Summary Prospectus      April 1, 2013
 
American Century Investments ®
Strategic Allocation: Aggressive Fund
 
Investor Class: TWSAX
Institutional Class: AAAIX
A Class: ACVAX
B Class: ALLBX (closed)
C Class: ASTAX
R Class: AAARX
 

 
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 April 1, 2013 (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 November 30, 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 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 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 22 of the fund’s prospectus and Sales Charges in Appendix B of the statement of additional information. The fund's B Class shares are not available for purchase, except through exchanges and dividend reinvestments.
 
Shareholder Fees (fees paid directly from your investment)
 
Investor
Institutional
A
B
C
R
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price)
None
None
5.75%
None
None
None
Maximum Deferred Sales Charge (Load)
(as a percentage of the original offering
price for B Class shares or the lower of the
original offering price or redemption
proceeds for C Class shares)
None
None
None
5.00%
1.00%
None
Maximum Annual Account Maintenance Fee
(waived if eligible investments total at least $10,000)
$25
None
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
B
C
R
Management Fee
1.20%
1.00%
1.20%
1.20%
1.20%
1.20%
Distribution and Service (12b-1) Fees
None
None
0.25%
1.00%
1.00%
0.50%
Other Expenses
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Total Annual Fund Operating Expenses
1.21%
1.01%
1.46%
2.21%
2.21%
1.71%
 
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 (unless otherwise indicated), 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
$124
$385
$666
$1,465
Institutional Class
$103
$322
$559
$1,236
A Class
$715
$1,011
$1,327
$2,220
B Class
$625
$992
$1,286
$2,352
B Class (if shares not redeemed)
$225
$692
$1,186
$2,352
C Class
$225
$692
$1,186
$2,540
R Class
$174
$540
$929
$2,017
 
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 80% 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. 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 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
(Stocks)
Fixed-Income or
Debt Securities (Bonds)
Cash Equivalents
(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 (high-yield) securities.
 
Responsibility for research, stock selection and portfolio construction for specified 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 managers’ skill in determining the fund’s asset class allocations and in selecting and weighting investments within each class. The managers’ evaluations and assumptions regarding asset classes and investments may differ from actual market conditions.
   
•
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.
   
•
Interest Rate Risk — Generally, when interest rates rise, the value of the fund’s fixed-income securities will decline. The opposite is true when interest rates decline.
   
•
Credit Risk — The value of the fund’s fixed-income securities will be affected adversely by the inability or perceived inability of the issuers of these securities to make interest and principal payments as they become due. To the extent that Strategic Allocation: Aggressive invests in below investment-grade (high-yield) securities, the fund takes on additional credit risk.
   
•
Prepayment 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.
 
 
 
 

•
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.
   
•
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.
   
•
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.
 
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 2003): 13.62%

Lowest Performance Quarter
(4Q 2008): -17.75%
 
 
Average Annual Total Returns
         
For the calendar year ended December 31, 2012
1 year
5 years
10 years
Since
Inception
Inception
Date
Investor Class Return Before Taxes
15.02%
1.66%
8.14%
—
02/15/1996
   Return After Taxes on Distributions
14.16%
1.33%
7.32%
—
02/15/1996
   Return After Taxes on Distributions and Sale of Fund Shares
10.89%
1.38%
6.93%
—
02/15/1996
Institutional Class Return Before Taxes
15.09%
1.86%
8.35%
—
08/01/2000
A Class 1 Return Before Taxes
8.14%
0.22%
7.22%
—
10/02/1996
B Class Return Before Taxes
9.93%
0.46%
—
5.38%
09/30/2004
C Class Return Before Taxes
13.81%
0.66%
7.09%
—
11/27/2001
R Class Return Before Taxes
14.30%
1.13%
—
5.26%
03/31/2005
S&P 500 ® Index
   (reflects no deductions for fees, expenses or taxes)
16.00%
1.66%
7.10%
—
—
Barclays U.S. Aggregate Bond Index
   (reflects no deductions for fees, expenses or taxes)
4.21%
5.95%
5.18%
—
—
Barclays U.S. 1-3 Month Treasury Bill Index
   (reflects no deductions for fees, expenses or taxes)
0.08%
0.44%
1.69%
—
—
 
1
Prior to December 3, 2007, 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.

 
 
 
 
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
 
Enrique Chang , Chief Investment Officer and Executive Vice President, has been a member of the team that manages the fund since 2009.
 
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 2009.
 
Richard Weiss ,   Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages the fund since 2010.
 
Scott Wilson , CFA, Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2006.
 
Radu Gabudean , Vice President and Portfolio Manager, has been a member of the team that manages the fund since 2013.
 
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). 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-77285   1304
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