Tax SolutionsSmart strategies for boosting your income potential

1

Understand the Impact of Taxes on Your IncomeRegardless of how much you earn, taxes take a big bite out of your purchasing power. And, with budget shortfalls plaguing all levels of government, potential policy changes could leave you with an even larger tax burden.

Consider the Benefits of Municipal BondsMunicipal bonds offer the unique benefit of generating income that’s free from federal taxes and, in some cases, free from state and local taxes. In addition, municipal bonds may help diversify a stock-heavy portfolio and have a history of low relative volatility.*

Navigate the Municipal Bond Market with Mutual FundsThe Credit Crisis fundamentally changed municipal bond investing. Now more than ever, you should consider taking advantage of the insight and expertise offered by a professionally managed mutual fund.

Choose a Leader for Smart Tax SolutionsAmerican Century Investments has been managing bond funds since 1972 and has developed a rigorous approach to managing tax-free bond portfolios. Spanning maturities and risk levels, our municipal bond funds can be part of a tax-smart solution that’s right for you.

Keeping more of what you earn is a no-nonsense financial strategy that’s aimed directly at your bottom line. One of the best ways to accomplish this is by more effectively managing your tax burden. American Century Investments® can help with municipal bond funds that seek to generate tax-free income and preserve capital. Learn more about how our funds can be part of a four-step plan to developing a smart tax solution for your portfolio.

Seek Income and Fight Taxes with Municipal Bond Funds

*Based on a comparison of the S&P 500 Index and the Bloomberg Barclays Municipal Bond Index for the 10-year period ended 12/31/2018.

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Taxes immediately strip away the purchasing power of the money you earn. For instance, if you’re paying the highest federal tax rate of 40.8%1, you’re bringing home roughly $60 for every $100 you earn. Your take-home pay is even less when you consider state, local and other taxes.

But you don’t have to be in the top tax bracket for taxes to have a big impact on your bottom line. Americans on average spend more on taxes than they do on food and clothing combined2. Moreover, many observers believe there’s a chance your tax burden could grow due to overall government spending at a time when tax rates are near historical lows.

Understand the Impact of Taxes on Your Income

1Source: Internal Revenue Service, as of 2/28/2019. 2Source: Bureau of Labor Statistics, as of 12/31/17, released September 2018.

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Your tax burden could grow due to overall government spending at a time when tax rates are near historical lows.

What does the future hold?

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While your earned income and most of your investment income is taxable, municipal bonds offer the distinct advantage of paying interest that is free from federal taxes. In some cases, municipal bond income also is exempt from state and/or local income taxes. Investing in this market with a municipal bond fund may provide important benefits:

• Tax-free income – The interest earned from municipal bonds has the potential to provide a consistent monthly income stream, and the tax exemption on interest may be beneficial if you’re in a high tax bracket.

• Portfolio diversification – Municipal bond performance has not been highly correlated with the equity market.* This means municipal bond investments may help diversify a stock-heavy portfolio.

• Lower relative volatility – Historically, municipal bonds have been less volatile than stocks.* This gives them the potential to play a role in preserving your wealth over time.

Measure Your Fund’s Tax-Equivalent Yield

At first glance, the value of a municipal bond fund’s yield may appear to be lower than the yield of a comparable taxable bond fund. However, when your tax situation is considered, the municipal bond fund’s yield may turn out to be more attractive. Use our worksheet to determine the fund’s “tax-equivalent yield.” This is the amount you’d have to earn from a taxable fund to match the yield of a tax-free investment.

*Based on a comparison of the S&P 500 Index and the Bloomberg Barclays Municipal Bond Index for the 10-year period ended 12/31/2018.

The hypothetical situation on this page contains assumptions that are intended for illustrative purposes only and are not representative of the performance of any security. There is no assurance similar results can be achieved, and this information should not be relied upon as a specific recommendation to buy or sell securities.

Consider the Benefits of Municipal Bonds

Tax Equivalent

Yield

Tax-Free Municipal Bond Fund Yield

1 - Tax Rate=

Your Portfolio% Your Federal Tax Rate

% Municipal Bond Fund Yield

%Tax-Equivalent

Yield=

Example

37.0% Federal Tax Rate

2.00% Municipal Bond Fund Yield

3.17%Tax-Equivalent

Yield= 2.00%

1 - 37.0%

The example above shows the municipal bond fund’s tax-equivalent yield is 3.17%. This means that you’d have to generate a yield of 3.17% from a taxable fund to match municipal bond fund’s 2.00% yield. The tax-equivalent yield would have been even higher if state, local and other taxes were taken into account.

