UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-21591 | |||||
AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC. | ||||||
(Exact name of registrant as specified in charter) | ||||||
4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 | ||||||
(Name and address of agent for service) | ||||||
Registrant’s telephone number, including area code: | 816-531-5575 | |||||
Date of fiscal year end: | 07-31 | |||||
Date of reporting period: | 07-31-2018 |
ITEM 1. REPORTS TO STOCKHOLDERS.
Annual Report | |
July 31, 2018 | |
One Choice® Portfolio: Very Conservative | |
Investor Class (AONIX) | |
R Class (AORHX) | |
One Choice® Portfolio: Conservative | |
Investor Class (AOCIX) | |
R Class (AORSX) | |
One Choice® Portfolio: Moderate | |
Investor Class (AOMIX) | |
R Class (AORMX) | |
One Choice® Portfolio: Aggressive | |
Investor Class (AOGIX) | |
R Class (AORYX) | |
One Choice® Portfolio: Very Aggressive | |
Investor Class (AOVIX) | |
R Class (AORVX) |
Table of Contents |
President’s Letter | 2 | |
Performance | 3 | |
Portfolio Commentary | ||
Portfolio Characteristics | ||
Shareholder Fee Examples | ||
Schedules of Investments | ||
Statements of Assets and Liabilities | ||
Statements of Operations | ||
Statements of Changes in Net Assets | ||
Notes to Financial Statements | ||
Financial Highlights | ||
Report of Independent Registered Public Accounting Firm | ||
Management | ||
Approval of Management Agreement | ||
Proxy Voting Results | ||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this annual report for the period ended July 31, 2018. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, please visit our website, americancentury.com.
Despite Heightened Volatility, Stocks Stayed Strong
Broad U.S. and global stock indices rose significantly in the first half of the 12-month period. A favorable backdrop of robust corporate earnings results, improving global economic growth, relatively low interest rates, and growth-oriented U.S. tax reform drove stock prices higher. For the six months ended January 31, 2018, U.S. stocks (S&P 500 Index) returned 15.43%, while global stocks (MSCI ACWI Index) gained 14.29%. U.S. bonds struggled, as interest rates edged higher and the Federal Reserve (the Fed) continued is rate-normalization efforts.
The global stock rally came to an abrupt halt in early February, stifled by the return of market volatility. Better-than-expected U.S. economic data triggered expectations for rising inflation, higher interest rates, and a more-hawkish Fed. In response, U.S. Treasury yields climbed to their highest levels in several years, and stock prices plunged. However, economic data released in subsequent months were more in line with market expectations. Additionally, corporate earnings generally remained strong, and the Fed stayed on track. This news helped calm the market unrest, but rising interest rates, geopolitical tensions, and global trade war fears provided periodic headwinds.
Overall, U.S. and global stocks held onto double-digit gains for the 12-month period, led by growth stocks. Meanwhile, rising U.S. Treasury yields and inflation took a toll on investment-grade bonds, which declined modestly for the 12 months.
With inflationary pressures mounting, Treasury yields rising, volatility resurfacing, and the implications of U.S. tariff and trade policy still unfolding, investors likely will face new opportunities and challenges in the months ahead. We believe this scenario warrants a disciplined, diversified, and risk-aware approach, using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Performance |
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice Portfolio: Very Conservative | ||||||
Investor Class | AONIX | 3.13% | 3.83% | 4.36% | — | 9/30/04 |
R Class | AORHX | 2.61% | — | — | 2.52% | 3/20/15 |
One Choice Portfolio: Conservative | ||||||
Investor Class | AOCIX | 5.43% | 5.50% | 5.74% | — | 9/30/04 |
R Class | AORSX | 4.90% | — | — | 3.67% | 3/20/15 |
One Choice Portfolio: Moderate | ||||||
Investor Class | AOMIX | 7.95% | 7.11% | 6.69% | — | 9/30/04 |
R Class | AORMX | 7.34% | — | — | 5.00% | 3/20/15 |
One Choice Portfolio: Aggressive | ||||||
Investor Class | AOGIX | 9.97% | 8.55% | 7.34% | — | 9/30/04 |
R Class | AORYX | 9.43% | — | — | 6.11% | 3/20/15 |
One Choice Portfolio: Very Aggressive | ||||||
Investor Class | AOVIX | 12.68% | 10.02% | 7.82% | — | 9/30/04 |
R Class | AORVX | 12.13% | — | — | 7.35% | 3/20/15 |
Russell 3000 Index | — | 16.39% | 12.82% | 10.67% | — | — |
Bloomberg Barclays U.S. Aggregate Bond Index | — | -0.80% | 2.25% | 3.73% | — | — |
Average annual returns since inception are presented when ten years of performance history is not available.
The Russell 3000 Index represents approximately 98% of the investable U.S. equity market and provides a broad measure of equity performance. The Bloomberg Barclays U.S. Aggregate Bond Index represents the U.S. investment-grade fixed-rate bond market and provides a broad measure of bond market performance. Performance for these indices is provided for reference only. Neither index is intended to represent the composition of the portfolio, which invests in a mix of equity and fixed-income securities. (See the Schedule of Investments for each portfolio’s asset allocations as of the date of this report.)
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 funds, please consult the prospectus.
3
Growth of $10,000 Over 10 Years of One Choice Portfolio: Very Conservative |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $15,325 | |
Russell 3000 Index — $27,581 | |
Bloomberg Barclays U.S. Aggregate Bond Index — $14,424 | |
Growth of $10,000 Over 10 Years of One Choice Portfolio: Conservative |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $17,487 | |
Russell 3000 Index — $27,581 | |
Bloomberg Barclays U.S. Aggregate Bond Index — $14,424 | |
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 funds, please consult the prospectus.
4
Growth of $10,000 Over 10 Years of One Choice Portfolio: Moderate |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $19,119 | |
Russell 3000 Index — $27,581 | |
Bloomberg Barclays U.S. Aggregate Bond Index — $14,424 | |
Growth of $10,000 Over 10 Years of One Choice Portfolio: Aggressive |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $20,312 | |
Russell 3000 Index — $27,581 | |
Bloomberg Barclays U.S. Aggregate Bond Index — $14,424 | |
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 funds, please consult the prospectus.
5
Growth of $10,000 Over 10 Years of One Choice Portfolio: Very Aggressive |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $21,240 | |
Russell 3000 Index — $27,581 | |
Bloomberg Barclays U.S. Aggregate Bond Index — $14,424 | |
Total Annual Fund Operating Expenses | ||
Investor Class | R Class | |
One Choice Portfolio: Very Conservative | 0.70% | 1.20% |
One Choice Portfolio: Conservative | 0.81% | 1.31% |
One Choice Portfolio: Moderate | 0.90% | 1.40% |
One Choice Portfolio: Aggressive | 0.99% | 1.49% |
One Choice Portfolio: Very Aggressive | 1.05% | 1.55% |
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 funds, please consult the prospectus.
6
Portfolio Commentary |
Portfolio Managers: Rich Weiss, Scott Wilson, Radu Gabudean, David MacEwen, and Vidya Rajappa
During the period, Vidya Rajappa joined the portfolio's management team.
Performance Summary
For the fiscal year ended July 31, 2018, returns of the One Choice® Target Risk Portfolios ranged from 3.13%* for One Choice Portfolio: Very Conservative to 12.68% for One Choice Portfolio: Very Aggressive (see pages 3-6 for more detailed performance information). Returns for the 12-month period were broadly driven by positive U.S. equity market performance. Portfolios with non-U.S. equity exposure (all except Very Conservative) also had positive contributions to return. However, fixed-income performance was mixed and detracted from portfolios with fixed-income exposure (all except Very Aggressive).
Because of the Portfolios’ strategic exposure to a variety of asset classes, a review of the financial markets helps explain much of their performance.
Market Overview
Passage of the U.S. tax reform legislation late in the fourth quarter of 2017 boosted U.S. corporate earnings substantially in the first half of 2018, while U.S. economic activity continued to grow at a healthy pace. Commodity prices, including oil, rebounded during the period, while the U.S. dollar strengthened, weighing on returns of non-U.S. assets. Halfway through the reporting period, financial market volatility picked up as concerns about inflation, tariffs and trade tensions, and the sustainability of economic growth began to weigh on investors’ minds.
With that backdrop, stronger global growth, tax cuts, and record corporate profits helped drive strong equity market gains early in the reporting period, with stocks around the world reaching record highs in early 2018 before worries about interest rates and inflation led to sharp volatility. In the U.S., growth beat value across stocks of all sizes. Developed non-U.S. stocks outperformed emerging markets, but both underperformed U.S. core equities. In terms of sector contribution, information technology and consumer discretionary stocks performed best.
Within fixed-income investments, the U.S. Federal Reserve (the Fed) increased its target rate three times in the 12-month period, from 1.25% to 2.0%. The U.S. 10-year Treasury yield rose and finished just short of 3%. Overall, the yield curve rose and flattened. High-yield, cash, and inflation-linked securities did best, while other segments of the market declined. A stronger U.S. dollar hurt the performance of non-U.S. bonds.
For the year, the S&P 500 Index’s gain of 16.24% surpassed the modest 6.40% return of the MSCI EAFE Index and the 4.36% gain of the MSCI Emerging Markets Index. Among bonds, lower-quality issues continued to outperform higher-grade bonds, as the Bloomberg Barclays U.S. High Yield Index gained 2.60%, while the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80%, and the Bloomberg Barclays Global Aggregate Bond Index returned -0.48%.
*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.
7
Portfolio Performance
Each One Choice Target Risk Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See page 10 for the specific underlying fund allocations for each Portfolio.)
All equity sleeves across the portfolios generated positive returns, with U.S. growth-oriented shares contributing the most to performance. In absolute terms, U.S. small growth, large growth, large core, and mid-cap growth significantly outperformed domestic value stocks. Internationally, small, medium, and large growth stocks also performed best. In contrast, emerging markets and real estate-related equities produced modest gains. Across all portfolios, Growth Fund and Equity Growth Fund were the top contributors to portfolio gains. Heritage Fund, Large Company Value Fund, and International Growth Fund also contributed significantly. Among fixed-income holdings, NT High Income Fund, Inflation-Adjusted Bond Fund, and Short Duration Inflation Protection Bond Fund contributed the most.
Portfolio Strategy
An overweight to growth stocks–with a corresponding underweight to value–was the most successful aspect of tactical allocation, aiding performance across all One Choice Portfolios. Security selection contributed to results in several equity funds, including International Growth Fund, NT International Small-Mid Cap Fund, Mid Cap Value Fund, Equity Growth Fund, and Large Company Value Fund, among others. In fixed income, security selection helped the most in NT High Income Fund and Short Duration Inflation Protection Bond Fund.
An underweight to U.S. stocks in favor of non-U.S. developed equity (in all but the Very Conservative Portfolio) detracted from returns, as did an underweight position in small-cap stocks. As a result, overall tactical effects were neutral for all but the Very Conservative Portfolio (which was positive) because the underweight to U.S. and underweight to small caps offset the gains from the long-running overweight to growth stocks across all portfolios.
U.S. mid- and large-cap growth performance was strong in absolute terms, but Heritage Fund and NT Disciplined Growth Fund trailed their respective benchmarks. Key areas of weakness included positioning among biotechnology stocks in the health care sector and IT services companies in the information technology sector.
A Look Ahead
Roughly halfway through 2018, the U.S. economy is quite robust, with economic growth reaching the highest level in nearly four years during the second quarter of the year. In addition, the unemployment rate fell to 3.8% in May, reaching the lowest level in 18 years. These conditions were reflected in the strength in consumer sectors, where retail sales generally strengthened over the course of 2018.
Despite these positives, we believe political and economic uncertainty could lead to further financial market volatility. First, the relatively healthy U.S. economy continues to push the Fed to raise interest rates higher, which could eventually negatively affect consumer behavior and squeeze corporate profitability. Second, consumer price inflation reached the highest level in six years in June and July, while core inflation, which excludes volatile food and energy costs, ran at the fastest pace in nearly a decade. Tariff-related price increases could prompt even higher inflation and more aggressive monetary tightening than the market currently anticipates. With stock markets near record highs, trade concerns a wild card, and taking into account the late stage of the economic cycle, we believe investor expectations should probably be more muted regarding long-term returns going forward.
8
Given this backdrop, we remain neutral to our strategic weightings for stocks, bonds, and cash-equivalent investments, with overweight positions in U.S. large-cap growth and non-U.S. developed stocks, and underweight positions in U.S. small-cap and large-cap value stocks. Very Conservative, which has no non-U.S. equity exposure, ended with an overweight to U.S. growth and core stocks, and with an underweight to U.S. large-cap value and small-cap stocks.
We still favor non-U.S. developed markets stocks over U.S. stocks due to rising U.S. interest rates and relative valuations, but our non-U.S. tactical model was somewhat weaker. Accordingly, we reduced the portfolio’s overweight to non-U.S. equity by half towards period-end, shifting some weight back to U.S. small- and large-core allocations.
9
Portfolio Characteristics |
Underlying Fund Allocations(1) as a % of net assets as of July 31, 2018 | |||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |
Equity | |||||
Core Equity Plus Fund | 1.0% | 2.1% | 4.2% | 4.6% | 4.8% |
Equity Growth Fund | 4.5% | 6.3% | 11.0% | 9.7% | 11.9% |
Growth Fund | 3.2% | 5.5% | 7.9% | 11.4% | 13.1% |
Heritage Fund | 1.4% | 3.4% | 5.3% | 7.8% | 9.0% |
Large Company Value Fund | 6.3% | 6.5% | 8.0% | 9.0% | 11.2% |
Mid Cap Value Fund | 5.1% | 5.9% | 5.4% | 5.6% | 8.1% |
NT Disciplined Growth Fund | 1.0% | 1.6% | 2.1% | 3.2% | 4.1% |
Real Estate Fund | 2.0% | — | — | — | — |
Small Company Fund | 0.5% | 1.2% | 1.3% | 1.6% | 5.6% |
Emerging Markets Fund | — | — | 3.7% | 6.1% | 7.1% |
International Growth Fund | — | 6.1% | 6.7% | 8.7% | 10.4% |
NT Global Real Estate Fund | — | 2.0% | 2.0% | 3.0% | 3.1% |
NT International Small-Mid Cap Fund | — | 1.0% | 1.6% | 2.1% | 3.0% |
NT International Value Fund | — | 4.2% | 5.3% | 6.2% | 8.6% |
Total Equity | 25.0% | 45.8% | 64.5% | 79.0% | 100.0% |
Fixed Income | |||||
Diversified Bond Fund | 20.5% | 20.4% | 14.4% | 6.9% | — |
Inflation-Adjusted Bond Fund | 10.0% | 6.9% | 4.9% | 3.0% | — |
NT High Income Fund | 2.0% | 2.0% | 2.5% | 4.6% | — |
Short Duration Fund | 7.0% | — | — | — | — |
Short Duration Inflation Protection Bond Fund | 13.0% | 4.9% | 1.0% | 1.0% | — |
Emerging Markets Debt Fund | 1.5% | 1.9% | 1.9% | 1.5% | — |
Global Bond Fund | 8.0% | 6.9% | 4.9% | 3.0% | — |
International Bond Fund | 7.0% | 5.3% | 1.9% | — | — |
Total Fixed Income | 69.0% | 48.3% | 31.5% | 20.0% | — |
U.S. Government Money Market Fund | 6.0% | 5.9% | 4.0% | 1.0% | — |
Other Assets and Liabilities | —(2) | —(2) | —(2) | —(2) | — |
(1) | Underlying fund investments represent Investor Class. |
(2) | Category is less than 0.05% of total net assets. |
10
Shareholder Fee Examples |
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. As a shareholder in the underlying American Century Investments funds, your fund will indirectly bear its pro rata share of the expenses incurred by the underlying funds. These expenses are not included in the fund’s annualized expense ratio or the expenses paid during the period. These expenses are, however, included in the effective expenses paid during the period.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from February 1, 2018 to July 31, 2018.
