asset management and securities law attorney at Seward & Kissel; serves on the Board of Directors of ICI Mutual Insurance Company

**Rajesh K. Gupta:** BS in Quantitative Analysis, New York University, Stern School of Business; MBA in Finance, New York University, Stern School of Business; formerly, Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management; formerly, Chief Executive Office and Chief Investment Officer, SeaCrest Wealth Management; formerly held leadership roles during 19-year career with Morgan Stanley Investment Management

**Lynn M. Jenkins:** BS in Accounting, Weber State University; AA in Business, Kansas State University; formerly, United States Representative; formerly, Kansas State Treasurer, Kansas State Senator and Kansas State Representative; 20 years of experience in finance and accounting, including as a certified public accountant

**Jan M. Lewis:** BS in Civil Engineering, University of Nebraska and MBA, Rockhurst College; Graduate Certificate in Financial Markets and Institutions, Boston University; formerly, President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization); formerly, President, BUCON, Inc. (full-service design-build construction company); 20 years of experience with Butler Manufacturing Company (metal buildings producer) and its subsidiaries

**Gary C. Meltzer:** BS in Accounting, Binghamton University; Certified Public Accountant; formerly held a variety of roles during 35 years of experience as business advisor and independent auditor providing high quality audits and value-added services with PricewaterhouseCoopers LLP

**Jonathan S. Thomas:** BA in Economics, University of Massachusetts; MBA, Boston College; formerly held senior leadership roles with Fidelity Investments, Boston Financial Services, Bank of America and Morgan Stanley; serves on the Board of Governors of the Investment Company Institute

**Responsibilities of the Board**

The board is responsible for overseeing the advisor's management and operations of the funds pursuant to the management agreements. Directors also have significant responsibilities under the federal securities laws. Among other things, they:

• oversee the performance of the funds;

• oversee the quality of the advisory and shareholder services provided by the advisor and other service providers to the funds;

• review annually the fees paid to the advisor for its services;

• monitor potential conflicts of interest between the funds and their affiliates, including the advisor;

• oversee custody of assets and the valuation of securities; and

• oversee the funds' compliance program.

------

In performing their duties, board members receive detailed information about the funds, the advisor and other service providers to the funds 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.

The board has all powers necessary or convenient to carry out its responsibilities. Consequently, the board may adopt bylaws providing for the regulation and management of the affairs of the funds and may amend and repeal them to the extent that such bylaws do not reserve that right to the funds' shareholders. They may increase or reduce the number of board members and may, subject to the Investment Company Act, fill board vacancies. Board members also may elect and remove such officers and appoint and terminate such agents as they consider appropriate. They may establish and terminate committees consisting of two or more directors who may exercise the powers and authority of the board as determined by the directors. They may, in general, delegate such authority as they consider desirable to any officer of the funds, to any board committee and to any agent or employee of the funds or to any custodian, transfer agent, investor servicing agent, principal underwriter or other service provider for a fund.

To communicate with the board, or a member of the board, a shareholder should send a written communication addressed to the attention of the corporate secretary (the "Corporate Secretary") at American Century funds, P.O. Box 418210, Kansas City, Missouri 64141-9210. Shareholders who prefer to communicate by email may send their comments to corporatesecretary@americancentury.com. The Corporate Secretary will forward all such communications to each member of the Compliance and Shareholder Services Committee, or if applicable, the individual director(s) and/or committee chair named in the correspondence. However, if a shareholder communication is addressed exclusively to the funds' independent directors, the Corporate Secretary will forward the communication to the Compliance and Shareholder Services Committee chair, who will determine the appropriate action.

**Board Leadership Structure and Standing Board Committees**

Jan M. Lewis currently serves as the independent board chair and has served in such capacity since 2022. All of the board's members except for Jonathan S. Thomas are independent directors. The independent directors meet separately, as needed and at least in conjunction with each quarterly meeting of the board, to oversee fund activities, review contractual arrangements with service providers, review fund performance and meet periodically with the funds' Chief Compliance Officer and fund auditors. They are advised by independent legal counsel. No independent director may serve as an officer or employee of a fund. The board has also established several committees, as described below. The board believes that the current leadership structure, with independent directors filling all but one position on the board, with an independent director serving as board chair, and with the board committees comprised only of independent directors is appropriate and allows for independent oversight of the funds.

The board has an Audit Committee that approves the funds' (or corporation's) engagement of the independent registered public accounting firm and recommends approval of such engagement to the funds' board. The committee also oversees the activities of the accounting firm, receives regular reports regarding fund accounting, oversees securities valuation by the advisor as valuation designee and receives regular reports from the advisor's internal audit department. The Audit Committee meets with the corporation's independent auditors to review and approve the scope and results of their professional services; to review the procedures for evaluating the adequacy of the corporation's accounting controls; to consider the range of audit fees; and to make recommendations to the board regarding the engagement of the funds' independent auditors.The committee currently consists of Chris H. Cheesman (chair), Barry Fink, Lynn M. Jenkins and Gary C. Meltzer. The committee met four times during the funds' previous fiscal year ended July 31, 2025.

The board has a Governance Committee that is responsible for reviewing board procedures and committee structures. The committee also considers and recommends individuals for nomination as directors. The names of potential director candidates may be drawn from a number of sources, including members of the board, management and shareholders. Shareholders may submit director nominations at any time to the Corporate Secretary, American Century funds, P.O. Box 418210, Kansas City, MO 64141-9210. When submitting nominations, shareholders should include the name, age and address of the candidate, as well as a detailed resume of the candidate's qualifications and a signed statement from the candidate of his/her willingness to serve on the board. Shareholders submitting nominations should also include information concerning the number of fund shares and length of time held by the shareholder, and if applicable, similar information for the potential candidate. All nominations submitted by shareholders will be forwarded to the chair of the Governance Committee for consideration. The Corporate Secretary will maintain copies of such materials for future reference by the committee when filling board positions.

If this process yields more than one desirable candidate, the committee will rank them by order of preference depending on their qualifications and the funds' needs. The candidate(s) may then be contacted to evaluate their interest and be interviewed by the full committee. Based upon its evaluation and any appropriate background checks, the committee will decide whether to recommend a candidate's nomination to the board.

The Governance Committee also may recommend the creation of new committees, evaluate the membership structure of new and existing committees, consider the frequency and duration of board and committee meetings and otherwise evaluate the responsibilities, processes, resources, performance and compensation of the board. The committee currently consists of Barry Fink (chair), Brian Bulatao, Lynn M. Jenkins, Jan M. Lewis and Gary C. Meltzer. The committee met three times during the funds' previous fiscal year ended July 31, 2025.

------

The board also has a Compliance and Shareholder Services Committee, which reviews the results of the funds' compliance testing program, meets regularly with the funds' Chief Compliance Officer, reviews shareholder communications, reviews quarterly reports regarding the quality of shareholder service provided by the advisor, and monitors implementation of the funds' Code of Ethics. The committee currently consists of Thomas W. Bunn (chair), Brian Bulatao, Rajesh K. Gupta and Jan M. Lewis. The committee met four times during the funds' previous fiscal year ended July 31, 2025.

The board has a Fund Performance Review Committee that meets quarterly to review the investment activities and strategies used to manage fund assets and monitor investment performance. The committee regularly receives reports from the advisor's chief investment officer, portfolio managers and other investment personnel concerning the funds' efforts to achieve their investment objectives. The committee also receives information regarding fund trading activities and monitors derivative usage. The committee does not review individual security selections. The committee currently consists of Rajesh K. Gupta (chair), Brian Bulatao, Thomas W. Bunn, Chris H. Cheesman, Barry Fink, Lynn M. Jenkins, Jan M. Lewis and Gary C. Meltzer. The committee met four times during the funds' previous fiscal year ended July 31, 2025.

**Risk Oversight by the Board**

As previously disclosed, the board oversees the advisor's management of the funds and meets at least quarterly with management of the advisor to review reports and receive information regarding fund operations. Risk oversight relating to the funds is one component of the board's oversight and is undertaken in connection with the duties of the board. As described above, the board's committees assist the board in overseeing various types of risks relating to the funds, including, but not limited to, investment risk, operational risk and enterprise risk. The board receives regular reports from each committee regarding the committee's areas of oversight responsibility and, through those reports and its regular interactions with management of the advisor during and between meetings, provides oversight of the advisor's risk management processes. In addition, the board receives information regarding, and has discussions with senior management of the advisor about, the advisor's enterprise risk management systems and strategies, including an annual review of the advisor's risk management practices. There can be no assurance that all elements of risk, or even all elements of material risk, will be disclosed to or identified by the board, or that the advisor's risk management systems and strategies, and the board's oversight thereof, will mitigate all elements of risk, or even all elements of material risk to the funds.

**Board Compensation**

Each independent director receives compensation for service as a member of the board. Under the terms of each management agreement with the advisor, the funds are responsible for paying such fees and expenses. None of the interested directors or officers of the funds receive compensation from the funds. For the fiscal year ended July 31, 2025, each independent director received the following compensation for his or her service to the funds and the American Century Investments family of funds.

---

| | | |
|:---|:---|:---|
| *Name of Director*  | *Total Compensation for Service as Director of the Funds*<sup>1</sup> | *Total Compensation for Service as Directors for the American*<br>*Century Investments Family of Funds*<sup>2</sup> |
| **Independent Directors** |  |  |
| Brian Bulatao | $2527 | $325500 |
| Thomas W. Bunn | $2667 | $591417 |
| Chris H. Cheesman | $2667 | $343500 |
| Barry Fink | $2667 | $343500 |
| Rajesh K. Gupta | $2667 | $343500 |
| Lynn M. Jenkins | $2527 | $325500 |
| Jan M. Lewis | $3110 | $400500 |
| Gary C. Meltzer | $2527 | $325500 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes compensation paid to the directors for the fiscal year ended July 31, 2025, and also includes amounts deferred at the election of the directors under the American Century Mutual Funds' Independent Directors' Deferred Compensation Plan.*

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes compensation paid to each director for his or her service as director/trustee for seven (in the case of Mr. Bunn, eight) investment companies in the American Century Investments family of funds. The total amount of deferred compensation included in the table is as follows: Mr. Bunn, $206,996; and Ms. Jenkins, $130,200.*

None of the funds currently provides any pension or retirement benefits to the directors except pursuant to the American Century Mutual Funds' Independent Directors' Deferred Compensation Plan adopted by the corporation. Under the plan, the independent directors may defer receipt of all or any part of the fees to be paid to them for serving as directors of the funds. All deferred fees are credited to accounts established in the names of the directors. The amounts credited to each account then increase or decrease, as the case may be, in accordance with the performance of one or more American Century funds selected by the directors. The account balance continues to fluctuate in accordance with the performance of the selected fund or funds until final payment of all amounts credited to the account. Directors are allowed to change their designation of funds from time to time.

------

Generally, deferred fees are not payable to a director until the distribution date elected by the director in accordance with the terms of the plan. Such distribution date may be a date on or after the director's retirement date, but may be an earlier date if the director agrees not to make any additional deferrals after such distribution date. Distributions may commence prior to the elected payment date for certain reasons specified in the plan, such as unforeseeable emergencies, death or disability. Directors may receive deferred fee account balances either in a lump sum payment or in substantially equal installment payments to be made over a period not to exceed 10 years. Upon the death of a director, all remaining deferred fee account balances are paid to the director's beneficiary or, if none, to the director's estate.

The plan is an unfunded plan and, accordingly, the funds have no obligation to segregate assets to secure or fund the deferred fees. To date, the funds have met all payment obligations under the plan. The rights of directors to receive their deferred fee account balances are the same as the rights of a general unsecured creditor of the funds. The plan may be terminated at any time by the administrative committee of the plan. If terminated, all deferred fee account balances will be paid in a lump sum.

**Ownership of Fund Shares**

The directors owned shares in the funds as of December 31, 2024, as shown in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Name of Director** | **Name of Director** | **Name of Director** | **Name of Director** | **Name of Director** |
| | *Jonathan S.<br>Thomas* | *Brian Bulatao* | *Thomas W. Bunn* | *Chris<br>Cheesman* | *<br>Barry Fink* |
| **Dollar Range of Equity Securities in the Funds:**  | **Dollar Range of Equity Securities in the Funds:**  | **Dollar Range of Equity Securities in the Funds:**  | **Dollar Range of Equity Securities in the Funds:**  | **Dollar Range of Equity Securities in the Funds:**  | **Dollar Range of Equity Securities in the Funds:**  |
| &nbsp;&nbsp;&nbsp;Strategic Allocation: Conservative | A | A | A | A | A |
| &nbsp;&nbsp;&nbsp;Strategic Allocation: Moderate | A | A | A | A | A |
| &nbsp;&nbsp;&nbsp;Strategic Allocation: Aggressive | A | A | A | D | A |
| &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies**  | **E**  | **A** | **E**  | **E** | **E**  |

---

*Ranges: A—none, B—$1-$10,000, C—$10,001-$50,000, D—$50,001-$100,000, E—More than $100,000*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Name of Director**  | **Name of Director**  | **Name of Director**  | **Name of Director**  |
| | *<br>Rajesh Gupta* | *Lynn M. Jenkins* | *<br>Jan M. Lewis* | *Gary C. Meltzer* |
| **Dollar Range of Equity Securities in the Funds:**  | | | | |
| &nbsp;&nbsp;&nbsp;Strategic Allocation: Conservative | A | A | A | A |
| &nbsp;&nbsp;&nbsp;Strategic Allocation: Moderate | A | A | C | A |
| &nbsp;&nbsp;&nbsp;Strategic Allocation: Aggressive | A | A | A | A |
| **Aggregate Dollar Range of Equity Securities**<br>**in all Registered Investment Companies Overseen by Director in Family of Investment Companies**  | **E** | **E** | **E**  | **A** |

---

*Ranges: A—none, B—$1-$10,000, C—$10,001-$50,000, D—$50,001-$100,000, E—More than $100,000*

**Beneficial Ownership of Affiliates by Independent Directors**

No independent director or his or her immediate family members beneficially owned shares of the advisor, the funds' principal underwriter or any other person directly or indirectly controlling, controlled by, or under common control with the advisor or the funds' principal underwriter as of December 31, 2024.

**Officers**

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.

------

---

| | | |
|:---|:---|:---|
| ***Name (Year***<br>***of Birth)***  | ***Offices with***<br>***the Funds***  | ***Principal Occupation(s) During the Past Five Years***  |
| Patrick Bannigan<br>(1965) | President since 2019 | Executive Vice President and Director, *ACC* (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, *ACC* (2015 to present). Also serves as President, *ACS*; Vice President, *ACIM*; Chief Financial Officer, Chief Accounting Officer and/or Director, *ACIM, ACS* and other *ACC* subsidiaries |
| R. Wes Campbell<br>(1974) | Chief Financial<br>Officer and Treasurer <br>since 2018; Vice President since 2023 | Vice President, *ACS* (2020 to present); Investment Operations and Investment Accounting, *ACS* (2000 to present) |
| Amy D. Shelton<br>(1964) | Chief Compliance<br>Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds*,* (2014 to present); Chief Compliance Officer, *ACIM* (2014 to present); Chief Compliance Officer, *ACIS* (2009 to present). Also serves as Vice President, *ACIS*  |
| John Pak<br>(1968) | General Counsel and<br>Senior Vice President since 2021 | General Counsel and Senior Vice President, *ACC* (2021 to present). Also serves as General Counsel and Senior Vice President, *ACIM, ACS* and *ACIS*. Chief Legal Officer of Investment and Wealth Management, *The Bank of New York Mellon* (2014 to 2021) |
| Cihan Kasikara<br>(1974) | Vice President since 2023 | Senior Vice President, *ACS* (2022 to present); Treasurer, *ACS* (2023 to present); Vice President, *ACS* (2020 to 2022) |
| Kathleen Gunja Nelson (1976) | Vice President since 2023 | Vice President, *ACS* (2017 to present) |
| Ashley L. Bergus<br>(1987) | Secretary since 2025 | Vice President, *ACS* (2024 to present); Attorney, *ACC* (2014 to present) |

---

**Code of Ethics**

The funds, their investment advisor, principal underwriter and, if applicable, subadvisor have adopted codes of ethics under Rule 17j-1 of the Investment Company Act. They permit personnel subject to the codes to invest in securities, including securities that may be purchased or held by the funds, provided that they first obtain approval from the compliance department before making such investments.

**Proxy Voting Policies**

The advisor is responsible for exercising the voting rights associated with the securities purchased and/or held by the funds. The funds' Board of Directors has approved the advisor's proxy voting policies to govern the advisor's proxy voting activities.

A copy of the advisor's proxy voting policies is attached hereto as *Appendix E*. Information regarding how the advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/docs or may be requested free of charge by calling toll-free at 1-800-345-2021. The advisor's proxy voting record also is available on the SEC's website at sec.gov.

**The Funds' Principal Shareholders**

A list of the funds' principal shareholders is provided in *Appendix A*.

**Service Providers**

The funds have no employees. To conduct the funds' day-to-day activities, the corporation has hired a number of service providers. Each service provider has a specific function to fill on behalf of the funds that is described below.

ACIM, ACS and ACIS are wholly owned, directly or indirectly, by ACC. The Stowers Institute for Medical Research (SIMR) controls ACC by virtue of its beneficial ownership of more than 25% of the voting securities of ACC. SIMR is part of a not-for-profit biomedical research organization dedicated to finding the keys to the causes, treatments and prevention of disease.

**Investment Advisor**

American Century Investment Management, Inc. (ACIM) serves as the investment advisor for each of the funds. A description of the responsibilities of the advisor appears in each prospectus under the heading *Management.* 

Each class of each fund is subject to a contractual unified management fee based on a percentage of the daily net assets of such class. For more information about the unified management fee, see *The Investment Advisor* under the heading *Management* in each fund's prospectus. The amount of the fee is calculated daily and paid monthly in arrears. For each fund with a stepped fee schedule, the rate of the fee is determined by applying the formula indicated in the table below. This formula takes into account the assets of the fund as well as certain assets, if any, of other clients of the advisor outside the American Century Investments fund family (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the advisor, that use very similar investment teams and

------

strategies (strategy assets). The funds in this statement of additional information do not have the same investment strategy and their assets are therefore not combined for purposes of calculating strategy assets. The use of strategy assets, rather than fund assets, in calculating the fee rate for a particular fund could allow the fund to realize scheduled cost savings more quickly. However, the funds' strategy assets currently do not include assets of other accounts. In addition, if such assets are acquired in the future, they may not be sufficient to result in a lower fee rate. The management fee schedules for the funds appear below.

