AC Alternatives® Long Short Fund


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Expenses and Dividends

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Lipper Rankings

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Fund Liquidating

The American Century Investments Board of Directors has approved the liquidation of the AC Alternatives Long Short Fund on July 30, 2018. Investments in the Fund can be made through the close of business on July 25, 2018.

About the Fund

AC Alternatives® Long Short Fund is designed to tactically navigate global equity markets in pursuit of long-term growth, striving for lower volatility and smaller declines than traditional equities.

Potential Benefits of the Fund

The fund is designed to help investors navigate a variety of market environments by seeking:

  • long-term growth potential
  • lower volatility than traditional equities
  • lower correlation to traditional equity markets

Replacing a portion of an investor's equity position, or strategically allocating a dedicated alternatives position to this fund seeks to provide:

Returns When Stocks Decline

Lower Volatility than Traditional Equities

Pursues More Reliable Returns through Diversification Across Multiple, Experienced Managers

How to Use this Fund

AC Alternatives Long Short seeks to offer a comprehensive approach to equity growth potential and has the goal of reducing volatility across a variety of market environments and may be appropriate as a:

  • Complement to Long Equities: Clients seeking capital appreciation with lower volatility than traditional equities may consider a moderate allocation of their equity portfolio to ALEVX.
  • Alternative Allocation: Clients looking to build a strategy allocation to alternative funds might consider a more aggressive allocation of their alternatives portfolio to ALEVX.
  • Substitute for Single-Manager Long/Short Funds: Clients looking for the attractive risk/reward characteristics of long/short equity, with lower manager risk, might consider ALEVX in place of a single-manager fund.


  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.


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        Cleo Chang

        Cleo Chang

        Senior Vice President and Head of Investment Solutions

        Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

        Returns or yields for the fund would have been lower if .25% of the management fee had not been waived. The advisor expects this waiver to continue until February 28, 2019, 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.

        Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.


        Please see the prospectus for details about sales charges.


        Net expense ratio is the total annual operating expense ratio for the fund, net of any fee waivers or expense reimbursements. Gross expense ratio is the total annual operating expense ratio for the fund, gross of any fee waivers or expense reimbursements. Expense ratios are as of the funds' most current prospectus. This is the actual ratio that investors paid during the fund's most recent fiscal year.

        Fund(s) 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 dividends, and transaction costs the fund must pay to the lender of the borrowed security. In addition, because the fund's loss 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 contrast, a fund's loss on a long position arises from decreases in the value of the stock and therefore is limited by the fact that a stock's value cannot drop below zero. In addition, 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.

        A long position is the opposite of a short position. A long position is the buying of a security such as a stock with the expectation that it rise in value.

        International investing involves special risks, such as political instability and currency fluctuations.

        Investment return and principal value of security 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.

        There is no guarantee that the investment objectives will be met.

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

        Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Thomson Reuters Company, subject to the following: Copyright 2018 © Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

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        For detailed descriptions of indices or investing terms referenced above, refer to our glossary.