Summary Prospectus      December 1, 2012 (as revised May 31, 2013)
 
American Century Investments ®
One Choice ℠ 2050 Portfolio
 
 
Investor Class: ARFVX
Institutional Class: ARFSX
A Class: ARFMX
C Class: ARFDX
R Class: ARFWX
 

 
Before you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus and other information about the fund online at the web addresses listed below. You can also get this information at no cost by calling or sending an email request. The fund’s prospectus and other information are also available from financial intermediaries (such as banks and broker-dealers) through which shares of the fund may be purchased or sold.
 
     
 
Retail Investors
americancentury.com/funds/fund_reports.jsp
1-800-345-2021 or 816-531-5575
prospectus@americancentury.com
Financial Professionals
americancentury.com/ipro/funds/fund_reports_mf.jsp
1-800-345-6488
advisor_prospectus@americancentury.com
 
       
 
This summary prospectus incorporates by reference the fund’s prospectus and statement of additional information (SAI), each dated December 1, 2012 (as supplemented at the time you receive this summary prospectus), as well as the Report of Independent Registered Public Accounting Firm and the financial statements included in the fund’s annual report to shareholders, dated July 31, 2012. The fund's SAI and annual report may be obtained, free of charge, in the same manner as the prospectus.
 
 
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
0.21%
 
0.01%
 
0.21%
 
0.21%
 
0.21%
   Administrative Fee
0.20%
 
None
 
0.20%
 
0.20%
 
0.20%
   Other
0.01%
 
0.01%
 
0.01%
 
0.01%
 
0.01%
Acquired Fund Fees and Expenses
0.79%
 
0.79%
 
0.79%
 
0.79%
 
0.79%
Total Annual Fund Operating Expenses
1.00%
 
0.80%
 
1.25%
 
2.00%
 
1.50%
 
 
 
 
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
$102
$319
   $553
$1,225
Institutional Class
  $82
$256
   $445
   $990
A Class
$695
$949
$1,223
$1,999
C Class
$203
$628
$1,079
$2,324
R Class
$153
$475
   $819
$1,789
 
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 12% of the average value of its portfolio.
 
Principal Investment Strategies
 
One Choice 2050 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)
83.35%
 
Fixed-Income Securities (Bond Funds)
16.65%
NT Core Equity Plus Fund
  4.50%
 
High-Yield Fund
  1.65%
NT Emerging Markets Fund
  6.25%
 
Inflation-Adjusted Bond Fund
  3.30%
NT Equity Growth Fund
10.50%
 
NT Diversified Bond Fund
11.70%
NT Growth Fund
15.00%
     
NT International Growth Fund
  9.75%
 
Cash Equivalents (Money Market Funds)
0.00%
NT Large Company Value Fund
15.25%
     
NT Mid Cap Value Fund
  7.25%
     
NT Small Company Fund
  4.75%
     
NT Vista Fund
  7.25%
     
Real Estate Fund
  2.85%
     
 
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 One Choice In Retirement 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.
 
Principal Risks
 
•
“Growth” and “Value” Style Risks – The underlying funds represent a mix of investment styles, each of which has risks associated with it. Growth stocks can be volatile and may lack dividends that can cushion share prices during market declines. Value stocks may continue to be undervalued by the market for long periods of time.
   
•
Small- and Mid-Cap Stock Risks – Stocks of smaller companies may be more volatile than larger-company stocks. Smaller companies may have limited financial resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies, which could lead to higher transaction costs. To the extent an underlying fund invests in these companies, it may take on more risk.
   
•
Interest Rate Risk – Generally, when interest rates rise, the value of an underlying fund’s fixed-income securities will decline. The opposite is true when interest rates decline. Underlying funds with longer weighted average maturities are more sensitive to interest rate changes.
   
•
Credit Risk – The value of an underlying fund’s fixed-income securities will be affected adversely by any erosion in the ability of the issuers of these securities to make interest and principal payments as they become due. Changes in the credit rating of a fixed-income security held by an underlying fund could have a similar effect.
   
•
Foreign Securities Risk – Some of the underlying funds invest in foreign securities, which are generally riskier than U.S. securities. Securities of foreign issuers may be less liquid, more volatile and harder to value than U.S. securities. Fluctuations in currency exchange rates also may affect an underlying fund’s share price. Investing in securities of companies located in emerging market countries is generally riskier than investing in securities of companies located in developed foreign countries.
   
•
Tobacco Exclusion – The underlying funds do not invest in securities issued by companies assigned the Global Industry Classification Standard (GICS) for the tobacco industry. This exclusion may cause an underlying fund to forego profitable investment opportunities.
   
•
Market Risk – The value of the fund’s shares will go up and down based on the performance of the underlying funds in which it invests. The value of the underlying funds’ shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market.
   
•
Principal Loss – 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, including losses near to, at, or after retirement. There is no guarantee that the fund will provide adequate income at or through your retirement.
 
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
 
 
Highest Performance Quarter
(2Q 2009): 15.07%
 
Lowest Performance Quarter
(3Q 2011): -14.04%
 
As of September 30, 2012, the most recent calendar quarter
end, the fund’s Investor Class year-to-date return was 13.61%.
 
 
Average Annual Total Returns
     
For the calendar year ended December 31, 2011
1 year
Since Inception
Inception Date
Investor Class Return Before Taxes
-0.96%
-0.77%
05/30/2008
   Return After Taxes on Distributions
-1.36%
-1.08%
05/30/2008
   Return After Taxes on Distributions and Sale of Fund Shares
-0.43%
-0.78%
05/30/2008
Institutional Class Return Before Taxes
-0.77%
-0.54%
05/30/2008
A Class 1 Return Before Taxes
-6.89%
-2.63%
05/30/2008
C Class 2   Return Before Taxes
-1.94%
-1.75%
03/01/2010
R Class Return Before Taxes
-1.45%
-1.23%
05/30/2008
Russell 3000 ® Index
   (reflects no deduction for fees, expenses or taxes)
 1.03%
-0.55%
05/30/2008
Barclays U.S. Aggregate Bond Index
   (reflects no deduction for fees, expenses or taxes)
 7.84%
 6.79%
05/30/2008
 
1
Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge.  Performance prior to that date has been restated to reflect this charge.
 
2
Historical performance for C Class prior to its inception is based on the performance of Investor Class shares. C Class performance has been adjusted to reflect differences in sales charges, if applicable, and expenses between classes.
 
The after-tax returns are shown only for Investor Class shares. After-tax returns for other share classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or IRAs.
 
 
 
 
 
Portfolio Management
 
Investment Advisor
 
American Century Investment Management, Inc.
 
Portfolio Managers
 
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 One Choice Target Date Portfolios since 2009.
 
Richard Weiss, Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages the One Choice Target Date Portfolios since 2010.
 
Radu Gabudean, Vice President and Portfolio Manager, has been a member of the team that manages the One Choice Target Date Portfolios since 2013.
 
Scott Wilson , CFA, Vice President and Portfolio Manager, has been a member of the team that manages the One Choice Target Date Portfolios 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 ($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.
 

 
 
©2013 American Century Proprietary Holdings, Inc. All rights reserved.
 
CL-SUM-78767    1305
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