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 a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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.
11
Beginning Account Value 2/1/18 | Ending Account Value 7/31/18 | Expenses Paid During Period(1) 2/1/18 - 7/31/18 | Annualized Expense Ratio(1) | Effective Expenses Paid During Period(2) 2/1/18 - 7/31/18 | Effective Annualized Expense Ratio(2) | |
One Choice Portfolio: Very Conservative | ||||||
Actual | ||||||
Investor Class | $1,000 | $996.80 | $0.00 | 0.00%(3) | $3.47 | 0.70% |
R Class | $1,000 | $995.20 | $2.47 | 0.50% | $5.94 | 1.20% |
Hypothetical | ||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $3.51 | 0.70% |
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $6.01 | 1.20% |
One Choice Portfolio: Conservative | ||||||
Actual | ||||||
Investor Class | $1,000 | $990.80 | $0.00 | 0.00%(3) | $4.00 | 0.81% |
R Class | $1,000 | $987.60 | $2.46 | 0.50% | $6.46 | 1.31% |
Hypothetical | ||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $4.06 | 0.81% |
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $6.56 | 1.31% |
One Choice Portfolio: Moderate | ||||||
Actual | ||||||
Investor Class | $1,000 | $986.50 | $0.00 | 0.00%(3) | $4.38 | 0.89% |
R Class | $1,000 | $983.50 | $2.46 | 0.50% | $6.84 | 1.39% |
Hypothetical | ||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $4.46 | 0.89% |
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $6.95 | 1.39% |
One Choice Portfolio: Aggressive | ||||||
Actual | ||||||
Investor Class | $1,000 | $984.20 | $0.00 | 0.00%(3) | $4.72 | 0.96% |
R Class | $1,000 | $982.00 | $2.46 | 0.50% | $7.17 | 1.46% |
Hypothetical | ||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $4.81 | 0.96% |
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $7.30 | 1.46% |
One Choice Portfolio: Very Aggressive | ||||||
Actual | ||||||
Investor Class | $1,000 | $983.00 | $0.00 | 0.00%(3) | $5.06 | 1.03% |
R Class | $1,000 | $980.40 | $2.46 | 0.50% | $7.51 | 1.53% |
Hypothetical | ||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $5.16 | 1.03% |
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $7.65 | 1.53% |
(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any underlying fund fees and expenses. |
(2) | Effective expenses reflect the sum of expenses borne directly by the class plus the fund's pro rata share of the weighted average expense ratio of the underlying funds in which it invests. The effective annualized expense ratio combines the class's annualized expense ratio and the annualized weighted average expense ratio of the underlying funds. The annualized weighted average expense ratio of the underlying funds for the one-half year period reflects the actual expense ratio of each underlying fund from its most recent shareholder report, annualized and weighted for the fund's relative average investment therein during the period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements. |
(3) | Other expenses, which include directors' fees and expenses, did not exceed 0.005%. |
12
Schedules of Investments |
JULY 31, 2018
One Choice Portfolio: Very Conservative
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Fixed Income Funds — 52.5% | |||||
Diversified Bond Fund Investor Class | 8,684,647 | $ | 90,233,481 | ||
Inflation-Adjusted Bond Fund Investor Class | 3,865,337 | 43,910,223 | |||
NT High Income Fund Investor Class | 903,938 | 8,876,670 | |||
Short Duration Fund Investor Class | 3,050,163 | 30,837,147 | |||
Short Duration Inflation Protection Bond Fund Investor Class | 5,632,386 | 57,056,073 | |||
230,913,594 | |||||
Domestic Equity Funds — 25.0% | |||||
Core Equity Plus Fund Investor Class | 272,865 | 4,414,956 | |||
Equity Growth Fund Investor Class | 569,863 | 19,694,470 | |||
Growth Fund Investor Class | 387,049 | 14,057,612 | |||
Heritage Fund Investor Class | 269,580 | 6,475,321 | |||
Large Company Value Fund Investor Class | 2,647,347 | 27,770,673 | |||
Mid Cap Value Fund Investor Class | 1,238,296 | 22,338,854 | |||
NT Disciplined Growth Fund Investor Class | 322,491 | 4,331,057 | |||
Real Estate Fund Investor Class | 317,869 | 8,871,722 | |||
Small Company Fund Investor Class | 132,148 | 2,172,516 | |||
110,127,181 | |||||
International Fixed Income Funds — 16.5% | |||||
Emerging Markets Debt Fund Investor Class | 667,848 | 6,645,086 | |||
Global Bond Fund Investor Class | 3,471,899 | 35,135,614 | |||
International Bond Fund Investor Class | 2,390,186 | 30,737,797 | |||
72,518,497 | |||||
Money Market Funds — 6.0% | |||||
U.S. Government Money Market Fund Investor Class | 26,393,179 | 26,393,179 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $396,519,908) | 439,952,451 | ||||
OTHER ASSETS AND LIABILITIES† | (230 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 439,952,221 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
13
JULY 31, 2018
One Choice Portfolio: Conservative
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Fixed Income Funds — 34.2% | |||||
Diversified Bond Fund Investor Class | 25,592,618 | $ | 265,907,296 | ||
Inflation-Adjusted Bond Fund Investor Class | 7,941,502 | 90,215,457 | |||
NT High Income Fund Investor Class | 2,603,306 | 25,564,469 | |||
Short Duration Inflation Protection Bond Fund Investor Class | 6,317,270 | 63,993,945 | |||
445,681,167 | |||||
Domestic Equity Funds — 32.5% | |||||
Core Equity Plus Fund Investor Class | 1,685,318 | 27,268,440 | |||
Equity Growth Fund Investor Class | 2,383,786 | 82,383,630 | |||
Growth Fund Investor Class | 1,977,218 | 71,812,559 | |||
Heritage Fund Investor Class | 1,823,370 | 43,797,337 | |||
Large Company Value Fund Investor Class | 8,037,584 | 84,314,260 | |||
Mid Cap Value Fund Investor Class | 4,263,139 | 76,907,029 | |||
NT Disciplined Growth Fund Investor Class | 1,548,402 | 20,795,042 | |||
Small Company Fund Investor Class | 919,840 | 15,122,177 | |||
422,400,474 | |||||
International Fixed Income Funds — 14.1% | |||||
Emerging Markets Debt Fund Investor Class | 2,475,796 | 24,634,171 | |||
Global Bond Fund Investor Class | 8,865,155 | 89,715,367 | |||
International Bond Fund Investor Class | 5,407,323 | 69,538,169 | |||
183,887,707 | |||||
International Equity Funds — 13.3% | |||||
International Growth Fund Investor Class | 5,829,500 | 79,339,494 | |||
NT Global Real Estate Fund Investor Class | 2,623,564 | 25,789,635 | |||
NT International Small-Mid Cap Fund Investor Class | 1,031,356 | 13,603,590 | |||
NT International Value Fund Investor Class | 5,407,034 | 54,340,693 | |||
173,073,412 | |||||
Money Market Funds — 5.9% | |||||
U.S. Government Money Market Fund Investor Class | 76,900,140 | 76,900,140 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,131,810,499) | 1,301,942,900 | ||||
OTHER ASSETS AND LIABILITIES† | (667 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 1,301,942,233 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
14
JULY 31, 2018
One Choice Portfolio: Moderate
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 45.2% | |||||
Core Equity Plus Fund Investor Class | 5,060,053 | $ | 81,871,656 | ||
Equity Growth Fund Investor Class | 6,195,658 | 214,121,933 | |||
Growth Fund Investor Class | 4,247,819 | 154,280,775 | |||
Heritage Fund Investor Class | 4,305,042 | 103,407,108 | |||
Large Company Value Fund Investor Class | 14,938,757 | 156,707,556 | |||
Mid Cap Value Fund Investor Class | 5,872,006 | 105,930,983 | |||
NT Disciplined Growth Fund Investor Class | 3,128,900 | 42,021,134 | |||
Small Company Fund Investor Class | 1,550,946 | 25,497,555 | |||
883,838,700 | |||||
Domestic Fixed Income Funds — 22.8% | |||||
Diversified Bond Fund Investor Class | 27,111,797 | 281,691,571 | |||
Inflation-Adjusted Bond Fund Investor Class | 8,443,346 | 95,916,408 | |||
NT High Income Fund Investor Class | 4,957,474 | 48,682,394 | |||
Short Duration Inflation Protection Bond Fund Investor Class | 1,891,505 | 19,160,946 | |||
445,451,319 | |||||
International Equity Funds — 19.3% | |||||
Emerging Markets Fund Investor Class | 6,378,872 | 72,527,769 | |||
International Growth Fund Investor Class | 9,692,966 | 131,921,267 | |||
NT Global Real Estate Fund Investor Class | 3,949,995 | 38,828,452 | |||
NT International Small-Mid Cap Fund Investor Class | 2,351,749 | 31,019,565 | |||
NT International Value Fund Investor Class | 10,371,807 | 104,236,664 | |||
378,533,717 | |||||
International Fixed Income Funds — 8.7% | |||||
Emerging Markets Debt Fund Investor Class | 3,751,966 | 37,332,063 | |||
Global Bond Fund Investor Class | 9,459,776 | 95,732,930 | |||
International Bond Fund Investor Class | 2,945,853 | 37,883,675 | |||
170,948,668 | |||||
Money Market Funds — 4.0% | |||||
U.S. Government Money Market Fund Investor Class | 77,377,690 | 77,377,690 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,572,412,121) | 1,956,150,094 | ||||
OTHER ASSETS AND LIABILITIES† | (1,042 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 1,956,149,052 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
15
JULY 31, 2018
One Choice Portfolio: Aggressive
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 52.9% | |||||
Core Equity Plus Fund Investor Class | 3,877,667 | $ | 62,740,649 | ||
Equity Growth Fund Investor Class | 3,826,169 | 132,232,400 | |||
Growth Fund Investor Class | 4,261,358 | 154,772,518 | |||
Heritage Fund Investor Class | 4,390,854 | 105,468,303 | |||
Large Company Value Fund Investor Class | 11,720,913 | 122,952,372 | |||
Mid Cap Value Fund Investor Class | 4,239,380 | 76,478,410 | |||
NT Disciplined Growth Fund Investor Class | 3,197,674 | 42,944,766 | |||
Small Company Fund Investor Class | 1,287,337 | 21,163,824 | |||
718,753,242 | |||||
International Equity Funds — 26.1% | |||||
Emerging Markets Fund Investor Class | 7,314,173 | 83,162,147 | |||
International Growth Fund Investor Class | 8,670,381 | 118,003,882 | |||
NT Global Real Estate Fund Investor Class | 4,178,263 | 41,072,327 | |||
NT International Small-Mid Cap Fund Investor Class | 2,100,032 | 27,699,420 | |||
NT International Value Fund Investor Class | 8,419,956 | 84,620,563 | |||
354,558,339 | |||||
Domestic Fixed Income Funds — 15.5% | |||||
Diversified Bond Fund Investor Class | 9,098,195 | 94,530,244 | |||
Inflation-Adjusted Bond Fund Investor Class | 3,608,631 | 40,994,051 | |||
NT High Income Fund Investor Class | 6,339,201 | 62,250,956 | |||
Short Duration Inflation Protection Bond Fund Investor Class | 1,346,579 | 13,640,845 | |||
211,416,096 | |||||
International Fixed Income Funds — 4.5% | |||||
Emerging Markets Debt Fund Investor Class | 2,002,932 | 19,929,177 | |||
Global Bond Fund Investor Class | 4,043,214 | 40,917,326 | |||
60,846,503 | |||||
Money Market Funds — 1.0% | |||||
U.S. Government Money Market Fund Investor Class | 13,669,460 | 13,669,460 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,048,191,323) | 1,359,243,640 | ||||
OTHER ASSETS AND LIABILITIES† | (316 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 1,359,243,324 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
16
JULY 31, 2018
One Choice Portfolio: Very Aggressive
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 67.8% | |||||
Core Equity Plus Fund Investor Class | 970,499 | $ | 15,702,669 | ||
Equity Growth Fund Investor Class | 1,109,626 | 38,348,674 | |||
Growth Fund Investor Class | 1,170,239 | 42,503,085 | |||
Heritage Fund Investor Class | 1,209,846 | 29,060,503 | |||
Large Company Value Fund Investor Class | 3,440,445 | 36,090,272 | |||
Mid Cap Value Fund Investor Class | 1,441,737 | 26,008,939 | |||
NT Disciplined Growth Fund Investor Class | 993,830 | 13,347,139 | |||
Small Company Fund Investor Class | 1,093,133 | 17,971,105 | |||
219,032,386 | |||||
International Equity Funds — 32.2% | |||||
Emerging Markets Fund Investor Class | 2,022,126 | 22,991,571 | |||
International Growth Fund Investor Class | 2,469,432 | 33,608,965 | |||
NT Global Real Estate Fund Investor Class | 1,022,310 | 10,049,303 | |||
NT International Small-Mid Cap Fund Investor Class | 733,853 | 9,679,524 | |||
NT International Value Fund Investor Class | 2,740,252 | 27,539,536 | |||
103,868,899 | |||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $220,028,861) | 322,901,285 | ||||
OTHER ASSETS AND LIABILITIES | — | ||||
TOTAL NET ASSETS — 100.0% | $ | 322,901,285 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
17
Statements of Assets and Liabilities |
JULY 31, 2018 | |||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | |||||||
Assets | |||||||||
Investment securities in affiliates, at value (cost of $396,519,908, $1,131,810,499 and $1,572,412,121, respectively) | $ | 439,952,451 | $ | 1,301,942,900 | $ | 1,956,150,094 | |||
Cash | 145 | 229 | — | ||||||
Receivable for investments sold | 187,755 | — | 420,556 | ||||||
Receivable for capital shares sold | 142,369 | 793,650 | 413,942 | ||||||
Distributions receivable from affiliates | 367,662 | 909,479 | 1,086,502 | ||||||
440,650,382 | 1,303,646,258 | 1,958,071,094 | |||||||
Liabilities | |||||||||
Disbursements in excess of demand deposit cash | — | — | 2,675 | ||||||
Payable for investments purchased | 367,892 | 955,191 | 1,087,209 | ||||||
Payable for capital shares redeemed | 330,119 | 748,597 | 830,994 | ||||||
Distribution and service fees payable | 150 | 237 | 1,164 | ||||||
698,161 | 1,704,025 | 1,922,042 | |||||||
Net Assets | $ | 439,952,221 | $ | 1,301,942,233 | $ | 1,956,149,052 | |||
Net Assets Consist of: | |||||||||
Capital (par value and paid-in surplus) | $ | 400,171,050 | $ | 1,120,013,643 | $ | 1,549,557,289 | |||
Undistributed net investment income | — | 834,104 | 908,219 | ||||||
Accumulated undistributed net realized gain (loss) | (3,651,372 | ) | 10,962,085 | 21,945,571 | |||||
Net unrealized appreciation | 43,432,543 | 170,132,401 | 383,737,973 | ||||||
$ | 439,952,221 | $ | 1,301,942,233 | $ | 1,956,149,052 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||
One Choice Portfolio: Very Conservative | |||||
Investor Class, $0.01 Par Value | $439,589,635 | 36,475,723 | $12.05 | ||
R Class, $0.01 Par Value | $362,586 | 30,071 | $12.06 | ||
One Choice Portfolio: Conservative | |||||
Investor Class, $0.01 Par Value | $1,301,374,019 | 93,634,736 | $13.90 | ||
R Class, $0.01 Par Value | $568,214 | 40,901 | $13.89 | ||
One Choice Portfolio: Moderate | |||||
Investor Class, $0.01 Par Value | $1,953,344,636 | 121,247,640 | $16.11 | ||
R Class, $0.01 Par Value | $2,804,416 | 174,160 | $16.10 |
See Notes to Financial Statements.
