SECOND QUARTER 2021 One Choice ® Target Risk Portfolios

Quarterly Commentary

One Choice Target Risk Portfolios advanced for the quarter ended June 30, 2021, amid Portfolio Management Team buoyant equity markets and gains for bonds. Start Date Market Environment for the Quarter Name Industry Company Rich Weiss 1984 2010 Economic recovery remained uneven. Global equity markets advanced but faced a number of Radu Gabudean, PHD 2001 2013 headwinds as investors questioned the strength of the global economic recovery. Elevated Scott Wilson, CFA 1992 1992 COVID-19 rates and vaccine rollout delays posed challenges, especially for emerging Vidya Rajappa, CFA 1994 2018 markets. U.S. stocks outperformed non-U.S. equities, and large-cap equities outperformed mid- and small-cap stocks. Growth led value in all capitalization ranges aside from small cap. John Donner 2012 2012 Non-U.S. bonds trailed U.S. bonds, and investment-grade corporates outperformed high-yield securities. Neutral Asset Mix Short-Term U.S. stocks led all regions. U.S. equities continued to rally amid generally positive economic Stocks Bonds Investments and earnings news, expanding vaccine availability and easing COVID-19 restrictions. ® Economic data remained mixed, with strong manufacturing orders contrasting with lower One Choice retail spending and residential home sales and sharply higher inflation. Non-U.S. developed Portfolio: Very 25.00% 62.00% 13.00% markets stocks rose as progress on vaccine distribution raised hopes for an end to the Conservative pandemic and an economic rebound. Emerging markets stocks underperformed developed One Choice ® markets equities. Portfolio: 45.00% 49.00% 6.00% Conservative Global bonds rose despite higher inflation. Global bonds recovered after posting largely One Choice ® negative first-quarter returns. Longer-maturity U.S. Treasury yields declined, and the yield Portfolio: 64.00% 32.00% 4.00% curve flattened as commodity prices retreated from recent highs. The Federal Reserve held Moderate interest rates and its bond buying program steady but signaled it may raise rates in 2023. One Choice ® Eurozone bond yields rose on expectations of less accommodative monetary policy, while Portfolio: 79.00% 20.00% 1.00% yields in the U.K. and Japan edged lower. Aggressive One Choice ® Key Contributors Portfolio: Very 100.00% 0.00% 0.00% Aggressive U.S. equities drove absolute returns. All equity segments advanced, but U.S. stocks, particularly large-cap growth and blend allocations, outperformed non-U.S., value and small- Allocations are as of the most recent prospectus and are and mid-cap stocks and drove absolute performance. An overweight position relative to the subject to change. benchmark in U.S. stocks over non-U.S. developed and emerging markets stocks was beneficial in portfolios with non-U.S. equity exposure.

All fixed-income components contributed. All fixed-income allocations advanced and contributed to absolute performance. High-quality and inflation-linked bonds were main contributors in all portfolios that held them. High-yield bonds contributed notably in One Choice Portfolio: Aggressive. The bond segments also benefited from positive manager selection results. One Choice ® Target Risk Portfolios

Key Detractors

Tactical positioning weighed on results. An underweight to U.S. large-cap equities and subsequent overweight to small-cap stocks was detrimental as large caps outperformed. In addition, an underweight to U.S. growth equities, funded by an overweight in U.S. value equities, weighed on returns.

Manager selection largely negative. Manager selection results hurt performance in most portfolios due to stock selection results in the equity segments, particularly in U.S. mid-cap and large-cap value stocks. In contrast, manager selection contributed to results in One Choice Portfolio: Very Conservative due to strong security selection among bonds, which represent a larger portion of the portfolio.

Positioning for the Future

Economic recovery underway but expect volatility. The global economy is healthy and corporate profits are rebounding, but market risks remain. Volatility could spike if investors’ assumptions about inflation, interest rates and corporate earnings disappoint. And while the U.S. is leading the recovery in developed markets as easing coronavirus restrictions unleash pent-up consumer demand, the outlook for emerging markets is improving as vaccination rates climb. Therefore, we remain neutral in our stock allocations relative to bonds and cash.

Favoring value and small-cap stocks. Economically sensitive value stocks look appealing relative to growth stocks. We believe the economic recovery that’s driving the rotation from growth to value still has plenty of room to run. We also favor small-cap stocks based on several favorable conditions, including stronger U.S. growth relative to non-U.S. economies, low interest rates, tight corporate bond spreads, rising commodity prices and relatively attractive valuations.