---

| | | |
|:---|:---|:---|
| *Fund*  | *Class*  | *Percentage of Strategy Assets*  |
| **Strategic Allocation: Conservative**  | Investor, A, C and R | 1.00% of first $500 million<br>0.95% of next $500 million<br>0.90% of next $2 billion<br>0.85% of next $2 billion<br>0.80% over $5 billion |
|  | I and R5 | 0.80% of first $500 million<br>0.75% of next $500 million<br>0.70% of next $2 billion<br>0.65% of next $2 billion<br>0.60% over $5 billion |
|  | R6 | 0.65% of first $500 million<br>0.60% of next $500 million<br>0.55% of next $2 billion<br>0.50% of next $2 billion<br>0.45% over $5 billion |
| **Strategic Allocation: Moderate**  | Investor, A, C and R | 1.10% of first $1 billion<br>1.00% of next $2 billion<br>0.95% of next $2 billion<br>0.90% over $5 billion |
|  | I and R5 | 0.90% of first $1 billion<br>0.80% of next $2 billion<br>0.75% of next $2 billion<br>0.70% over $5 billion |
|  | R6 | 0.75% of first $1 billion<br>0.65% of next $2 billion<br>0.60% of next $2 billion<br>0.55% over $5 billion |
| **Strategic Allocation: Aggressive**  | Investor, A, C and R | 1.15% of first $1 billion<br>1.05% of next $1 billion<br>1.00% of next $1 billion<br>0.95% of next $2 billion<br>0.90% over $5 billion |
|  | I and R5 | 0.95% of first $1 billion<br>0.85% of next $1 billion<br>0.80% of next $1 billion<br>0.75% of next $2 billion<br>0.70% over $5 billion |
|  | R6 | 0.80% of first $1 billion<br>0.70% of next $1 billion<br>0.65% of next $1 billion<br>0.60% of next $2 billion<br>0.55% over $5 billion |

---

On each calendar day, each class of each fund accrues a management fee that is equal to the class's management fee rate (as calculated pursuant to the above schedules) times the net assets of the class divided by 365 (366 in leap years). On the first business day of each month, the funds pay a management fee to the advisor for the previous month. The management fee is the sum of the daily fee calculations for each day of the previous month.

The management agreement between the corporation and the advisor shall continue in effect for a period of two years from its effective date (unless sooner terminated in accordance with its terms) and shall continue in effect from year to year thereafter for each fund so long as such continuance is approved at least annually by:

(1)either the funds' Board of Directors, or a majority of the outstanding voting securities of such fund (as defined in the Investment Company Act); and

(2)the vote of a majority of the directors of the funds who are not parties to the agreement or interested persons of the advisor, cast in person at a meeting called for the purpose of voting on such approval.

------

The management agreements state that the funds' Board of Directors or a majority of the outstanding voting securities of each class of such fund may terminate the management agreement at any time without payment of any penalty on 60 days' written notice to the advisor. The management agreement shall be automatically terminated if it is assigned.

The management agreements state that the advisor shall not be liable to the funds or their shareholders for anything other than willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.

The management agreements also provide that the advisor and its officers, directors and employees may engage in other business, render services to others, and devote time and attention to any other business whether of a similar or dissimilar nature.

Certain investments may be appropriate for the funds and also for other clients advised by the advisor. Investment decisions for the funds and other clients are made with a view to achieving their respective investment objectives after consideration of such factors as their current holdings, availability of cash for investment and the size of their investment generally. A particular security may be bought or sold for only one client or fund, or in different amounts and at different times for more than one but less than all clients or funds. A particular security may be bought for one client or fund on the same day it is sold for another client or fund, and a client or fund may hold a short position in a particular security at the same time another client or fund holds a long position. In addition, purchases or sales of the same security may be made for two or more clients or funds on the same date. The advisor has adopted procedures designed to ensure such transactions will be allocated among clients and funds in a manner believed by the advisor to be equitable to each. In some cases this procedure could have an adverse effect on the price or amount of the securities purchased or sold by a fund.

The advisor may aggregate purchase and sale orders of the funds with purchase and sale orders of its other clients when the advisor believes that such aggregation provides the best execution for the funds. The Board of Directors has approved the policy of the advisor with respect to the aggregation of portfolio transactions. To the extent equity trades are aggregated, shares purchased or sold are generally allocated to the participating portfolios pro rata based on order size. Fixed income securities transactions are not executed through a centralized trading desk. Instead, portfolio teams are responsible for executing trades with broker/dealers in a predominantly dealer marketplace. Trade allocation decisions are made by the portfolio managers at the time of execution and orders entered on the fixed income order management system. The advisor will not aggregate portfolio transactions of the funds unless it believes such aggregation is consistent with its duty to seek best execution on behalf of the funds and the terms of the management agreement. The advisor receives no additional compensation or remuneration as a result of such aggregation.

Unified management fees incurred by each fund for the fiscal periods ended July 31, 2025, 2024 and 2023 are indicated in the following table.

---

| | | | |
|:---|:---|:---|:---|
| **Unified Management Fees**  | | | |
| *Fund*  | *2025* | *2024* | *2023* |
| Strategic Allocation: Conservative | $1749172<sup>1</sup> | $1906662<sup>4</sup> | $2018507<sup>7</sup> |
| Strategic Allocation: Moderate | $4396814<sup>2</sup> | $4378042<sup>5</sup> | $4423339<sup>8</sup> |
| Strategic Allocation: Aggressive | $3287119<sup>3</sup> | $3185115<sup>6</sup> | $3167087<sup>9</sup> |

---

<sup>1</sup> *Amount shown reflects waiver by advisor of $833,073 in management fees.*

<sup>2</sup> *Amount shown reflects waiver by advisor of $3,125,547 in management fees.*

<sup>3</sup> *Amount shown reflects waiver by advisor of $3,604,069 in management fees.*

<sup>4</sup> *Amount shown reflects waiver by advisor of $943,542 in management fees.*

<sup>5</sup> *Amount shown reflects waiver by advisor of $3,114,184 in management fees.*

<sup>6&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Amount shown reflects waiver by advisor of $3,479,798 in management fees.*

<sup>7</sup> *Amount shown reflects waiver by advisor of $971,486 in management fees.* 

<sup>8&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Amount shown reflects waiver by advisor of $3,095,076 in management fees.*

<sup>9&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Amount shown reflects waiver by advisor of $3,414,733 in management fees.*

**Portfolio Managers**

**Accounts Managed**

The portfolio managers listed in the funds' prospectus are responsible for the day-to-day management of various accounts, as indicated by the following table. None of these accounts has an advisory fee based on the performance of the account.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Accounts Managed (As of July 31, 2025)**  | **Accounts Managed (As of July 31, 2025)**  | **Accounts Managed (As of July 31, 2025)**  | **Accounts Managed (As of July 31, 2025)**  | **Accounts Managed (As of July 31, 2025)**  |
|  |  | *Registered Investment* <br>*Companies (e.g.,*<br>*American Century*<br>*Investments funds*<br>*and American Century Investments -*<br>*subadvised funds)*  | *Other Pooled*<br>*Investment Vehicles*<br>*(e.g., commingled*<br>*trusts and 529*<br>*education savings*<br>*plans)*  | *Other Accounts (e.g., separate accounts and corporate accounts, including incubation strategies and corporate money)*  |
| Radu Gabudean | Number of Accounts | 28 | 93 | 13 |
|  | Assets | $18.3 billion<sup>1</sup> | $26.5 billion | $224 thousand |
| Brian L. Garbe | Number of Accounts | 27 | 27 | 13 |
|  | Assets | $18.1 billion<sup>1</sup> | $13.3 billion | $224 thousand |
| Vidya Rajappa | Number of Accounts | 28 | 93 | 13 |
|  | Assets | $18.3 billion<sup>1</sup> | $26.5 billion | $224 thousand |
| Richard Weiss | Number of Accounts | 28 | 94 | 13 |
|  | Assets | $18.3 billion<sup>1</sup> | $26.8 billion | $224 thousand |
| Scott Wilson | Number of Accounts | 27 | 93 | 13 |
|  | Assets | $18.1 billion<sup>1</sup> | $26.5 billion | $224 thousand |

---

<sup>1</sup><sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>*Includes $277 million in Strategic Allocation: Conservative; $740 million in Strategic Allocation: Moderate; and $695 million in Strategic Allocation: Aggressive.*

**Potential Conflicts of Interest**

Certain conflicts of interest may arise in connection with American Century Investments' management of client portfolios with different investment strategies. Potential conflicts can include, for example, one investment strategy buying or selling a security while another has a different, potentially opposite, position in the same security. This may include one investment strategy taking a short position in the security of an issuer that is held long in another investment strategy (or vice versa). Other potential conflicts may arise with respect to the allocation of investment opportunities across client portfolios, which are discussed in more detail below. American Century Investments has adopted policies and procedures that are designed to minimize the effects of these conflicts.

Management of American Century Investments' client portfolios is organized according to investment discipline and investment strategy. Investment disciplines include, for example, Disciplined Equity, Global Growth Equity (both U.S. and Global/Non-U.S.), Global Value Equity, Global Fixed Income, Multi-Asset Strategies, American Century Rules-Based ETF strategies, Avantis Investors strategies, and Private Investments. Within each investment discipline are one or more portfolio teams responsible for managing specific investment strategies, such as U.S. Disciplined Core Value, U.S. Small Cap Value, U.S. Large Cap Growth, Emerging Markets Equity and U.S. Core Fixed Income. In some cases, a portfolio manager or team may be responsible for managing (or assisting in managing) multiple investment strategies within or across investment disciplines. Generally, client portfolios with similar investment strategies are managed by the same portfolio management team using similar investment objectives, approaches and philosophies. Accordingly, portfolio holdings, position sizes, and industry and sector exposures tend to be similar across client portfolios with similar investment strategies, which minimizes the potential for conflicts of interest. In addition, American Century Investments maintains information barriers that restrict portfolio management teams within an investment discipline from having access to information regarding security positions, orders or transactions in client portfolios or investment strategies in other investment disciplines. If a portfolio manager or team manages or assists in managing an investment strategy in another investment discipline, that portfolio manager or team will only have access to information relating to that investment strategy and not other investment strategies within that investment discipline. The information barriers are intended to aid in preventing the misuse of portfolio holdings information or trading activity in other investment disciplines. Portfolio managers or teams that manage (or assist in managing) investment strategies across investment disciplines will not allow their access to portfolio holdings and/or trading information in one investment discipline to in any way impact decisions they make for client portfolios in other investment disciplines.

For each investment strategy, one portfolio is generally designated as the "policy portfolio." Other portfolios with similar investment objectives, guidelines and restrictions, if any, are referred to as "tracking portfolios." When managing policy and tracking portfolios, a portfolio team typically purchases and sells securities across all portfolios that the team manages. American Century Investments' trading systems include various order entry programs that assist in the management of multiple portfolios, such as the ability to purchase or sell the same relative amount of one security across several funds. In some cases a tracking portfolio may have additional restrictions or limitations that cause it to be managed separately from the policy portfolio. Portfolio managers make purchase and sale decisions for such portfolios alongside the policy portfolio to the extent the overlap is appropriate, and separately, if the overlap is not.

------

American Century Investments may aggregate orders to purchase or sell the same security for multiple portfolios when it believes such aggregation is consistent with its duty to seek best execution on behalf of its clients. American Century does not aggregate orders where aggregation is not appropriate or practicable from its operational or other perspectives. For example, limit orders, orders for the same security with different priority codes, cash flows, separate trading desks, or portfolio management processes may, among other factors, result in separate, non-aggregated trades. In addition, orders of certain client portfolios may, by investment restriction or otherwise, be determined not to be available for aggregation. American Century Investments has adopted policies and procedures to minimize the risk that a client portfolio could be systematically advantaged or disadvantaged in connection with the aggregation of orders.

American Century Investments generally allocates securities purchased or sold in an aggregated transaction among participating client accounts *pro rata* based on order size. In certain situations, however, a *pro rata* allocation of the securities or proceeds may not be possible or desirable. In these cases, American Century Investments will decide how to allocate the securities or proceeds according to each account's particular circumstances and needs and in a manner that American Century Investments believes is fair and equitable to clients over time in light of factors based on a good faith assessment of the investment opportunity relative to the objectives, limitations, and requirements of each eligible client account. Relevant factors may include, without limitation, client-specific considerations, rebalancing needs, and minimum denomination of increments and round lot considerations. In addition, if American Century Investments is unable to execute fully an aggregated transaction and determines that it would be impractical to allocate a small number of securities on a *pro rata* basis among the participating accounts, American Century Investments allocates the securities in a manner it determines to be fair to all accounts over time. Thus, in some cases it is possible that the application of the factors described herein may result in allocations in which certain client accounts participating in an aggregated transaction may receive an allocation when other accounts do not.

Because initial public offerings (IPOs) are usually available in limited supply and in amounts too small to permit across-the-board *pro rata* allocations, American Century Investments has adopted special procedures designed to promote a fair and equitable allocation of IPO securities among clients over time.

The advisor monitors all trading activity for best execution and to make sure no set of clients is being systematically disadvantaged.

Finally, investment of American Century Investments' corporate assets in proprietary accounts may raise additional conflicts of interest. To mitigate these potential conflicts of interest, American Century Investments has adopted policies and procedures intended to provide that trading in proprietary accounts is performed in a manner that does not give improper advantage to American Century Investments to the detriment of client portfolios.

**Compensation**

American Century Investments portfolio manager compensation is structured to align the interests of portfolio managers with those of the shareholders whose assets they manage. As of July 31, 2025, it includes the components described below, each of which is determined with reference to a number of factors such as overall performance, market competition, and internal equity.

**Base Salary**

Portfolio managers receive base pay in the form of a fixed annual salary.

**Bonus**

A significant portion of portfolio manager compensation takes the form of an annual incentive bonus which is determined by a combination of factors. One factor is investment performance of funds a portfolio manager manages. The mutual funds' investment performance is generally measured by a combination of one-, three- and five-year pre-tax performance relative to various benchmarks and/or internally-customized peer groups, such as those indicated below. The performance comparison periods may be adjusted based on a fund's inception date or a portfolio manager's tenure on the fund.

---

| | | |
|:---|:---|:---|
| *Fund*  | *Benchmarks*  | *Peer Group* |
| **Strategic Allocation: Conservative**  | Custom<sup>1</sup> | Morningstar Global Moderately Conservative Allocation |
| **Strategic Allocation: Moderate**  | Custom<sup>1</sup> | Morningstar Global Moderate Allocation |
| **Strategic Allocation: Aggressive**  | Custom<sup>1</sup> | Morningstar Global Moderately Aggressive Allocation |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>*The fund's benchmark is a custom blended benchmark comprised of various market indexes that represent the asset types such fund holds (weighted according to such fund's asset mix).*

Portfolio managers may have responsibility for multiple American Century Investments mutual funds. In such cases, the performance of each is assigned a percentage weight appropriate for the portfolio manager's relative levels of responsibility. Portfolio managers also may have responsibility for other types of managed portfolios or ETFs. If the performance of a managed account or ETF is considered for purposes of compensation, it is generally measured via the same criteria as an American Century Investments mutual fund (i.e., relative to the performance of a benchmark and/or peer group).

------

For American Century Investments funds managed according to certain investment disciplines: global growth equity, global value equity, disciplined equity, global fixed income, and multi-asset strategies — a second factor in the bonus calculation relates to performance. The performance of American Century ETFs may also be included for certain investment disciplines. Performance is measured for each product individually as described above and then combined to create an overall composite for the product group. These composites may measure one-year performance (equal weighted) or a combination of one-, three- and five-year performance (equal or asset weighted) depending on the portfolio manager's responsibilities and products managed, and the composite for certain portfolio managers may include multiple disciplines.This feature is designed to encourage effective teamwork among portfolio management teams in achieving long-term investment success for similarly styled portfolios.

A portion of portfolio managers' bonuses may be discretionary and may be tied to factors such as profitability, or individual performance goals, such as research projects and/or the development of new products.

**Restricted Stock Plans**

Portfolio managers are eligible for grants of restricted stock of ACC. These grants are discretionary, and eligibility and availability can vary from year to year. The size of an individual's grant is determined by individual and product performance as well as other product-specific considerations such as profitability. Grants can appreciate/depreciate in value based on the performance of the ACC stock during the restriction period (generally three to four years).

**Deferred Compensation Plans**

Portfolio managers are eligible for grants of deferred compensation. These grants are used in very limited situations, primarily for retention purposes. Grants are fixed and can appreciate/depreciate in value based on the performance of the American Century Investments mutual funds in which the portfolio manager chooses to invest them

**Ownership of Securities**

The following table indicates the dollar range of securities of each fund beneficially owned by the fund's portfolio managers as of July 31, 2025, the funds' most recent fiscal year end. Certain portfolio managers serve on teams that oversee a number of funds in the same broad investment strategy and are not expected to invest in each fund.

---

| | | |
|:---|:---|:---|
| **Ownership of Securities** | **Ownership of Securities** | **Ownership of Securities** |
| | | *Aggregate Dollar Range of Securities in Fund*  |
| **Strategic Allocation: Conservative**  | **Strategic Allocation: Conservative**  | **Strategic Allocation: Conservative**  |
| | Radu Gabudean | A |
| | Brian L. Garbe | A |
| | Vidya Rajappa | A |
| | Richard Weiss | A |
| | Scott Wilson | A |
| **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  |
| | Radu Gabudean | A |
| | Brian L. Garbe | A |
| | Vidya Rajappa | A |
| | Richard Weiss | A |
| | Scott Wilson | A |
| **Strategic Allocation: Aggressive**  | **Strategic Allocation: Aggressive**  | **Strategic Allocation: Aggressive**  |
| | Radu Gabudean | A |
| | Brian L. Garbe | A |
| | Vidya Rajappa | A |
| | Richard Weiss | A |
| | Scott Wilson | A |

---

*Ranges: A – none; B – $1-$10,000; C – $10,001-$50,000; D – $50,001-$100,000; E – $100,001-$500,000; F – $500,001-$1,000,000; G – More than $1,000,000.*

**Transfer Agent and Administrator**

American Century Services, LLC (ACS), 4500 Main Street, Kansas City, Missouri 64111, serves as transfer agent and dividend-paying agent for the funds. It provides physical facilities, computer hardware and software and personnel for the day-to-day administration of the funds and the advisor. The advisor pays ACS's costs for serving as transfer agent and dividend-paying agent for

------

the funds out of the advisor's unified management fee. For a description of this fee and the terms of its payment, see the above discussion under the caption *Investment Advisor* on page 40.

Proceeds from purchases of fund shares may pass through accounts maintained by the transfer agent at Commerce Bank, N.A. or UMB Bank, n.a. before being held at the fund's custodian. Redemption proceeds also may pass from the custodian to the shareholder through such bank accounts.

From time to time, special services may be offered to shareholders who maintain higher share balances in our family of funds. These services may include the waiver of minimum investment requirements, expedited confirmation of shareholder transactions, newsletters and a team of personal representatives. Any expenses associated with these special services will be paid by the advisor.