18
JULY 31, 2018 | ||||||
One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||
Assets | ||||||
Investment securities in affiliates, at value (cost of $1,048,191,323 and $220,028,861, respectively) | $ | 1,359,243,640 | $ | 322,901,285 | ||
Cash | 616 | 542 | ||||
Receivable for investments sold | 404,035 | 37,588 | ||||
Receivable for capital shares sold | 413,687 | 121,973 | ||||
Distributions receivable from affiliates | 571,530 | — | ||||
1,360,633,508 | 323,061,388 | |||||
Liabilities | ||||||
Payable for investments purchased | 571,761 | — | ||||
Payable for capital shares redeemed | 817,461 | 159,542 | ||||
Distribution and service fees payable | 962 | 561 | ||||
1,390,184 | 160,103 | |||||
Net Assets | $ | 1,359,243,324 | $ | 322,901,285 | ||
Net Assets Consist of: | ||||||
Capital (par value and paid-in surplus) | $ | 1,017,722,512 | $ | 217,885,461 | ||
Undistributed net investment income | 6,780,911 | 553,008 | ||||
Undistributed net realized gain | 23,687,584 | 1,590,392 | ||||
Net unrealized appreciation | 311,052,317 | 102,872,424 | ||||
$ | 1,359,243,324 | $ | 322,901,285 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||
One Choice Portfolio: Aggressive | |||||
Investor Class, $0.01 Par Value | $1,357,006,670 | 77,794,229 | $17.44 | ||
R Class, $0.01 Par Value | $2,236,654 | 128,473 | $17.41 | ||
One Choice Portfolio: Very Aggressive | |||||
Investor Class, $0.01 Par Value | $321,525,289 | 16,856,918 | $19.07 | ||
R Class, $0.01 Par Value | $1,375,996 | 72,254 | $19.04 |
See Notes to Financial Statements.
19
Statements of Operations |
YEAR ENDED JULY 31, 2018 | |||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | |||||||
Investment Income (Loss) | |||||||||
Income from Affiliates: | |||||||||
Income distributions from underlying funds | $ | 9,047,067 | $ | 25,719,052 | $ | 39,213,675 | |||
Expenses: | |||||||||
Distribution and service fees - R Class | 1,179 | 2,119 | 11,765 | ||||||
Directors' fees and expenses | 13,461 | 38,083 | 57,585 | ||||||
Proxy solicitation expenses | 11,069 | 30,533 | 46,057 | ||||||
25,709 | 70,735 | 115,407 | |||||||
Net investment income (loss) | 9,021,358 | 25,648,317 | 39,098,268 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | |||||||||
Net realized gain (loss) on: | |||||||||
Sale of investments in underlying funds | 35,041 | 3,315,505 | 9,124,830 | ||||||
Capital gain distributions received from underlying funds | 6,078,183 | 27,789,783 | 56,579,760 | ||||||
6,113,224 | 31,105,288 | 65,704,590 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | (1,552,266 | ) | 9,828,853 | 40,898,702 | |||||
Net realized and unrealized gain (loss) on affiliates | 4,560,958 | 40,934,141 | 106,603,292 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 13,582,316 | $ | 66,582,458 | $ | 145,701,560 |
See Notes to Financial Statements.
20
YEAR ENDED JULY 31, 2018 | ||||||
One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||
Investment Income (Loss) | ||||||
Income from Affiliates: | ||||||
Income distributions from underlying funds | $ | 26,285,604 | $ | 5,317,918 | ||
Expenses: | ||||||
Distribution and service fees - R Class | 9,758 | 4,895 | ||||
Directors' fees and expenses | 39,038 | 9,261 | ||||
Proxy solicitation expenses | 30,533 | 7,249 | ||||
79,329 | 21,405 | |||||
Net investment income (loss) | 26,206,275 | 5,296,513 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||
Net realized gain (loss) on: | ||||||
Sale of investments in underlying funds | 6,707,407 | 1,397,987 | ||||
Capital gain distributions received from underlying funds | 46,060,285 | 13,952,646 | ||||
52,767,692 | 15,350,633 | |||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 43,375,495 | 15,643,810 | ||||
Net realized and unrealized gain (loss) on affiliates | 96,143,187 | 30,994,443 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 122,349,462 | $ | 36,290,956 |
See Notes to Financial Statements.
21
Statements of Changes in Net Assets |
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 9,021,358 | $ | 6,344,246 | $ | 25,648,317 | $ | 17,003,104 | ||||
Net realized gain (loss) | 6,113,224 | 5,449,473 | 31,105,288 | 15,000,304 | ||||||||
Change in net unrealized appreciation (depreciation) | (1,552,266 | ) | 1,787,397 | 9,828,853 | 41,942,461 | |||||||
Net increase (decrease) in net assets resulting from operations | 13,582,316 | 13,581,116 | 66,582,458 | 73,945,869 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (8,760,553 | ) | (6,138,667 | ) | (25,204,104 | ) | (16,980,543 | ) | ||||
R Class | (3,710 | ) | (911 | ) | (6,666 | ) | (1,841 | ) | ||||
From net realized gains: | ||||||||||||
Investor Class | (5,777,141 | ) | (3,222,824 | ) | (15,858,780 | ) | (15,668,076 | ) | ||||
R Class | (2,658 | ) | (603 | ) | (5,415 | ) | (2,264 | ) | ||||
Decrease in net assets from distributions | (14,544,062 | ) | (9,363,005 | ) | (41,074,965 | ) | (32,652,724 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (1,573,982 | ) | 27,275,428 | 53,312,881 | 80,682,270 | |||||||
Net increase (decrease) in net assets | (2,535,728 | ) | 31,493,539 | 78,820,374 | 121,975,415 | |||||||
Net Assets | ||||||||||||
Beginning of period | 442,487,949 | 410,994,410 | 1,223,121,859 | 1,101,146,444 | ||||||||
End of period | $ | 439,952,221 | $ | 442,487,949 | $ | 1,301,942,233 | $ | 1,223,121,859 | ||||
Undistributed net investment income | — | $ | 95,113 | $ | 834,104 | $ | 396,557 |
See Notes to Financial Statements.
22
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 39,098,268 | $ | 24,700,297 | $ | 26,206,275 | $ | 15,715,528 | ||||
Net realized gain (loss) | 65,704,590 | 22,841,663 | 52,767,692 | 18,984,425 | ||||||||
Change in net unrealized appreciation (depreciation) | 40,898,702 | 120,138,776 | 43,375,495 | 105,681,924 | ||||||||
Net increase (decrease) in net assets resulting from operations | 145,701,560 | 167,680,736 | 122,349,462 | 140,381,877 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (38,568,784 | ) | (24,658,455 | ) | (24,481,377 | ) | (15,568,045 | ) | ||||
R Class | (35,866 | ) | (10,593 | ) | (26,400 | ) | (7,045 | ) | ||||
From net realized gains: | ||||||||||||
Investor Class | (22,885,167 | ) | (37,459,836 | ) | (18,302,608 | ) | (30,372,809 | ) | ||||
R Class | (27,647 | ) | (21,587 | ) | (27,000 | ) | (21,273 | ) | ||||
Decrease in net assets from distributions | (61,517,464 | ) | (62,150,471 | ) | (42,837,385 | ) | (45,969,172 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 28,468,288 | 74,371,255 | 54,828,883 | 39,365,113 | ||||||||
Net increase (decrease) in net assets | 112,652,384 | 179,901,520 | 134,340,960 | 133,777,818 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 1,843,496,668 | 1,663,595,148 | 1,224,902,364 | 1,091,124,546 | ||||||||
End of period | $ | 1,956,149,052 | $ | 1,843,496,668 | $ | 1,359,243,324 | $ | 1,224,902,364 | ||||
Undistributed net investment income | $ | 908,219 | $ | 414,601 | $ | 6,780,911 | $ | 5,082,413 |
See Notes to Financial Statements.
23
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||
One Choice Portfolio: Very Aggressive | ||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | ||||
Operations | ||||||
Net investment income (loss) | $ | 5,296,513 | $ | 2,712,220 | ||
Net realized gain (loss) | 15,350,633 | 5,997,878 | ||||
Change in net unrealized appreciation (depreciation) | 15,643,810 | 30,560,419 | ||||
Net increase (decrease) in net assets resulting from operations | 36,290,956 | 39,270,517 | ||||
Distributions to Shareholders | ||||||
From net investment income: | ||||||
Investor Class | (5,323,626 | ) | (2,270,814 | ) | ||
R Class | (10,658 | ) | (1,213 | ) | ||
From net realized gains: | ||||||
Investor Class | (5,415,159 | ) | (8,861,176 | ) | ||
R Class | (15,292 | ) | (10,642 | ) | ||
Decrease in net assets from distributions | (10,764,735 | ) | (11,143,845 | ) | ||
Capital Share Transactions | ||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 8,320,217 | 6,138,564 | ||||
Net increase (decrease) in net assets | 33,846,438 | 34,265,236 | ||||
Net Assets | ||||||
Beginning of period | 289,054,847 | 254,789,611 | ||||
End of period | $ | 322,901,285 | $ | 289,054,847 | ||
Undistributed net investment income | $ | 553,008 | $ | 590,779 |
See Notes to Financial Statements.
24
Notes to Financial Statements |
JULY 31, 2018
1. Organization
American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative, One Choice Portfolio: Moderate, One Choice Portfolio: Aggressive and One Choice Portfolio: Very Aggressive (collectively, the funds) are five funds in a series issued by the corporation. The funds operate as “funds of funds,” meaning substantially all of the funds’ assets will be invested in other American Century Investments mutual funds (the underlying funds). Each fund’s assets are allocated among underlying funds that represent major asset classes, including equity securities (stocks), fixed-income securities (bonds) and cash-equivalent instruments (money markets). The funds will assume the risks associated with their underlying funds. Additional information and attributes of each underlying fund are available at americancentury.com. Each fund's investment objective is to seek the highest total return consistent with its asset mix. The funds offer the Investor Class and R Class.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function. Investments in the underlying funds are valued at their reported net asset value.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss).
Expenses — The expenses included in the accompanying financial statements reflect the expenses of each fund and do not include any expenses associated with the underlying funds.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.
25
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative and One Choice Portfolio: Moderate. Distributions from net investment income, if any, are generally declared and paid annually for One Choice Portfolio: Aggressive and One Choice Portfolio: Very Aggressive. Distributions from net realized gains, if any, are generally declared and paid annually for all funds. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, American Century Investment Management, Inc. (ACIM), the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the underlying funds.
Administrative Fees — The corporation's investment advisor, ACIM, does not receive an administrative fee for services provided to the funds.
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for the R Class (the plan), pursuant to Rule 12b-1 of the 1940 Act. The plan provides that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fee is computed and accrued daily based on the R Class's daily net assets and paid monthly in arrears. The fee is used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plan during the period ended July 31, 2018 are detailed in the Statements of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the funds. The directors receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.
Acquired Fund Fees and Expenses — Each fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are already reflected in the valuation of the underlying funds.
4. Investment Transactions
Investment transactions for the period ended July 31, 2018 were as follows:
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||||||||
Purchases | $ | 60,861,021 | $ | 161,832,962 | $ | 218,093,958 | $ | 223,085,064 | $ | 43,072,401 | |||||
Sales | $ | 61,879,273 | $ | 96,156,196 | $ | 155,469,785 | $ | 138,826,624 | $ | 26,267,760 |
26
5. Capital Share Transactions
The corporation is authorized to issue 6,000,000,000 shares. Transactions in shares of the funds were as follows:
Year ended July 31, 2018 | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice Portfolio: Very Conservative | ||||||||||
Investor Class | ||||||||||
Sold | 8,031,166 | $ | 97,107,941 | 10,041,849 | $ | 119,364,602 | ||||
Issued in reinvestment of distributions | 1,192,711 | 14,352,299 | 783,958 | 9,230,233 | ||||||
Redeemed | (9,383,351 | ) | (113,269,236 | ) | (8,533,226 | ) | (101,388,999 | ) | ||
(159,474 | ) | (1,808,996 | ) | 2,292,581 | 27,205,836 | |||||
R Class | ||||||||||
Sold | 23,115 | 279,898 | 7,519 | 89,327 | ||||||
Issued in reinvestment of distributions | 529 | 6,368 | 128 | 1,502 | ||||||
Redeemed | (4,213 | ) | (51,252 | ) | (1,782 | ) | (21,237 | ) | ||
19,431 | 235,014 | 5,865 | 69,592 | |||||||
Net increase (decrease) | (140,043 | ) | $ | (1,573,982 | ) | 2,298,446 | $ | 27,275,428 |
One Choice Portfolio: Conservative | ||||||||||
Investor Class | ||||||||||
Sold | 16,334,249 | $ | 225,929,603 | 18,486,260 | $ | 243,184,937 | ||||
Issued in reinvestment of distributions | 2,925,964 | 40,269,285 | 2,477,833 | 32,027,338 | ||||||
Redeemed | (15,426,650 | ) | (213,156,789 | ) | (14,806,411 | ) | (194,722,297 | ) | ||
3,833,563 | 53,042,099 | 6,157,682 | 80,489,978 | |||||||
R Class | ||||||||||
Sold | 24,046 | 332,673 | 20,363 | 268,137 | ||||||
Issued in reinvestment of distributions | 877 | 12,081 | 318 | 4,105 | ||||||
Redeemed | (5,339 | ) | (73,972 | ) | (6,051 | ) | (79,950 | ) | ||
19,584 | 270,782 | 14,630 | 192,292 | |||||||
Net increase (decrease) | 3,853,147 | $ | 53,312,881 | 6,172,312 | $ | 80,682,270 |
One Choice Portfolio: Moderate | ||||||||||
Investor Class | ||||||||||
Sold | 15,069,155 | $ | 239,970,284 | 19,091,268 | $ | 280,708,020 | ||||
Issued in reinvestment of distributions | 3,821,969 | 60,473,949 | 4,260,138 | 61,148,224 | ||||||
Redeemed | (17,135,963 | ) | (273,013,221 | ) | (18,290,572 | ) | (268,444,282 | ) | ||
1,755,161 | 27,431,012 | 5,060,834 | 73,411,962 | |||||||
R Class | ||||||||||
Sold | 85,737 | 1,362,575 | 73,172 | 1,075,703 | ||||||
Issued in reinvestment of distributions | 4,009 | 63,500 | 2,245 | 32,180 | ||||||
Redeemed | (24,400 | ) | (388,799 | ) | (10,177 | ) | (148,590 | ) | ||
65,346 | 1,037,276 | 65,240 | 959,293 | |||||||
Net increase (decrease) | 1,820,507 | $ | 28,468,288 | 5,126,074 | $ | 74,371,255 |
27
Year ended July 31, 2018 | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice Portfolio: Aggressive | ||||||||||
Investor Class | ||||||||||
Sold | 13,007,609 | $ | 223,454,783 | 11,938,833 | $ | 182,797,521 | ||||
Issued in reinvestment of distributions | 2,503,179 | 42,428,878 | 3,095,989 | 45,511,036 | ||||||
Redeemed | (12,365,617 | ) | (211,720,004 | ) | (12,386,767 | ) | (189,916,814 | ) | ||
3,145,171 | 54,163,657 | 2,648,055 | 38,391,743 | |||||||
R Class | ||||||||||
Sold | 69,695 | 1,187,311 | 77,176 | 1,187,015 | ||||||
Issued in reinvestment of distributions | 3,128 | 53,079 | 1,924 | 28,318 | ||||||
Redeemed | (33,462 | ) | (575,164 | ) | (15,509 | ) | (241,963 | ) | ||
39,361 | 665,226 | 63,591 | 973,370 | |||||||
Net increase (decrease) | 3,184,532 | $ | 54,828,883 | 2,711,646 | $ | 39,365,113 |
One Choice Portfolio: Very Aggressive | ||||||||||
Investor Class | ||||||||||
Sold | 2,926,704 | $ | 54,528,756 | 2,732,711 | $ | 44,500,153 | ||||
Issued in reinvestment of distributions | 574,965 | 10,556,366 | 708,511 | 10,967,742 | ||||||
Redeemed | (3,098,815 | ) | (57,452,837 | ) | (3,072,390 | ) | (49,784,151 | ) | ||
402,854 | 7,632,285 | 368,832 | 5,683,744 | |||||||
R Class | ||||||||||
Sold | 50,194 | 933,811 | 33,560 | 546,602 | ||||||
Issued in reinvestment of distributions | 1,412 | 25,950 | 765 | 11,856 | ||||||
Redeemed | (14,699 | ) | (271,829 | ) | (6,187 | ) | (103,638 | ) | ||
36,907 | 687,932 | 28,138 | 454,820 | |||||||
Net increase (decrease) | 439,761 | $ | 8,320,217 | 396,970 | $ | 6,138,564 |
6. Fair Value Measurements
The funds’ investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
28
7. Federal Tax Information
The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:
2018 | 2017 | |||||||||||
Distributions Paid From: | Distributions Paid From: | |||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | |||||||||
One Choice Portfolio: Very Conservative | $ | 9,750,425 | $ | 4,793,637 | $ | 6,167,792 | $ | 3,195,213 | ||||
One Choice Portfolio: Conservative | $ | 25,843,891 | $ | 15,231,074 | $ | 16,982,384 | $ | 15,670,340 | ||||
One Choice Portfolio: Moderate | $ | 39,755,078 | $ | 21,762,386 | $ | 24,669,048 | $ | 37,481,423 | ||||
One Choice Portfolio: Aggressive | $ | 25,609,515 | $ | 17,227,870 | $ | 15,575,090 | $ | 30,394,082 | ||||
One Choice Portfolio: Very Aggressive | $ | 5,612,937 | $ | 5,151,798 | $ | 2,272,027 | $ | 8,871,818 |
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | |||||||
Federal tax cost of investments | $ | 406,341,203 | $ | 1,151,567,724 | $ | 1,615,800,365 | |||
Gross tax appreciation of investments | $ | 37,714,430 | $ | 158,615,656 | $ | 345,960,131 | |||
Gross tax depreciation of investments | (4,103,182 | ) | (8,240,480 | ) | (5,610,402 | ) | |||
Net tax appreciation (depreciation) of investments | $ | 33,611,248 | $ | 150,375,176 | $ | 340,349,729 | |||
Undistributed ordinary income | $ | 387,436 | $ | 2,167,979 | $ | 3,532,342 | |||
Accumulated long-term gains | $ | 5,782,487 | $ | 29,385,435 | $ | 62,709,692 |
One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||
Federal tax cost of investments | $ | 1,076,371,051 | $ | 233,450,621 | ||
Gross tax appreciation of investments | $ | 285,489,423 | $ | 89,450,664 | ||
Gross tax depreciation of investments | (2,616,834 | ) | — | |||
Net tax appreciation (depreciation) of investments | $ | 282,872,589 | $ | 89,450,664 | ||
Undistributed ordinary income | $ | 9,058,873 | $ | 1,210,458 | ||
Accumulated long-term gains | $ | 49,589,350 | $ | 14,354,702 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
8. Investments in Underlying Funds
The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds’ net assets. As of period end, One Choice Portfolio: Moderate and One Choice Portfolio: Aggressive owned 40% and 30%, respectively, of the shares of Core Equity Plus Fund.