Stay the course. Our outlook for emerging markets sovereign debt and U.S. securitized bonds is positive. We’re more selective around U.S. credit, U.S. government debt and European debt. We continue to believe in the efficacy and desirability of broad portfolio diversification by asset class and geography. One Choice ® Target Risk Portfolios

Data presented reflects past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. To obtain performance data current to the most recent month end, please visit www.americancentury.com/performance. Investment return and share value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains. Returns for periods less than one year are not annualized. For information about other share classes available, please consult the prospectus. There is no guarantee that the investment objectives will be met. Dividends and yields represent past performance and there is no guarantee that they will continue to be paid. Average Annual Total Returns for Period Ended 6/30/2021 Inception Qtr % 1 Yr % 3 Yr % 5 Yr % 10 Yr % Date Ticker Expense Ratio % One Choice ® Portfolio: Very Conservative 2.95 12.61 7.51 5.87 5.08 9/30/04 AONIX 0.71

One Choice ® Portfolio: Conservative 3.94 18.97 9.50 8.30 6.94 9/30/04 AOCIX 0.81

One Choice ® Portfolio: Moderate 4.98 26.91 11.84 10.98 8.66 9/30/04 AOMIX 0.89

One Choice ® Portfolio: Aggressive 5.73 33.45 13.50 13.02 9.96 9/30/04 AOGIX 0.94

One Choice ® Portfolio: Very Aggressive 6.62 41.20 15.21 15.23 11.30 9/30/04 AOVIX 1.05 Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future. Performance and expenses reflect Investor Class shares. Expense ratio is as of the fund's current prospectus.

You should consider the fund’s investment objectives, risks, and charges and expenses carefully before you invest. The fund’s 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. The opinions expressed are those of the portfolio investment team and are no guarantee of the future performance of any American Century Investments portfolio. Statements regarding specific holdings represent personal views and compensation has not been received in connection with such views. This information is for an educational purpose only and is not intended to serve as investment advice. 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. The performance of the portfolios is dependent on the performance of their underlying American Century funds and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. Based on the composition, the fund selected may be subject to interest rate risk, small-and mid-cap stock risks, and international investing risks.

IN-FLY-92070 American Century Investments Services, Inc., Distributor ©2021 American Century Proprietary Holdings, Inc. All rights reserved. Non-FDIC Insured ● May Lose Value ● No Bank Guarantee Commentary Glossary

Adjustable-Rate Mortgages (ARMs): Mortgages in which the interest rate Debt Service: The amount of money required within a given period to is adjusted periodically according to a specific index. keep current on required/scheduled repayments of outstanding debt, including interest and principal. Agency Securities (Agencies): Debt securities issued by U.S. government agencies. Deflation: A decline in prices for goods, assets and services.

Agency MBS: Mortgage-backed securities issued by U.S. government Derivatives: Securities whose performance and/or structure is derived agencies. from the performance and/or structure of other assets, interest rates or indexes. Alternative Minimum Tax (AMT): A parallel tax system that was created to keep high income individuals from avoiding taxes through various Duration: A measure of the price sensitivity of a fixed income investment deductions and exemptions. to changes in interest rates. The longer the duration, expressed in years, the more a fixed income investment’s price will change when interest Asset-Backed Securities (ABS): A form of securitized debt backed by rates change. loan assets such as auto loans, student loans, and credit card debt. Emerging Markets (EM) Debt: Debt issued by countries whose Basis Points: Used to express percentage values that are carried out to economies are considered to be developing or emerging from two decimal places. One basis point equals 0.01%. underdevelopment. Breakeven Rate: Yield difference between nominal Treasury notes and Excess Return: The return of an investment portfolio minus the return of TIPS; indicates the market’s expectations for inflation. what is considered to be a relatively risk-free asset, such as a U.S. Carry-Oriented Currencies: Higher-yielding currencies of countries where Treasury bill. interest rates are generally higher than those of countries with lower- Exchange-Traded Fund (ETF): Represents a group of securities but is yielding currencies. These higher-yielding currencies are targeted for traded on an exchange like an individual stock. “carry trades,” where investors borrow money in a low-interest rate currency and invest in a higher yielding currency, potentially profiting from Federal Funds Rate: An overnight interest rate banks charge each other the difference in interest rates. for loans.