Use the worksheet below to perform a personalized tax-equivalent yield calculation for your portfolio.

Compare this to the yield of a taxable fund you’re considering

Based on 2019 Federal Tax Code

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The Credit Crisis of 2008 fundamentally changed the municipal bond market. The pool of insured securities has shrunk to approximately 5.6% of newly issued bonds, making it impractical and risky for most investors to build and maintain a portfolio of individual municipal bonds.*

Against this backdrop, you should consider taking advantage of the resources, expertise and risk management of a professionally managed mutual fund from American Century Investments.

• Rigorous credit research – Every security in our portfolios goes through a thorough review by veteran analysts and will undergo intense scrutiny as long as we own it.

• Diversification – Our funds may own several hundred securities across a wide range of issuers and maturities to limit concentration in one area.

• Liquidity – Your bond fund shares can be redeemed on any business day. Selling an individual bond before maturity may take longer and require a bidding process through an intermediary.

• Lower minimum investment – The minimum initial investment for an American Century Investments municipal bond fund is $5,000. The minimum investment for an individual bond may be higher, making the capital requirement for constructing a diversified portfolio of individual bonds prohibitively high for many investors.

Navigate the Municipal Bond Market with Mutual Funds

*Prior to the Credit Crisis, many municipal bonds were backed by insurance that guaranteed the payment of principal and interest if the issuer defaulted. Today, due to industry changes, only a small portion of newly issued bonds are backed by insurance.3Source: Municipal Securities Rulemaking Board, 2019.4Source: Thomson Reuters Municipal Market Monitor.

1,000,000outstanding municipal securities3

approx.

5.6%of new issues are insured4ONLY

The Municipal Bond Market Requires PROFESSIONAL, ACTIVE MANAGEMENT

50,000+ Municipal Bond Issuers

How Do You Choose?3

5

American Century Investments has been managing fixed income portfolios since 1972. Today we invest more than $38.1 billion* in fixed income assets, which includes our diverse municipal bond product line. Our investment management practices are designed to provide individuals and institutions with a high level of risk-adjusted total return and tax-free income over the long term.

Choose a Leader for Smart Tax Solutions

*As of 12/31/2018.

Data presented reflect past performance of Investor Class shares. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and fund share value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end visit americancentury.com. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains. There is no guarantee the fund will meet its investment objective.

Comprehensive Risk ManagementOur dedicated risk management team focuses on understanding all facets of risk. Ultimately, we don’t want to simply minimize risk. Rather, we want to maximize return for the level of risk we take.

Extensive Credit ResearchResearch is the heart and soul of our municipal bond investment process. Our tenured municipal credit research and analysis team painstakingly assesses each issuer’s ability to make their interest payments and pay par value at maturity.

Aligned with Bond Investors’ Expectations We understand that investors buy municipal bond funds because they appreciate the reassurance that comes from a municipal bond investment like repayment of principal, low correlations with stocks, lower relative volatility and tax-free income. These characteristics are inherent throughout our investment management practices.

36

California High-Yield Municipal California Intermediate-Term Tax-Free

Fund Category California High-Yield Tax-Free California Tax-Free Intermediate

Role in Portfolio • Satellite holding for California residents• For investors with a higher risk tolerance

who are seeking higher federal tax-free income potential.

• Core holding for California residents• For investors seeking monthly income free

of state and federal taxes.

Goal and Strategy Total return and current income that is exempt from federal and California income taxes through high-yield municipal bonds.

Total return and current income that is exempt from federal and California income taxes through investment-grade, intermediate-term municipal bonds.

Distinguishing Characteristics Designed to provide a high level of California state and federal tax-free income.

Seeks to provide monthly California state and federal tax-free income while avoiding alternative minimum tax (AMT) exposure.

Fast Facts as of 12/31/2018 (Investor Class)

Inception Date: 12/30/86Avg Port Mgr Experience: 25 yearsPositive Results: 26 of 32 years

Inception Date: 11/9/83Avg Port Mgr Experience: 25 yearsPositive Results: 30 of 35 years

Average Annual Total Return as of 12/31/2018(Investor Class)

0

2

4

6

8

10

3 Years 5 Years

3.08%

5.54%6.98%

10 YearsExpense Ratio: 0.50%

0

2

4

6

8

10

3 Years 5 Years

1.66%2.76%

3.99%

10 YearsExpense Ratio: 0.47%

Tickers Investor: BCHYXI: BCHIXA: CAYAXC: CAYCX

Investor: BCITXI: BCTIXA: BCIAXC: BCIYX

Risk In addition to the risk noted on page 5, the funds above invest primarily in municipal securities from California. Therefore, their yields and share prices will be affected by political and economic developments within California. Further, the California High-Yield Municipal Fund may invest in lower-rated securities, which are subject to greater default and liquidity risk because they are more sensitive to real or perceived economic changes.