29
9. Affiliated Fund Transactions
A summary of transactions for each underlying fund for the period ended July 31, 2018 follows (amounts in thousands):
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(2) | |||||||||||||||
One Choice Portfolio: Very Conservative (Amounts in thousands) | |||||||||||||||||||||||
Diversified Bond Fund | $ | 92,763 | $ | 10,305 | $ | 9,380 | $ | (3,454 | ) | $ | 90,234 | 8,685 | $ | (292 | ) | $ | 2,224 | ||||||
Inflation-Adjusted Bond Fund | 43,808 | 3,684 | 3,145 | (437 | ) | 43,910 | 3,865 | (337 | ) | 1,092 | |||||||||||||
NT High Income Fund | 8,888 | 679 | 489 | (201 | ) | 8,877 | 904 | (7 | ) | 488 | |||||||||||||
Short Duration Fund | 30,864 | 2,183 | 1,782 | (428 | ) | 30,837 | 3,050 | (67 | ) | 693 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 57,098 | 4,478 | 4,099 | (421 | ) | 57,056 | 5,632 | (158 | ) | 929 | |||||||||||||
Core Equity Plus Fund | 4,490 | 274 | 762 | 413 | 4,415 | 273 | 77 | 169 | |||||||||||||||
Equity Growth Fund | 19,117 | 4,263 | 4,773 | 1,087 | 19,694 | 570 | 215 | 1,723 | |||||||||||||||
Growth Fund | 14,162 | 2,903 | 4,350 | 1,343 | 14,058 | 387 | 303 | 1,398 | |||||||||||||||
Heritage Fund | 6,514 | 2,110 | 2,487 | 338 | 6,475 | 270 | 148 | 699 | |||||||||||||||
Large Company Value Fund | 29,106 | 6,512 | 8,400 | 553 | 27,771 | 2,647 | 375 | 1,607 | |||||||||||||||
Mid Cap Value Fund | 21,090 | 4,818 | 3,743 | 174 | 22,339 | 1,238 | 51 | 1,943 | |||||||||||||||
NT Disciplined Growth Fund | 4,536 | 194 | 835 | 436 | 4,331 | 322 | 190 | 146 | |||||||||||||||
Real Estate Fund | 8,978 | 1,732 | 1,614 | (224 | ) | 8,872 | 318 | (33 | ) | 559 | |||||||||||||
Small Company Fund | 3,191 | 1,632 | 2,731 | 80 | 2,172 | 132 | 225 | 230 | |||||||||||||||
Emerging Markets Debt Fund | — | 7,026 | 59 | (322 | ) | 6,645 | 668 | (2 | ) | 175 | |||||||||||||
Global Bond Fund | 35,206 | 2,333 | 1,942 | (461 | ) | 35,136 | 3,472 | (42 | ) | 681 | |||||||||||||
International Bond Fund | 36,273 | 4,188 | 9,695 | (28 | ) | 30,738 | 2,390 | (611 | ) | 112 | |||||||||||||
U.S. Government Money Market Fund | 26,404 | 1,547 | 1,558 | — | 26,393 | 26,393 | — | 257 | |||||||||||||||
$ | 442,488 | $ | 60,861 | $ | 61,844 | $ | (1,552 | ) | $ | 439,953 | 61,216 | $ | 35 | $ | 15,125 |
(1) | Underlying fund investments represent Investor Class. |
(2) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(2) | |||||||||||||||
One Choice Portfolio: Conservative (Amounts in thousands) | |||||||||||||||||||||||
Diversified Bond Fund | $ | 259,392 | $ | 30,739 | $ | 13,855 | $ | (10,369 | ) | $ | 265,907 | 25,593 | $ | (320 | ) | $ | 6,358 | ||||||
Inflation-Adjusted Bond Fund | 83,088 | 8,775 | 92 | (1,556 | ) | 90,215 | 7,942 | (7 | ) | 2,191 | |||||||||||||
NT High Income Fund | 23,914 | 2,229 | — | (578 | ) | 25,565 | 2,603 | — | 1,352 | ||||||||||||||
Short Duration Inflation Protection Bond Fund | 58,995 | 5,646 | 27 | (620 | ) | 63,994 | 6,317 | — | 1,004 | ||||||||||||||
Core Equity Plus Fund | 24,263 | 945 | 611 | 2,671 | 27,268 | 1,685 | 42 | 945 | |||||||||||||||
Equity Growth Fund | 91,819 | 11,103 | 24,510 | 3,972 | 82,384 | 2,384 | 1,838 | 8,342 | |||||||||||||||
Growth Fund | 67,076 | 6,556 | 8,765 | 6,946 | 71,813 | 1,977 | 825 | 6,556 | |||||||||||||||
Heritage Fund | 39,465 | 6,568 | 4,601 | 2,365 | 43,797 | 1,823 | 294 | 3,888 | |||||||||||||||
Large Company Value Fund | 83,920 | 6,365 | 8,555 | 2,584 | 84,314 | 8,038 | 90 | 4,546 | |||||||||||||||
Mid Cap Value Fund | 69,184 | 9,661 | 2,605 | 667 | 76,907 | 4,263 | 47 | 6,563 | |||||||||||||||
NT Disciplined Growth Fund | 18,694 | 612 | 936 | 2,425 | 20,795 | 1,548 | 231 | 612 | |||||||||||||||
Small Company Fund | 14,775 | 4,189 | 5,132 | 1,290 | 15,122 | 920 | 392 | 949 | |||||||||||||||
Emerging Markets Debt Fund | — | 25,826 | — | (1,192 | ) | 24,634 | 2,476 | — | 644 | ||||||||||||||
Global Bond Fund | 83,415 | 7,530 | — | (1,230 | ) | 89,715 | 8,865 | — | 1,656 | ||||||||||||||
International Bond Fund | 81,272 | 2,843 | 14,168 | (409 | ) | 69,538 | 5,407 | (1,174 | ) | 246 | |||||||||||||
International Growth Fund | 69,855 | 11,930 | 5,221 | 2,776 | 79,340 | 5,830 | 573 | 3,924 | |||||||||||||||
NT Global Real Estate Fund | 24,655 | 944 | 256 | 447 | 25,790 | 2,624 | (1 | ) | 843 | ||||||||||||||
NT International Small-Mid Cap Fund | 13,076 | 862 | 1,234 | 900 | 13,604 | 1,031 | 375 | 862 | |||||||||||||||
NT International Value Fund | 45,068 | 12,806 | 2,273 | (1,260 | ) | 54,341 | 5,407 | 110 | 1,304 | ||||||||||||||
U.S. Government Money Market Fund | 71,196 | 5,704 | — | — | 76,900 | 76,900 | — | 724 | |||||||||||||||
$ | 1,223,122 | $ | 161,833 | $ | 92,841 | $ | 9,829 | $ | 1,301,943 | 173,633 | $ | 3,315 | $ | 53,509 |
(1) | Underlying fund investments represent Investor Class. |
(2) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(2) | |||||||||||||||
One Choice Portfolio: Moderate (Amounts in thousands) | |||||||||||||||||||||||
Core Equity Plus Fund | $ | 72,625 | $ | 2,852 | $ | 1,643 | $ | 8,037 | $ | 81,871 | 5,060 | $ | 103 | $ | 2,852 | ||||||||
Equity Growth Fund | 211,290 | 20,533 | 29,723 | 12,022 | 214,122 | 6,196 | 2,714 | 19,943 | |||||||||||||||
Growth Fund | 141,401 | 14,596 | 16,702 | 14,986 | 154,281 | 4,248 | 1,542 | 13,991 | |||||||||||||||
Heritage Fund | 91,198 | 14,005 | 7,448 | 5,652 | 103,407 | 4,305 | 227 | 8,790 | |||||||||||||||
Large Company Value Fund | 157,250 | 9,539 | 14,861 | 4,779 | 156,707 | 14,939 | 105 | 8,591 | |||||||||||||||
Mid Cap Value Fund | 93,454 | 13,183 | 1,503 | 797 | 105,931 | 5,872 | (31 | ) | 9,067 | ||||||||||||||
NT Disciplined Growth Fund | 37,245 | 1,238 | 1,451 | 4,989 | 42,021 | 3,129 | 342 | 1,238 | |||||||||||||||
Small Company Fund | 31,371 | 7,233 | 14,101 | 995 | 25,498 | 1,551 | 1,879 | 1,921 | |||||||||||||||
Diversified Bond Fund | 271,806 | 28,391 | 7,234 | (11,271 | ) | 281,692 | 27,112 | (118 | ) | 6,744 | |||||||||||||
Inflation-Adjusted Bond Fund | 106,098 | 5,427 | 15,727 | 118 | 95,916 | 8,443 | (1,704 | ) | 2,348 | ||||||||||||||
NT High Income Fund | 53,980 | 2,748 | 6,914 | (1,132 | ) | 48,682 | 4,957 | 31 | 2,681 | ||||||||||||||
Short Duration Inflation Protection Bond Fund | 17,426 | 1,925 | — | (190 | ) | 19,161 | 1,892 | — | 303 | ||||||||||||||
Emerging Markets Fund | 62,143 | 12,679 | 3,579 | 1,285 | 72,528 | 6,379 | 74 | 571 | |||||||||||||||
International Growth Fund | 129,849 | 10,626 | 12,233 | 3,679 | 131,921 | 9,693 | 2,682 | 7,048 | |||||||||||||||
NT Global Real Estate Fund | 37,329 | 1,603 | 787 | 683 | 38,828 | 3,950 | (3 | ) | 1,269 | ||||||||||||||
NT International Small-Mid Cap Fund | 29,582 | 1,966 | 2,624 | 2,096 | 31,020 | 2,352 | 791 | 1,966 | |||||||||||||||
NT International Value Fund | 102,798 | 13,558 | 9,475 | (2,644 | ) | 104,237 | 10,372 | 499 | 2,829 | ||||||||||||||
Emerging Markets Debt Fund | — | 39,143 | — | (1,811 | ) | 37,332 | 3,752 | — | 977 | ||||||||||||||
Global Bond Fund | 88,809 | 8,291 | — | (1,367 | ) | 95,733 | 9,460 | — | 1,802 | ||||||||||||||
International Bond Fund | 37,878 | 942 | 132 | (804 | ) | 37,884 | 2,946 | (8 | ) | 136 | |||||||||||||
U.S. Government Money Market Fund | 69,970 | 7,616 | 208 | — | 77,378 | 77,378 | — | 726 | |||||||||||||||
$ | 1,843,502 | $ | 218,094 | $ | 146,345 | $ | 40,899 | $ | 1,956,150 | 213,986 | $ | 9,125 | $ | 95,793 |
(1) | Underlying fund investments represent Investor Class. |
(2) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(2) | |||||||||||||||
One Choice Portfolio: Aggressive (Amounts in thousands) | |||||||||||||||||||||||
Core Equity Plus Fund | $ | 54,383 | $ | 5,063 | $ | 2,788 | $ | 6,083 | $ | 62,741 | 3,878 | $ | 75 | $ | 2,142 | ||||||||
Equity Growth Fund | 127,904 | 19,154 | 22,492 | 7,666 | 132,232 | 3,826 | 1,184 | 12,130 | |||||||||||||||
Growth Fund | 135,987 | 21,995 | 17,841 | 14,632 | 154,773 | 4,261 | 1,668 | 13,551 | |||||||||||||||
Heritage Fund | 90,213 | 18,706 | 9,194 | 5,743 | 105,468 | 4,391 | 215 | 8,665 | |||||||||||||||
Large Company Value Fund | 114,331 | 14,783 | 9,946 | 3,784 | 122,952 | 11,721 | (2 | ) | 6,476 | ||||||||||||||
Mid Cap Value Fund | 65,373 | 12,814 | 2,394 | 685 | 76,478 | 4,239 | (98 | ) | 6,355 | ||||||||||||||
NT Disciplined Growth Fund | 37,259 | 3,657 | 2,946 | 4,975 | 42,945 | 3,198 | 423 | 1,228 | |||||||||||||||
Small Company Fund | 22,947 | 7,716 | 11,029 | 1,530 | 21,164 | 1,287 | 668 | 1,443 | |||||||||||||||
Emerging Markets Fund | 74,741 | 12,555 | 5,814 | 1,680 | 83,162 | 7,314 | 133 | 633 | |||||||||||||||
International Growth Fund | 109,949 | 15,434 | 10,989 | 3,610 | 118,004 | 8,670 | 1,736 | 6,243 | |||||||||||||||
NT Global Real Estate Fund | 36,415 | 5,901 | 1,931 | 687 | 41,072 | 4,178 | (23 | ) | 1,280 | ||||||||||||||
NT International Small-Mid Cap Fund | 26,249 | 2,777 | 3,168 | 1,842 | 27,700 | 2,100 | 718 | 1,767 | |||||||||||||||
NT International Value Fund | 79,743 | 13,738 | 6,788 | (2,072 | ) | 84,621 | 8,420 | 204 | 2,294 | ||||||||||||||
Diversified Bond Fund | 95,784 | 18,148 | 15,679 | (3,723 | ) | 94,530 | 9,098 | (128 | ) | 2,278 | |||||||||||||
Inflation-Adjusted Bond Fund | 34,945 | 7,801 | 1,060 | (692 | ) | 40,994 | 3,609 | (46 | ) | 990 | |||||||||||||
NT High Income Fund | 60,062 | 9,849 | 6,266 | (1,394 | ) | 62,251 | 6,339 | (4 | ) | 3,282 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 11,623 | 2,395 | 249 | (128 | ) | 13,641 | 1,347 | (2 | ) | 211 | |||||||||||||
Emerging Markets Debt Fund | — | 21,223 | 333 | (961 | ) | 19,929 | 2,003 | (2 | ) | 514 | |||||||||||||
Global Bond Fund | 35,387 | 7,041 | 939 | (572 | ) | 40,917 | 4,043 | (11 | ) | 738 | |||||||||||||
U.S. Government Money Market Fund | 11,607 | 2,335 | 272 | — | 13,670 | 13,669 | — | 126 | |||||||||||||||
$ | 1,224,902 | $ | 223,085 | $ | 132,118 | $ | 43,375 | $ | 1,359,244 | 107,591 | $ | 6,708 | $ | 72,346 |
(1) | Underlying fund investments represent Investor Class. |
(2) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(2) | |||||||||||||||
One Choice Portfolio: Very Aggressive (Amounts in thousands) | |||||||||||||||||||||||
Core Equity Plus Fund | $ | 13,603 | $ | 792 | $ | 221 | $ | 1,529 | $ | 15,703 | 970 | $ | 7 | $ | 539 | ||||||||