**Sub-Administrator**

The advisor has entered into an Administration Agreement with State Street Bank and Trust Company (SSB) to provide certain fund accounting, fund financial reporting, tax and treasury/tax compliance services for the funds, including striking the daily net asset value for each fund. The advisor pays SSB a monthly fee as compensation for these services that is based on the total net assets of accounts in the American Century complex serviced by SSB. ACS does pay SSB for some additional services on a per fund basis. While ACS continues to serve as the administrator of the funds, SSB provides sub-administrative services that were previously undertaken by ACS.

**Distributor**

The funds' shares are distributed by American Century Investment Services, Inc. (ACIS), a registered broker-dealer. ACIS is a wholly owned subsidiary of ACC and its principal business address is 4500 Main Street, Kansas City, Missouri 64111.

The distributor is the principal underwriter of the funds' shares. The distributor makes a continuous, best-efforts underwriting of the funds' shares. This means the distributor has no liability for unsold shares. The advisor pays ACIS's costs for serving as principal underwriter of the funds' shares out of the advisor's unified management fee. For a description of this fee and the terms of its payment, see the above discussion under the caption *Investment Advisor* on page 40. ACIS does not earn commissions for distributing fund shares.

Certain financial intermediaries unaffiliated with the distributor or the funds may perform various administrative and shareholder services for their clients who are invested in the funds. These services may include assisting with fund purchases, redemptions and exchanges, distributing information about the funds and their performance, preparing and distributing client account statements, and other administrative and shareholder services that would otherwise be provided by the distributor or its affiliates. The distributor may pay fees out of its own resources to such financial intermediaries for providing these services.

**Custodian Bank**

State Street Bank and Trust Company (SSB), One Congress Street, Suite 1, Boston, Massachusetts 02114-2016, serves as custodian of the funds' cash and securities under a Master Custodian Agreement with the corporation. Foreign securities, if any, are held by foreign banks participating in a network coordinated by SSB. The custodian takes no part in determining the investment policies of the funds or in deciding which securities are purchased or sold by the funds. The funds, however, may invest in certain obligations of the custodian and may purchase or sell certain securities from or to the custodian.

**Securities Lending Agent**

State Street Bank and Trust Company (SSB) serves as securities lending agent for the funds pursuant to a Securities Lending Administration Agreement with the advisor. The following table provides the amounts of income and fees/compensation related to the funds' securities lending activities during the most recent fiscal year:

------

---

| | | | |
|:---|:---|:---|:---|
|  | *Strategic Allocation: Conservative* | *Strategic Allocation: Moderate* | *Strategic Allocation: Aggressive* |
| **Gross income from securities lending activities** | **$98396** | **$693834** | **$1082622** |
| *Fees and/or compensation paid by the fund for securities lending activities and related services:* |  |  |  |
| Fees paid to securities lending agent from a revenue split | $2559 | $19325 | $48883 |
| &nbsp;&nbsp;&nbsp;Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | $644 | $4459 | $5199 |
| &nbsp;&nbsp;&nbsp;Administrative fees not included in the revenue split | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Indemnification fee not included in the revenue split | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Rebate (paid to borrower) | $72206 | $494803 | $588580 |
| &nbsp;&nbsp;&nbsp;Other fees not included in revenue split | $0 | $0 | $0 |
| **Aggregate fees/compensation for securities lending activities** | **$75409** | **$518586** | **$642662** |
| **Net income from securities lending activities** | **$22987** | **$175248** | **$439960** |

---

As the funds' securities lending agent, SSB provides the following services: locating borrowers for fund securities, executing loans of portfolio securities pursuant to terms and parameters defined by the advisor and the Board of Directors, monitoring the daily value of the loaned securities and collateral, requiring additional collateral as necessary, managing cash collateral, and providing certain limited recordkeeping and accounting services.

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP is the independent registered public accounting firm of the funds. The address of Deloitte & Touche LLP is 1100 Walnut Street, Kansas City, Missouri 64106. As the independent registered public accounting firm of the funds, Deloitte & Touche LLP provides services including auditing the annual financial statements and financial highlights for each fund.

**Brokerage Allocation**

The advisor places orders for equity portfolio transactions with broker-dealers, who receive commissions for their services. Generally, commissions relating to securities traded on foreign exchanges will be higher than commissions relating to securities traded on U.S. exchanges. The advisor purchases and sells fixed-income securities through principal transactions, meaning the advisor normally purchases securities on a net basis directly from the issuer or a primary market-maker acting as principal for the securities. The funds generally do not pay a stated brokerage commission on these transactions, although the purchase price for debt securities usually includes an undisclosed compensation. Purchases of securities from underwriters typically include a commission or concession paid by the issuer to the underwriter, and purchases from dealers serving as market-makers typically include a dealer's mark-up (i.e., a spread between the bid and asked prices).

Under the management agreement between the funds and the advisor, the advisor has the responsibility of selecting brokers and dealers to execute portfolio transactions. The funds' policy is to secure the most favorable prices and execution of orders on its portfolio transactions. The advisor selects broker-dealers on their perceived ability to obtain "best execution" in effecting transactions in its clients' portfolios. In selecting broker-dealers to effect portfolio transactions relating to equity securities, the advisor considers the full range and quality of a broker-dealer's research and brokerage services, including, but not limited to, the following:

• applicable commission rates and other transaction costs charged by the broker-dealer

• value of research provided to the advisor by the broker-dealer (including economic forecasts, fundamental and technical advice on individual securities, market analysis, and advice, either directly or through publications or writings, as to the value of securities, availability of securities or of purchasers/sellers of securities)

• timeliness of the broker-dealer's trade executions

• efficiency and accuracy of the broker-dealer's clearance and settlement processes

• broker-dealer's ability to provide data on securities executions

• financial condition of the broker-dealer

• the quality of the overall brokerage and customer service provided by the broker-dealer

In transactions to buy and sell fixed-income securities, the selection of the broker- dealer is determined by the availability of the desired security and its offering price, as well as the broker-dealer's general execution and operational and financial capabilities in the type of transaction involved. The advisor will seek to obtain prompt execution of orders at the most favorable prices or yields. The advisor does not consider the receipt of products or services other than brokerage or research services in selecting broker-dealers.

------

On an ongoing basis, the advisor seeks to determine what levels of commission rates are reasonable in the marketplace. In evaluating the reasonableness of commission rates, the advisor considers:

• rates quoted by broker-dealers

• the size of a particular transaction, in terms of the number of shares, dollar amount, and number of clients involved

• the ability of a broker-dealer to execute large trades while minimizing market impact

• the complexity of a particular transaction

• the nature and character of the markets on which a particular trade takes place

• the level and type of business done with a particular firm over a period of time

• the ability of a broker-dealer to provide anonymity while executing trades

• historical commission rates

• rates that other institutional investors are paying, based on publicly available information

The brokerage commissions paid by the funds may exceed those that another broker-dealer might have charged for effecting the same transactions, because of the value of the brokerage and research services provided by the broker-dealer. Research services furnished by broker-dealers through whom the funds effect securities transactions may be used by the advisor in servicing all of its accounts, and not all such services may be used by the advisor in managing the portfolios of the funds.

Pursuant to its internal allocation procedures, the advisor regularly evaluates the brokerage and research services provided by each broker-dealer that it uses. On a periodic basis, members of the advisor's portfolio management team assess the quality and value of research and brokerage services provided by each broker-dealer that provides execution services and research to the advisor for its clients' accounts. The results of the periodic assessments are used to add or remove brokers from the approved brokers list, if needed, and to set research budgets for the following period. Execution-only brokers are used where deemed appropriate.

For the fiscal years ended July 31, 2025, 2024 and 2023, the brokerage commissions including, as applicable, futures commissions, of each fund are listed in the following table.

---

| | | | |
|:---|:---|:---|:---|
| *Fund*  | *2025* | *2024* | *2023* |
| Strategic Allocation: Conservative | $40596 | $37853 | $44801 |
| Strategic Allocation: Moderate | $112399 | $105496 | $109777 |
| Strategic Allocation: Aggressive | $110126 | $103194 | $99082 |

---

Brokerage commissions paid by a fund may vary significantly from year to year as a result of changing asset levels throughout the year, portfolio turnover, varying market conditions, and other factors. For example, brokerage commissions for each fund for the most recent fiscal year decreased due to a decrease in portfolio turnover rate compared to the two years preceding the most recent fiscal year.

**Regular Broker-Dealers**

As of the end of its most recently completed fiscal year, each of the funds listed below owned securities of its regular brokers or dealers (as defined by Rule 10b-1 under the Investment Company Act) or of their parent companies.

---

| | | |
|:---|:---|:---|
| *Fund*  | *Broker, Dealer or Parent*  | *Value of Securities Owned<br>As of July 31, 2025* |
| **Strategic Allocation: Conservative** | WELLS FARGO & CO | $586338 |
|  | THE GOLDMAN SACHS GROUP INC | $406154 |
|  | JPMorgan Chase & Co | $399012 |
|  | BANK OF AMERICA CORP | $372933 |
|  | MORGAN STANLEY | $366514 |
|  | UBS Group AG | $271292 |
|  | BARCLAYS PLC | $235959 |
|  | CITIGROUP INC | $87878 |
|  | Ameriprise Financial Inc | $83947 |
|  | The Bank of New York Mellon Corp | $63000 |
| **Strategic Allocation: Moderate** | JPMorgan Chase & Co | $963499 |
|  | BANK OF AMERICA CORP | $874010 |

---

------

---

| | | |
|:---|:---|:---|
| *Fund*  | *Broker, Dealer or Parent*  | *Value of Securities Owned<br>As of July 31, 2025* |
|  | MORGAN STANLEY | $851877 |
|  | BARCLAYS PLC | $846859 |
|  | WELL FARGO & CO | $524627 |
|  | THE GOLDMAN SACHS GROUP INC | $461331 |
|  | Ameriprise Financial Inc | $318169 |
|  | UBS Group AG | $230342 |
|  | The Bank of New York Mellon Corp | $208175 |
|  | CITIGROUP INC | $151346 |
| **Strategic Allocation: Aggressive** | BARCLAYS PLC | $907813 |
|  | JPMorgan Chase & Co | $829298 |
|  | BANK OF AMERICA CORP | $734813 |
|  | MORGAN STANLEY | $714776 |
|  | Ameriprise Financial Inc | $297959 |
|  | WELLS FARGO & CO | $262273 |
|  | THE GOLDMAN SACHS GROUP INC | $260752 |
|  | The Bank of New York Mellon Corp | $244393 |
|  | UBS Group AG | $204749 |

---

**Information About Fund Shares**

Each of the funds named on the front of this statement of additional information is a series of shares issued by the corporation, and shares of each fund have equal voting rights. In addition, each series (or fund) may be divided into separate classes. See *Multiple Class Structure,* which follows. Additional funds and classes may be added without a shareholder vote.

Each fund votes separately on matters affecting that fund exclusively. Voting rights are not cumulative, so investors holding more than 50% of the corporation's (all funds') outstanding shares may be able to elect a Board of Directors. The corporation undertakes dollar-based voting, meaning that the number of votes a shareholder is entitled to is based upon the dollar amount of the shareholder's investment. The election of directors is determined by the votes received from all of the corporation's shareholders without regard to whether a majority of shares of any one fund voted in favor of a particular nominee or all nominees as a group.

The assets belonging to each series are held separately by the custodian and the shares of each series or class represent a beneficial interest in the principal, earnings and profit (or losses) of investments and other assets held for each series or class. Within their respective series or class, all shares have equal redemption rights. Each share, when issued, is fully paid and non-assessable. Each shareholder has rights to dividends and distributions declared by the fund he or she owns and to the net assets of such fund upon its liquidation or dissolution proportionate to his or her share ownership interest in the fund.

**Multiple Class Structure**

The corporation's Board of Directors has adopted a multiple class plan pursuant to Rule 18f-3 under the Investment Company Act. The plan is described in the prospectus of any fund that offers more than one class. Pursuant to such plan, the funds may issue the following classes of shares: Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and R6 Class. Not all funds offer all classes.

The Investor Class is made available to investors directly from American Century Investments and/or through some financial intermediaries. Additional information regarding eligibility for Investor Class shares may be found in the funds' prospectuses. The I Class is made available to institutional shareholders or through financial intermediaries that provide various shareholder and administrative services. Y Class shares are available through financial intermediaries that offer fee-based advisory programs. The A and C Classes also are made available through financial intermediaries, for purchase by individual investors who receive advisory and personal services from the intermediary. The R Class is made available through financial intermediaries and is generally used in 401(k) and other retirement plans. The R5 and R6 Classes are generally available only to participants in employee-sponsored retirement plans where a financial intermediary provides recordkeeping services to plan participants. The classes have different unified management fees as a result of their separate arrangements for shareholder services. In addition, the A, C and R Class shares each are subject to a separate Master Distribution and Individual Shareholder Services Plan (the A Class Plan, C Class Plan and R Class Plan, respectively, and collectively, the plans) described below. The plans have been adopted by the funds' Board of Directors in accordance with Rule 12b-1 adopted by the SEC under the Investment Company Act.

------

**Rule 12b-1**

Rule 12b-1 permits an investment company to pay expenses associated with the distribution of its shares in accordance with a plan adopted by its Board of Directors and approved by its shareholders. Pursuant to such rule, the Board of Directors of the funds' A, C and R Classes have approved and entered into the A Class Plan, C Class Plan and R Class Plan, respectively. The plans are described below.

In adopting the plans, the Board of Directors (including a majority of directors who are not interested persons of the funds, as defined in the Investment Company Act, hereafter referred to as the independent directors) determined that there was a reasonable likelihood that the plans would benefit the funds and the shareholders of the affected class. Some of the anticipated benefits include improved name recognition of the funds generally; and growing assets in existing funds, which helps retain and attract investment management talent, provides a better environment for improving fund performance, and can lower the total expense ratio for funds with stepped-fee schedules.

Pursuant to Rule 12b-1, information about revenues and expenses under the plans is presented to the Board of Directors quarterly. Continuance of the plans must be approved by the Board of Directors, including a majority of the independent directors, annually. The plans may be amended by a vote of the Board of Directors, including a majority of the independent directors, except that the plans may not be amended to materially increase the amount spent for distribution without majority approval of the shareholders of the affected class. The plans terminate automatically in the event of an assignment and may be terminated upon a vote of a majority of the independent directors or by a majority of the outstanding shareholder votes of the affected class.

All fees paid under the plans will be made in accordance with Section 2830 of the Conduct Rules of the Financial Industry Regulatory Authority (FINRA).

**The Share Class Plans**

As described in the prospectuses, the A, C and R Class shares of the funds are made available to persons purchasing through broker-dealers, banks, insurance companies and other financial intermediaries that provide various administrative, shareholder and distribution services. In addition, the A, C and R Classes are made available to participants in employer-sponsored retirement plans. The funds' distributor enters into contracts with various banks, broker-dealers, insurance companies and other financial intermediaries, with respect to the sale of the funds' shares and/or the use of the funds' shares in various investment products or in connection with various financial services.Certain recordkeeping and administrative services that would otherwise be performed by the funds' transfer agent may be performed by a plan sponsor (or its agents) or by a financial intermediary for A, C and R Class investors. In addition to such services, the financial intermediaries provide various individual shareholder and distribution services.

To enable the funds' shares to be made available through such plans and financial intermediaries, and to compensate them for such services, the funds' Board of Directors has adopted the A, C and R Class Plans. Pursuant to the plans, the following fees are paid and described further below.

***A Class***

The A Class pays the funds' distributor 0.25% annually of the average daily net asset value of the A Class shares. The distributor may use these fees to pay for certain ongoing shareholder and administrative services and for distribution services, including past distribution services. This payment is fixed at 0.25% and is not based on expenses incurred by the distributor.

***C Class***

The C Class pays the funds' distributor 1.00% annually of the average daily net asset value of the funds' C Class shares, 0.25% of which is paid for certain ongoing individual shareholder and administrative services and 0.75% of which is paid for distribution services, including past distribution services. This payment is fixed at 1.00% and is not based on expenses incurred by the distributor.

***R Class***

The R Class pays the funds' distributor 0.50% annually of the average daily net asset value of the R Class shares. The distributor may use these fees to pay for certain ongoing shareholder and administrative services and for distribution services, including past distribution services. This payment is fixed at 0.50% and is not based on expenses incurred by the distributor.

During the funds' fiscal year ended July 31, 2025, the aggregate amount of fees paid under each class plan is listed in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | *A Class*  | *C Class*  | *R Class*  |
| Strategic Allocation: Conservative | $175838 | $48288 | $46095 |
| Strategic Allocation: Moderate | $648133 | $108103 | $133548 |
| Strategic Allocation: Aggressive | $375785 | $129984 | $70735 |

---

The distributor then makes these payments to the financial intermediaries (including underwriters and broker-dealers, who may use some of the proceeds to compensate sales personnel) who offer the A, C and R Class shares for the services described below. No portion of these payments is used by the distributor to pay for advertising, printing costs or interest expenses.

------

Payments may be made for a variety of individual shareholder services, including, but not limited to:

(a)providing individualized and customized investment advisory services, including the consideration of shareholder profiles and specific goals;

(b)creating investment models and asset allocation models for use by shareholders in selecting appropriate funds;

(c)conducting proprietary research about investment choices and the market in general;

(d)periodic rebalancing of shareholder accounts to ensure compliance with the selected asset allocation;

(e)consolidating shareholder accounts in one place;

(f)paying service fees for providing personal, continuing services to investors, as contemplated by the Conduct Rules of FINRA; and

(g)other individual services.

Individual shareholder services do not include those activities and expenses that are primarily intended to result in the sale of additional shares of the funds.

Distribution services include any activity undertaken or expense incurred that is primarily intended to result in the sale of A, C and/or R Class shares, which services may include but are not limited to:

(a)paying sales commissions, on-going commissions and other payments to brokers, dealers, financial institutions or others who sell A, C and/or R Class shares pursuant to selling agreements;

(b)compensating registered representatives or other employees of the distributor who engage in or support distribution of the funds' A, C and/or R Class shares;

(c)compensating and paying expenses (including overhead and telephone expenses) of the distributor;

(d)printing prospectuses, statements of additional information and reports for other-than-existing shareholders;

(e)preparing, printing and distributing sales literature and advertising materials provided to the funds' shareholders and prospective shareholders;

(f)receiving and answering correspondence from prospective shareholders, including distributing prospectuses, statements of additional information, and shareholder reports;

(g)providing facilities to answer questions from prospective shareholders about fund shares;

(h)complying with federal and state securities laws pertaining to the sale of fund shares;

(i)assisting shareholders in completing application forms and selecting dividend and other account options;

(j)providing other reasonable assistance in connection with the distribution of fund shares;

(k)organizing and conducting sales seminars and payments in the form of transactional and compensation or promotional incentives;

(l)profit on the foregoing; and

(m)such other distribution and services activities as the advisor determines may be paid for by the funds pursuant to the terms of the agreement between the corporation and the funds' distributor and in accordance with Rule 12b-1 of the Investment Company Act.