7

This fund guide must be accompanied by the most recent American Century Investor Class Performance Summary.

High-Yield Municipal Intermediate-Term Tax-Free

National High-Yield Tax-Free National Tax-Free Intermediate

• Satellite holding• For investors with a higher risk tolerance

who are seeking higher federal tax-freeincome potential.

• Core holding• For investors seeking monthly

federal tax-free income.

Total return and current income that is exempt from federal income taxes through high-yield municipal bonds.

Total return and current income that is exempt from federal income taxes through investment-grade, intermediate-term municipal bonds.

Designed to provide shareholders with a high level of federal tax-free income.

Seeks monthly federal tax-free income while avoiding alternative minimum tax (AMT) exposure.

Inception Date: 3/31/98Avg Port Mgr Experience: 25 yearsPositive Results: 16 of 20 years

Inception Date: 3/2/87Avg Port Mgr Experience: 25 yearsPositive Results: 26 of 31 years

0

2

4

6

8

10

3 Years 5 Years

3.64%

5.62%

7.31%

10 YearsExpense Ratio: 0.60%

0

2

4

6

8

10

3 Years 5 Years

1.75%2.69%

3.78%

10 YearsExpense Ratio: 0.47%

• Investor: ABHYX• I: AYMIX• A: AYMAX• C: AYMCX

• Investor: TWTIX• I: AXBIX• A: TWWOX• C: TWTCX

Fixed income investment risks may include credit, price and interest rate risk. Investment income may be subject to certain state and local taxes and depending on your individual tax status may be subject to the federal alternative minimum tax. Capital gains are not exempt from state and federal income tax. The High-Yield Municipal Fund may invest in lower-rated securities, which are subject to greater default and liquidity risk because they are more sensitive to real or perceived economic changes.

You should consider the fund’s investment objectives, risks, charges and expenses carefully before you invest. The fund’s prospectus or summary prospectus, which can be obtained by visiting americancentury.com, contains this and other information about the fund, and should be read carefully before investing.

This information is for informational purposes only and is not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.

IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

Investment return and principal value of investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

The two main risks related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments.

There may be less information available on the financial condition of issuers of municipal securities than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds.

Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax (AMT). Capital gains are not exempt from state and federal income tax.

The yield and share price of funds that invest primarily in California municipal securities and securities issued by U. S. territories will be affected by political and economic developments within those states and territories.

There is no guarantee that all of the fund’s income will be exempt from federal or state or local income taxes. The portfolio managers are permitted to invest up to 20% of the fund’s assets in debt securities with interest payments that are subject to federal income tax, California state or local income tax and/or the federal alternative minimum tax.

The High-Yield Municipal and California High-Yield Municipal funds may invest in lower rated securities, which are subject to greater credit risk, default risk and liquidity risk.

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

Tax-Equivalent Yield refers to the pre-tax yield required from a taxable bond in order to equal the tax-free yield of a municipal bond.

The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

The S&P 500® Index is a market value-weighted index of the stocks of 500 publicly traded U.S. companies chosen for market size, liquidity and industry group representation that are considered to be leading firms in dominant industries.

Non-FDIC Insured – May Lose Value – No Bank Guarantee

American Century Investment Services, Inc., Distributor ©2019 American Century Proprietary Holdings, Inc. All rights reserved. P.O. Box 419385 | Kansas City, MO 64141-6385 | americancentury.com

IN-BRO-88556 1904

You should consider the fund’s investment objectives, risks, charges and expenses carefully before you invest. The fund’s prospectus or summary prospectus, which can be obtained by visiting americancentury.com, contains this and other information about the fund, and should be read carefully before investing.

Managing Money, Making An ImpactAmerican Century Investments® is a leading asset manager focused on delivering investment results and building long-term client relationships while supporting research that can improve human health and save lives.

Performance Focus for 60 Years• Founded in 1958 by Jim Stowers Jr., our investment professionals aim to outperform

relevant benchmarks and peer groups using a highly defined, disciplined and repeatableprocess that emphasizes independent thinking.

• We take an active, team-based and risk-adjusted approach to managing equity, fixedincome and alternative investments.

• With a global presence, we help clients around the world achieve their goals.

Pure Play Business Model• Investment management is our sole focus, which empowers us to align our decisions with

client expectations.• No ancillary businesses compete with our clients or dilute our resources to serve them.