Equity Growth Fund | 36,262 | 4,653 | 4,889 | 2,323 | 38,349 | 1,110 | 158 | 3,533 | |||||||||||||||
Growth Fund | 38,029 | 5,056 | 4,692 | 4,110 | 42,503 | 1,170 | 376 | 3,809 | |||||||||||||||
Heritage Fund | 25,740 | 4,317 | 2,568 | 1,572 | 29,061 | 1,210 | 95 | 2,454 | |||||||||||||||
Large Company Value Fund | 32,211 | 4,852 | 2,051 | 1,078 | 36,090 | 3,440 | (32 | ) | 1,891 | ||||||||||||||
Mid Cap Value Fund | 21,388 | 4,802 | 395 | 214 | 26,009 | 1,442 | (16 | ) | 2,136 | ||||||||||||||
NT Disciplined Growth Fund | 11,822 | 635 | 677 | 1,567 | 13,347 | 994 | 116 | 391 | |||||||||||||||
Small Company Fund | 17,744 | 2,948 | 4,092 | 1,371 | 17,971 | 1,093 | 297 | 985 | |||||||||||||||
Emerging Markets Fund | 20,439 | 3,198 | 1,095 | 450 | 22,992 | 2,022 | 40 | 172 | |||||||||||||||
International Growth Fund | 29,902 | 4,721 | 2,184 | 1,170 | 33,609 | 2,469 | 263 | 1,724 | |||||||||||||||
NT Global Real Estate Fund | 8,862 | 1,229 | 212 | 170 | 10,049 | 1,022 | (5 | ) | 300 | ||||||||||||||
NT International Small-Mid Cap Fund | 8,802 | 683 | 569 | 763 | 9,679 | 734 | 99 | 621 | |||||||||||||||
NT International Value Fund | 24,251 | 5,186 | 1,225 | (673 | ) | 27,539 | 2,740 | — | 716 | ||||||||||||||
$ | 289,055 | $ | 43,072 | $ | 24,870 | $ | 15,644 | $ | 322,901 | 20,416 | $ | 1,398 | $ | 19,271 |
(1) | Underlying fund investments represent Investor Class. |
(2) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses(3) | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice Portfolio: Very Conservative | |||||||||||||||
Investor Class | |||||||||||||||
2018 | $12.07 | 0.24 | 0.14 | 0.38 | (0.24) | (0.16) | (0.40) | $12.05 | 3.13% | 0.01% | 2.01% | 14% | $439,590 | ||
2017 | $11.97 | 0.18 | 0.18 | 0.36 | (0.17) | (0.09) | (0.26) | $12.07 | 3.10% | 0.00%(4) | 1.49% | 13% | $442,359 | ||
2016 | $11.82 | 0.18 | 0.38 | 0.56 | (0.17) | (0.24) | (0.41) | $11.97 | 4.93% | 0.00%(4) | 1.52% | 24% | $410,937 | ||
2015 | $11.94 | 0.21 | 0.03 | 0.24 | (0.20) | (0.16) | (0.36) | $11.82 | 2.07% | 0.00%(4) | 1.73% | 24% | $381,889 | ||
2014 | $11.56 | 0.20 | 0.48 | 0.68 | (0.20) | (0.10) | (0.30) | $11.94 | 5.99% | 0.00%(4) | 1.74% | 12% | $355,165 | ||
R Class | |||||||||||||||
2018 | $12.08 | 0.19 | 0.13 | 0.32 | (0.18) | (0.16) | (0.34) | $12.06 | 2.61% | 0.51% | 1.51% | 14% | $363 | ||
2017 | $11.97 | 0.12 | 0.19 | 0.31 | (0.11) | (0.09) | (0.20) | $12.08 | 2.67% | 0.50% | 0.99% | 13% | $129 | ||
2016 | $11.82 | 0.11 | 0.39 | 0.50 | (0.11) | (0.24) | (0.35) | $11.97 | 4.39% | 0.50% | 1.02% | 24% | $57 | ||
2015(5) | $11.97 | 0.02 | (0.15) | (0.13) | (0.02) | — | (0.02) | $11.82 | (1.13)% | 0.50%(6) | 0.40%(6) | 24%(7) | $25 | ||
One Choice Portfolio: Conservative | |||||||||||||||
Investor Class | |||||||||||||||
2018 | $13.62 | 0.28 | 0.46 | 0.74 | (0.28) | (0.18) | (0.46) | $13.90 | 5.43% | 0.01% | 2.01% | 8% | $1,301,374 | ||
2017 | $13.16 | 0.19 | 0.65 | 0.84 | (0.20) | (0.18) | (0.38) | $13.62 | 6.54% | 0.00%(4) | 1.48% | 12% | $1,222,832 | ||
2016 | $13.66 | 0.21 | 0.17 | 0.38 | (0.21) | (0.67) | (0.88) | $13.16 | 3.13% | 0.00%(4) | 1.63% | 19% | $1,101,058 | ||
2015 | $13.48 | 0.24 | 0.31 | 0.55 | (0.25) | (0.12) | (0.37) | $13.66 | 4.09% | 0.00%(4) | 1.77% | 22% | $1,026,091 | ||
2014 | $12.66 | 0.24 | 0.82 | 1.06 | (0.24) | — | (0.24) | $13.48 | 8.43% | 0.00%(4) | 1.85% | 2% | $927,955 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses(3) | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
R Class | |||||||||||||||
2018 | $13.61 | 0.21 | 0.46 | 0.67 | (0.21) | (0.18) | (0.39) | $13.89 | 4.90% | 0.51% | 1.51% | 8% | $568 | ||
2017 | $13.16 | 0.13 | 0.63 | 0.76 | (0.13) | (0.18) | (0.31) | $13.61 | 5.93% | 0.50% | 0.98% | 12% | $290 | ||
2016 | $13.65 | 0.13 | 0.20 | 0.33 | (0.15) | (0.67) | (0.82) | $13.16 | 2.68% | 0.50% | 1.13% | 19% | $88 | ||
2015(5) | $13.81 | 0.01 | (0.16) | (0.15) | (0.01) | — | (0.01) | $13.65 | (1.06)% | 0.50%(6) | 0.28%(6) | 22%(7) | $25 | ||
One Choice Portfolio: Moderate | |||||||||||||||
Investor Class | |||||||||||||||
2018 | $15.41 | 0.32 | 0.89 | 1.21 | (0.32) | (0.19) | (0.51) | $16.11 | 7.95% | 0.01% | 2.02% | 8% | $1,953,345 | ||
2017 | $14.53 | 0.21 | 1.21 | 1.42 | (0.21) | (0.33) | (0.54) | $15.41 | 10.09% | 0.00%(4) | 1.44% | 15% | $1,841,820 | ||
2016 | $15.48 | 0.25 | (0.06) | 0.19 | (0.26) | (0.88) | (1.14) | $14.53 | 1.62% | 0.00%(4) | 1.75% | 11% | $1,662,962 | ||
2015 | $14.96 | 0.29 | 0.55 | 0.84 | (0.30) | (0.02) | (0.32) | $15.48 | 5.66% | 0.00%(4) | 1.91% | 20% | $1,631,785 | ||
2014 | $13.79 | 0.27 | 1.17 | 1.44 | (0.27) | — | (0.27) | $14.96 | 10.51% | 0.00%(4) | 1.88% | 3% | $1,442,589 | ||
R Class | |||||||||||||||
2018 | $15.41 | 0.24 | 0.88 | 1.12 | (0.24) | (0.19) | (0.43) | $16.10 | 7.34% | 0.51% | 1.52% | 8% | $2,804 | ||
2017 | $14.53 | 0.13 | 1.22 | 1.35 | (0.14) | (0.33) | (0.47) | $15.41 | 9.54% | 0.50% | 0.94% | 15% | $1,677 | ||
2016 | $15.47 | 0.19 | (0.07) | 0.12 | (0.18) | (0.88) | (1.06) | $14.53 | 1.17% | 0.50% | 1.25% | 11% | $633 | ||
2015(5) | $15.63 | 0.02 | (0.16) | (0.14) | (0.02) | — | (0.02) | $15.47 | (0.92)% | 0.50%(6) | 0.28%(6) | 20%(7) | $28 | ||
One Choice Portfolio: Aggressive | |||||||||||||||
Investor Class | |||||||||||||||
2018 | $16.39 | 0.34 | 1.27 | 1.61 | (0.32) | (0.24) | (0.56) | $17.44 | 9.97% | 0.01% | 1.99% | 11% | $1,357,007 | ||
2017 | $15.15 | 0.21 | 1.67 | 1.88 | (0.22) | (0.42) | (0.64) | $16.39 | 12.88% | 0.00%(4) | 1.39% | 18% | $1,223,445 | ||
2016 | $16.90 | 0.26 | (0.23) | 0.03 | (0.27) | (1.51) | (1.78) | $15.15 | 0.69% | 0.00%(4) | 1.76% | 12% | $1,090,739 | ||
2015 | $16.30 | 0.31 | 0.89 | 1.20 | (0.37) | (0.23) | (0.60) | $16.90 | 7.44% | 0.00%(4) | 1.87% | 29% | $1,099,057 | ||
2014 | $14.75 | 0.28 | 1.52 | 1.80 | (0.25) | — | (0.25) | $16.30 | 12.26% | 0.00%(4) | 1.77% | 5% | $1,028,185 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses(3) | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
R Class | |||||||||||||||
2018 | $16.36 | 0.26 | 1.27 | 1.53 | (0.24) | (0.24) | (0.48) | $17.41 | 9.43% | 0.51% | 1.49% | 11% | $2,237 | ||
2017 | $15.12 | 0.13 | 1.67 | 1.80 | (0.14) | (0.42) | (0.56) | $16.36 | 12.33% | 0.50% | 0.89% | 18% | $1,457 | ||
2016 | $16.87 | 0.16 | (0.21) | (0.05) | (0.19) | (1.51) | (1.70) | $15.12 | 0.16% | 0.50% | 1.26% | 12% | $386 | ||
2015(5) | $17.01 | 0.01 | (0.15) | (0.14) | — | — | — | $16.87 | (0.82)% | 0.50%(6) | 0.23%(6) | 29%(7) | $25 | ||
One Choice Portfolio: Very Aggressive | |||||||||||||||
Investor Class | |||||||||||||||
2018 | $17.53 | 0.32 | 1.88 | 2.20 | (0.33) | (0.33) | (0.66) | $19.07 | 12.68% | 0.01% | 1.70% | 8% | $321,525 | ||
2017 | $15.83 | 0.17 | 2.25 | 2.42 | (0.15) | (0.57) | (0.72) | $17.53 | 15.85% | 0.00%(4) | 1.03% | 11% | $288,436 | ||
2016 | $18.47 | 0.23 | (0.42) | (0.19) | (0.37) | (2.08) | (2.45) | $15.83 | (0.44)% | 0.00%(4) | 1.47% | 11% | $254,676 | ||
2015 | $17.28 | 0.31 | 1.21 | 1.52 | (0.33) | — | (0.33) | $18.47 | 8.87% | 0.00%(4) | 1.72% | 42% | $268,772 | ||
2014 | $15.30 | 0.24 | 1.89 | 2.13 | (0.15) | — | (0.15) | $17.28 | 13.94% | 0.00%(4) | 1.45% | 8% | $267,537 | ||
R Class | |||||||||||||||
2018 | $17.50 | 0.20 | 1.90 | 2.10 | (0.23) | (0.33) | (0.56) | $19.04 | 12.13% | 0.51% | 1.20% | 8% | $1,376 | ||
2017 | $15.81 | 0.08 | 2.24 | 2.32 | (0.06) | (0.57) | (0.63) | $17.50 | 15.21% | 0.50% | 0.53% | 11% | $619 | ||
2016 | $18.44 | 0.13 | (0.40) | (0.27) | (0.28) | (2.08) | (2.36) | $15.81 | (0.92)% | 0.50% | 0.97% | 11% | $114 | ||
2015(5) | $18.59 | (0.01) | (0.14) | (0.15) | — | — | — | $18.44 | (0.81)% | 0.50%(6) | (0.18)%(6) | 42%(7) | $30 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. |
(3) | Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds. |
(4) | Ratio was less than 0.005%. |
(5) | March 20, 2015 (commencement of sale) through July 31, 2015. |
(6) | Annualized. |
(7) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2015. |
See Notes to Financial Statements.
Report of Independent Registered Public Accounting Firm |
To the shareholders and the Board of Directors of American Century Asset Allocation Portfolios, Inc.:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of One Choice® Portfolio: Very Conservative, One Choice® Portfolio: Conservative, One Choice® Portfolio: Moderate, One Choice® Portfolio: Aggressive, and One Choice® Portfolio: Very Aggressive, five of the portfolios comprising American Century Asset Allocation Portfolios, Inc. (the “Funds”), including the schedules of investments, as of July 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Kansas City, Missouri
September 19, 2018
We have served as the auditor of one or more American Century investment companies since 1997.
39
Management |
The Board of Directors
The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire by December 31 of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Director | Other Directorships Held During Past 5 Years |
Independent Directors | |||||
Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 67 | SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016) |
Barry Fink (1955) | Director | Since 2012 (independent since 2016) | Retired; Executive Vice President, ACC (2007 to 2013); President, ACS (2007 to 2013); Chief Operating Officer, ACC (2007 to 2012) | 67 | None |
Andrea C. Hall(1) (1945) | Director | Since 1997 | Retired | 67 | None |
Jan M. Lewis (1957) | Director | Since 2011 | Retired; President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization) (2006 to 2013) | 67 | None |
M. Jeannine Strandjord (1945) | Director | Since 1994 | Self-employed Consultant | 67 | Euronet Worldwide Inc. and MGP Ingredients, Inc. |
40
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Director | Other Directorships Held During Past 5 Years |
Independent Directors | |||||
John R. Whitten (1946) | Director | Since 2008 | Retired | 67 | Rudolph Technologies, Inc. |
Stephen E. Yates (1948) | Director and Chairman of the Board | Since 2012 (Chairman since 2018) | Retired | 69 | None |
Interested Director | |||||
Jonathan S. Thomas (1963) | Director and President | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries | 114 | BioMed Valley Discoveries, Inc. |
1) Effective August 31, 2018, Andrea C. Hall retired from the Board of Directors.