**Valuation of a Fund's Securities**

The net asset value (NAV) for each class of each fund is calculated by adding the value of all portfolio securities and other assets attributable to the class, deducting liabilities, and dividing the result by the number of shares of the class outstanding. Expenses and interest earned on portfolio securities are accrued daily.

All classes of the funds except the A Class are offered at their NAV. The A Class of the funds is offered at its public offering price, which is the NAV plus the appropriate sales charge. This calculation may be expressed as a formula:

Offering Price = NAV/(1 – Sales Charge as a % of Offering Price)

For example, if the NAV of a fund's A Class shares is $5.00, the public offering price would be $5/(1-5.75%) = $5.31.

Each fund's NAV is calculated as of the close of regular trading on the New York Stock Exchange (NYSE) each day the NYSE is open for business. The NYSE usually closes at 4 p.m. Eastern time. The NYSE typically observes the following holidays: New Year's Day, Martin Luther King Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Although the funds expect the same holidays to be observed in the future, the NYSE may modify its holiday schedule at any time.

Equity securities (including exchange-traded funds) and other equity instruments for which market quotations are readily available are valued at the last reported official closing price or sale price as of the time of valuation. Futures contracts are generally valued at the settlement price as provided by the exchange or clearing corporation. Portfolio securities primarily traded on foreign securities exchanges that are open later than the NYSE are valued at the last sale price reported at the time the NAV is determined.

Trading in equity securities on European and Asian securities exchanges and over-the-counter markets is normally completed at various times before the close of business on each day that the NYSE is open. Model-derived fair value factors may be applied to the

------

market quotations of certain foreign equity securities whose last closing price was before the time the NAV was determined. Factors are based on observable market data and are generally provided by an independent pricing service. Such factors are designed to estimate the price of the foreign equity security that would have prevailed at the time the NAV is determined.

Trading of these securities in foreign markets may not take place on every day that the NYSE is open. In addition, trading may take place in various foreign markets and on some electronic trading networks on Saturdays or on other days when the NYSE is not open and on which the funds' NAVs are not calculated. Therefore, such calculations do not take place contemporaneously with the determination of the prices of many of the portfolio securities used in such calculation, and the value of the funds' portfolios may be affected on days when shares of the funds may not be purchased or redeemed.

When market quotations are not readily available or are believed by the valuation designee to be unreliable, securities and other assets are valued at fair value as determined in accordance with its policies and procedures.

Debt securities and swap agreements are generally valued using evaluated prices obtained from approved independent pricing services or at the most recent mean of the bid and asked prices provided by investment dealers in accordance with the valuation policies and procedures.

Pricing services will generally provide evaluated prices based on accepted industry conventions, which may require the pricing service to exercise its own discretion. Evaluated prices are commonly derived through utilization of market models that take into consideration various market factors, assumptions, and security characteristics including, but not limited to; trade data, quotations from broker-dealers and active market makers, relevant yield curve and spread data, related sector levels, creditworthiness, trade data or market information on comparable securities and other relevant security-specific information. Pricing services may exercise discretion including, but not limited to; selecting and designing the valuation methodology, determining the source and relevance of inputs and assumptions, and assessing price challenges received from its clients. Pricing services may provide prices when market quotations are not available or when certain pricing inputs may be stale. The use of different models or inputs may result in different pricing services determining a different price for the same security. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size but may consider trades of smaller sizes in their models. The fund may hold or transact in such securities in smaller lot sizes, sometimes referred to as "odd-lots." Securities may trade at different prices when transacted in different lot sizes. The methods used by the pricing services and the valuations so established are reviewed by the valuation designee under the oversight of the Board of Directors.

There are a number of pricing services available, and the valuation designee, on the basis of ongoing evaluation of these services, may use other pricing services or discontinue the use of any pricing service in whole or in part.

Securities maturing within 60 days of the valuation date may also be valued at cost, plus or minus any amortized discount or premium, unless it is determined, based on established guidelines and procedures that this would not result in fair valuation of a given security.

Other assets and securities for which market quotations or the methods described above are not readily available are valued in good faith in accordance with the valuation designee's procedures.

The value of any security or other asset denominated in a currency other than U.S. dollars is then converted to U.S. dollars at the prevailing foreign exchange rate at the time the fund's NAV is determined. Securities that are neither listed on a securities exchange or traded over the counter may be priced using the mean of the bid and asked prices obtained from an independent broker who is an established market maker in the security.

**Taxes**

**Federal Income Taxes**

Each fund intends to qualify annually as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). RICs generally are not subject to federal and state income taxes. To qualify as a RIC a fund must, among other requirements, distribute substantially all of its net investment income and net realized capital gains (if any) to investors each year. If a fund were not eligible to be treated as a RIC, it would be liable for taxes at the fund level on all of its income, significantly reducing its distributions to investors and eliminating investors' ability to treat distributions received from the fund in the same manner in which they were realized by the fund. Under certain circumstances, the Code allows funds to cure deficiencies that would otherwise result in the loss of RIC status, including by paying a fund-level tax.

To qualify as a RIC, a fund must meet certain requirements of the Code, among which are requirements relating to sources of its income and diversification of its assets. A fund is also required to distribute 90% of its investment company taxable income each year. Additionally, a fund must declare dividends by December 31 of each year equal to at least 98% of ordinary income (as of December 31) and 98.2% of capital gains (as of October 31) to avoid the nondeductible 4% federal excise tax on any undistributed amounts.

A fund's transactions in foreign currencies, forward contracts, options and futures contracts (including options and futures contracts on foreign currencies) will be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the fund, defer fund losses, and affect the determination of whether capital gains and losses are characterized as long-term or short-term capital gains or losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These

------

provisions also may require a fund to mark-to-market certain types of the positions in its portfolio (i.e., treat them as if they were sold), which may cause the fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the distribution requirements of the Code for relief from income and excise taxes. A fund will monitor its transactions and may make such tax elections as fund management deems appropriate with respect to these transactions.

A fund's investment in foreign securities may be subject to withholding and other taxes imposed by foreign countries. However, tax conventions between certain countries and the United States may reduce or eliminate such taxes. Any foreign taxes paid by a fund will reduce its dividend distributions to investors.

Under the Code, gains or losses attributable to fluctuations in exchange rates that occur between the time a fund accrues income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time a fund actually collects such receivables or pays such liabilities generally are treated as ordinary income or loss. Similarly, in disposing of debt securities denominated in foreign currencies, certain forward currency contracts, or other instruments, gains or losses attributable to fluctuations in the value of a foreign currency between the date the security, contract, or other instrument is acquired and the date it is disposed of are also usually treated as ordinary income or loss. Under Section 988 of the Code, these gains or losses may increase or decrease the amount of a fund's investment company taxable income distributed to shareholders as ordinary income. This treatment could increase or decrease a fund's ordinary income distributions, which may cause some or all of a fund's previously distributed income to be classified as a return of capital.

If a fund purchases the securities of certain foreign investment funds or trusts called passive foreign investment companies (PFICs), capital gains on the sale of such holdings will be deemed ordinary income regardless of how long the fund holds the investment. The fund also may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned from these investments, regardless of whether such income and gains are distributed to shareholders. Alternatively, the fund may elect to recognize cumulative gains on such investments as of the last day of its fiscal year and distribute them to shareholders. Any distribution attributable to a PFIC is characterized as ordinary income.

A fund's investment in affiliated funds and ETFs could affect the amount, timing and character of distributions from the funds, and therefore may increase the amount of taxes payable by shareholders.

As of July 31, 2025, Strategic Allocation: Conservative Fund, Strategic Allocation: Moderate Fund and Strategic Allocation: Aggressive Fund had no capital loss carryovers. When a fund has a capital loss carryover, it does not make capital gains distributions until the loss has been offset. The Regulated Investment Company Modernization Act of 2010 allows the funds to carry forward capital losses incurred in future taxable years for an unlimited period.

If you have not complied with certain provisions of the Internal Revenue Code and Regulations, either American Century Investments or your financial intermediary is required by federal law to withhold and remit to the IRS the applicable federal withholding rate of reportable payments (which may include dividends, capital gains distributions and redemption proceeds). Those regulations require you to certify that the Social Security number or tax identification number you provide is correct and that you are not subject to withholding for previous under-reporting to the IRS. You will be asked to make the appropriate certification on your account application. Payments reported by us to the IRS that omit your Social Security number or tax identification number will subject us to a non-refundable penalty of $50, which will be charged against your account if you fail to provide the certification by the time the report is filed.

If fund shares are purchased through taxable accounts, distributions of either cash or additional shares of net investment income and net short-term capital gains are taxable to you 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 a fund, in which case such distributions are taxed at the same rate as long-term capital gains. Qualified dividend income is a dividend received by a 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 required holding period for qualified dividend income is met if the underlying shares are held more than 60 days in the 121-day period beginning 60 days prior to the ex-dividend date. Dividends received by the funds on shares of stock of domestic corporations may qualify for the 70% dividends received deduction when distributed to corporate shareholders to the extent that the fund held those shares for more than 45 days.

Distributions from gains on assets held by the funds longer than 12 months are taxable as long-term gains regardless of the length of time you have held your shares in the fund. If you purchase shares in the fund and sell them at a loss within six months, your loss on the sale of those shares will be treated as a long-term capital loss to the extent of any long-term capital gains dividend you received on those shares.

Each fund may use the "equalization method" of accounting to allocate a portion of its earnings and profits to redemption proceeds. Although using this method generally will not affect a fund's total returns, it may reduce the amount that a fund would otherwise distribute to continuing shareholders by reducing the effect of redemptions of fund shares on fund distributions to shareholders.

A redemption of shares of a fund (including a redemption made in an exchange transaction) will be a taxable transaction for federal income tax purposes and you generally will recognize gain or loss in an amount equal to the difference between the basis of the shares and the amount received. 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 Code, postponing the recognition of such loss for federal income tax purposes.

A 3.8% Medicare contribution tax is imposed on net investment income, including interest, dividends and capital gains, provided you meet specified income levels.

**State and Local Taxes**

Distributions by the funds also may be subject to state and local taxes, even if all or a substantial part of those distributions are derived from interest on U.S. government obligations which, if you received such interest directly, would be exempt from state income tax. However, most, but not all, states allow this tax exemption to pass through to fund shareholders when a fund pays distributions to its shareholders. You should consult your tax advisor about the tax status of such distributions in your own state.

The information above is only a summary of some of the tax considerations affecting the funds and their U.S. shareholders. No attempt has been made to discuss individual tax consequences. A prospective investor should consult with his or her tax advisors or state or local tax authorities to determine whether the funds are suitable investments.

**Financial Statements**

Each of the funds' financial statements and financial highlights for the period ended July 31, 2025 have been audited by Deloitte & Touche LLP, independent registered public accounting firm. Their Report of Independent Registered Public Accounting Firm and the financial statements included in the funds' <u>[Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421125000009/ck0000924211-20250731.htm)</u> for the period ended July 31, 2025 are incorporated herein by reference.

------

**Appendix A – Principal Shareholders**

As of November 3, 2025, the following shareholders owned more than 5% of the outstanding shares of a class of the funds. The table shows shares owned of record, unless otherwise noted.

---

| | | |
|:---|:---|:---|
| *Fund/Class*  | *Shareholder*  | *Percentage of Outstanding*<br>*Shares Owned of Record*  |
| **Strategic Allocation: Conservative**  | **Strategic Allocation: Conservative**  | **Strategic Allocation: Conservative**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class |
|  | Charles Schwab & Co Inc<br>San Francisco, California | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | &nbsp;&nbsp;&nbsp;&nbsp;I Class | &nbsp;&nbsp;&nbsp;&nbsp;I Class |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 25% |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 23% |
|  | Charles Schwab & Co Inc<br>San Francisco, California | 19% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ascensus Trust Co<br>Fargo, North Dakota<br>*Includes 5.76% for the benefit of Grassland Dairy Products Profit Sha* | 11% |
|  | Empower Trust FBO Employee Benefits Clients 401K<br>Greenwood Vlg, Colorado | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | &nbsp;&nbsp;&nbsp;&nbsp;A Class |  |
|  | UMB Bank NA<br>Topeka, Kansas | 16% |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 16% |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 12% |
|  | Pershing LLC<br>Jersey City, New Jersey | 8% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 6% |
|  | BNY Mellon Investment Servicing Inc FBO Primerica Financial Services<br>King of Prussia, Pennsylvania | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | &nbsp;&nbsp;&nbsp;&nbsp;C Class |  |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 40% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 12% |
|  | Raymond James<br>St. Petersburg, Florida | 12% |
|  | Pershing LLC<br>Jersey City, New Jersey | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | &nbsp;&nbsp;&nbsp;&nbsp;R Class |  |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class |  |
|  | &nbsp;&nbsp;&nbsp;American Century Investment Management Inc<br>Kansas City, Missouri<br>*Shares owned of record and beneficially* | 100% |

---

------

---

| | | |
|:---|:---|:---|
| *Fund/Class*  | *Shareholder*  | *Percentage of Outstanding*<br>*Shares Owned of Record*  |
| **Strategic Allocation: Conservative** | **Strategic Allocation: Conservative** | **Strategic Allocation: Conservative** |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class |  |
|  | John Hancock Trust Co LLC<br>Boston, Massachusetts | 22% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ascensus Trust Co<br>Fargo, North Dakota<br>*Includes 10.77% for the benefit of Flex-N-Gate Corp 401(K) Plan* | 21% |
|  | &nbsp;&nbsp;&nbsp;Empower Trust FBO Employee Benefits Clients 401K<br>Greenwood Vlg, Colorado <br>*Includes 5.22% registered for the benefit of Empower Benefit Plans* | 14% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 7% |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 6% |
| **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | &nbsp;&nbsp;&nbsp;&nbsp;I Class | &nbsp;&nbsp;&nbsp;&nbsp;I Class |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo Bank NA Cust<br>Greenwood Vlg, Colorado<br>*Includes 43.62% registered for the benefit of Penn State Health 401K and 13.37% registered for the benefit of Penn State Health Tx Shelt Annu* | 57% |
|  | Bluescope Foundation North America<br>Kansas City, Missouri | 9% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | &nbsp;&nbsp;&nbsp;&nbsp;A Class |  |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 14% |
|  | UMB Bank NA<br>Topeka, Kansas | 13% |
|  | Pershing LLC<br>Jersey City, New Jersey | 12% |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | &nbsp;&nbsp;&nbsp;&nbsp;C Class |  |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 41% |
|  | Pershing LLC<br>Jersey City, New Jersey | 10% |
|  | Wells Fargo Clearing Services LLC<br>Saint Louis, Missouri | 9% |
|  | Simplified 401(K) PS RPSA Vladimir Real Estate<br>Lincoln, Nebraska | 6% |
|  | Charles Schwab & Co Inc<br>San Francisco, California | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | &nbsp;&nbsp;&nbsp;&nbsp;R Class |  |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 73% |
|  | &nbsp;&nbsp;&nbsp;Mid Atlantic Trust Company<br>Pittsburgh, Pennsylvania<br>*Includes 7.36% registered for the benefit of City Auto Wreckers 401(K) Profit Sh and 6.76% registered for the benefit of LT Gordon Fence Co Inc* | 17% |

---

------

---

| | | |
|:---|:---|:---|
| *Fund/Class*  | *Shareholder*  | *Percentage of Outstanding*<br>*Shares Owned of Record*  |
| **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  | **Strategic Allocation: Moderate**  |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class |  |
|  | &nbsp;&nbsp;&nbsp;American Century Investment Management Inc<br>Kansas City, Missouri<br>*Shares owned of record and beneficially* | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class |  |
|  | Empower Trust FBO Employee Benefits Clients 401K<br>Greenwood Vlg, Colorado | 21% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 16% |
|  | John Hancock Trust Co LLC<br>Boston, Massachusetts | 16% |
|  | &nbsp;&nbsp;&nbsp;Reliance Trust Company<br>Atlanta, Georgia<br>*Includes 7.44% registered for the benefit of T Rowe Price Retirement Plan Clients* | 9% |
|  | &nbsp;&nbsp;&nbsp;Amer United Life Ins Co<br>Indianapolis, Indiana<br>*Includes 7.20% registered for the benefit of Group Retirement Annuity SEP Acct II* | 8% |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 7% |
| **Strategic Allocation: Aggressive**  | **Strategic Allocation: Aggressive**  | **Strategic Allocation: Aggressive**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  |
|  | &nbsp;&nbsp;&nbsp;Amer United Life Ins Co<br>Indianapolis, Indiana<br>*Includes 5.45% registered for the benefit of Group Retirement Annuity II* | 7% |
|  | Charles Schwab & Co Inc<br>San Francisco, California | 7% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | &nbsp;&nbsp;&nbsp;&nbsp;I Class |  |
|  | Charles Schwab & Co Inc<br>San Francisco, California | 28% |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 19% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 17% |
|  | Bluescope Foundation North America<br>Kansas City, Missouri | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | &nbsp;&nbsp;&nbsp;&nbsp;A Class |  |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 23% |
|  | Pershing LLC<br>Jersey City, New Jersey | 11% |
|  | UMB Bank<br>Topeka, Kansas | 8% |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 6% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 5% |

---

------

---

| | | |
|:---|:---|:---|
| *Fund/Class*  | *Shareholder*  | *Percentage of Outstanding*<br>*Shares Owned of Record*  |
| **Strategic Allocation: Aggressive** | **Strategic Allocation: Aggressive** | **Strategic Allocation: Aggressive** |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | &nbsp;&nbsp;&nbsp;&nbsp;C Class |  |
|  | American Enterprise Investment Svc<br>Minneapolis, Minnesota | 57% |
|  | LPL Financial<br>San Diego, California | 12% |
|  | Pershing LLC<br>Jersey City, New Jersey | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | &nbsp;&nbsp;&nbsp;&nbsp;R Class |  |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 43% |
|  | &nbsp;&nbsp;&nbsp;Mid Atlantic Trust Company<br>Pittsburgh, Pennsylvania<br>*Includes 9.88% registered for the benefit of City Auto Wreckers 401(K) Profit Sh* | 13% |
|  | &nbsp;&nbsp;&nbsp;Grace Niklas FBO Grace Niklas 401K Profit Sharing Plan & Trust<br>Hingham, Massachusetts<br>*Shares owned of record and beneficially* | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | &nbsp;&nbsp;&nbsp;&nbsp;R5 Class |  |
|  | &nbsp;&nbsp;&nbsp;American Century Investment Management Inc<br>Kansas City, Missouri<br>*Shares owned of record and beneficially* | 71% |
|  | State St Bk/Tr as Ttee and/or Cust FBO ADP Access Product<br>Boston, Massachusetts | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | &nbsp;&nbsp;&nbsp;&nbsp;R6 Class |  |
|  | John Hancock Trust Co LLC<br>Boston, Massachusetts | 25% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ascensus Trust Co<br>Fargo, North Dakota<br>*Includes 13.63% for the benefit of Flex-N-Gate Corp 401(K) Plan* | 21% |
|  | &nbsp;&nbsp;&nbsp;Empower Trust<br>Greenwood Vlg, Colorado<br>*Includes 11.78% registered for the benefit of Employee Benefits Clients 401K* | 20% |
|  | National Financial Services LLC<br>Jersey City, New Jersey | 8% |

---

A shareholder owning beneficially more than 25% of the corporation's outstanding shares may be considered a controlling person. The vote of any such person could have a more significant effect on matters presented at a shareholders' meeting than votes of other shareholders. The funds are unaware of any shareholders, beneficial or of record, who own more than 25% of the voting securities of the corporation. As of November 3, 2025, the officers and directors of the funds, as a group, owned less than 1% of any class of the funds' outstanding shares.