Collateralized Loan Obligations (CLOs): A form of securitized debt, Federal Open Market Committee (FOMC): The committee that sets typically backed by pools of corporate loans and their payments. interest rate and credit policies for the Federal Reserve System, the U.S. central bank. Collateralized Mortgage Obligations (CMOs): A form of structured, securitized debt derived from mortgage-backed securities, typically Federal Reserve (Fed): The U.S. central bank, responsible for monetary backed by pools of residential mortgages and their payments. policies affecting the U.S. financial system and the economy.

Commercial Mortgage-Backed Securities (CMBS): Securities Fundamental Factors: Economic or financial data used in determining representing ownership in pools of commercial real estate loans used to asset value. finance the construction and improvement of income-producing Futures Contracts (Futures): Agreements to buy or sell a specific amount properties such as hotels, shopping centers, and office buildings. of a commodity or financial instrument at a particular price on a Commercial Paper: Short-term debt issued by corporations to raise cash stipulated future date. and to cover current expenses in anticipation of future revenues. General Obligation (GO) Bonds: Municipal bonds that are secured by the Commodity: Basic raw materials such as precious metals and natural full faith and credit of the issuer, including its taxing power. resources. Gross Domestic Product (GDP): A measure of the total economic output Consumer Price Index (CPI): Published by the U.S. government, CPI is the in goods and services for an economy. most commonly used statistic to measure inflation in the U.S. economy. Government-Sponsored Enterprises (GSEs): Privately owned Contribution to Duration (CTD): A measure of bond portfolio risk that corporations created by Congress to provide funding and help to reduce reflects a bond sector’s contribution to the overall duration of the the cost of capital for certain borrowing sectors of the economy such as portfolio. homeowners, students and farmers.

Corporate Debt: Debt instruments issued by private corporations. Headline Risk: Refers to the risk that a negative news media headline about one security issuer, incident or sector could affect the demand for Covered Bonds: Debt securities backed by cash flows from pools of and pricing of a much wider swath of securities. mortgages or public sector loans. The asset pools help secure or “cover” these bonds if the originating financial institution becomes insolvent. Hedge: An investment designed to reduce the risk of an adverse price move in another investment. Often a hedge consists of taking an Coupon Interest Rate: The interest rate that is assigned to an interest- offsetting position in a related investment, such as a futures contract. paying fixed income security when it is issued. High-Yield (HY) Debt: Fixed income securities with lower credit quality Credit Analysis: An analysis of the financial strength of the issuer of a and lower credit ratings. High-yield securities are rated below BBB-. security, and the ability of that issuer to provide timely payment of interest and principal. Hybrid Adjustable-Rate Mortgages (ARMs): Combine the characteristics of fixed-rate and adjustable-rate mortgages, with rates remaining fixed for Credit Quality: Measures (usually in terms of high or low) the ability of a set period of time and then adjusting periodically according to a issuers of debt securities to make timely interest and principal payments. specific index.

Credit Risk: The risk that the inability of the issuers of debt securities to Inflation: An economic condition of rising prices for goods, services and make payments will cause these securities to decline in value. assets, or equivalently, a declining value of money. Core inflation Currency Overlay: A financial trading strategy used to separate the excludes food and energy prices, which tend to be volatile. It is the management of currency risk from other portfolio strategies. A currency opposite of Deflation. overlay manager can seek to hedge the risk from adverse movements in Inflation-Indexed Securities: Debt securities that offer returns adjusted exchange rates, and/or attempt to profit from tactical currency views. for inflation. Typically, the principal of inflation-indexed securities is indexed to a widely used inflation measure and adjusted accordingly. Interest payments can be adjusted as well. Interest Rate Risk: The risk that a fixed income investment’s value will (to return what was borrowed) at a lower price, a profit results. If the price change due to changes in interest rates. rises, the borrower/seller suffers a loss.

