Investment Objective
The fund seeks the highest total return consistent with its asset mix.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. 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, as well as variations in charges that may apply to purchases of $1 million or more, is available from your financial professional and in
Calculation of Sales Charges
on page 58 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)
|
|
Investor
|
|
Institutional
|
|
A
|
|
C
|
|
R
|
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price)
|
None
|
|
None
|
|
5.75%
|
|
None
|
|
None
|
Maximum Deferred Sales Charge (Load)
(as a percentage of the lower of the original
offering price or redemption proceeds when redeemed within one year of purchase)
|
None
|
|
None
|
|
None
|
|
1.00%
|
|
None
|
Maximum Annual Account Maintenance Fee
(waived if eligible investments total at least $10,000)
|
$25
|
|
None
|
|
None
|
|
None
|
|
None
|
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Investor
|
|
Institutional
|
|
A
|
|
C
|
|
R
|
Management Fee
|
None
|
|
None
|
|
None
|
|
None
|
|
None
|
Distribution and Service (12b-1) Fees
|
None
|
|
None
|
|
0.25%
|
|
1.00%
|
|
0.50%
|
Other Expenses
|
0.20%
|
|
0.00%
|
|
0.20%
|
|
0.20%
|
|
0.20%
|
Administrative Fee
|
0.20%
|
|
None
|
|
0.20%
|
|
0.20%
|
|
0.20%
|
Other
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
Acquired Fund Fees and Expenses
|
0.81%
|
|
0.81%
|
|
0.81%
|
|
0.81%
|
|
0.81%
|
Total Annual Fund Operating Expenses
|
1.01%
|
|
0.81%
|
|
1.26%
|
|
2.01%
|
|
1.51%
|
Example
The example below is intended to help you compare the costs of investing in the fund with the costs of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that you earn a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
1 year
|
3 years
|
5 years
|
10 years
|
Investor Class
|
$103
|
$322
|
$559
|
$1,236
|
Institutional Class
|
$83
|
$259
|
$450
|
$1,002
|
A Class
|
$696
|
$952
|
$1,228
|
$2,010
|
C Class
|
$204
|
$632
|
$1,084
|
$2,334
|
R Class
|
$154
|
$478
|
$824
|
$1,800
|
Portfolio Turnover
Because the fund buys and sells shares of other American Century mutual funds (the underlying funds) directly from the issuers, the fund is not expected to incur transaction costs directly. However, as a shareholder in the underlying funds, the fund indirectly pays transaction costs, such as commissions, when the underlying funds buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 44% of the average value of its portfolio.
Principal Investment Strategies
LIVE
STRONG
2055 Portfolio is a “fund of funds,” meaning that it seeks to achieve its objective by investing in other American Century mutual funds (the underlying funds) that represent a variety of asset classes and investment styles. The following table shows the fund’s target allocation for the various asset classes and underlying funds as of the date of the prospectus:
Equity Securities (Stock Funds)
|
85.00%
|
|
Fixed-Income Securities (Bond Funds)
|
15.00%
|
NT Core Equity Plus Fund
|
4.50%
|
|
High-Yield Fund
|
1.50%
|
NT Emerging Markets Fund
|
6.50%
|
|
Inflation-Adjusted Bond Fund
|
3.00%
|
NT Equity Growth Fund
|
10.75%
|
|
NT Diversified Bond Fund
|
10.50%
|
NT Growth Fund
|
15.25%
|
|
|
|
NT International Growth Fund
|
9.50%
|
|
Cash Equivalents (Money Market Funds)
|
0.00%
|
NT Large Company Value Fund
|
15.50%
|
|
|
|
NT Mid Cap Value Fund
|
7.50%
|
|
|
|
NT Small Company Fund
|
5.00%
|
|
|
|
NT Vista Fund
|
7.50%
|
|
|
|
Real Estate Fund
|
3.00%
|
|
|
|
The target date in the fund name refers to the approximate year an investor plans to retire and likely would stop making new investments in the fund. The fund assumes a retirement age of 65 and may not be appropriate for an investor who plans to retire at or near the target date, but at an age well before or after 65. As the target year approaches, the fund’s asset mix will become more conservative by decreasing the allocation to stocks and increasing the allocation to bonds and cash. By the time the fund reaches its target year, the asset mix will become fixed and match that of
LIVE
STRONG
Income Portfolio, which is currently 45% stock funds, 45% bond funds and 10% money market funds. The fund is designed for investors who plan to withdraw the value of their account gradually after retirement. The following chart shows how the asset mix is expected to change over time according to a predetermined glide path.
The portfolio managers regularly review the fund’s allocations to determine whether rebalancing is appropriate. Although we do not intend to make frequent tactical adjustments to the target asset mix or trade actively among the underlying funds (other than the glide path adjustments described above), we reserve the right to modify the target allocations and underlying funds from time to time should circumstances warrant a change.
Fund Performance
The fund’s performance history is not available as of the date of this prospectus. When the fund has investment results for a full calendar year, this section will feature charts that show annual total returns, highest and lowest quarterly returns and average annual total returns for the fund. This information indicates the volatility of the fund’s historical returns from year to year.
Performance information is designed to help you see how fund returns can vary. Keep in mind that past performance (before and after taxes) does not predict how the fund will perform in the future.
For current performance information, please visit americancentury.com.
Portfolio Management
Investment Advisor
American Century Investment Management, Inc.
Portfolio Managers
Enrique Chang
, Chief Investment Officer and Executive Vice President, has been a member of the team that manages the fund since 2011.
Scott Wittman
, CFA, Chief Investment Officer – Quantitative Equity and Asset Allocation, Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2011.
Richard Weiss
,
Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2011.
Scott Wilson
, CFA, Portfolio Manager, has been a member of the team that manages the fund since 2011.
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 ($2,000 for Coverdell Education Savings Accounts). 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 all classes except Institutional Class, 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 or certain employer-sponsored retirement plans.
The minimum initial investment amount for Institutional Class is generally $5 million ($3 million for endowments and foundations), but the minimum may be waived if you, or your financial intermediary if you invest through an omnibus account, have an aggregate investment in the American Century family of funds of $10 million or more.
There is a $50 minimum for subsequent purchases, except that there is no subsequent purchase minimum for financial intermediaries or employer-sponsored retirement plans. For purposes of fund minimums, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs.
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.
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. 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.
©2012 American Century Proprietary Holdings, Inc. All rights reserved.
CL-SUM-76185 1212