------

**Appendix B – Sales Charges and Payments to Dealers** 

**Sales Charges**

The sales charges applicable to the A and C Classes of the funds are described in the prospectuses for those classes in the section titled *Investing Through a Financial Intermediary*.

Shares of the A Class are subject to an initial sales charge, which declines as the amount of the purchase increases. Additional information regarding reductions and waivers of the A Class sales charge may be found in the funds' prospectuses.

Shares of the A and C Classes are subject to a contingent deferred sales charge (CDSC) upon redemption of the shares in certain circumstances. The specific charges and when they apply are described in the relevant prospectuses. The CDSC may be waived for certain redemptions by some shareholders, as described in the prospectuses.

An investor may terminate his relationship with an intermediary at any time. If the investor does not establish a relationship with a new intermediary and transfer any accounts to that new intermediary, such accounts may be exchanged to the Investor Class of the fund, if such class is available. The investor will be the shareholder of record of such accounts. In this situation, any applicable CDSCs will be charged when the exchange is made.

The aggregate CDSCs paid to the distributor in the fiscal year ended July 31, 2025, are listed in the table below.

---

| | |
|:---|:---|
| **Strategic Allocation: Conservative** |  |
| C Class | $613 |
| **Strategic Allocation: Moderate** |  |
| A Class | $56 |
| C Class | $630 |
| **Strategic Allocation: Aggressive**  |  |
| A Class | $112 |
| C Class | $1529 |

---

**Payments to Dealers** 

The funds' distributor expects to pay dealer commissions to the financial intermediaries who sell A and/or C Class shares of the fund at the time of such sales. Payments for A Class shares will be as follows:

---

| | |
|:---|:---|
| *Purchase Amount*  | *Dealer Commission as a % of Offering Price*  |
| < $50,000 | 5.00% |
| $50000 - $99999 | 4.00% |
| $100000 - $249999 | 3.25% |
| $250000 - $499999 | 2.00% |
| $500000 - $999999 | 1.75% |
| $1000000 - $3999999 | 1.00% |
| $4000000 - $9999999 | 0.50% |
| > $10,000,000 | 0.25% |

---

No dealer commission will be paid on purchases by employer-sponsored retirement plans. For this purpose, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. Payments will equal 1.00% of the purchase price of the C Class shares sold by the intermediary. The distributor will retain the 12b-1 fee paid by the C Class of funds for the first 12 months after the shares are purchased. This fee is intended in part to permit the distributor to recoup a portion of on-going sales commissions to dealers plus financing costs, if any. Beginning with the first day of the 13th month, the distributor will make the C Class distribution and individual shareholder services fee payments described above to the financial intermediaries involved on a quarterly basis. In addition, C Class purchases and A Class purchases greater than $1,000,000 are subject to a CDSC as described in the prospectuses.

From time to time, the distributor may make additional payments to dealers, including but not limited to payment assistance for conferences and seminars, provision of sales or training programs for dealer employees and/or the public (including, in some cases, payment for travel expenses for registered representatives and other dealer employees who participate), advertising and sales campaigns about a fund or funds, and assistance in financing dealer-sponsored events. Other payments may be offered as well, and all such payments will be consistent with applicable law, including the then-current rules of the Financial Industry Regulatory Authority. Such payments will not change the price paid by investors for shares of the funds.

------

**Appendix C – Buying and Selling Fund Shares** 

Information about buying, selling, exchanging and, if applicable, converting fund shares is contained in the funds' prospectuses. The prospectuses are available to investors without charge and may be obtained by calling us.

**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, A, C , R, R5 and R6 Class shares. Employer-sponsored retirement plans are not eligible to purchase I or Y Class shares. However, employer-sponsored retirement plans that were invested in the I Class prior to April 10, 2017 may make additional purchases. A and C Class purchases are available at net asset value with no dealer commission paid to the financial professional and do not incur a CDSC. A, C and R Class shares purchased in employer-sponsored retirement plans are subject to applicable distribution and service (12b-1) fees, which the financial intermediary begins receiving immediately at the time of purchase. American Century Investments does not impose minimum initial investment amount, 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.

Examples of employer-sponsored retirement plans include the following:

• 401(a) plans

• pension plans

• profit sharing plans

• 401(k) plans (including plans with a Roth 401(k) feature, SIMPLE 401(k) plans and Solo 401(k) plans)

• money purchase plans

• target benefit plans

• Taft-Hartley multi-employer pension plans

• SERP and "Top Hat" plans

• ERISA trusts

• employee benefit plans and trusts

• employer-sponsored health plans

• 457 plans

• KEOGH or HR(10) plans

• employer-sponsored 403(b) plans (including plans with a Roth 403(b) feature)

• nonqualified deferred compensation plans

• nonqualified excess benefit plans

• nonqualified retirement plans

Traditional and Roth IRAs are not considered employer-sponsored retirement plans, and SIMPLE IRAs, SEP IRAs and SARSEPs are collectively referred to as Business IRAs. Business IRAs that (i) held shares of an A Class fund prior to March 1, 2009 that received sales charge waivers or (ii) held shares of an Advisor Class fund that was renamed A Class on March 1, 2010, may permit additional purchases by new and existing participants in A Class shares without an initial sales charge.

R Class IRA Accounts established prior to August 1, 2006 may make additional purchases.

**Waiver of Minimum Initial Investment Amounts — I Class** 

A financial intermediary, upon receiving prior approval from American Century Investments, may waive applicable minimum initial investment amounts per shareholder for I Class shares in the following situations:

• Broker-dealers, banks, trust companies, registered investment advisors and other financial intermediaries may make I Class shares available with no initial investment minimum in fee based advisory programs or accounts where such program or account is traded omnibus by the financial intermediary;

• Qualified Tuition Programs under Section 529 that have entered into an agreement with the distributor; and

• Certain other situations deemed appropriate by American Century Investments.

------

**Appendix D – Explanation of Fixed-Income Securities Ratings**

As described in the prospectuses, the funds invest in fixed-income securities. Those investments, however, are subject to certain credit quality restrictions, as noted in the prospectuses and in this statement of additional information. The following are examples of the rating categories referenced in the prospectus disclosure.

---

| | |
|:---|:---|
| **Ratings of Corporate and Municipal Debt Securities** | **Ratings of Corporate and Municipal Debt Securities** |
| ***Standard & Poor's Long-Term Issue Credit Ratings\**** | ***Standard & Poor's Long-Term Issue Credit Ratings\**** |
| *Category* | *Definition* |
| AAA | An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong. |
| AA | An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong. |
| A | An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong. |
| BBB | An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. |
| BB;B; CCC; CC; and C | Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. |
| BB | An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. |
| B | An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation. |
| CCC | An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. |
| CC | An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but Standard & Poor's expects default to be a virtual certainty, regardless of the anticipated time to default. |
| C | An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher. |
| D | An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer. |
| NR | This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy. |

---

\*The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

------

---

| | |
|:---|:---|
| ***Moody's Investors Service, Inc. Global Long-Term Rating Scale*** | ***Moody's Investors Service, Inc. Global Long-Term Rating Scale*** |
| *Category* | *Definition* |
| Aaa | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
| Aa | Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
| A | Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
| Baa | Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
| Ba | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
| B | Obligations rated B are considered speculative and are subject to high credit risk. |
| Caa | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
| Ca | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
| C | Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |

---

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The

modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a

mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a

"(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities

firms.

---

| | |
|:---|:---|
| ***Fitch Investors Service, Inc. Long-Term Ratings*** | ***Fitch Investors Service, Inc. Long-Term Ratings*** |
| *Category* | *Definition* |
| AAA | **Highest credit quality.** 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
| AA | **Very high credit quality.** 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
| A | **High credit quality.** 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
| BBB | **Good credit quality.** 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. |
| BB | **Speculative.** 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met. |
| B | **Highly speculative.** 'B' ratings indicate that material credit risk is present. |
| CCC | **Substantial credit risk.** 'CCC' ratings indicate that substantial credit risk is present. |
| CC | **Very high levels of credit risk.** 'CC' ratings indicate very high levels of credit risk. |
| C | **Exceptionally high levels of credit risk.** 'C' indicates exceptionally high levels of credit risk. |

---

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Notes: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' obligation rating category, or to corporate finance obligation ratings in the categories below 'CCC'.

------

---

| | |
|:---|:---|
| ***Standard & Poor's Corporate Short-Term Note Ratings*** | ***Standard & Poor's Corporate Short-Term Note Ratings*** |
| *Category* | *Definition* |
| A-1 | A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong. |
| A-2 | A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory. |
| A-3 | A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. |
| B | A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitments. |
| C | A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. |
| D | A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer. |

---

---

| | |
|:---|:---|
| ***Moody's Global Short-Term Rating Scale*** | ***Moody's Global Short-Term Rating Scale*** |
| *Category* | *Definition* |
| P-1 | Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations. |
| P-2 | Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations. |
| P-3 | Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations. |
| NP | Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories. |

---

---

| | |
|:---|:---|
| ***Fitch Investors Service, Inc. Short-Term Ratings*** | ***Fitch Investors Service, Inc. Short-Term Ratings*** |
| *Category* | *Definition* |
| F1 | **Highest short-term credit quality.** Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.  |
| F2 | **Good short-term credit quality.** Good intrinsic capacity for timely payment of financial commitments. |
| F3 | **Fair short-term credit quality.** The intrinsic capacity for timely payment of financial commitments is adequate.  |
| B | **Speculative short-term credit quality.** Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. |
| C | **High short-term default risk.** Default is a real possibility. |
| RD | **Restricted default.** Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. |
| D | **Default** Indicates a broad-based default event for an entity, or the default of a short-term obligation. |

---

---

| | |
|:---|:---|
| ***Standard & Poor's Municipal Short-Term Note Ratings*** | ***Standard & Poor's Municipal Short-Term Note Ratings*** |
| *Category* | *Definition* |
| SP-1 | Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
| SP-2 | Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes. |
| SP-3 | Speculative capacity to pay principal and interest. |

---

------

---

| | |
|:---|:---|
| ***Moody's US Municipal Short-Term Debt Ratings*** | ***Moody's US Municipal Short-Term Debt Ratings*** |
| *Category* | *Definition* |
| MIG 1 | This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. |
| MIG 2 | This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. |
| MIG 3 | This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. |
| SG | This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. |

---

---

| | |
|:---|:---|
| ***Moody's Demand Obligation Ratings*** | ***Moody's Demand Obligation Ratings*** |
| *Category* | *Definition* |
| VMIG 1 | This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
| VMIG 2 | This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
| VMIG 3 | This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon demand. |
| SG | This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand. |

---

------

**Appendix E – Proxy Voting Policies**

American Century Investment Management, Inc. (the "Adviser") is the investment manager for a variety of advisory clients, including the American Century family of funds. In such capacity, the Adviser has been delegated the authority to vote proxies with respect to investments held in certain accounts it manages. The following is a statement of the proxy voting policies (the "Policies") that have been adopted by the Adviser. In the exercise of proxy voting authority, which has been delegated to it by particular clients, the Adviser will apply the Policies in accordance with, and subject to, any specific policies that have been adopted by the client and communicated to and accepted by the Adviser in writing.

**I.General Principles**

In providing the service of voting client proxies, the Adviser is guided by general fiduciary principles, must act prudently, solely in the interest of its clients, and must not subordinate client interests to unrelated objectives. Except as otherwise indicated in these Policies, the Adviser will use its best efforts to vote all proxies with respect to investments held in the client accounts it manages. Shares may not be voted if the cost or administrative burden of voting shares of a particular portfolio company in the judgment of the Adviser exceeds the benefit to fund shareholders. The Adviser will attempt to consider all factors of its vote that could affect the value of the investment.

Although in most instances the Adviser will vote proxies consistently across all client accounts, the votes will be based on the best interests of each client. As a result, accounts managed by the Adviser may at times vote differently on the same proposals. Examples of when an account's vote might differ from other accounts managed by the Adviser include, but are not limited to, proxy contests and proposed mergers. In short, the Adviser will vote proxies in the manner that it believes will do the most to maximize shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Non-U.S. Proxies**

The Adviser will generally evaluate non-U.S. proxies in the context of the Policies but will also, where feasible, take into consideration differing laws, regulations, and practices in the relevant foreign market in determining if and how to vote. There may also be circumstances when practicalities and costs involved with non-U.S. investing make it disadvantageous to vote shares. For instance, the Adviser generally does not vote proxies in circumstances where share blocking restrictions apply, when meeting attendance is required in person, or when current share ownership disclosure is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Stewardship and Engagement**

As long-term owners and as part of its stewardship efforts, the Adviser undertakes regular contact with portfolio company management to provide the Adviser an opportunity to gain additional information when voting proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Proposals Involving Sustainability Matters** 

The Adviser will vote with the expectation of maximizing shareholder value and believes that certain sustainability issues can potentially impact a company's long-term financial performance. On a case-by-case basis, the financial materiality and potential risks or economic impact of the sustainability issues underpinning proxy proposals are considered and it is ultimately each team's portfolio managers that are responsible for making the voting decision.

The portfolio management teams for portfolios that have sustainability considerations in their mandates can place emphasis around those considerations when voting proxies with the objective of enhancing outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Exception Voting** 

The Adviser reserves the right to vote contrary to the Policies when, in its opinion, the vote will do the most to maximize the investment objective of the account.

**II.Specific Proxy Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Routine Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Election of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)***Generally.*** *(i)* The Adviser will generally support the election of directors that results in a board made up of a majority of independent directors. (ii) In general, the Adviser will vote in favor of management's director nominees if they are running unopposed. The Adviser believes that management is in the best position to evaluate the qualifications of directors and the needs and dynamics of a particular board. (iii) When management's nominees are opposed in a proxy contest, the Adviser will evaluate which nominees' publicly announced management policies and goals are most likely to maximize shareholder value, as well as the past performance of the incumbents (iv) The Adviser maintains the ability to vote against any candidate whom it believes is not qualified or if there are specific concerns about the individual, such as allegations of

------

criminal wrongdoing or breach of fiduciary responsibilities. (v) Additional information the Adviser may consider concerning director nominees include, but is not limited to, whether (1) there is an adequate explanation for repeated absences at board meetings, (2) the nominee receives non-board fee compensation, (3) there is a family relationship between the nominee and the company's chief executive officer or controlling shareholder, and/or (4) the nominee has sufficient time and commitment to serve effectively in light of the nominee's service on other public company boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)***Committee Service.*** The Adviser will withhold votes for non-independent directors who serve on the audit and/or compensation committees of the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)***Classification of Boards.*** The Adviser believes classified boards represent a form of anti-takeover device, which is generally not in the interests of minority shareholders. Accordingly, the Adviser will generally support proposals that seek to declassify boards. Additionally, the Adviser will oppose efforts to adopt classified board structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)***Majority Independent Board.*** The Adviser will support proposals calling for a majority of independent directors on a board. The Adviser believes that a majority of independent directors can help to facilitate objective decision making and enhance accountability to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)***Majority Vote Standard for Director Elections.*** The Adviser will generally vote in favor of proposals calling for directors to be elected by an affirmative majority of the votes cast in a board election, provided that the proposal allows for a plurality voting standard in the case of contested elections. The Adviser may consider voting against such shareholder proposals where a company's board has adopted an alternative measure, such as a director resignation policy, that provides a meaningful alternative to the majority voting standard and appropriately addresses situations where an incumbent director fails to receive the support of the majority of the votes cast in an uncontested election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)***Separate CEO and Chair.*** The Adviser will generally vote against shareholder proposals requesting an independent chair if the board is majority independent. Conversely, if the board is not majority independent, the Adviser will generally vote in favor of management proposals to separate the roles of CEO and chair of the board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g)***Withholding Campaigns.*** The Adviser will generally support proposals calling for shareholders to withhold votes for directors where such actions will advance the principles set forth in paragraphs 1(a) through 1(f) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h)***Director Indemnification.*** The Adviser will generally vote in favor of a corporation's proposal to indemnify its officers and directors in accordance with applicable state law. Indemnification arrangements are often necessary to attract and retain qualified directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Ratification of Selection of Auditors**

The Adviser will generally rely on the judgment of the portfolio company's audit committee in selecting the independent auditors who will provide the best service to the company. The Adviser believes that independence of the auditors is paramount and will vote against auditors whose independence appears to be impaired. The Adviser will generally vote against proposed auditors in circumstances where the auditor has or may have a potential conflict of interest, including where: (a) an auditor has a financial interest in or association with the company, and is therefore not independent; (b) non-audit fees are excessive compared to audit fees (c) the audit firm's tenure is excessively long; or (d) there is reason to believe that the independent auditor has previously rendered an opinion to the company that is either inaccurate or not indicative of the company's financial position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Compensation Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Executive and Director Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)***Advisory Vote on Compensation.*** The Adviser believes there are several effective ways to convey concerns about compensation including voting against the advisory vote on executive compensation (say-on-pay proposals), voting against specific incentive plans or amendments to incentive plans it deems excessive or withholding votes from compensation committee members. The Adviser will consider and vote on a case-by-case basis on say-on-pay proposals and will generally support management proposals unless there are inadequate risk-mitigation features or other specific concerns exist, including if the Adviser concludes that executive compensation is (i) misaligned with shareholder interests, (ii) unreasonable in amount, or (iii) not in the aggregate meaningfully tied to the company's performance.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)***Frequency of Advisory Votes on Compensation.*** The Adviser generally supports the triennial option for the frequency of say-on-pay proposals but will consider management recommendations for an alternative approach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)***Clawback of Incentive Compensation.*** The Adviser expects portfolio companies to structure executive compensation plans in a manner that does not encourage excessive risk-taking or insulate management from the consequences of failures of risk management and oversight. The Adviser generally supports properly-structured clawback provisions in executive compensation plans as a way to mitigate the potential for excessive risk taking. In evaluating compensation clawback proposals, the Adviser will consider whether the company has a history of financial restatements, material financial problems, and any other factors deemed relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)***Directors' Stock Options Plans.*** The Adviser believes that stock options are an appropriate form of compensation for directors, and the Adviser will generally vote for director stock option plans that are reasonable and do not result in excessive shareholder dilution. Analysis of such proposals will be made on a case-by-case basis and will take into account total board compensation and the company's total exposure to stock option plan dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Equity Based Compensation Plans**

The Adviser believes that equity-based compensation plans are economically significant issues upon which shareholders are entitled to vote. The Adviser recognizes that equity-based compensation plans can be useful in attracting and retaining desirable employees. The cost associated with such plans must be measured if plans are to be used appropriately to maximize shareholder value. The Adviser may conduct an analysis of stock option, stock bonus or similar plans or material amendments thereto, including replenishing a plan with additional shares.