The Statement of Additional Information has additional information about the funds' directors and is available without charge, upon request, by calling 1-800-345-2021.
41
Officers
The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name (Year of Birth) | Offices with the Funds | Principal Occupation(s) During the Past Five Years |
Jonathan S. Thomas (1963) | Director and President since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries |
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Investment Operations and Investment Accounting, ACS (2000 to present) |
Amy D. Shelton (1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS |
Charles A. Etherington (1957) | General Counsel since 2007 and Senior Vice President since 2006 | Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS |
C. Jean Wade (1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
Robert J. Leach (1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
David H. Reinmiller (1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
Ward D. Stauffer (1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |
42
Approval of Management Agreement |
At a meeting held on June 28, 2018, the Funds’ Board of Directors (the “Board) unanimously approved the renewal of amended and restated management agreements pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors (the “Directors”), including a majority of the independent Directors, each year.
Prior to its consideration of the renewal of each Fund’s management agreement, the Directors requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to the Funds by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the extensive information that the Board and its committees receive and consider throughout the year. The Directors also conducted a review of the process by which the Board considers the renewal of the management agreements. The Board consulted with industry experts and reviewed industry best practices and recent judicial precedent. The Directors believe that the enhancements resulting from their review resulted in increased dialogue with the Advisor and an improved process for fund shareholders.
In connection with its consideration of the renewal of each Fund’s management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:
• | the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided by the Advisor to each Fund; |
• | the wide range of other programs and services provided and to be provided to each Fund and its shareholders on a routine and non-routine basis; |
• | the investment performance of each Fund, including data comparing each Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies; |
• | the cost of owning each Fund compared to the cost of owning similar funds; |
• | the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers; |
• | financial data showing the cost of services provided to each Fund and the overall profitability of the Advisor; |
• | strategic plans of the Advisor; |
• | any economies of scale associated with the Advisor’s management of the Funds and other accounts; |
• | services provided and charges to the Advisor's other investment management clients; |
• | acquired fund fees and expenses; |
• | payments and practices in connection with financial intermediaries holding shares of the Funds and the services provided by intermediaries in connection therewith; and |
• | any collateral benefits derived by the Advisor from the management of the Funds. |
The Directors held two in-person meetings and one telephonic meeting to review and discuss the information provided. The independent Directors also reviewed responses to supplemental information requests provided by the Directors to the Advisor and held active discussions with the Advisor regarding approval of the management agreements. The independent Directors had the benefit of the advice of their independent counsel throughout the process.
Factors Considered
The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approvals. They determined that the
43
information was sufficient for them to evaluate each Fund’s management agreement. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreements, the Board based its decision on a number of factors, including without limitation the following:
Nature, Extent and Quality of Services - Generally. Under the management agreements, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that under the management agreements, the Advisor provides or arranges at its own expense a wide variety of services including without limitation the following:
• | constructing and designing each Fund |
• | portfolio research and security selection |
• | securities trading |
• | Fund administration |
• | custody of Fund assets |
• | daily valuation of each Fund’s portfolio |
• | shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications |
• | legal services (except the independent Directors’ counsel) |
• | regulatory and portfolio compliance |
• | financial reporting |
• | marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans) |
The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.
Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review detailed performance information provided by the Advisor during the management renewal approval process. If performance concerns are identified with respect to a fund, the Fund receives special reviews until performance improves, during which the Board receives a report from the Advisor regarding the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The performance for One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative, One Choice Portfolio: Moderate, One Choice Portfolio: Aggressive and One Choice Portfolio: Very Aggressive was above each fund's respective benchmark for the one-, three-, five- and ten-year periods reviewed by the Board. The Board, directly and through its Fund Performance Review Committee, regularly reviews the investment management services of the Advisor. Taking all of these factors into consideration, the Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreements.
44
Shareholder and Other Services. Under the management agreements, the Advisor provides the Funds with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreements to be competitive and of high quality.
Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Directors have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the Funds’ management agreements, and the reasonableness of the current management agreements. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.
Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.
Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders additional content and services.
Comparison to Other Funds’ Fees. The Funds invest their non-cash assets entirely in other American Century Investments funds. The Funds do not pay an investment advisory fee to the Advisor. Rather, each Fund bears its pro rata share of the expenses incurred by the underlying funds. Each underlying fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel), as well as expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Board concluded that the underlying fund expenses incurred by each Fund were reasonable in light of the services provided to each Fund.
Comparison to Fees and Services Provided to Other Clients of the Advisor. The Directors also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of each Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.
Payments to Intermediaries. The Directors also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Board reviewed such information and received representations from the Advisor that all
45
such payments by the Funds were made pursuant to each Fund’s Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found the payments to be reasonable in scope and purpose.
Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex.
Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Funds on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.
Conclusion of the Directors. As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management agreements between the Funds and the Advisor were fair and reasonable in light of the services provided and should be renewed.
46
Proxy Voting Results |
A special meeting of shareholders was held on October 18, 2017, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.
To elect four directors to the Board of Directors of American Century Asset Allocation Portfolios, Inc.:
Affirmative | Withhold | ||||||
Thomas W. Bunn | $ | 13,314,351,423 | $ | 222,892,045 | |||
Barry Fink | $ | 13,302,273,438 | $ | 234,970,030 | |||
Jan M. Lewis | $ | 13,306,466,696 | $ | 230,776,772 | |||
Stephen E. Yates | $ | 13,276,976,060 | $ | 260,267,408 |
The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Andrea C. Hall, James A. Olson, M. Jeannine Strandjord, and John R. Whitten.
47
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds’ investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-2021. It is also available on the “About Us” page of American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The funds also make their complete schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.
48
Other Tax Information
The following information is provided pursuant to provisions of the Internal Revenue Code.
The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2018.
For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended July 31, 2018 as qualified for the corporate dividends received deduction.
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive |
$1,661,539 | $6,108,044 | $12,018,782 | $8,734,063 | $2,600,572 |
The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended July 31, 2018.
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive |
$1,112,168 | $633,121 | $1,150,428 | $1,101,738 | $278,653 |
The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended July 31, 2018.
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive |
$5,094,345 | $15,231,074 | $21,762,386 | $17,227,870 | $5,151,798 |
For the fiscal year ended July 31, 2018, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.
Foreign Tax Credit | Foreign Source Income | |||||||
Amount | Per Outstanding Share | Amount | Per Outstanding Share | |||||
One Choice Portfolio: Very Conservative | — | — | — | — | ||||
One Choice Portfolio: Conservative | $ | 263,283 | $0.0028 | $ | 2,200,812 | $0.0235 | ||
One Choice Portfolio: Moderate | $ | 533,394 | $0.0044 | $ | 4,498,807 | $0.0371 | ||
One Choice Portfolio: Aggressive | $ | 443,464 | $0.0057 | $ | 3,743,162 | $0.0480 | ||
One Choice Portfolio: Very Aggressive | $ | 135,529 | $0.0080 | $ | 1,129,063 | $0.0667 |
The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive |
$778,922 | — | — | — | — |
49
Notes |
50
Notes |
51
Notes |
52
Contact Us | americancentury.com | |
Automated Information Line | 1-800-345-8765 | |
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |
Investors Using Advisors | 1-800-378-9878 | |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
Telecommunications Relay Services for the Deaf | 711 | |
American Century Asset Allocation Portfolios, Inc. | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2018 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-93180 1809 |
Annual Report | ||
July 31, 2018 | ||
One Choice® In Retirement Portfolio | One Choice® 2040 Portfolio | |
Investor Class (ARTOX) | Investor Class (ARDVX) | |
I Class (ATTIX) | I Class (ARDSX) | |
A Class (ARTAX) | A Class (ARDMX) | |
C Class (ATTCX) | C Class (ARNOX) | |
R Class (ARSRX) | R Class (ARDRX) | |
R6 Class (ARDTX) | R6 Class (ARDUX) | |
One Choice® 2020 Portfolio | One Choice® 2045 Portfolio | |
Investor Class (ARBVX) | Investor Class (AROIX) | |
I Class (ARBSX) | I Class (AOOIX) | |
A Class (ARBMX) | A Class (AROAX) | |
C Class (ARNCX) | C Class (AROCX) | |
R Class (ARBRX) | R Class (ARORX) | |
R6 Class (ARBDX) | R6 Class (ARDOX) | |
One Choice® 2025 Portfolio | One Choice® 2050 Portfolio | |
Investor Class (ARWIX) | Investor Class (ARFVX) | |
I Class (ARWFX) | I Class (ARFSX) | |
A Class (ARWAX) | A Class (ARFMX) | |
C Class (ARWCX) | C Class (ARFDX) | |
R Class (ARWRX) | R Class (ARFWX) | |
R6 Class (ARWDX) | R6 Class (ARFEX) | |
One Choice® 2030 Portfolio | One Choice® 2055 Portfolio | |
Investor Class (ARCVX) | Investor Class (AREVX) | |
I Class (ARCSX) | I Class (ARENX) | |
A Class (ARCMX) | A Class (AREMX) | |
C Class (ARWOX) | C Class (AREFX) | |
R Class (ARCRX) | R Class (AREOX) | |
R6 Class (ARCUX) | R6 Class (AREUX) | |
One Choice® 2035 Portfolio | One Choice® 2060 Portfolio | |
Investor Class (ARYIX) | Investor Class (ARGVX) | |
I Class (ARLIX) | I Class (ARGNX) | |
A Class (ARYAX) | A Class (ARGMX) | |
C Class (ARLCX) | C Class (ARGHX) | |
R Class (ARYRX) | R Class (ARGRX) | |
R6 Class (ARLDX) | R6 Class (ARGDX) |
Table of Contents |
President’s Letter | ||
Performance | 3 | |
Portfolio Commentary | ||
Portfolio Characteristics | ||
Shareholder Fee Examples | ||
Schedules of Investments | ||
Statements of Assets and Liabilities | ||
Statements of Operations | ||
Statements of Changes in Net Assets | ||
Notes to Financial Statements | ||
Financial Highlights | ||
Report of Independent Registered Public Accounting Firm | ||
Management | ||
Proxy Voting Results | ||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this annual report for the period ended July 31, 2018. Annual reports help convey important information about fund returns, including market factors that affected performance during the reporting period. For additional, updated investment and market insights, please visit our website, americancentury.com.
Despite Heightened Volatility, Stocks Stayed Strong
Broad U.S. and global stock indices rose significantly in the first half of the 12-month period. A favorable backdrop of robust corporate earnings results, improving global economic growth, relatively low interest rates, and growth-oriented U.S. tax reform drove stock prices higher. For the six months ended January 31, 2018, U.S. stocks (S&P 500 Index) returned 15.43%, while global stocks (MSCI ACWI Index) gained 14.29%. U.S. bonds struggled, as interest rates edged higher and the Federal Reserve (the Fed) continued is rate-normalization efforts.
The global stock rally came to an abrupt halt in early February, stifled by the return of market volatility. Better-than-expected U.S. economic data triggered expectations for rising inflation, higher interest rates, and a more-hawkish Fed. In response, U.S. Treasury yields climbed to their highest levels in several years, and stock prices plunged. However, economic data released in subsequent months were more in line with market expectations. Additionally, corporate earnings generally remained strong, and the Fed stayed on track. This news helped calm the market unrest, but rising interest rates, geopolitical tensions, and global trade war fears provided periodic headwinds.
Overall, U.S. and global stocks held onto double-digit gains for the 12-month period, led by growth stocks. Meanwhile, rising U.S. Treasury yields and inflation took a toll on investment-grade bonds, which declined modestly for the 12 months.
With inflationary pressures mounting, Treasury yields rising, volatility resurfacing, and the implications of U.S. tariff and trade policy still unfolding, investors likely will face new opportunities and challenges in the months ahead. We believe this scenario warrants a disciplined, diversified, and risk-aware approach, using professionally managed portfolios in pursuit of investment goals. We appreciate your continued trust and confidence in us.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Performance |
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice In Retirement Portfolio | ||||||
Investor Class | ARTOX | 5.50% | 5.33% | 5.70% | — | 8/31/04 |
S&P Target Date Retirement Income Index | — | 4.20% | 4.38% | 4.62% | — | — |
I Class | ATTIX | 5.71% | 5.52% | 5.91% | — | 8/31/04 |
A Class | ARTAX | 8/31/04 | ||||
No sales charge | 5.23% | 5.06% | 5.44% | — | ||
With sales charge | -0.79% | 3.82% | 4.81% | — | ||
C Class | ATTCX | 4.48% | 4.29% | — | 5.62% | 3/1/10 |
R Class | ARSRX | 4.98% | 4.79% | 5.17% | — | 8/31/04 |
R6 Class | ARDTX | 5.77% | 5.64% | — | 5.64% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice In Retirement Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice In Retirement Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
3
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2020 Portfolio | ||||||
Investor Class | ARBVX | 5.86% | 5.72% | 5.97% | — | 5/30/08 |
S&P Target Date To 2020 Index | — | 5.24% | 5.67% | 5.60% | — | — |
I Class | ARBSX | 6.07% | 5.93% | 6.17% | — | 5/30/08 |
A Class | ARBMX | 5/30/08 | ||||
No sales charge | 5.52% | 5.44% | 5.69% | — | ||
With sales charge | -0.58% | 4.20% | 5.07% | — | ||
C Class | ARNCX | 4.71% | 4.66% | — | 6.16% | 3/1/10 |
R Class | ARBRX | 5.34% | 5.18% | 5.43% | — | 5/30/08 |
R6 Class | ARBDX | 6.08% | 6.01% | — | 6.01% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2020 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2020 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
4
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2025 Portfolio | ||||||
Investor Class | ARWIX | 6.36% | 6.19% | 6.16% | — | 8/31/04 |
S&P Target Date To 2025 Index | — | 6.44% | 6.37% | 6.00% | — | — |
I Class | ARWFX | 6.57% | 6.40% | 6.37% | — | 8/31/04 |
A Class | ARWAX | 8/31/04 | ||||
No sales charge | 6.10% | 5.92% | 5.89% | — | ||
With sales charge | -0.02% | 4.67% | 5.27% | — | ||
C Class | ARWCX | 5.29% | 5.12% | — | 6.64% | 3/1/10 |
R Class | ARWRX | 5.84% | 5.66% | 5.63% | — | 8/31/04 |
R6 Class | ARWDX | 6.67% | 6.54% | — | 6.54% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2025 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2025 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
5
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2030 Portfolio | ||||||
Investor Class | ARCVX | 7.13% | 6.71% | 6.47% | — | 5/30/08 |
S&P Target Date To 2030 Index | — | 7.74% | 7.05% | 6.38% | — | — |
I Class | ARCSX | 7.27% | 6.93% | 6.67% | — | 5/30/08 |
A Class | ARCMX | 5/30/08 | ||||
No sales charge | 6.80% | 6.44% | 6.19% | — | ||
With sales charge | 0.64% | 5.18% | 5.56% | — | ||
C Class | ARWOX | 6.06% | 5.66% | — | 7.15% | 3/1/10 |
R Class | ARCRX | 6.54% | 6.17% | 5.92% | — | 5/30/08 |
R6 Class | ARCUX | 7.41% | 7.05% | — | 7.05% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2030 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2030 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
6
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2035 Portfolio | ||||||
Investor Class | ARYIX | 8.05% | 7.30% | 6.77% | — | 8/31/04 |
S&P Target Date To 2035 Index | — | 8.88% | 7.61% | 6.70% | — | — |
I Class | ARLIX | 8.19% | 7.49% | 6.97% | — | 8/31/04 |
A Class | ARYAX | 8/31/04 | ||||
No sales charge | 7.72% | 7.00% | 6.49% | — | ||
With sales charge | 1.52% | 5.74% | 5.86% | — | ||
C Class | ARLCX | 6.93% | 6.22% | — | 7.75% | 3/1/10 |
R Class | ARYRX | 7.52% | 6.75% | 6.23% | — | 8/31/04 |
R6 Class | ARLDX | 8.36% | 7.64% | — | 7.64% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2035 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2035 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
7
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2040 Portfolio | ||||||
Investor Class | ARDVX | 8.98% | 7.88% | 7.31% | — | 5/30/08 |
S&P Target Date To 2040 Index | — | 9.89% | 8.16% | 7.02% | — | — |
I Class | ARDSX | 9.19% | 8.09% | 7.52% | — | 5/30/08 |
A Class | ARDMX | 5/30/08 | ||||
No sales charge | 8.64% | 7.60% | 7.03% | — | ||
With sales charge | 2.42% | 6.34% | 6.39% | — | ||
C Class | ARNOX | 7.91% | 6.79% | — | 8.33% | 3/1/10 |
R Class | ARDRX | 8.46% | 7.33% | 6.77% | — | 5/30/08 |
R6 Class | ARDUX | 9.33% | 8.24% | — | 8.24% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2040 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2040 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
8
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2045 Portfolio | ||||||
Investor Class | AROIX | 9.79% | 8.42% | 7.43% | — | 8/31/04 |
S&P Target Date To 2045 Index | — | 10.29% | 8.49% | 7.24% | — | — |
I Class | AOOIX | 9.99% | 8.65% | 7.66% | — | 8/31/04 |
A Class | AROAX | 8/31/04 | ||||
No sales charge | 9.53% | 8.16% | 7.17% | — | ||
With sales charge | 3.22% | 6.89% | 6.53% | — | ||
C Class | AROCX | 8.71% | 7.34% | — | 8.80% | 3/1/10 |
R Class | ARORX | 9.19% | 7.88% | 6.89% | — | 8/31/04 |
R6 Class | ARDOX | 10.22% | 8.79% | — | 8.79% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2045 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2045 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
9
Total Returns as of July 31, 2018 | ||||||
Average Annual Returns | ||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |
One Choice 2050 Portfolio | ||||||
Investor Class | ARFVX | 10.42% | 8.74% | 7.61% | — | 5/30/08 |
S&P Target Date To 2050 Index | — | 10.51% | 8.74% | 7.45% | — | — |
I Class | ARFSX | 10.62% | 8.94% | 7.83% | — | 5/30/08 |
A Class | ARFMX | 5/30/08 | ||||
No sales charge | 10.08% | 8.46% | 7.33% | — | ||
With sales charge | 3.71% | 7.18% | 6.70% | — | ||
C Class | ARFDX | 9.32% | 7.65% | — | 9.05% | 3/1/10 |
R Class | ARFWX | 9.89% | 8.19% | 7.07% | — | 5/30/08 |
R6 Class | ARFEX | 10.78% | 9.08% | — | 9.08% | 10/23/17 |
Average annual returns since inception are presented when ten years of performance history is not available.