Investment-Grade (IG) Debt: Fixed income securities with relatively high Sovereign Debt: A country's government-issued debt, priced in its native credit quality and credit ratings in the upper ranges of those provided by currency, which can be sold to investors in other countries. credit rating services. Using Standard & Poor’s ratings as the benchmark, investment-grade securities are those rated BBB- or higher. Spreads, Maturity Spreads, Credit Spreads: Measured differences between two interest rates or yields that are being compared with each Leverage: The use of financial instruments and/or borrowed capital to other. Spreads typically are measured between fixed income securities of increase potential returns or to increase purchasing power. the same credit quality, but different maturities (maturity spreads), or of the same maturity, but different credit quality (credit spreads). Long Position: Typical ownership of an asset or investment that gives the owner the right to transfer ownership, the right to any income generated Spread Sectors: Non-Treasury debt sectors with securities that usually by the asset, and the right to any profits or losses due to value changes. trade at higher yields than comparable-maturity U.S. Treasury securities. These sectors typically trade at higher yields than Treasuries because Long/Short Position: A “market neutral” investing strategy that involves they usually have relatively higher credit risk and/or more risk of taking long positions in assets that are expected to increase in value and prepayment. short positions in assets that are expected to decrease in value. Spread Widening, Tightening: Changes in spreads that reflect changes in Master Limited Partnerships (MLPs): Publicly traded, generally higher- relative value, with spread widening usually indicating relative price yielding securities of enterprises that engage in certain businesses, depreciation and spread tightening indicating relative price appreciation. usually pertaining to the use of natural resources. Swaps: Two-party contracts entered into primarily by institutional Municipal Securities: Debt securities typically issued by or on behalf of investors for periods ranging from a few weeks to more than one year. In U.S. state and local governments, their agencies or authorities to raise a standard “swap” transaction, two parties agree to exchange the returns money for a variety of public purposes, including financing for state and (or differentials in rates of return) earned or realized on particular local governments as well as financing for specific projects and public predetermined investments or instruments. facilities. Treasury Inflation-Protected Securities (TIPS): Inflation-linked debt Nominal Yield: The interest rate to par value that the bond issuer securities issued by the U.S. Treasury. promises to pay bond purchasers. Technical Factors: Market price behavior, trends, volume, and Non-Agency Mortgage-Backed Securities (MBS): MBS are groups of momentum data used in determining asset value. home mortgages that are sold by the issuing banks and then packaged together into "pools" and sold as a single security. Non-agency MBS are Variable-Rate Demand Notes (VRDNs): Short-term debt securities that issued by private entities, such as financial institutions. track market interest rates using periodic (daily, weekly, monthly, or quarterly) interest rate adjustments. Mortgage-Backed Securities (MBS): A form of securitized debt that represents ownership in pools of mortgage loans and their payments. Weighted Average Life to Maturity: The average time in years to receive the principal repayments. Personal Consumption Expenditures (PCE): This price deflator which comes from the Bureau of Economic Analysis' quarterly report on U.S. Yield: A rate of return for bonds and other fixed-income securities. There gross domestic product is based on a survey of businesses and is are several types of yields and yield calculations. intended to capture the price changes in all final goods, no matter the purchaser. Because of its broader scope and certain differences in the Yield Curve: A line graph showing the yields of fixed income securities from a single sector from a range of different maturities at a single point methodology used to calculate the PCE price index, the Federal Reserve holds the PCE deflator as its preferred, consistent measure of inflation in time. over time. Yield to Maturity: A common performance calculation for fixed income Quantitative Easing (QE): A form of monetary policy used by central securities, which takes into account total annual interest payments, the purchase price, the redemption value, and the amount of time remaining banks to stimulate economic growth by purchasing domestic government securities to increase the domestic money supply, lower interest rates until maturity. and encourage investors to make investments in riskier assets such as Real Yield to Maturity: Yield to maturity minus any "inflation premium" stocks and high-yield securities. that had been added/priced in.

Real Estate Investment Trusts (REITs): Securities that trade like stocks Zero-Coupon Securities: Debt securities that are sold at a deep discount and invest in real estate through properties or mortgages. then redeemed for their full face value at maturity. Real Yield: A yield that has been adjusted to remove the effects of inflation.

Revenue Bonds: Municipal bonds that are secured by the net revenues from the project or facility being financed.

S&P 500 Index: The S&P 500® Index is composed of 500 selected common stocks most of which are listed on the New York Stock Exchange. It is not an investment product available for purchase.

Secondary Market: A market where investors make purchases from other investors, rather than from the initial issuers.

Securitized Debt: Debt resulting from aggregating debt instruments into a pool of similar debts, then issuing new securities backed by the pool. ABS, MBS, and CMOs are common forms of securitized debt.

Short Position: Refers to the sale of an asset borrowed, not owned, by the seller in anticipation of a price decline. If the seller can buy the asset later

Sources: American Century Investments, Barclays Indices.

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