Features that may result in the Adviser voting against the initial adoption of a plan or subsequent amendment to replenish the plan with additional shares include whether the plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Provides for immediate vesting of all stock options in the event of a change of control of the company without reasonable safeguards against abuse (see "Anti-Takeover Proposals" below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Resets outstanding stock options at a lower strike price, unless accompanied by a corresponding and proportionate reduction in the number of shares designated. The Adviser will generally oppose adoption of stock option plans that explicitly or historically permit repricing of stock options, regardless of the number of shares reserved for issuance, since their effect is impossible to evaluate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Establishes restriction periods shorter than three years for restricted stock grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Does not reasonably associate awards to performance of the company (especially as it relates to the selection of appropriate vesting metrics, which ideally should contain both absolute and relative measures); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)Is excessively dilutive to the company. Factors that will be considered in the determination include the company's overall market capitalization, the performance of the company relative to its peers, and the maturity of the company and its industry; for example, technology companies often use options broadly throughout its employee base, which may justify somewhat greater dilution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Non-Stock Incentive Plans**

Management may propose a variety of non-stock, cash-based incentive or bonus plans to stimulate employee performance. In general, the cash or other corporate assets required for most incentive plans is not material, and the Adviser will vote in favor of such proposals. Case-by-case determinations will be made of the appropriateness of the amount of shareholder value transferred by proposed plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Shareholder Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.One Share, One Vote.** The Adviser generally supports proposals to equalize the voting rights of shareholders, including the elimination of special or super voting share classes and the establishment of single-class voting structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Right to Call Special Shareholder Meetings.** The corporation statutes of many states allow minority shareholders at a certain threshold level of ownership to call a special meeting of shareholders. This right can be eliminated (or the threshold increased) by amendment to the company's charter documents. The Adviser believes that the right to call a special shareholder meeting is significant for minority shareholders; the elimination of such right will be viewed as an anti-takeover measure and the Adviser will generally vote against proposals attempting to eliminate this right and for proposals attempting to restore it.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Right to Act by Written Consent.** The Adviser will generally vote for proposals to permit shareholders to act by written consent if the company does not currently permit shareholders to call for a special meeting or to act by written consent. The Adviser will generally vote against proposals on written consent if the company permits shareholders the right to call for a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Proxy Access.** The Adviser believes that the ability of qualifying shareholders to nominate a certain number of directors on the company's proxy statement may have corporate governance benefits. Accordingly, the Adviser will generally vote in favor of proposals to adopt proxy access rules offering a balanced set of limitations. When considering such proposals, the factors taken into account will include the following: (i) the ownership percentages and holding periods proposed; (ii) the maximum proportion of directors that shareholders may nominate each year; and (iii) any other material restrictions included in the proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Anti-Takeover Proposals**

In general, the Adviser will vote against any proposal, whether made by management or shareholders, which the Adviser believes would materially discourage a potential acquisition or takeover. In most cases an acquisition or takeover of a particular company will increase share value. The adoption of anti-takeover measures may prevent or frustrate a bid from being made, may prevent consummation of the acquisition, and may have a negative effect on share price when no acquisition proposal is pending. In particular circumstances, the Adviser may vote in favor of some forms of control protective measures if they are responsive to a particular circumstance, are narrowly focused and have a sunset provision reasonably tied to the circumstances.

The items below discuss specific anti-takeover proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Staggered Board**

If a company has a "staggered board," its directors are elected for terms of more than one year and only a segment of the board stands for election in any year. Therefore, a potential acquiror cannot replace the entire board in one year even if it controls a majority of the votes. Although staggered boards may provide some degree of continuity and stability of leadership and direction to the board of directors, the Adviser believes that staggered boards are primarily an anti-takeover device and will vote against establishing them and for eliminating them. However, the Adviser does not necessarily vote against the re-election of directors serving on staggered boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Cumulative Voting**

Cumulative voting gives minority shareholders a stronger voice in the company and a greater chance for representation especially when a company maintains a staggered or classified board.

Accordingly, if a company has a staggered board, the Adviser will: a) vote in favor of any proposal to adopt cumulative voting, and b) vote against any proposal to eliminate cumulative voting that is already in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3."Blank Check" Preferred Stock**

Blank check preferred stock gives the board of directors the ability to issue preferred stock, without further shareholder approval, with such rights, preferences, privileges and restrictions as may be set by the board. In response to a hostile takeover attempt, the board could issue such stock to a friendly party or "white knight" or could establish conversion rights or other rights in the preferred stock which would dilute the common stock and make an acquisition impossible or less attractive. The argument in favor of blank check preferred stock is that it gives the board flexibility in pursuing financing, acquisitions or other proper corporate purposes without incurring the time or expense of a shareholder vote. Generally, the Adviser will vote against blank check preferred stock. However, the Adviser may vote in favor of blank check preferred stock if the proxy statement discloses that such stock is limited to use for a specific, proper corporate objective such as a financing instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Elimination of Preemptive Rights**

When a company grants preemptive rights, existing shareholders are given an opportunity to maintain their proportional ownership when new shares are issued. A proposal to eliminate preemptive rights is a request from management to revoke that right.

While preemptive rights will protect the shareholder from having its equity diluted, it may also decrease a company's ability to raise capital through stock offerings or use stock for acquisitions or other proper corporate purposes. Preemptive rights may therefore result in a lower market value for the company's stock. In the long term, shareholders could be adversely affected by preemptive rights. The Adviser generally votes against proposals to grant preemptive rights and for proposals to eliminate preemptive rights.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Non-targeted Share Repurchase**

A non-targeted share repurchase is generally used by company management to prevent the value of stock held by existing shareholders from deteriorating. A non-targeted share repurchase may reflect management's belief in the favorable business prospects of the company. The Adviser finds no disadvantageous effects of a non-targeted share repurchase and will generally vote for the approval of a non-targeted share repurchase subject to analysis of the company's financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Increase in Authorized Common Stock**

The issuance of new common stock can also be viewed as an anti-takeover measure, although its effect on shareholder value would appear to be less significant than the adoption of blank check preferred stock. The Adviser will evaluate the amount of the proposed increase and the purpose or purposes for which the increase is sought. If the increase is not excessive and is sought for proper corporate purposes, the Adviser will generally vote to approve the increase. Proper corporate purposes might include, for example, the creation of additional stock to accommodate a stock split or stock dividend, additional stock required for a proposed acquisition, or additional stock required to be reserved upon exercise of employee stock option plans or employee stock purchase plans. Generally, the Adviser will vote in favor of an increase in authorized common stock of up to 100% outstanding and otherwise reserved for all legitimate corporate purposes; increases in excess of 100% are evaluated on a case-by-case basis and will be voted affirmatively if management has provided sound justification for the increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7."Supermajority" Voting Provisions**

A "supermajority" voting provision is a provision placed in a company's charter documents which would require approval by the vote of greater than a simple majority (generally ranging from 66% to 90%) of shareholder votes to approve any type of acquisition of the company.

The supermajority provision makes an acquisition more time-consuming and expensive for the acquiror. Accordingly, the Adviser will generally vote against the introduction of supermajority provisions and in favor of their removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8."Fair Price" Amendments**

Fair price amendments are another type of charter amendment that would require an offeror to pay a "fair" and uniform price to all shareholders in an acquisition. In general, fair price amendments are designed to protect shareholders from coercive, two-tier tender offers in which some shareholders may be merged out on disadvantageous terms. Fair price amendments also have an anti-takeover impact, although their adoption is generally believed to have less of a negative effect on stock price than other anti-takeover measures. The Adviser will carefully examine all fair price proposals. In general, the Adviser will vote against fair price proposals unless the Adviser concludes that it is likely that the share price will not be negatively affected, and the proposal will not discourage acquisition proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Poison Pills or Shareholder Rights Plans**

Some companies have retained some version of a poison pill plan (also known as a shareholder rights plan). Poison pill plans generally provide for the issuance of additional equity securities or rights to purchase equity securities upon the occurrence of certain events the company board deems hostile, such as the acquisition of a large block of stock.

The basic argument against poison pills is that they depress share value, discourage offers for the company and serve to "entrench" management. The basic argument in favor of poison pills is that they give management more time and leverage to deal with a takeover bid and, as a result, shareholders may receive a better price. The Adviser believes that the potential benefits of a poison pill plan are outweighed by the potential detriments. The Adviser will generally vote against all forms of poison pills.

The Adviser will, however, consider on a case-by-case basis poison pills that are very limited in time and preclusive effect. The Adviser will generally vote in favor of such a poison pill if it is linked to a business strategy that will – in the Adviser's view – likely result in greater value for shareholders, if the term is less than three years, and if shareholder approval is required to reinstate the expired plan or adopt a new plan at the end of this term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Change in Control Agreements**

Change in control (golden parachute) agreements provide substantial compensation to executives who are terminated as a result of a takeover or change in control of their company. The existence of such plans in reasonable amounts probably has only a slight anti-takeover effect. In voting, the Adviser will evaluate the specifics of the plan presented. Features that may result in the Adviser voting against the adoption or

------

extension of such an agreement include the following: (a) single-trigger or modified-single-trigger cash severance; (b) single-trigger acceleration of unvested equity awards; (c) excessive cash severance (greater than 3X base salary and bonus), especially when triggering adverse tax consequences for the recipient, the company, or both; (d) excise tax gross-ups triggered and payable (as opposed to a provision that provides excise tax gross-ups); (e) excessive change in control payments (on an absolute basis or as a percentage of transaction equity value; (f) recent amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants) that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or (g) the company's assertion that a proposed transaction is conditioned on shareholder approval of the change in control advisory vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Reincorporation**

Reincorporation in a new state is often proposed as one part of a package of anti-takeover measures. Several states provide some type of legislation that greatly discourages takeovers. The Adviser will examine reincorporation proposals on a case-by-case basis.

Generally, if the Adviser believes that the reincorporation will result in greater protection from takeovers, the reincorporation proposal will be opposed. The Adviser will also generally oppose reincorporation proposals involving jurisdictions that specify that directors can recognize non-shareholder interests over those of shareholders. When reincorporation is proposed for a legitimate business purpose and without the negative effects identified above, the Adviser will generally vote affirmatively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Confidential Voting**

Companies that have not previously adopted a "confidential voting" policy allow management to view the results of shareholder votes. This gives management the opportunity to contact those shareholders voting against management in an effort to change their votes.

Proponents of secret ballots argue that confidential voting enables shareholders to vote on all issues on the basis of merit without pressure from management to influence their decision. Opponents argue that confidential voting is more expensive and unnecessary; also, holding shares in a nominee name maintains shareholders' confidentiality. The Adviser believes that the only way to insure anonymity of votes is through confidential voting, and that the benefits of confidential voting outweigh the incremental additional cost of administering a confidential voting system. Therefore, the Adviser will generally vote in favor of any proposal to adopt confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Opting In or Out of State Takeover Laws**

State takeover laws typically are designed to make it more difficult to acquire a corporation organized in that state. The Adviser believes that the decision of whether or not to accept or reject offers of merger or acquisition should be made by the shareholders, without unreasonably restrictive state laws that may impose ownership thresholds or waiting periods on potential acquirors. Therefore, the Adviser will generally vote in favor of opting out of restrictive state takeover laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Transaction-Related Proposals**

The Adviser will review transaction related proposals, such as mergers, acquisitions, and corporate reorganizations, on a case-by-case basis, taking into consideration the impact of the transaction on each client account. In some instances, such as the approval of a proposed merger, a transaction may have a differential impact on client accounts depending on the securities held in each account. For example, whether a merger is in the best interest of a client account may be influenced by whether an account holds, and in what proportion, the stock of both the acquirer and the acquiror. In these circumstances, the Adviser may determine that it is in the best interests of the accounts to vote the accounts' shares differently on proposals related to the same transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Other Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.Shareholder-sponsored proposals.*** Proposals introduced by shareholders will be evaluated for linkage between the proposal, its economic impact, and its potential to maximize long-term shareholder value. Where the economic impact of a proposal is unclear, the Adviser will generally rely on management's assessment of the proposal if the Adviser believes the assessment is reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.Anti-Greenmail Shareholder Proposals.*** "Anti-greenmail" proposals generally limit the right of a corporation, without a shareholder vote, to pay a premium or buy out a 5% or greater shareholder. Management often argues that they should not be restricted from negotiating a deal to buy out a significant shareholder at a premium if they believe it is in the best interest of the company. Institutional shareholders generally believe that all shareholders should be able to vote on such a significant use of corporate assets.

------

The Adviser believes that any repurchase by the company at a premium price of a large block of stock should be subject to a shareholder vote. Accordingly, it will generally vote in favor of anti-greenmail proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.Director Tenure.*** Director Tenure proposals ask that age and term restrictions be placed on the board of directors. The Adviser believes that these types of blanket restrictions are not necessarily in the best interests of shareholders and therefore will consider and assess such measures as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.Director Share Ownership.*** The Adviser will generally vote against shareholder proposals that would require directors to hold a minimum number of the company's shares to serve on the board of directors, in the belief that such ownership should be at the discretion of board members.

**III.Securities on Loan**

The Adviser shall use commercially reasonable efforts to monitor for material proxy votes with respect to loaned securities. In the event the Adviser has timely knowledge of a material vote, the Adviser will attempt to recall the loaned securities and submit a proxy in accordance with these proxy guidelines. Efforts to recall loaned securities may not be successful and there can be no guarantee that a valid proxy will be submitted in all cases.

**IV.Use of Proxy Advisory Services**

The Adviser may retain proxy advisory firms to provide services in connection with voting proxies, including, without limitation, to provide information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals and voting recommendations in accordance with the Policies, provide systems to assist with casting the proxy votes, and provide reports and assist with preparation of filings concerning the proxies voted.

Prior to the selection of a proxy advisory firm and periodically thereafter, the Adviser will consider whether the proxy advisory firm has the capacity and competency to adequately analyze proxy issues and the ability to make recommendations based on material, accurate information in an impartial manner. Such considerations may include some or all of the following (i) periodic sampling of votes cast through the firm's systems to determine that votes are in accordance with the Adviser's Policies and its clients' best interests, (ii) onsite visits to the proxy advisory firm's office and/or discussions with the firm to determine whether the firm continues to have the resources (e.g. staffing, personnel, technology, etc.) capacity and competency to carry out its obligations to the Adviser, (iii) a review of the firm's policies and procedures, with a focus on those relating to identifying and addressing conflicts of interest and monitoring that current and accurate information is used in creating recommendations, (iv) requesting that the firm notify the Adviser if there is a change in the firm's material policies and procedures, particularly with respect to conflicts, or material business practices (e.g., entering or exiting new lines of business), and reviewing any such change, and (v) in case of an error made by the firm, discussing the error with the firm and determining whether appropriate corrective and preventative action is being taken. In the event the Adviser discovers an error in the research or voting recommendations provided by the firm, it will take reasonable steps to investigate the error and seek to determine whether the firm is taking reasonable steps to reduce similar errors in the future.

While the Adviser takes into account information from many different sources, including independent proxy advisory services, the decision on how to vote proxies will be made in accordance with these Policies.

**V.Monitoring Potential Conflicts of Interest**

The Adviser is responsible for monitoring and resolving possible conflicts between the interests of the Adviser and those of its clients with respect to proxy voting. The Adviser has adopted safeguards to address the potential that our proxy voting could be influenced by interests other than those of our fund shareholders and clients. Since our Policies are predetermined by the Adviser, application of the Policies to vote clients' proxies should in most instances adequately address any possible conflicts of interest. However, for proxy votes inconsistent with the Policies, the Adviser's Proxy Voting Committee reviews all such proxy votes to determine whether the portfolio manager's voting rationale appears reasonable and is consistent with the general principles of the Policies. The Proxy Voting Committee also assesses whether certain business or other significant relationships between the Adviser and a company could have influenced an inconsistent vote on that company's proxy. Issues raising possible conflicts of interest are referred to the Proxy Voting Committee for immediate resolution prior to the time the Adviser casts its vote. With respect to personal conflicts of interest, the Adviser's Code of Ethics requires all employees to avoid placing themselves in a compromising position where their interests may conflict with those of our clients and restricts their ability to engage in certain outside business activities. Portfolio managers and other personnel involved with proxy voting with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

In addition, to avoid any potential conflict of interest that may arise when the Adviser votes proxies of a fund, portfolio, or other account ("Adviser-Voted Portfolio") that owns shares of an American Century fund, the Adviser will "echo vote" such shares, if possible. Echo voting means the Adviser will vote the shares in the same proportion as the vote of all the other

------

holders of the fund's shares. So, for example, if shareholders of a fund cast 80% of their votes in favor of a proposal and 20% against the proposal, any Adviser-Voted Portfolio that owns shares of such fund will cast 80% of its shares in favor of the proposal and 20% against. When this is not possible, shares will be voted in consultation with the Adviser-Voted Portfolio client or an appropriate fiduciary responsible for the client (e.g., a committee of the independent directors of a fund or the trustee of a retirement plan).

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

The Policies will be examined from time to time and may be amended by the Adviser. With respect to matters that do not fit in the categories stated above, the Adviser will exercise its best judgment as a fiduciary to vote in the manner that will most enhance shareholder value.

Case-by-case determinations will be made by the Adviser. Electronic records will be kept of all votes made.

------

**Notes**

------

---

| | |
|:---|:---|
| **American Century Investments**<br>americancentury.com | |
| Retail Investors<br>P.O. Box 419200<br>Kansas City, Missouri 64141-6200<br>1-800-345-2021 or 816-531-5575 | Financial Professionals<br>P.O. Box 419385<br>Kansas City, Missouri 64141-6385<br>1-800-345-6488 |

---

Investment Company Act File No. 811-08532

CL-SAI-91812 2512

------

AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS, INC.