Fund returns would have been lower if a portion of the fees had not been waived. Prior to March 1, 2010, 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 adjusted to reflect this charge.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2050 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2050 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
10
Total Returns as of July 31, 2018 | |||||
Average Annual Returns | |||||
Ticker Symbol | 1 year | 5 years | Since Inception | Inception Date | |
One Choice 2055 Portfolio | |||||
Investor Class | AREVX | 10.61% | 8.95% | 9.09% | 3/31/11 |
S&P Target Date To 2055 Index | — | 10.79% | 8.98% | 8.80% | — |
I Class | ARENX | 10.83% | 9.16% | 9.31% | 3/31/11 |
A Class | AREMX | 3/31/11 | |||
No sales charge | 10.36% | 8.67% | 8.82% | ||
With sales charge | 4.00% | 7.39% | 7.94% | ||
C Class | AREFX | 9.51% | 7.86% | 8.01% | 3/31/11 |
R Class | AREOX | 10.08% | 8.40% | 8.55% | 3/31/11 |
R6 Class | AREUX | 11.05% | 9.30% | 9.30% | 10/23/17 |
Fund returns would have been lower if a portion of the fees had not been waived.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2055 Portfolio R6. Such historical performance began on July 31, 2013. The R6 Class of the fund acquired all of the assets of the One Choice 2055 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
11
Total Returns as of July 31, 2018 | ||||
Average Annual Returns | ||||
Ticker Symbol | 1 year | Since Inception | Inception Date | |
One Choice 2060 Portfolio | ||||
Investor Class | ARGVX | 10.84% | 12.10% | 9/30/15 |
S&P Target Date To 2060+ Index | — | 10.95% | 13.12% | — |
S&P Target Date To 2055 Index | — | 10.79% | 12.83% | — |
I Class | ARGNX | 11.05% | 12.34% | 9/30/15 |
A Class | ARGMX | 9/30/15 | ||
No sales charge | 10.58% | 11.82% | ||
With sales charge | 4.25% | 9.51% | ||
C Class | ARGHX | 9.80% | 11.00% | 9/30/15 |
R Class | ARGRX | 10.38% | 11.56% | 9/30/15 |
R6 Class(1) | ARGDX | 11.28% | 12.44% | 10/23/17 |
Fund returns would have been lower if a portion of the fees had not been waived. Effective January 1, 2018 the fund's investment advisor selected a different benchmark for comparison purposes. The advisor believes the S&P Target Date To 2060+ Index is more reflective of the fund's strategy.
Historical performance for the R6 Class prior to its inception reflects the performance of the R6 Class of the One Choice 2060 Portfolio R6. Such historical performance began on September 30, 2015. The R6 Class of the fund acquired all of the assets of the One Choice 2060 Portfolio R6 on October 20, 2017 pursuant to a reorganization.
Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
12
Growth of $10,000 Over 10 Years of One Choice In Retirement Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $17,415 | |
S&P Target Date Retirement Income Index — $15,717 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
Growth of $10,000 Over 10 Years of One Choice 2020 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $17,860 | |
S&P Target Date To 2020 Index — $17,252 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
13
Growth of $10,000 Over 10 Years of One Choice 2025 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $18,178 | |
S&P Target Date To 2025 Index — $17,921 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
Growth of $10,000 Over 10 Years of One Choice 2030 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $18,729 | |
S&P Target Date To 2030 Index — $18,575 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
14
Growth of $10,000 Over 10 Years of One Choice 2035 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $19,254 | |
S&P Target Date To 2035 Index — $19,142 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
Growth of $10,000 Over 10 Years of One Choice 2040 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $20,248 | |
S&P Target Date To 2040 Index — $19,718 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
15
Growth of $10,000 Over 10 Years of One Choice 2045 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $20,493 | |
S&P Target Date To 2045 Index — $20,129 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
Growth of $10,000 Over 10 Years of One Choice 2050 Portfolio — Investor Class |
$10,000 investment made July 31, 2008 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $20,827 | |
S&P Target Date To 2050 Index — $20,531 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
16
Growth of $10,000 Over Life of One Choice 2055 Portfolio — Investor Class |
$10,000 investment made March 31, 2011 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $18,943 | |
S&P Target Date To 2055 Index — $18,567 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
Growth of $10,000 Over Life of One Choice 2060 Portfolio — Investor Class |
$10,000 investment made September 30, 2015 |
Performance for other share classes will vary due to differences in fee structure. |
Value on July 31, 2018 | |
Investor Class — $13,824 | |
S&P Target Date To 2060+ Index — $14,182 | |
S&P Target Date To 2055 Index — $14,083 | |
Ending value of Investor Class would have been lower if a portion of the fees had not been waived.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
17
Total Annual Fund Operating Expenses | ||||||
Investor Class | I Class | A Class | C Class | R Class | R6 Class | |
One Choice In Retirement Portfolio | 0.79% | 0.61% | 1.04% | 1.79% | 1.29% | 0.54% |
One Choice 2020 Portfolio | 0.79% | 0.62% | 1.04% | 1.79% | 1.29% | 0.55% |
One Choice 2025 Portfolio | 0.83% | 0.64% | 1.08% | 1.83% | 1.33% | 0.56% |
One Choice 2030 Portfolio | 0.86% | 0.67% | 1.11% | 1.86% | 1.36% | 0.59% |
One Choice 2035 Portfolio | 0.88% | 0.69% | 1.13% | 1.88% | 1.38% | 0.61% |
One Choice 2040 Portfolio | 0.91% | 0.72% | 1.16% | 1.91% | 1.41% | 0.63% |
One Choice 2045 Portfolio | 0.94% | 0.75% | 1.19% | 1.94% | 1.44% | 0.65% |
One Choice 2050 Portfolio | 0.97% | 0.77% | 1.22% | 1.97% | 1.47% | 0.67% |
One Choice 2055 Portfolio | 0.98% | 0.78% | 1.23% | 1.98% | 1.48% | 0.68% |
One Choice 2060 Portfolio | 0.98% | 0.78% | 1.23% | 1.98% | 1.48% | 0.68% |
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.
A One Choice Target Date 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.
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 funds, please consult the prospectus.
18
Portfolio Commentary |
Portfolio Managers: Rich Weiss, Scott Wilson, Radu Gabudean, David MacEwen, and Vidya Rajappa
Vidya Rajappa joined the management team during the fiscal year.
Performance Summary
Each of the 10 One Choice® Target Date Portfolios had positive returns for the fiscal year ended July 31, 2018, ranging from 5.50%* for the One Choice in Retirement Portfolio to 10.84% for the One Choice 2060 Portfolio. (See pages 3-17 for more detailed performance information.) Returns for the 12 months reflected strong performance among U.S. equity investments and more modest gains among non-U.S. stocks, in developed as well as emerging markets. The Portfolios’ fixed-income investments produced mixed results, with high-yield bonds advancing, while core U.S. bonds and select international bonds declined, hurt by rising U.S. interest rates and a strong U.S. dollar, respectively.
Because of the Portfolios’ strategic exposure to a variety of asset classes, a review of the financial markets helps explain much of their performance.
Market Overview
Passage of the U.S. tax reform legislation late in the fourth quarter of 2017 boosted U.S. corporate earnings substantially in the first half of 2018, while U.S. economic activity continued to grow at a healthy pace. Commodity prices, including oil, rebounded during the period, while the U.S. dollar strengthened, weighing on returns of non-U.S. assets. Halfway through the reporting period, financial market volatility picked up as concerns about inflation, tariffs and trade tensions, and the sustainability of economic growth began to weigh on investors’ minds.
With that backdrop, stronger global growth, tax cuts, and record corporate profits helped drive strong equity market gains early in the reporting period, with stocks around the world reaching record highs in early 2018 before worries about interest rates and inflation led to sharp volatility. In the U.S., growth beat value across stocks of all sizes. Developed non-U.S. stocks outperformed emerging markets, but both underperformed U.S. core equities. In terms of sector contribution, technology and consumer discretionary stocks performed best.
Within fixed-income investments, the U.S. Federal Reserve (the Fed) increased its target rate three times in the 12-month period, from 1.25% to 2.0%. The U.S. 10-year Treasury yield rose and finished just short of 3%. Overall, the yield curve rose and flattened. High-yield, cash, and inflation-linked securities did best, while other segments of the market declined. A stronger U.S. dollar hurt the performance of non-U.S. bonds.
For the year, the S&P 500 Index’s gain of 16.24% surpassed the modest 6.40% return of the MSCI EAFE Index and the 4.36% gain of the MSCI Emerging Markets Index. Among bonds, lower-quality issues continued to outperform higher-grade bonds, as the Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond Index gained 2.60%, while the Bloomberg Barclays U.S. Aggregate Bond Index returned -0.80%, and the Bloomberg Barclays Global Aggregate Bond Index returned -0.48%.
*All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been
lower if a portion of the fees had not been waived. 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 pages 3-12 for returns for all share classes.
19
Fund Information
Each One Choice Target Date Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See pages 22-23 for the specific underlying fund allocations for each Portfolio.) A Portfolio’s target date is the approximate year when investors plan to retire and likely would stop making new investments in the fund. One Choice In Retirement Portfolio is generally intended for investors near, at, or in retirement. There is no guarantee that an investment in any of the funds will provide adequate income at or through an investor’s retirement.
Each target-dated 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, each Portfolio’s allocation becomes more conservative by decreasing the allocation to stock funds and increasing the allocation to bond and money market funds. By the time each Portfolio reaches its target date, its target asset mix will become fixed and match that of One Choice In Retirement Portfolio, which seeks current income and capital appreciation.
Portfolio Performance
All One Choice Portfolios except the In Retirement and 2020 Portfolios underperformed their respective S&P “Target Date To” benchmark indices, largely because of asset allocation effects. Specifically, lower allocations to equity holdings across the portfolios weighed on results relative to benchmarks as equity returns were much stronger than those of fixed income. In Retirement and 2020 Portfolios benefited from higher U.S. equity allocation compared to their benchmarks.
Across all portfolios, NT Equity Growth Fund, NT Growth Fund, and NT Large Company Value Fund were leading contributors to portfolio returns. NT International Growth Fund and NT Heritage Fund, representing international large-cap growth and U.S. mid-cap growth stocks, were also notable contributors. In the later-dated vintages, NT International Discovery Fund was a significant contributor. Among fixed-income funds, NT High Income Fund and Global Bond Fund were the leading contributors to performance. In shorter-dated portfolios, Short Duration Inflation Protection Bond Fund and Prime Money Market Fund were key contributors, as inflation and interest rates rose, muting longer-term bond returns.
Security selection results were positive in several key underlying funds, including NT International Growth Security Fund, NT Equity Growth Fund, NT Mid Cap Value Fund, NT Growth Fund, and NT Large Company Value Fund, among others. In the nearer-dated vintages, NT High Income Fund and Short Duration Inflation Protection Bond Fund were contributors.
In a period of strong global equity market performance, no equity sleeves detracted from a total return perspective. However, some of the same conditions that supported equities presented challenges for fixed-income positions. In that environment, NT Diversified Bond Fund and Emerging Markets Debt Fund had negative results that detracted from performance across all portfolios. In shorter-dated portfolios, NT International Bond Fund was a detractor, hurt by the stronger U.S. dollar.
Though security selection results were positive overall, a number of sleeves trailed their respective benchmarks. Across all portfolios in the equity allocation, detractors from performance were NT Heritage Fund, NT Disciplined Growth Fund, NT International Value Fund, and NT Small Company Fund. Among fixed-income holdings, NT Diversified Bond Fund was a notable detractor.
20
Dynamic Risk Management Process
Reducing equity exposure to provide a better balance of risks: Our dynamic risk management process is based on proprietary signals that pull from macroeconomic data, valuation models, technical signals, and volatility readings. Our latest reading suggests a slight reduction in equity exposure for late-career and in-retirement participants, moving them to a greater level of downside risk protection, which is most critical near and in retirement.
One Choice In Retirement Portfolio and One Choice 2020 Portfolio maintain the largest adjustment, at a 3% underweight to the strategic equity allocations. Over the quarter, the dynamic effect on portfolio returns was neutral for most portfolios. However, for the In Retirement and 2020 Portfolios, the most conservative portfolios, the dynamic effect during the quarter was slightly negative, reflecting the weaker performance of bonds to stocks.
A Look Ahead
Roughly halfway through 2018, the U.S. economy is quite robust, with economic growth reaching the highest level in nearly four years during the second quarter of the year. In addition, the unemployment rate fell to 3.8% in May, reaching the lowest level in 18 years. These conditions were reflected in the strength in the consumer sector, where retail sales generally strengthened over the course of 2018.