Privately Controlled and Independent• Our ownership structure allows us to maintain a long-term view in the best interest of our

clients—we’re not beholden to quarterly earnings pressure.• We take an independent view, guided by our commitment to do the right thing for our

clients. This focus on integrity has earned the trust of our clients for 60 years.

Prosper With Purpose®

• Every day, people focus on making the world a better place for themselves, their familiesand their organizations. You can give back something more valuable than money.

• By investing with us, you also invest in the future of others and potentially impact the livesof millions. That’s possible because of the distinct relationship with our primary owner, theStowers Institute for Medical Research.

• Our dividend payments support the Institute’s work of uncovering the causes, treatmentsand prevention of life-threatening diseases, like cancer. It’s how we and our clientstogether redefine prosperity.

Together we can become a powerful force for good.

Data presented reflects past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and fund share value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visitwww.americancentury.com. Performance reflects Investor Class shares. Data assumes reinvestment of dividends and capital gains. For information about other share classes available, please consult the prospectus.

DUE TO MARKET VOLATILITY, CURRENT PERFORMANCE MAY BE DIFFERENT THAN THE FIGURES SHOWN.

americancentury.com

Investor Class Performance SummaryFor period ended September 30, 2019

Ticker

7-DayCurrent Yield Before Waiver

7-DayCurrent Yield After Waiver

1Year

3Year

5Year

10Year

Since Inception

Fund Inception

Date

Gross Expense

Ratio

Net Expense

Ratio

Taxable Money Market % % % % % % % % %Capital Preservation2,3,4 CPFXX 1.58 1.60 1.86 1.07 0.64 0.33 3.64 10/13/1972 0.48 0.48

Prime Money Market1,3,4 BPRXX 1.58 1.60 1.94 1.22 0.74 0.37 2.41 11/17/1993 0.58 0.58

U.S. Government Money Market2,3,4 TCRXX 1.53 1.54 1.91 1.11 0.67 0.34 2.44 04/01/1993 0.46 0.46

Tax-Free Money Market % % % % % % % % %California Tax-Free Money Market1,3,4,5,6 BCTXX 0.98 0.98 1.07 0.74 0.45 0.23 2.23 11/09/1983 0.50 0.50

Tax-Free Money Market1,3,4,6 BNTXX 1.13 1.13 1.16 0.80 0.49 0.27 2.34 07/31/1984 0.50 0.50

Ticker Qtr 1 Year 3 Year 5 Year 10 YearSince

Inception

Fund Inception

Date

Gross Expense

Ratio

Net Expense

Ratio

Taxable Bond % % % % % % % %Core Plus7,8,9,10,11 ACCNX 2.01 9.06 2.97 3.33 3.90 4.70 11/30/2006 0.65 0.55Diversified Bond3,8 ADFIX 2.22 9.21 2.35 2.90 3.50 4.26 12/02/2001 0.60 0.60Emerging Markets Debt8,10,12 AEDVX 1.59 9.70 4.12 4.76 - 4.53 07/29/2014 0.97 0.97Ginnie Mae3,4,8 BGNMX 1.65 7.94 1.96 2.16 2.81 5.88 09/23/1985 0.55 0.55Global Bond3,8,10 AGBVX 2.05 9.80 3.40 3.65 - 3.53 01/31/2012 0.84 0.84Government Bond4,8 CPTNX 1.88 8.90 1.99 2.44 2.69 6.33 05/16/1980 0.47 0.47High Income* AHIVX 1.20 4.17 5.51 4.56 - 4.05 10/02/2017 0.79 0.79High-Yield3,4,8,11 ABHIX 1.51 5.46 4.76 4.02 6.56 4.86 09/30/1997 0.79 0.79Inflation-Adjusted Bond8,13 ACITX 1.20 6.11 1.70 1.96 2.95 4.64 02/10/1997 0.47 0.47International Bond8,12,14 BEGBX -1.06 4.38 -0.22 0.16 0.28 4.34 01/07/1992 0.81 0.81Short Duration8,10,11 ACSNX 0.54 3.92 2.01 1.83 1.77 2.64 11/30/2006 0.59 0.59Short Duration Inflation Protection Bond3,8,13 APOIX 0.10 3.11 1.44 1.10 2.26 2.85 05/31/2005 0.57 0.57