PART C. OTHER INFORMATION

Item 28. Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Incorporation of Twentieth Century Strategic Asset Allocations, Inc., dated March 31, 1994](https://www.sec.gov/Archives/edgar/data/924211/0000924211-95-000002.txt)</u> (filed electronically as Exhibit 1a to Pre-Effective Amendment No. 3 to the Registration Statement of the Registrant on December 1, 1995, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of Twentieth Century Strategic Asset Allocations, Inc., dated November 28, 1995](https://www.sec.gov/Archives/edgar/data/924211/0000924211-95-000002.txt)</u> (filed electronically as Exhibit 1b to Pre-Effective Amendment No. 3 to the Registration Statement of the Registrant on December 1, 1995, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of Twentieth Century Strategic Asset Allocations, Inc., dated December 26, 1995](https://www.sec.gov/Archives/edgar/data/924211/0000924211-96-000001.txt)</u> (filed electronically as Exhibit 1c to Pre-Effective Amendment No. 4 to the Registration Statement of the Registrant on February 5, 1996, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of Twentieth Century Strategic Asset Allocations, Inc., dated January 29, 1996](https://www.sec.gov/Archives/edgar/data/924211/0000924211-96-000001.txt)</u> (filed electronically as Exhibit 1d to Pre-Effective Amendment No. 4 to the Registration Statement of the Registrant on February 5, 1996, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of Twentieth Century Strategic Asset Allocations, Inc., dated January 29, 1996](https://www.sec.gov/Archives/edgar/data/924211/0000924211-96-000001.txt)</u> (filed electronically as Exhibit 1e to Pre-Effective Amendment No. 4 to the Registration Statement of the Registrant on February 5, 1996, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of Twentieth Century Strategic Asset Allocations, Inc., dated September 9, 1996](https://www.sec.gov/Archives/edgar/data/924211/0000924211-99-000001.txt)</u> (filed electronically as an Exhibit to Post-Effective Amendment No. 4 to the Registration Statement of the Registrant on January 5, 1999, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of Twentieth Century Strategic Asset Allocations, Inc., dated December 2, 1996](https://www.sec.gov/Archives/edgar/data/924211/0000924211-97-000006.txt)</u> (filed electronically as Exhibit 1f to Post-Effective Amendment No. 2 to the Registration Statement of the Registrant on March 27, 1997, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated December 2, 1996](https://www.sec.gov/Archives/edgar/data/924211/0000924211-97-000006.txt)</u> (filed electronically as Exhibit 1g to Post-Effective Amendment No. 2 to the Registration Statement of the Registrant on March 27, 1997, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated February 16, 1999](https://www.sec.gov/Archives/edgar/data/924211/0000924211-99-000007.txt)</u> (filed electronically as an Exhibit to Post-Effective Amendment No. 6 to the Registration Statement of the Registrant on March 30, 1999, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated August 2, 1999](https://www.sec.gov/Archives/edgar/data/924211/000100547700002754/0001005477-00-002754.txt)</u>, (filed electronically as an Exhibit to Post-Effective Amendment No. 7 to the Registration Statement of the Registrant on March 31, 2000, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated May 22, 2000](https://www.sec.gov/Archives/edgar/data/924211/000092421120000066/acsaa2020ex99a11articl.htm)</u> (filed electronically as Exhibit a11 to Post-Effective Amendment No. 59 to the Registration Statement of the Registrant on November 25, 2020, File No. 33-79482, and incorporated herein by reference).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated May 5, 2001](https://www.sec.gov/Archives/edgar/data/924211/000092421101500005/exa12-pea13.htm)</u> (filed electronically as Exhibit a12 to Post-Effective Amendment No. 13 to the Registration Statement of the Registrant on April 20, 2001, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated August 14, 2003](https://www.sec.gov/Archives/edgar/data/924211/000092421103000016/ex-a13.htm)</u> (filed electronically as Exhibit a13 to Post-Effective Amendment No. 17 to the Registration Statement of the Registrant on August 28, 2003, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated February 24, 2004](https://www.sec.gov/Archives/edgar/data/924211/000092421104000006/ex-articlessupp.htm)</u>, (filed electronically as Exhibit a13 to Post-Effective Amendment No. 18 to the Registration Statement of the Registrant on March 29, 2004, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated July 20, 2004](https://www.sec.gov/Archives/edgar/data/924211/000092421104000013/ex-articlessupplementary.htm)</u> (filed electronically as Exhibit a15 to Post-Effective Amendment No. 19 to the Registration Statement of the Registrant on July 30, 2004, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated August 18, 2004](https://www.sec.gov/Archives/edgar/data/924211/000092421104000021/ex-articlessupp.htm)</u> (filed electronically as Exhibit a16 to Post-Effective Amendment No. 20 to the Registration Statement of the Registrant on September 29, 2004, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated January 13, 2005](https://www.sec.gov/Archives/edgar/data/924211/000092421105000003/ex-articlessupp.htm)</u> (filed electronically as Exhibit a17 to Post-Effective Amendment No. 21 to the Registration Statement of the Registrant on January 28, 2005, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Certificate of Correction of American Century Strategic Asset Allocations, Inc., dated March 28, 2005](https://www.sec.gov/Archives/edgar/data/924211/000092421106000020/ex-certofcorrection.htm)</u> (filed electronically as Exhibit a18 to Post-Effective Amendment No. 23 to the Registration Statement of the Registrant on March 30, 2006, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated June 7, 2005](https://www.sec.gov/Archives/edgar/data/924211/000092421106000020/ex-articlessuppjune2005.htm)</u> (filed electronically as Exhibit a19 to Post-Effective Amendment No. 23 to the Registration Statement of the Registrant on March 30, 2006, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated December 13, 2005](https://www.sec.gov/Archives/edgar/data/924211/000092421106000020/ex-articlessuppdec2005.htm)</u> (filed electronically as Exhibit a20 to Post-Effective Amendment No. 23 to the Registration Statement of the Registrant on March 30, 2006, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Certificate of Correction of American Century Strategic Asset Allocations, Inc., dated August 21, 2007](https://www.sec.gov/Archives/edgar/data/924211/000092421109000016/ex-certofcorrection.htm)</u> (filed electronically as Exhibit a21 to Post-Effective Amendment No. 26 to the Registration Statement of the Registrant on March 30, 2009, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc., dated November 27, 2007](https://www.sec.gov/Archives/edgar/data/924211/000092421108000021/ex-articlesamend.htm)</u> (filed electronically as Exhibit a21 to Post-Effective No. 25 to the Registration Statement of the Registrant on March 28, 2008, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated November 27, 2007](https://www.sec.gov/Archives/edgar/data/924211/000092421108000021/ex-articlessupp.htm)</u> (filed electronically as Exhibit a22 to Post-Effective No. 25 to the Registration Statement of the Registrant on March 28, 2008, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles Supplementary of American Century Strategic Asset Allocations, Inc., dated April 1, 2009](https://www.sec.gov/Archives/edgar/data/924211/000092421110000008/articlessupp.htm)</u> (filed electronically as Exhibit a24 to Post-Effective Amendment No. 27 to the Registration Statement of the Registrant on February 22, 2010, File No. 33-79482, and incorporated herein by reference).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc. dated July 18, 2011](https://www.sec.gov/Archives/edgar/data/924211/000143774911007921/ex99a25.htm)</u> (filed electronically as Exhibit a25 to Post-Effective Amendment No. 31 to the Registration Statement of the Registrant on November 1, 2011, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc., dated May 3, 2013](https://www.sec.gov/Archives/edgar/data/924211/000143774913009282/ex99-a26.htm)</u> (filed electronically as Exhibit a26 to Post-Effective Amendment No. 38 to the Registration Statement of the Registrant on July 25, 2013, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc., dated June 18, 2014](https://www.sec.gov/Archives/edgar/data/924211/000092421114000059/ex99a27.htm)</u> (filed electronically as Exhibit a27 to Post-Effective Amendment No. 42 to the Registration Statement of the Registrant on September 3, 2014, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc., dated December 2, 2015](https://www.sec.gov/Archives/edgar/data/924211/000092421116000071/acsaa2016ex99a28articlesof.htm)</u> (filed electronically as Exhibit a28 to Post-Effective Amendment No. 47 to the Registration Statement of the Registrant on March 29, 2016, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc., dated March 14, 2017](https://www.sec.gov/Archives/edgar/data/924211/000092421117000042/acsaa41017ex99a29articleso.htm)</u> (filed electronically as Exhibit a29 to Post-Effective Amendment No. 50 to the Registration Statement of the Registrant on April 7, 2017, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Articles of Amendment of American Century Strategic Asset Allocations, Inc., dated July 16, 2021](https://www.sec.gov/Archives/edgar/data/924211/000092421121000032/acsaa2021ex99a30articlesam.htm)</u>(filed electronically as Exhibit a30 to Post-Effective Amendment No. 60 to the Registration Statement of the Registrant on November 23, 2021, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated By-Laws, dated June 26, 201](https://www.sec.gov/Archives/edgar/data/924211/000092421119000032/acsaa2019ex99bbylaws.htm)</u>9 (filed electronically as Exhibit b to Post-Effective Amendment No. 57 to the Registration Statement of the Registrant on November 26, 2019, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Registrant hereby incorporates by reference, as though set forth fully herein, <u>[Article Fifth, Article Seventh, and Article Eighth of Registrant's Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/924211/0000924211-95-000002.txt)</u>, appearing as Exhibit (a)(1) herein and <u>[Sections 3-11 of Registrant's Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/924211/000092421119000032/acsaa2019ex99bbylaws.htm)</u>, appearing as Exhibit b hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Management Agreement with American Century Investment Management, Inc., effective as of July 16, 2010](https://www.sec.gov/Archives/edgar/data/924211/000143774911001867/ex99d.htm)</u> (filed electronically as Exhibit d to Post-Effective Amendment No. 29 to the Registration Statement of the Registrant on March 30, 2011, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 1 to the Management Agreement with American Century Investment Management, Inc., effective July 26, 2013](https://www.sec.gov/Archives/edgar/data/924211/000143774913009282/ex99-d2.htm)</u> (filed electronically as Exhibit d2 to Post-Effective Amendment No. 38 to the Registration Statement of the Registrant on July 25, 2013, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 2 to the Management Agreement with American Century Investment Management, Inc., effective August 1, 2014](https://www.sec.gov/Archives/edgar/data/924211/000092421115000010/acsaa2015ex99d3amno2tomana.htm)</u> (filed electronically as Exhibit d3 to Post-Effective Amendment No. 45 to the Registration Statement of the Registrant on March 30, 2015, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment No. 3 to the Management Agreement with American Century Investment Management, Inc., effective April 10, 2017](https://www.sec.gov/Archives/edgar/data/924211/000092421117000042/acsaa41017ex99d4amno3tomgm.htm)</u> (filed electronically as Exhibit d4 to Post-Effective Amendment No. 50 to the Registration Statement of the Registrant on April 7, 2017, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment No. 4 to the Management Agreement with Americ](https://www.sec.gov/Archives/edgar/data/924211/000092421122000023/acsaamgmtagtamendmentno4to.htm)[an Century Investment Management, Inc., effective November](https://www.sec.gov/Archives/edgar/data/924211/000092421122000023/acsaamgmtagtamendmentno4to.htm)[25, 2022](https://www.sec.gov/Archives/edgar/data/924211/000092421122000023/acsaamgmtagtamendmentno4to.htm)</u> (filed electronically as Exhibit d5 to Post-Effective Amendment No. 61 to the Registration Statement of the Registrant on November 28, 2022, File No. 33-79482, and incorporated herein by reference).

------

&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated Distribution Agreement with American Century Investment Services, Inc., effective as of April 10, 2017](https://www.sec.gov/Archives/edgar/data/924211/000092421117000042/acsaa41017ex99e1distributi.htm)</u> (filed electronically as Exhibit e1 to Post-Effective Amendment No. 50 to the Registration Statement of the Registrant on April 7, 2017, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Form of Dealer/Agency Agreement](https://www.sec.gov/Archives/edgar/data/746458/000074645822000027/acmt2022ex99e2formofdealer.htm)</u> (filed electronically as Exhibit e2 to Post-Effective Amendment No. 87 to the Registration Statement of American Century Municipal Trust on September 28, 2022, File No. 002-91229, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Master Custodian Agreement with State Street Bank and Trust Company, made as of July 29, 2011](https://www.sec.gov/Archives/edgar/data/773674/000143774911005153/ex99g2.htm)</u> (filed electronically as Exhibit g2 to Post-Effective Amendment No. 61 to the Registration Statement of American Century Government Income Trust on July 29, 2011, File No. 2-99222, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement with State Street Bank and Trust Company, made as of May 21, 2015](https://www.sec.gov/Archives/edgar/data/757928/000075792816000043/actmt2016ex99g3amendtomast.htm)</u> (filed electronically as Exhibit g3 to Post-Effective Amendment No. 57 to the Registration Statement of American Century Target Maturities Trust on January 28, 2016, File No. 002-94608, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement with State Street Bank and Trust Company, made as of January 9, 2018](https://www.sec.gov/Archives/edgar/data/1710607/000171060718000009/acetft1818ex99g3amtocustod.htm)</u> (filed electronically as Exhibit g3 to Pre-Effective Amendment No. 2 to the Registration Statement of American Century ETF Trust on January 8, 2018, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of May 12, 2021](https://www.sec.gov/Archives/edgar/data/1710607/000171060721000062/acetft62921ex99g4amendment.htm)</u> (filed electronically as Exhibit g4 to Post-Effective Amendment No. 62 to the Registration Statement of American Century ETF Trust on June 28, 2021, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of September 10, 2021](https://www.sec.gov/Archives/edgar/data/1710607/000171060721000114/acetft91521ex99g5amtocusto.htm)</u> (filed electronically as Exhibit g5 to Post-Effective Amendment No. 64 to the Registration Statement of American Century ETF Trust on September 15, 2021, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of January 1, 2022](https://www.sec.gov/Archives/edgar/data/1710607/000171060721000239/acetft2022ex99g6amcustodia.htm)</u> (filed electronically as Exhibit g6 to Post-Effective Amendment No. 69 to the Registration Statement of American Century ETF Trust on December 29, 2021, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of March 8, 2022](https://www.sec.gov/Archives/edgar/data/1710607/000171060722000072/acetft3822ex99g7amcustodia.htm)</u> (filed electronically as Exhibit g7 to Post-Effective Amendment No. 70 to the Registration Statement of American Century ETF Trust on March 7, 2022, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of June 21, 2022](https://www.sec.gov/Archives/edgar/data/1710607/000171060722000130/acetft62122ex99g8custodian.htm)</u> (filed electronically as Exhibit g8 to Post-Effective Amendment No. 72 to the Registration Statement of American Century ETF Trust on June 17, 2022, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of September 21, 2022](https://www.sec.gov/Archives/edgar/data/1710607/000171060722000233/acetft92122ex99g9mastercus.htm)</u> (filed electronically as Exhibit g9 to Post-Effective Amendment No. 74 to the Registration Statement of American Century ETF Trust on September 20, 2022, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of March 14, 2023](https://www.sec.gov/Archives/edgar/data/1710607/000171060723000022/acetft31423ex99g10amendcus.htm)</u> (filed electronically as Exhibit g10 to Post-Effective Amendment No. 78 to the Registration Statement of American Century ETF Trust on March 13, 2023, File No. 333-221045, and incorporated herein by reference).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of May 1, 2023](https://www.sec.gov/Archives/edgar/data/814680/000081468023000043/acvp2023ex99g11amendedcust.htm)</u> (filed electronically as Exhibit g11 to Post-Effective Amendment No. 83 to the Registration Statement of American Century Variable Portfolios, Inc. on April 14, 2023, File No. 33-014567, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) &nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of June 20, 2023](https://www.sec.gov/Archives/edgar/data/1710607/000171060723000132/acetft62023ex99g11amtocust.htm)</u> (filed electronically as Exhibit g11 to Post-Effective Amendment No. 81 to the Registration Statement of American Century ETF Trust on June 21, 2023, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective as of November 7, 2023](https://www.sec.gov/Archives/edgar/data/1710607/000171060723000289/acetft11723ex99g12amtocust.htm)</u> (filed electronically as Exhibit g12 to Post-Effective Amendment No. 85 to the Registration Statement of American Century ETF Trust on November 6, 2023, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective June 20, 2024](https://www.sec.gov/Archives/edgar/data/1710607/000171060724000097/acetft62024ex99g13amtocust.htm)</u> (filed electronically as Exhibit g13 to Post-Effective Amendment No. 88 to the Registration Statement of American Century ETF Trust on June 18, 2024, File No. 333-221045, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective March 25, 2025](https://www.sec.gov/Archives/edgar/data/872825/000087282525000033/acwmf2025ex99m15amtocustod.htm)</u> (filed electronically as Exhibit g15 to Post-Effective Amendment No. 90 to the Registration Statement of American Century World Mutual Funds, Inc. on March 28, 2025, File No. 33-39242, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Amendment to Master Custodian Agreement, effective December 1, 2025](https://www.sec.gov/Archives/edgar/data/1293210/000129321025000158/acaap2025ex99g16amtocustod.htm)</u> (filed electronically as Exhibit g16 to Post-Effective Amendment No.60 to the Registration Statement of American Century Asset Allocation Portfolios, Inc. on November 25, 2025, File No. 333-116351, and incorporated herein by reference).

