ITEM 1. REPORTS TO STOCKHOLDERS.

    

			Annual Report
			October 31, 2020
			Balanced Fund
			Investor Class (TWBIX)
			I Class (ABINX)
			R5 Class (ABGNX)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the fund or your financial intermediary electronically by calling or sending an email request to your appropriate contacts as listed on the back cover of this report.

You may elect to receive all future reports in paper free of charge. You can inform the fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by calling or sending an email request to your appropriate contacts as listed on the back cover of this report. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Average annual returns since inception are presented when ten years of performance history is not available.

The blended index combines monthly returns of two widely known indices in proportion to the asset mix of the fund. The S&P 500 Index represents 60% of the index and the remaining 40% is represented by the Bloomberg Barclays U.S. Aggregate Bond Index.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

Growth of $10,000 Over 10 Years
$10,000 investment made October 31, 2010
Performance for other share classes will vary due to differences in fee structure.

Value on October 31, 2020
			Investor Class — $22,251
			Blended Index — $24,530
			S&P 500 Index — $33,987
			Bloomberg Barclays U.S. Aggregate Bond Index — $14,177

Total Annual Fund Operating Expenses
Investor Class			I Class			R5 Class
0.91%			0.71%			0.71%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.

Portfolio Commentary

 

Equity Portfolio Managers: Steven Rossi and Guan Wang

Guan Wang joined the portfolio management team in August 2020, when Claudia Musat departed.

Fixed-Income Portfolio Managers: Bob Gahagan, Brian Howell and Charles Tan

Performance Summary

Balanced returned 7.54%* for the 12 months ended October 31, 2020. By comparison, the fund’s benchmark (a blended index consisting of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index) returned 8.96%.

Balanced seeks long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. The purpose of the broad bond market exposure is to reduce the volatility of the equity portfolio, providing a more attractive overall risk/return profile for investors. The total fund’s drivers of both absolute and relative returns, however, are typically a function of the equity allocation. Therefore, the performance attribution discussion focuses primarily on the equity segment.

Consumer Discretionary and Information Technology Largest Equity Detractors

The largest detractors from relative performance were the consumer discretionary and information technology sectors. Within consumer discretionary, stock selection within the textiles, apparel and luxury goods industry provided a headwind. An overweight to Ralph Lauren weighed on sector results, as did reduced exposure to NIKE. We have since exited both of these positions. Positioning among specialty retail companies also hurt relative returns. Elsewhere in the sector, an underweight position in internet and direct marketing retail company Amazon was a top detractor from the portfolio’s relative performance. Due to the pandemic, a major shift occurred in consumer behavior. People stopped visiting brick-and-mortar stores and turned to online shopping. Companies with a strong online presence tended to outperform. Amazon was a leading contributor to index returns for the period because of this shift. Our exposure to Amazon was less than the benchmark, which hurt relative results.

Performance within the semiconductors and semiconductor equipment industry hampered relative results within the information technology sector. During the lockdown, chips and processors used in computer and other electronics products were in high demand, lifting the stock price of many companies within the industry. An underweight position in chip and electronic component maker NVIDIA was among the top detractors from performance. Security selection within the technology hardware,storage and peripherals and IT services industries also weighed on results.

Elsewhere, overweight exposure to media company Discovery and reduced exposure to software company Microsoft were also among the leading detractors from relative returns. Microsoft benefited during the period from increased demand for its Teams platform due to the work-from-home trend that emerged due to the pandemic. We have since exited our position in Discovery.

*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.

Energy and Real Estate Led Equity Gains

Reduced exposure to the energy sector was a main contributor to performance compared with the benchmark for the year. The sector underperformed the broader market as slower economic growth and steps to slow the spread of the virus weighed heavily on energy demand. In addition, a pricing disagreement between Russia and Saudi Arabia worked to drive down prices even further. As a result, underweight exposure to the oil, gas and consumable fuels industry was a primary contributor to relative performance within the sector, led by reduced exposure to Exxon Mobil.

An underweight to the real estate sector also benefited relative performance. As lockdowns progressed, tenants in retail spaces began to have problems making their lease payments. Lessened exposure to equity real estate investment trusts helped to boost the portfolio’s relative performance. Underweight exposure to Simon Property Group, which owns malls, helped relative returns, as did avoidance of several other index positions. We have since exited our position in Simon Property Group.

Other top contributors to relative performance for the 12-month period included a lack of exposure to aircraft company Boeing. The company’s stock price was volatile over the period. First, continued issues stemming from the grounding of its 737 MAX aircraft depressed the price early in the period. Next, the company’s order book was hurt by the pandemic as people discontinued business travel and airlines canceled orders for new planes. The company was also confronted with continued scrutiny of its governance practices. Elsewhere, overweights to software companies Adobe and Cadence Design Systems were also among the leading performers. The companies benefited from increased demand for their products and services during the lockdown.

Bond Performance Positive

Bond market performance was strong during the year. In late 2019, the long end of the yield curve steepened, as investors felt optimistic toward economic prospects for 2020. The U.S. Federal Reserve’s (Fed) commitment to continued accommodative monetary policies helped fuel a risk-on environment, where spread products outperformed like-duration Treasuries through the end of the calendar year.

However, a shift occurred early in 2020, as the coronavirus spread across the globe. As equity and credit markets entered free-fall in March, a flight to quality ensued. The Fed, as well as other global central banks and governments, enacted historic monetary and fiscal assistance and quantitative easing programs. These efforts helped to provide liquidity within credit markets and ease investor anxiety brought on by widespread lockdowns and their dampening effects on economic activity. As part of these measures, the Fed cut the target overnight lending rate to near zero. This led to falling interest rates across much of the Treasury curve, boosting returns for Treasuries. In addition, the Fed’s purchase of corporate credit worked to support risk asset prices. Generally, investment-grade corporate debt outperformed like-duration Treasuries over the period. High-yield debt lagged the broader market, due in part to the high concentration of energy issuers within the universe. Energy companies lagged the broader market for much of the year.

Outlook

The U.S. continues to face challenges relating to the coronavirus pandemic. While hope for a vaccine and extensive central bank intervention have helped fuel a recovery in risk assets, uncertainty remains regarding the country’s economic recovery. As a result, we think it’s only prudent to expect some volatility ahead. Of course, volatility in and of itself is not a bad thing—downside volatility, for example, can provide buying opportunities. We will continue to monitor the situation and invest appropriately. We believe that the continued economic and market uncertainty highlights the benefits of a balanced approach involving exposure to both stocks and bonds, which is intended to reduce overall price fluctuations and improve risk-adjusted performance.

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1, 2020 to October 31, 2020.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.