Short Duration Strategic Income7,8,11,15 ASDVX 0.90 3.94 2.84 2.26 - 2.09 07/28/2014 0.61 0.52Short-Term Government4,8 TWUSX 0.44 3.62 1.17 0.93 0.85 4.48 12/15/1982 0.55 0.55Strategic Income7,8,11,16 ASIEX 1.63 7.23 4.19 3.95 - 3.70 07/28/2014 0.82 0.76Zero Coupon 20208,17 BTTTX 0.41 3.41 0.45 1.85 3.89 7.61 12/29/1989 0.55 0.55Zero Coupon 20258,17 BTTRX 1.87 11.31 1.73 3.84 5.76 7.40 02/15/1996 0.55 0.55Tax-Free Bond % % % % % % % %California High-Yield Municipal3,4,5,6,8,11 BCHYX 2.29 9.17 3.91 5.03 5.67 5.88 12/30/1986 0.50 0.50California Intermediate-Term Tax-Free Bond4,5,6,8 BCITX 1.35 7.12 2.46 2.82 3.52 5.18 11/09/1983 0.47 0.47

High-Yield Municipal4,6,8,11 ABHYX 2.19 8.42 4.35 5.29 5.76 4.93 03/31/1998 0.60 0.60Intermediate-Term Tax-Free Bond3,4,6,8 TWTIX 1.40 7.56 2.69 2.90 3.26 4.75 03/02/1987 0.47 0.47Value % % % % % % % %Capital Value7,18 ACTIX 1.69 2.23 8.70 6.87 10.31 6.43 03/31/1999 1.10 1.00Equity Income19 TWEIX 2.57 9.62 10.20 9.95 11.08 10.62 08/01/1994 0.92 0.92Income & Growth BIGRX 1.40 -1.05 10.07 7.82 11.58 9.88 12/17/1990 0.66 0.66Large Company Value ALVIX 3.06 6.04 9.41 7.35 10.71 6.40 07/30/1999 0.84 0.84Mid Cap Value3,19,20 ACMVX 3.04 2.66 7.97 8.59 12.26 10.05 03/31/2004 0.98 0.98Small Cap Value19 ASVIX 0.99 -1.48 8.84 8.80 10.79 10.85 07/31/1998 1.25 1.25Value TWVLX 0.31 -0.53 6.79 6.28 10.31 9.39 09/01/1993 0.98 0.98Blend % % % % % % % %Equity Growth BEQGX 0.96 1.51 11.90 8.57 12.19 9.50 05/09/1991 0.66 0.66Small Company19 ASQIX -2.22 -12.40 4.73 4.68 10.44 7.71 07/31/1998 0.86 0.86Sustainable Equity7,21,22 AFDIX 2.20 4.76 14.31 10.49 12.88 9.62 07/29/2005 0.84 0.79

*Historical performance for High Income Investor Class prior to inception is based on the performance of the Predecessor Fund. Investor performance has been adjusted to reflect differences in expenses between classes, if applicable.