(h)(1)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated Transfer Agency Agreement with American Century Services, LLC, dated August 1, 2007](https://www.sec.gov/Archives/edgar/data/924211/000092421108000021/ex-transferagmt.htm)</u> (filed electronically as Exhibit h1 to Post-Effective Amendment No. 25 to the Registration Statement of the Registrant on March 28, 2008, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>[Rule 12d1-4 Fund of Funds Investment Agreement between American Century](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[Strategic Asset Alloca](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[tions, Inc.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[and](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[Black](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[Rock](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[, dated as of](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)[January 19, 2022](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000924211/000092421123000012/ck0000924211-20230731.htm)</u> (filed electronically as Exhibit h2 to Post-Effective Amendment No. 62 to the Registration Statement of the Registrant on November 28, 2023, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Opinion and Consent of Counsel, dated April 7, 2017](https://www.sec.gov/Archives/edgar/data/924211/000092421117000042/acsaa41017ex99iopinion.htm)</u> (filed electronically as Exhibit i to Post-Effective Amendment No. 50 to the Registration Statement of the Registrant on April 7, 2017, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Consent of Deloitte & Touche LLP, independent registered public accounting firm, dated November 25, 2025](acsaa2025ex99jauditorscons.htm)</u>, is included herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated Master Distribution and Individual Shareholder Services Plan (C Class), dated January 1, 2008](https://www.sec.gov/Archives/edgar/data/924211/000092421108000021/ex-distshareservplnccls.htm)</u> (filed electronically as Exhibit m1 to Post-Effective Amendment No. 25 to the Registration Statement of the Registrant on March 28, 2008, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 1 to Amended and Restated Master Distribution and Individual Shareholder Services Plan (C Class), effective as of January 31, 2012](https://www.sec.gov/Archives/edgar/data/924211/000143774912000900/ex99m2.htm)</u> (filed electronically as Exhibit m2 to Post-Effective Amendment No. 32 to the Registration Statement of the Registrant on January 30, 2012, File No. 33-79482, and incorporated herein by reference).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 2 to Amended and Restated Master Distribution and Individual Shareholder Services Plan (C Class) effective as of November 26, 2014](https://www.sec.gov/Archives/edgar/data/924211/000092421114000070/acsaaex99m3.htm)</u> (filed electronically as Exhibit m3 to Post-Effective Amendment No. 43 to the Registration Statement of the Registrant on November 26, 2014, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated Master Distribution and Individual Shareholder Services Plan (A Class), dated January 1, 2008](https://www.sec.gov/Archives/edgar/data/924211/000092421108000021/ex-distshareservplnacls.htm)</u> (filed electronically as Exhibit m2 to Post-Effective Amendment No. 25 to the Registration Statement of the Registrant on March 28, 2008, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 1 to Amended and Restated Master Distribution and Individual Shareholder Services Plan (A Class), effective as of January 31, 2012](https://www.sec.gov/Archives/edgar/data/924211/000143774912000900/ex99m4.htm)</u> (filed electronically as Exhibit m4 to Post-Effective Amendment No. 32 to the Registration Statement of the Registrant on January 30, 2012, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 2 to Amended and Restated Master Distribution and Individual Shareholder Services Plan (A Class) effective as of November 26, 2014](https://www.sec.gov/Archives/edgar/data/924211/000092421114000070/acsaaex99m6.htm)</u> (filed electronically as Exhibit m6 to Post-Effective Amendment No. 43 to the Registration Statement of the Registrant on November 26, 2014, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated Master Distribution and Individual Shareholder Services Plan (R Class), dated January 1, 2008](https://www.sec.gov/Archives/edgar/data/924211/000092421108000021/ex-distshareservplnrcls.htm)</u> (filed electronically as Exhibit m4 to Post-Effective Amendment No. 25 to the Registration Statement of the Registrant on March 28, 2008, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 1 to Amended and Restated Master Distribution and Individual Shareholder Services Plan (R Class), effective as of January 31, 2012](https://www.sec.gov/Archives/edgar/data/924211/000143774912000900/ex99m7.htm)</u> (filed electronically as Exhibit m7 to Post-Effective Amendment No. 32 to the Registration Statement of the Registrant on January 30, 2012, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amendment No. 2 to Amended and Restated Master Distribution and Individual Shareholder Services Plan (R Class) effective as of November 26, 2014](https://www.sec.gov/Archives/edgar/data/924211/000092421114000070/acsaaex99m10.htm)</u> (filed electronically as Exhibit m10 to Post-Effective Amendment No. 43 to the Registration Statement of the Registrant on November 26, 2014, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>[Amended and Restated Multiple Class Plan, effective as of August 1, 2018](https://www.sec.gov/Archives/edgar/data/924211/000092421118000082/acsaa2018ex99nmultipleclas.htm)</u> (filed electronically as Exhibit n to Post-Effective Amendment No. 55 to the Registration Statement of the Registrant on November 28, 2018, File No. 33-79482, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp; Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>[American Century Investments Code of Ethics](https://www.sec.gov/Archives/edgar/data/773674/000077367424000018/acgit2024ex99p1codeofethics.htm)</u> (filed electronically as Exhibit p1 to Post-Effective Amendment No. 91 to the Registration Statement of American Century Government Income Trust on July 29, 2024, File No. 2-99222, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; <u>[Independent Directors' Code of Ethics amended March 9, 2022](https://www.sec.gov/Archives/edgar/data/1353176/000135317622000026/acgf2022ex99p2coe-kcindepe.htm)</u> (filed electronically as Exhibit p2 to Post-Effective Amendment No. 33 to the Registration Statement of American Century Growth Funds, Inc. on November 28, 2022, File No. 333-132114, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>[Power of Attorney, effective September 19, 2025](https://www.sec.gov/Archives/edgar/data/1293210/000129321025000158/acaap2025ex99q1poa.htm)</u> (filed electronically as Exhibit q1 to Post-Effective Amendment No. 60 to the Registration Statement of American Century Asset Allocation Portfolios, Inc. on November 25, 2025, File No. 333-116351, and incorporated herein by reference).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>[Secretary's Certificate, effective September 19, 2025](https://www.sec.gov/Archives/edgar/data/1293210/000129321025000158/acaap2025ex99q2seccert.htm)</u> (filed electronically as Exhibit q2 to Post-Effective Amendment No. 60 to the Registration Statement of American Century Asset Allocation Portfolios, Inc. on November 25, 2025, File No. 333-116351, and incorporated herein by reference).

Item 29. Persons Controlled by or Under Common Control with Registrant

------

Some of the directors of the Registrant serve, in substantially identical capacities, other registered investment companies in the American Century family of funds. In addition, several of the officers of the Registrant serve as officers for other registered investment companies in the American Century family of funds, each of which has American Century Investment Management, Inc. as its investment advisor. Nonetheless, the Registrant takes the position that it is not under common control with other American Century investment companies because the power residing in the respective boards and officers arises as a result of an official position with the respective investment companies.

Item 30. Indemnification.

The Registrant is a Maryland corporation. Section 2-418 of the Maryland General Corporation Law allows a Maryland corporation to indemnify its officers, directors, employees and agents to the extent provided in such statute.

Article Ninth of the Registrant's Articles of Incorporation requires the indemnification of the Registrant's directors and officers to the extent permitted by Section 2-418 of the Maryland General Corporation Law, the Investment Company Act of 1940 and all other applicable laws.

The Registrant has purchased an insurance policy insuring its officers and directors against certain liabilities that such officers and directors may incur while acting in such capacities and providing reimbursement to the Registrant for sums which it may be permitted or required to pay to its officers and directors by way of indemnification against such liabilities, subject in either case to clauses respecting deductibility and participation.

Item 31. Business and Other Connections of Investment Advisor

In addition to serving as the Registrant's advisor, American Century Investment Management, Inc. (ACIM) provides portfolio management services for other investment companies as well as for other business and institutional clients. Except as listed below, none of the directors or officers of the advisor are or have been engaged in any business, profession, vocation or employment of a substantial nature, other than on behalf of the advisors and their affiliates, within the last two fiscal years.

Anthony Arnerich (Vice President) Served as Co-Founder and Managing Director, 3x5 Partners, LLC, 2540 NE Martin Luther King Jr. Boulevard, Portland, Oregon 97212. 2011-2023

Joseph Biller (Vice President) Served as Managing Director, 3x5 Partners, LLC, 2540 NE Martin Luther King Jr. Boulevard, Portland, Oregon 97212. 2019-2023

Nicholas Walrod (Vice President) Served as Co-Founder and Managing Director, 3x5 Partners, LLC, 2540 NE Martin Luther King Jr. Boulevard, Portland, Oregon 97212. 2011-2023

Paul Norris (Vice President) Served as Managing Director and Head of Structured Products, Conning Asset Management, 250 Park Avenue, 15<sup>th</sup> Floor, New York, New York 10177. 2017-2023

Muting Ren (Vice President) Served as Senior Vice President, AllianceBernstein, 1345 Avenue of the Americas, New York, New York, 10105. 2017-2023

Stephen Bartolini (Vice President) Served as Portfolio Manager and Co-head of the Global Interest Rate and Currency strategy team, T. Rowe Price, 100 East Pratt Street, Baltimore, Maryland 21202. 2010-2024

Abe Riazati (Vice President) Served as Head of Investment Risk, American Equity Investment Life Insurance Company, 6000 Westown Parkway, West Des Moines, Iowa 50266. 2021-2024

&nbsp;&nbsp;&nbsp;&nbsp;The principal address for ACIM is 4500 Main Street, Kansas City, MO 64111.

Item 32. Principal Underwriters

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; American Century Investment Services, Inc. (ACIS) acts as principal underwriter for certain series of the following investment companies:

American Century Asset Allocation Portfolios, Inc.

------

American Century California Tax-Free and Municipal Funds

American Century Capital Portfolios, Inc.

American Century ETF Trust

American Century Government Income Trust

American Century Growth Funds, Inc.

American Century International Bond Funds

American Century Investment Trust

American Century Municipal Trust

American Century Mutual Funds, Inc.

American Century Quantitative Equity Funds, Inc.

American Century Strategic Asset Allocations, Inc.

American Century Target Maturities Trust

American Century Variable Portfolios, Inc.

American Century Variable Portfolios II, Inc.

American Century World Mutual Funds, Inc.

ACIS is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority. ACIS is located at 4500 Main Street, Kansas City, Missouri 64111. ACIS is a wholly-owned subsidiary of American Century Companies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following is a list of the directors and officers of ACIS as of November 12, 2025:

---

| | | |
|:---|:---|:---|
| Name and Principal<br><u>Business Address\*</u> | Positions and Offices<br><u>With Underwriter</u> | Positions and Offices<br><u>With Registrant</u> |
| Richard T. Luchinsky | Director and President | none |
| Brian Schappert | Director and Senior Vice President | none |
| Richard Smith | Director and Senior Vice President | none |
| Michael Turner | Director and Vice President | none |
| Phillip McMinnis | Senior Vice President | none |
| John Pak | Senior Vice President and General Counsel | Senior Vice President and General Counsel |
| Erik Schneberger | Senior Vice President | none |
| Greg Barner | Chief Privacy Officer | none |
| Carrie Caruthers | Senior AML Officer | none |
| Ward D. Stauffer | Secretary | Secretary |
| Otis H. Cowan | Assistant Secretary | Assistant Vice President and Assistant Secretary |
| Robert Allen | Vice President | none |
| Ryan Ander | Vice President | none |
| Matthew Auer | Vice President | none |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal<br><u>Business Address\*</u> | Positions and Offices<br><u>With Underwriter</u> | Positions and Offices<br><u>With Registrant</u> |
| Stacey L. Belford | Vice President | none |
| Stacy Bernstein | Vice President | none |
| Andrew M. Billingsley | Vice President | none |
| Don Bonder | Vice President | none |
| Scott Boughton | Vice President | none |
| Bruce W. Caldwell | Vice President | none |
| Donell Chisolm | Vice President | none |
| Andrew Clark | Vice President | none |
| Robin Clooney | Vice President | none |
| Shawn Connor | Vice President | none |
| Jeffrey Cornell | Vice President | none |
| Todd Crews | Vice President | none |
| Eric Crum | Vice President | none |
| Nicolas D'Alessandro | Vice President | none |
| Jesse Daniels | Vice President | none |
| Terry Daugherty | Vice President | none |
| Mario Davila | Vice President | none |
| Mark Davis | Vice President | none |
| Jennifer Debrosky | Vice President | none |
| Ivan Del Rio | Vice President | none |
| Linda Demiraj | Vice President | none |
| Ellen DeNicola | Vice President | none |
| Glenn Dial | Vice President | none |
| David P. Donovan | Vice President | none |
| Gabriel Dorman | Vice President | none |
| Ryan C. Dreier | Vice President | none |
| John Dudgeon | Vice President | none |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal<br><u>Business Address\*</u> | Positions and Offices<br><u>With Underwriter</u> | Positions and Offices<br><u>With Registrant</u> |
| Courtney Dunne | Vice President | none |
| Megan Ekleberry | Vice President | none |
| Kevin G. Eknaian | Vice President | none |
| Sean Ensminger | Vice President | none |
| Gregg Erdman | Vice President | none |
| Christopher Evans | Vice President | none |
| Michael C. Galkoski | Vice President | none |
| Caroline Gaynor | Vice President | none |
| Glenn Godin | Vice President | none |
| Wendy Goodyear | Vice President | none |
| Vadim Gorin | Vice President | none |
| Timothy R. Guay | Vice President | none |
| Brett Hall | Vice President | none |
| Brett G. Hart | Vice President | none |
| Glenn Harvey | Vice President | none |
| Marcela Holder | Vice President | none |
| Tom Horning | Vice President | none |
| Robert O. Houston | Vice President | none |
| Geoff Hunter | Vice President | none |
| Amanda Jacobi | Vice President | none |
| Leigh Jedeikin | Vice President | none |
| Alexander Jenkins | Vice President | none |
| Angela Johnson | Vice President | none |
| Wylie Kain | Vice President | none |
| Robert J. Karas | Vice President | none |
| Delia Kiely | Vice President | none |
| Matthew S. Kives | Vice President | none |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal<br><u>Business Address\*</u> | Positions and Offices<br><u>With Underwriter</u> | Positions and Offices<br><u>With Registrant</u> |
| Gary P. Kostuke | Vice President | none |
| Joshua Kurtz | Vice President | none |
| Kyle Langan | Vice President | none |
| Dennis Logan | Vice President | none |
| Daniel Lohman | Vice President | none |
| Chris Marra | Vice President | none |
| Evan Mayhew | Vice President | none |
| Brandon McKinzie | Vice President | none |
| Tod McMichael | Vice President | none |
| John McNamara | Vice President | none |
| Ariella Menegon | Vice President | none |
| Marek Michejda | Vice President | none |
| Sam Mielnik | Vice President | none |
| Erin Molle | Vice President | none |
| Susan M. Morris | Vice President | none |
| Jennifer Mulrooney | Vice President | none |
| Brian Munn | Vice President | none |
| Michael Nelligan | Vice President | none |
| Krisha Newham | Vice President | none |
| John Nicholson | Vice President | none |
| Joseph Norton | Vice President | none |
| John E. O'Connor | Vice President | none |
| Edward Panko | Vice President | none |
| David Perkins | Vice President | none |
| Olivian Pitis | Vice President | none |
| Nathaniel Proctor | Vice President | none |
| Conor Quinn | Vice President | none |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal<br><u>Business Address\*</u> | Positions and Offices<br><u>With Underwriter</u> | Positions and Offices<br><u>With Registrant</u> |
| Blake Reardon | Vice President | none |
| Cheryl Redline | Vice President and Treasurer | none |
| Daniel K. Richardson | Vice President | none |
| Joseph Riggio Jr. | Vice President | none |
| Gerald M. Rossi | Vice President | none |
| Adam Scheve | Vice President | none |
| Brian Schweisberger | Vice President | none |
| Matthew Sennet | Vice President | none |
| Uri Shanske | Vice President | none |
| Arthur Sharplin | Vice President | none |
| Amy D. Shelton | Vice President and Chief Compliance Officer | Vice President and Chief Compliance Officer |
| Nicholas Sherrill | Vice President | none |
| Steven Silverman | Vice President | none |
| Christian Stanza | Vice President | none |
| Michael T. Sullivan | Vice President | none |
| Michael Swank | Vice President | none |
| Charlie Sweeney | Vice President | none |
| Michael Swezy | Vice President | none |
| Spenser Sydow | Vice President | none |
| Jason Taylor | Vice President | none |
| Noah Tenenhaus | Vice President | none |
| Jeromey Thornton | Vice President | none |
| David Tondreault | Vice President | none |
| Greg Torretti | Vice President | none |
| Joseph Virion | Vice President | none |
| Todd Williams | Vice President | none |
| Justin Yost | Vice President | none |

---

------

---

| | | |
|:---|:---|:---|
| Name and Principal<br><u>Business Address\*</u> | Positions and Offices<br><u>With Underwriter</u> | Positions and Offices<br><u>With Registrant</u> |
| John Brereton Young | Vice President | none |
| John Zimmerman | Vice President | none |

---

\* All addresses are 4500 Main Street, Kansas City, Missouri 64111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

Item 33. Location of Accounts and Records. – Not Applicable.

Item 34. Management Services – Not Applicable.

Item 35. Undertakings – Not Applicable.

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement amendment pursuant to Rule 485(b) promulgated under the Securities Act of 1933, as amended, and has duly caused this Registration Statement amendment to be signed on its behalf by the undersigned, duly authorized, in the City of Kansas City, State of Missouri on the 26th day of November, 2025.

---

| |
|:---|
| **AMERICAN CENTURY STRATEGIC ASSET**<br>**ALLOCATIONS, INC.** (Registrant) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:<br>**\***<br>**___________________________________**<br>Patrick Bannigan<br>President |

---

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement amendment has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>SIGNATURES</u>**  | **<u>TITLE</u>**  | **<u>DATE</u>**  |
| **\***<br>**_________________________________**<br>Patrick Bannigan | President (principal executive officer) | November 26, 2025 |
| **\***<br>**_________________________________**<br>R. Wes Campbell | Chief Financial Officer and Treasurer (principal financial officer and principal accounting officer) | November 26, 2025 |
| **\***<br>**_________________________________**<br>Jonathan S. Thomas | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Brian Bulatao | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Thomas W. Bunn | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Chris H. Cheesman | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Barry Fink | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Rajesh K. Gupta | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Lynn M. Jenkins | Director | November 26, 2025 |
| **\***<br>**_________________________________**<br>Jan M. Lewis | Director and Board Chair | November 26, 2025 |
| **\***<br>**_________________________________**<br>Gary C. Meltzer | Director | November 26, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*By:<br><u>/s/ Ravtej Grewal</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ravtej Grewal<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney in Fact<br>(pursuant to Power of Attorney<br>effective September 19, 2025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*By:<br><u>/s/ Ravtej Grewal</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ravtej Grewal<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney in Fact<br>(pursuant to Power of Attorney<br>effective September 19, 2025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*By:<br><u>/s/ Ravtej Grewal</u> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ravtej Grewal<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attorney in Fact<br>(pursuant to Power of Attorney<br>effective September 19, 2025) |

---

------

EXHIBIT INDEX

---

| | |
|:---|:---|
| EXHIBIT<br>NUMBER | DESCRIPTION OF DOCUMENT |
| EXHIBIT (j) | <u>[Consent of Deloitte & Touche LLP, independent registered public accounting firm, dated November 25, 2025](acsaa2025ex99jauditorscons.htm)</u> |
| EXHIBIT – 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| EXHIBIT – 101.SCH | XBRL Taxonomy Extension Schema Document |
| EXHIBIT – 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| EXHIBIT – 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| EXHIBIT – 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |

---

## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 033-79482 on Form N-1A of our reports dated September 16, 2025 relating to the financial statements and financial highlights of Strategic Allocation: Conservative Fund, Strategic Allocation: Moderate Fund, and Strategic Allocation: Aggressive Fund, each a series of American Century Strategic Asset Allocations, Inc., appearing in the Annual Reports on Form N-CSR of American Century Strategic Asset Allocations , Inc. for the year ended July 31, 2025, and to the references to us under the headings "Financial Highlights" in each of the Prospectuses and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, which are part of such Registration Statement.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

November 25, 2025

<br>