Ticker Qtr 1 Year 3 Year 5 Year 10 YearSince

Inception

Fund Inception

Date

Gross Expense

Ratio

Net Expense

RatioGrowth % % % % % % % %Adaptive Equity3,23 AMVIX -2.14 -6.70 9.17 8.35 11.36 5.86 11/30/1999 1.15 1.15Adaptive Small Cap19,24 ACMNX -5.29 -15.22 2.04 4.14 9.80 5.98 05/31/2006 1.16 1.16All Cap Growth19 TWGTX 0.64 2.42 13.71 11.35 12.97 11.51 11/25/1983 1.00 1.00Disciplined Growth7,25 ADSIX 0.83 -0.19 13.31 9.77 13.67 9.31 09/30/2005 1.02 1.01Focused Dynamic Growth7,24,26 ACFOX -3.02 -0.39 17.73 12.58 13.21 9.21 05/31/2006 1.02 0.85Growth TWCGX 0.63 3.09 16.02 12.57 13.42 13.35 06/30/1971 0.97 0.97Heritage19 TWHIX -1.05 6.42 12.80 10.16 12.55 11.44 11/10/1987 1.01 1.01Select7,27 TWCIX 1.57 2.97 15.73 12.67 13.57 12.34 06/30/1971 0.99 0.97Small Cap Growth19 ANOIX -5.44 -4.41 14.18 11.25 13.02 8.98 06/01/2001 1.27 1.27Ultra®3 TWCUX -0.18 0.37 16.88 13.12 14.58 11.75 11/02/1981 0.97 0.97Global and Non-U.S. Equity % % % % % % % %Emerging Markets3,10 TWMIX -2.42 1.55 6.58 4.56 4.81 6.22 09/30/1997 1.25 1.25Emerging Markets Small Cap10,19 AECVX -1.93 1.07 5.25 - - 7.66 04/07/2016 1.62 1.62Focused International Growth14 AFCNX 0.59 1.60 9.39 - - 9.44 03/29/2016 1.23 1.23Global Growth10 TWGGX 0.08 8.41 13.38 8.89 10.27 8.61 12/01/1998 1.07 1.07Global Small Cap14,19 AGCVX -2.06 -7.30 12.57 - - 13.97 03/29/2016 1.50 1.50International Core Equity10 ACIMX -3.57 -7.04 3.93 0.78 4.35 1.31 11/30/2006 1.16 1.16International Growth14 TWIEX -1.36 -2.61 6.86 3.58 6.11 7.22 05/09/1991 1.17 1.17International Opportunities3,14 AIOIX -1.95 -8.93 5.63 5.45 8.49 10.55 06/01/2001 1.47 1.47International Value7,14,28 ACEVX -3.68 -8.54 2.65 -1.03 2.82 2.06 04/03/2006 1.31 1.30Asset Allocation % % % % % % % %Balanced TWBIX 1.40 4.68 8.02 6.24 8.57 7.89 10/20/1988 0.91 0.91Multi-Asset Income7,16,29 AMJVX 0.92 3.37 4.63 - - 4.49 12/01/2014 1.17 0.89One Choice® 2020 Portfolio7,30,31 ARBVX 1.13 4.44 5.85 4.90 6.98 5.22 05/30/2008 0.80 0.77One Choice® 2025 Portfolio7,30,31 ARWIX 1.09 4.35 6.27 5.24 7.42 6.41 08/31/2004 0.83 0.79One Choice® 2030 Portfolio7,30,31 ARCVX 1.09 4.16 6.77 5.60 7.88 5.54 05/30/2008 0.86 0.81One Choice® 2035 Portfolio7,30,31 ARYIX 1.06 3.77 7.25 5.95 8.38 6.99 08/31/2004 0.89 0.84One Choice® 2040 Portfolio7,30,31 ARDVX 0.97 3.35 7.76 6.31 8.87 6.12 05/30/2008 0.92 0.86One Choice® 2045 Portfolio7,30,31 AROIX 0.89 3.03 8.23 6.66 9.25 7.48 08/31/2004 0.95 0.89One Choice® 2050 Portfolio7,30,31 ARFVX 0.87 2.89 8.62 6.89 9.46 6.28 05/30/2008 0.98 0.92One Choice® 2055 Portfolio7,30,31 AREVX 0.80 2.66 8.71 6.99 - 8.25 03/31/2011 0.99 0.92One Choice® 2060 Portfolio7,30,31 ARGVX 0.85 2.65 8.82 - - 9.38 09/30/2015 1.00 0.92One Choice® In Retirement Portfolio31 ARTOX 1.10 4.46 5.63 4.68 6.46 5.54 08/31/2004 0.80 0.77One Choice® Portfolio: Aggressive31 AOGIX 0.78 2.53 8.39 6.73 9.09 7.45 09/30/2004 0.97 0.97One Choice® Portfolio: Conservative31 AOCIX 1.02 4.36 5.48 4.79 6.43 5.67 09/30/2004 0.81 0.81One Choice® Portfolio: Moderate31 AOMIX 0.85 3.27 7.08 5.78 7.88 6.71 09/30/2004 0.90 0.90One Choice® Portfolio: Very Aggressive31 AOVIX 0.28 0.60 9.50 7.41 9.99 7.83 09/30/2004 1.04 1.04One Choice® Portfolio: Very Conservative31 AONIX 1.29 5.72 4.08 3.90 4.73 4.57 09/30/2004 0.71 0.71Strategic Allocation: Aggressive7,32,33 TWSAX 0.89 3.01 8.55 6.77 8.90 7.54 02/15/1996 1.16 1.11Strategic Allocation: Conservative32 TWSCX 1.14 4.70 5.45 4.69 6.19 5.86 02/15/1996 1.01 1.01Strategic Allocation: Moderate7,32,34 TWSMX 0.97 3.85 7.18 5.80 7.74 6.97 02/15/1996 1.09 1.04

A One Choice Portfolio's target date is the approximate year when investors plan to retire or start withdrawing their money. The principal value of the investment is not guaranteed at any time, including at the target date. Each target-date portfolio seeks the highest total return consistent with its asset mix. Over time, the asset mix and weightings are adjusted to be more conservative. In general, as the target year approaches, the portfolio's allocation becomes more conservative by decreasing the allocation to stocks and increasing the allocation to bonds and money market instruments.

Specialty/Alternative % % % % % % % %AC Alternatives® Disciplined Long Short35,36 ACDJX -1.85 -3.48 4.34 5.36 - 10.24 10/31/2011 2.39 2.39AC Alternatives® Equity Market Neutral35,36 ALHIX -0.19 -1.75 -0.20 -0.41 1.10 0.90 09/30/2005 3.07 3.07AC Alternatives® Income7,12,37,38 ALNNX 0.16 1.27 3.27 - - 2.47 07/31/2015 1.76 1.65AC Alternatives® Market Neutral Value3,22,36 ACVVX 1.59 -0.72 -0.48 1.09 - 1.88 10/31/2011 3.50 3.50Core Equity Plus36 ACPVX 1.10 -0.77 9.71 7.01 - 11.59 10/31/2011 1.85 1.85Global Gold12,14,39, BGEIX 4.41 43.52 0.47 5.37 -3.00 2.26 08/17/1988 0.67 0.67Global Real Estate3,7,14,39,40,41 ARYVX 5.92 18.42 7.53 7.44 - 7.42 04/29/2011 1.11 1.10Multi-Asset Real Return3,10,23,42 ASIOX 0.61 2.90 5.58 2.17 - 1.57 04/30/2010 0.93 0.93Real Estate12,39,40 REACX 8.95 21.88 7.49 9.96 13.03 10.79 09/21/1995 1.15 1.15Utilities39 BULIX 7.05 14.65 7.81 8.79 10.51 8.20 03/01/1993 0.67 0.67

americancentury.com

1 You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the funminimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation

should not expect that the sponsor will provide financial support to the fund at any time.2 You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will pro vide financial support to the fund at any time.3 Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.4 Fund shares are not guaranteed by the U.S. government.5 Not available for sale in all states.6 Investment income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.7 s for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that

8 Generally, as interest rates rise, the value of the securities held in the fund will decline. The opposite is true when interest rates decline.9 The advisor also agreed to waive an additional 0.10% of the management fee. The advisor expects this fee waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Trustees.10 International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations. Investing in emerging markets may accentuate these risks.11 The lower-rated securities in which the fund invests are subject to greater credit risk, default risk and liquidity risk.12 The fund is classified as non-diversified. Because it is non-diversified, it may hold large positions in a small number of securities. To the extent it maintains such

diversified. 13 The prospectus contains very important information about the characteristics of the underlying security and potential tax implications of owning this fund.14 International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations.15 Returns or yields for the fund would have been lower if .09% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.16 the American Century funds in which

ds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Trustees.17 Although you can potentially earn a dependable return if you hold your shares to maturity, you should be prepared for dramatic price fluctuations which may result in significant gains or losses if sold prior to maturity. With the risks of fluctuating prices and the uncertainty of rates of return and yield inherent in investing, credit risk, and liquidity risk, it is possible to lose money if you sell your shares when their value is less than the price you paid.18 Returns or yields for the fund would have been lower if 0.10% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.19 Historically, small- and/or mid-cap stocks have been more volatile than the stocks of larger, more established companies. Smaller companies may have limited resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than those of larger companies.20 The fund is generally closed to new investors other than those who (i) invest directly with American Century (where American Century is listed as the dealer of record); (ii) invest through certain financial intermediaries selected by American Century; or (iii) otherwise qualify for an expolicy.21 Returns or yields for the fund would have been lower if 0.05% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information.22 The portfolio managers use an approach to stock investing that relies heavily on quantitative tools to identify companies, regardless of size, industry type or geographic location, whose share price patterns suggest their stocks are likely to increase in value. Among the risks associated with the f -

formance may suffer.23 The fund's strategy may result in higher portfolio turnover that could result in increased commission costs, affecting the funliabilities to the shareholder.

Disclosures

prospectus or summary prospectus, which can be obtained at americancentury.com, contains this and other information about the fund, and should be read carefully before investing.Extraordinary performance, when shown, is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.For information about other share classes available, please consult the prospectus. Performance less than one year, when quoted, is not annualized.Expense ratio is as of the fund's current prospectus.The information is not intended as a personalized recommendation or fiduciary advice and should not be relied upon for investment, accounting, legal or tax advice.

americancentury.com

Ticker Qtr 1 Year 3 Year 5 Year 10 YearSince

Inception

Fund Inception

Date

Gross Expense

Ratio

Net Expense

Ratio

Supplemental Information % % % % % % % %High Income Y Class AHIVX 1.14 4.37 5.70 4.74 - 5.85 12/27/2012 0.59 0.59

Inner Circle Fund III (the the performance of Class I shares sso

d depending on the expenses

24 Investment return and principal value will fluctuate, and it is possible to lose money by investing. Because each of these funds may, at times, concentrate its investments in a specific area, during such times they may be subject to greater risks and market fluctuations than when the portfolio represents a broader range of

s, capital gains tax liabilities to the shareholder. 25 Returns or yields for the fund would have been lower if 0.01% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information. 26 Returns or yields for the fund would have been lower if 0.17% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information. 27 Returns or yields for the fund would have been lower if .02% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information. 28 Returns or yields for the fund would have been lower if .01% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information. 29 The advisor has also agreed to waive an additional 0.07% of the management fee, which is expected to continue until July 31, 2020, and cannot be terminated without the approval of the board of directors. 30 Returns or yields for the fund would be lower if a portion of the management fee had not been waived. The advisor expects this waiver to continue until November 30, 2019, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the prospectus report for the most current information. 31 llocation as of the date of the prospectus and each underlying fund's total annual operating expenses. The total expense results from combining the annual fund operating expenses with the estimated underlying fund expenses. Please consult the prospectus for a detailed overview of the expenses and charges. 32 the portfolio and will rebalance the

location Funds and do not represent comparisons with any other investment. 33 Returns or yields for the fund would have been lower if 0.05% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information. 34 Returns or yields for the fund would have be lower if 0.05% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the semiannual or annual report for the most current information. 35 Alternative mutual funds often hold a variety of non-traditional investments, and also often employ more complex trading strategies than traditional mutual funds. Each of these different alternative asset classes and investment strategies have unique risks making them more suitable for investors with an above average tolerance for risk. 36 Fund shown may take short positions. A short position arises when the fund sells stock that it does not own but was borrowed in anticipation that the market price of the stock will decline. If the market price declines, the fund can replace the borrowed stock at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. Conversely, if the price of the stock goes up after the fund borrows the stock, the fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Any loss will be increased by the amount of compensation, interest or

ss on a short sale stems from increases in the value of the stock sold short, the extent of such loss, like the price of the stock sold short, is theoretically unlimited. By c

tion, the fund may not be able to close out a short position at a particular time or price advantageous to the fund and there is some risk the lender of the stock sold short will terminate the loan at an inopportune time. 37 Returns or yields for the fund would have been lower if 0.11% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the semiannual or annual report for the most current information. 38 Alternative mutual funds generally hold a variety of non-traditional investments, and generally employ more complex trading strategies than traditional mutual funds. Specifically, the AC Alternatives Income Fund may invest in, among other securities, lower-rated debt securities; securities backed by other assets (like mortgages or auto loans); companies engaged in the real estate industry; and entities that must invest in energy infrastructure, financial services or real estate to obtain special tax status. The fund may invest in these strategies directly, through short positions (effectively borrowing and then selling a security with a future delivery date in hopes that it will decline in price in the interim), or through other derivatives, such as futures or options.Each of these alternative asset classes and investment strategies has unique risks typically making them more suitable for investors with an above average tolerance for risk or longer investment horizon. Specifically, among other risks, lower-rated debt securities may be subject to greater default and liquidity risk; asset-backed securities may be subject to prepayment, credit and default risk; real estate securities may be subject to changes in economic conditions and interest rates; and special tax entities may be subject to a change in tax status and the risks of concentrating in a particular region or industry.In addition, these investments may be executed through investment strategies with unique risks. One of the risks of investing through short positions includes that the stock price will go up, exposing the short seller to potentially unlimited price risk. One of the risks of investing in derivatives is volatility. Specifically, derivatives investing

price, however, can result in significant volatility in the related derivative investment. In addition, most derivative investments involve a counterparty, which subjects the investment to the credit risk of each counterparty to a derivatives transaction. 39 Due to the limited focus of this fund, it may experience greater volatility than funds with a broader investment strategy. The fund is not intended to serve as a complete investment program by itself. 40 This fund may be subject to many of the same risks as a direct investment in real estate. These risks include changes in economic conditions, interest rates, property values, property tax increases, overbuilding and increased competition, environmental contamination, zoning and natural disasters. This is due to the fact that the value of

ent the fund invests in companies that make loans to real estate companies, the fund also may be subject to interest rate risk and credit risk. 41 Returns or yields for the fund would have been lower if .01% of the management fee had not been waived. The advisor expects this waiver to continue until July 31, 2020, and cannot terminate it prior to such date without the approval of the Board of Directors. Review the annual or semiannual report for the most current information. 42 The value of the fund's shares may fluctuate significantly in the short term. At any given time your shares may be worth less than the price you paid for them. Since inflation-indexed securities trade at prevailing real, or after-inflation, interest rates, changes in these rates affect the value of such securities owned by the fund. Generally, when real interest rates rise, the value of these securities will decline. The opposite is true when real interest rates decline.

American Century Investment Services, Inc., Distributor

©2019 American Century Proprietary Holdings, Inc. All rights reserved.

IN-BRO-95501