Despite these positives, we believe political and economic uncertainty could lead to further financial market volatility. First, the relatively healthy U.S. economy continues to push the Fed to raise interest rates higher, which could eventually negatively affect consumer behavior and squeeze corporate profitability. Second, consumer price inflation reached the highest level in six years in June and July, while core inflation, which excludes volatile food and energy costs, ran at the fastest pace in nearly a decade. Tariff-related price increases could prompt even higher inflation and more aggressive monetary tightening than the market currently anticipates. With stock markets near record highs, trade concerns a wild card, and taking into account the late stage of the economic cycle, we believe investor expectations should probably be more muted regarding long-term returns going forward.
21
Portfolio Characteristics |
Underlying Fund Allocations(1) as a % of net assets as of July 31, 2018 | |||||
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | |
Equity | |||||
NT Core Equity Plus Fund | 2.8% | 2.8% | 2.9% | 2.9% | 3.2% |
NT Disciplined Growth Fund | 1.4% | 1.5% | 1.9% | 2.3% | 2.7% |
NT Equity Growth Fund | 9.3% | 9.3% | 9.0% | 9.0% | 9.1% |
NT Growth Fund | 4.1% | 4.4% | 5.1% | 6.2% | 7.6% |
NT Heritage Fund | 2.1% | 2.4% | 3.3% | 4.1% | 4.5% |
NT Large Company Value Fund | 8.9% | 8.9% | 9.3% | 9.7% | 10.2% |
NT Mid Cap Value Fund | 4.2% | 4.5% | 5.2% | 5.8% | 6.0% |
NT Small Company Fund | 1.9% | 1.8% | 1.6% | 1.9% | 2.6% |
NT Emerging Markets Fund | — | 0.4% | 1.4% | 2.2% | 2.8% |
NT Global Real Estate Fund | 1.0% | 1.0% | 1.3% | 1.6% | 1.8% |
NT International Growth Fund | 4.2% | 4.1% | 4.6% | 5.0% | 6.0% |
NT International Small-Mid Cap Fund | — | 0.1% | 0.4% | 0.7% | 1.0% |
NT International Value Fund | 2.1% | 2.3% | 2.9% | 3.6% | 4.2% |
Total Equity | 42.0% | 43.5% | 48.9% | 55.0% | 61.7% |
Fixed Income | |||||
Inflation-Adjusted Bond Fund | 3.2% | 3.6% | 4.5% | 4.6% | 3.7% |
NT Diversified Bond Fund | 21.6% | 21.3% | 19.9% | 18.3% | 16.1% |
NT High Income Fund | 3.6% | 3.7% | 4.1% | 4.2% | 3.9% |
Short Duration Inflation Protection Bond Fund | 7.6% | 6.7% | 4.0% | 1.9% | 0.5% |
Emerging Markets Debt Fund | 1.2% | 1.4% | 1.8% | 2.2% | 2.2% |
Global Bond Fund | 8.4% | 8.3% | 7.8% | 7.2% | 6.4% |
International Bond Fund | 2.4% | 2.3% | 2.2% | 1.6% | 0.5% |
Total Fixed Income | 48.0% | 47.3% | 44.3% | 40.0% | 33.3% |
U.S. Government Money Market Fund | 10.0% | 9.2% | 6.8% | 5.0% | 5.0% |
Other Assets and Liabilities | —(2) | —(2) | —(2) | —(2) | —(2) |
(1) | Underlying fund investments represent G Class. |
(2) | Category is less than 0.05% of total net assets. |
22
Underlying Fund Allocations(1) as a % of net assets as of July 31, 2018 | |||||
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | |
Equity | |||||
NT Core Equity Plus Fund | 3.3% | 3.7% | 4.6% | 4.5% | 4.5% |
NT Disciplined Growth Fund | 3.1% | 3.2% | 3.3% | 3.4% | 3.4% |
NT Equity Growth Fund | 9.6% | 10.2% | 10.4% | 10.5% | 10.7% |
NT Growth Fund | 9.1% | 10.0% | 10.5% | 10.8% | 10.9% |
NT Heritage Fund | 5.1% | 6.0% | 6.6% | 6.5% | 6.7% |
NT Large Company Value Fund | 11.2% | 12.5% | 13.5% | 13.9% | 14.4% |
NT Mid Cap Value Fund | 6.1% | 6.8% | 7.2% | 6.8% | 6.8% |
NT Small Company Fund | 3.2% | 3.1% | 3.1% | 3.7% | 4.0% |
NT Emerging Markets Fund | 3.3% | 4.3% | 5.2% | 6.3% | 6.4% |
NT Global Real Estate Fund | 2.1% | 2.3% | 2.6% | 2.8% | 3.0% |
NT International Growth Fund | 6.4% | 6.7% | 6.8% | 6.4% | 6.0% |
NT International Small-Mid Cap Fund | 1.3% | 1.7% | 1.9% | 2.2% | 2.5% |
NT International Value Fund | 4.7% | 4.9% | 5.2% | 5.4% | 5.6% |
Total Equity | 68.5% | 75.4% | 80.9% | 83.2% | 84.9% |
Fixed Income | |||||
Inflation-Adjusted Bond Fund | 2.7% | 2.3% | 1.9% | 1.7% | 1.5% |
NT Diversified Bond Fund | 13.7% | 11.5% | 9.6% | 8.4% | 7.6% |
NT High Income Fund | 3.4% | 2.9% | 2.4% | 2.1% | 1.9% |
Emerging Markets Debt Fund | 2.0% | 1.7% | 1.4% | 1.2% | 1.1% |
Global Bond Fund | 5.5% | 4.5% | 3.8% | 3.4% | 3.0% |
Total Fixed Income | 27.3% | 22.9% | 19.1% | 16.8% | 15.1% |
U.S. Government Money Market Fund | 4.2% | 1.7% | — | — | — |
Other Assets and Liabilities | —(2) | —(2) | —(2) | —(2) | —(2) |
(1) | Underlying fund investments represent G Class. |
(2) | Category is less than 0.05% of total net assets. |
23
Shareholder Fee Examples |
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 February 1, 2018 to July 31, 2018.
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 a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual 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 $12.50 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.
24
Beginning Account Value 2/1/18 | Ending Account Value 7/31/18 | Expenses Paid During Period(1) 2/1/18 - 7/31/18 | Annualized Expense Ratio(1) | |
One Choice In Retirement Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $996.40 | $3.66 | 0.74% |
I Class | $1,000 | $996.60 | $2.67 | 0.54% |
A Class | $1,000 | $994.50 | $4.90 | 0.99% |
C Class | $1,000 | $991.70 | $8.59 | 1.74% |
R Class | $1,000 | $993.20 | $6.13 | 1.24% |
R6 Class | $1,000 | $997.70 | $1.93 | 0.39% |
Hypothetical | ||||
Investor Class | $1,000 | $1,021.13 | $3.71 | 0.74% |
I Class | $1,000 | $1,022.12 | $2.71 | 0.54% |
A Class | $1,000 | $1,019.89 | $4.96 | 0.99% |
C Class | $1,000 | $1,016.17 | $8.70 | 1.74% |
R Class | $1,000 | $1,018.65 | $6.21 | 1.24% |
R6 Class | $1,000 | $1,022.86 | $1.96 | 0.39% |
One Choice 2020 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $995.30 | $3.66 | 0.74% |
I Class | $1,000 | $996.90 | $2.67 | 0.54% |
A Class | $1,000 | $993.80 | $4.89 | 0.99% |
C Class | $1,000 | $989.90 | $8.58 | 1.74% |
R Class | $1,000 | $993.00 | $6.13 | 1.24% |
R6 Class | $1,000 | $996.60 | $1.93 | 0.39% |
Hypothetical | ||||
Investor Class | $1,000 | $1,021.13 | $3.71 | 0.74% |
I Class | $1,000 | $1,022.12 | $2.71 | 0.54% |
A Class | $1,000 | $1,019.89 | $4.96 | 0.99% |
C Class | $1,000 | $1,016.17 | $8.70 | 1.74% |
R Class | $1,000 | $1,018.65 | $6.21 | 1.24% |
R6 Class | $1,000 | $1,022.86 | $1.96 | 0.39% |
(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any underlying fund fees and expenses. |
25
Beginning Account Value 2/1/18 | Ending Account Value 7/31/18 | Expenses Paid During Period(1) 2/1/18 - 7/31/18 | Annualized Expense Ratio(1) | |
One Choice 2025 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $992.80 | $3.76 | 0.76% |
I Class | $1,000 | $993.40 | $2.77 | 0.56% |
A Class | $1,000 | $991.50 | $4.99 | 1.01% |
C Class | $1,000 | $988.20 | $8.68 | 1.76% |
R Class | $1,000 | $990.80 | $6.22 | 1.26% |
R6 Class | $1,000 | $995.00 | $2.03 | 0.41% |
Hypothetical | ||||
Investor Class | $1,000 | $1,021.03 | $3.81 | 0.76% |
I Class | $1,000 | $1,022.02 | $2.81 | 0.56% |
A Class | $1,000 | $1,019.79 | $5.06 | 1.01% |
C Class | $1,000 | $1,016.07 | $8.80 | 1.76% |
R Class | $1,000 | $1,018.55 | $6.31 | 1.26% |
R6 Class | $1,000 | $1,022.76 | $2.06 | 0.41% |
One Choice 2030 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $991.80 | $3.85 | 0.78% |
I Class | $1,000 | $992.50 | $2.87 | 0.58% |
A Class | $1,000 | $990.30 | $5.08 | 1.03% |
C Class | $1,000 | $987.30 | $8.77 | 1.78% |
R Class | $1,000 | $989.50 | $6.31 | 1.28% |
R6 Class | $1,000 | $993.50 | $2.13 | 0.43% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.93 | $3.91 | 0.78% |
I Class | $1,000 | $1,021.92 | $2.91 | 0.58% |
A Class | $1,000 | $1,019.69 | $5.16 | 1.03% |
C Class | $1,000 | $1,015.97 | $8.90 | 1.78% |
R Class | $1,000 | $1,018.45 | $6.41 | 1.28% |
R6 Class | $1,000 | $1,022.66 | $2.16 | 0.43% |
(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any underlying fund fees and expenses. |
26
Beginning Account Value 2/1/18 | Ending Account Value 7/31/18 | Expenses Paid During Period(1) 2/1/18 - 7/31/18 | Annualized Expense Ratio(1) | |
One Choice 2035 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $991.70 | $4.00 | 0.81% |
I Class | $1,000 | $992.30 | $3.01 | 0.61% |
A Class | $1,000 | $989.90 | $5.23 | 1.06% |
C Class | $1,000 | $986.30 | $8.91 | 1.81% |
R Class | $1,000 | $989.30 | $6.46 | 1.31% |
R6 Class | $1,000 | $993.70 | $2.27 | 0.46% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.78 | $4.06 | 0.81% |
I Class | $1,000 | $1,021.77 | $3.06 | 0.61% |
A Class | $1,000 | $1,019.54 | $5.31 | 1.06% |
C Class | $1,000 | $1,015.82 | $9.05 | 1.81% |
R Class | $1,000 | $1,018.30 | $6.56 | 1.31% |
R6 Class | $1,000 | $1,022.51 | $2.31 | 0.46% |
One Choice 2040 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $991.60 | $4.10 | 0.83% |
I Class | $1,000 | $992.30 | $3.11 | 0.63% |
A Class | $1,000 | $989.50 | $5.33 | 1.08% |
C Class | $1,000 | $986.60 | $9.01 | 1.83% |
R Class | $1,000 | $988.70 | $6.56 | 1.33% |
R6 Class | $1,000 | $993.00 | $2.37 | 0.48% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.68 | $4.16 | 0.83% |
I Class | $1,000 | $1,021.67 | $3.16 | 0.63% |
A Class | $1,000 | $1,019.44 | $5.41 | 1.08% |
C Class | $1,000 | $1,015.72 | $9.15 | 1.83% |
R Class | $1,000 | $1,018.20 | $6.66 | 1.33% |
R6 Class | $1,000 | $1,022.41 | $2.41 | 0.48% |
(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any underlying fund fees and expenses. |
27
Beginning Account Value 2/1/18 | Ending Account Value 7/31/18 | Expenses Paid During Period(1) 2/1/18 - 7/31/18 | Annualized Expense Ratio(1) | |
One Choice 2045 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $989.40 | $4.24 | 0.86% |
I Class | $1,000 | $990.50 | $3.26 | 0.66% |
A Class | $1,000 | $988.30 | $5.47 | 1.11% |
C Class | $1,000 | $984.40 | $9.15 | 1.86% |
R Class | $1,000 | $986.60 | $6.70 | 1.36% |
R6 Class | $1,000 | $991.60 | $2.52 | 0.51% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.53 | $4.31 | 0.86% |
I Class | $1,000 | $1,021.52 | $3.31 | 0.66% |
A Class | $1,000 | $1,019.29 | $5.56 | 1.11% |
C Class | $1,000 | $1,015.57 | $9.30 | 1.86% |
R Class | $1,000 | $1,018.05 | $6.81 | 1.36% |
R6 Class | $1,000 | $1,022.27 | $2.56 | 0.51% |
One Choice 2050 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $988.40 | $4.34 | 0.88% |
I Class | $1,000 | $989.10 | $3.35 | 0.68% |
A Class | $1,000 | $987.00 | $5.57 | 1.13% |
C Class | $1,000 | $983.60 | $9.25 | 1.88% |
R Class | $1,000 | $985.70 | $6.79 | 1.38% |
R6 Class | $1,000 | $990.30 | $2.62 | 0.53% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.43 | $4.41 | 0.88% |
I Class | $1,000 | $1,021.42 | $3.41 | 0.68% |
A Class | $1,000 | $1,019.19 | $5.66 | 1.13% |
C Class | $1,000 | $1,015.47 | $9.40 | 1.88% |
R Class | $1,000 | $1,017.95 | $6.90 | 1.38% |
R6 Class | $1,000 | $1,022.17 | $2.66 | 0.53% |
(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any underlying fund fees and expenses. |
28
Beginning Account Value 2/1/18 | Ending Account Value 7/31/18 | Expenses Paid During Period(1) 2/1/18 - 7/31/18 | Annualized Expense Ratio(1) | |
One Choice 2055 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $986.70 | $4.33 | 0.88% |
I Class | $1,000 | $987.90 | $3.35 | 0.68% |
A Class | $1,000 | $986.00 | $5.56 | 1.13% |
C Class | $1,000 | $982.10 | $9.24 | 1.88% |
R Class | $1,000 | $984.80 | $6.79 | 1.38% |
R6 Class | $1,000 | $989.00 | $2.61 | 0.53% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.43 | $4.41 | 0.88% |
I Class | $1,000 | $1,021.42 | $3.41 | 0.68% |
A Class | $1,000 | $1,019.19 | $5.66 | 1.13% |
C Class | $1,000 | $1,015.47 | $9.40 | 1.88% |
R Class | $1,000 | $1,017.95 | $6.90 | 1.38% |
R6 Class | $1,000 | $1,022.17 | $2.66 | 0.53% |
One Choice 2060 Portfolio | ||||
Actual | ||||
Investor Class | $1,000 | $986.60 | $4.33 | 0.88% |
I Class | $1,000 | $988.10 | $3.35 | 0.68% |
A Class | $1,000 | $985.80 | $5.56 | 1.13% |
C Class | $1,000 | $982.00 | $9.24 | 1.88% |
R Class | $1,000 | $985.10 | $6.79 | 1.38% |
R6 Class | $1,000 | $988.90 | $2.61 | 0.53% |
Hypothetical | ||||
Investor Class | $1,000 | $1,020.43 | $4.41 | 0.88% |
I Class | $1,000 | $1,021.42 | $3.41 | 0.68% |
A Class | $1,000 | $1,019.19 | $5.66 | 1.13% |
C Class | $1,000 | $1,015.47 | $9.40 | 1.88% |
R Class | $1,000 | $1,017.95 | $6.90 | 1.38% |
R6 Class | $1,000 | $1,022.17 | $2.66 | 0.53% |
(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any underlying fund fees and expenses. |
29
Schedules of Investments |
JULY 31, 2018
One Choice In Retirement Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Fixed Income Funds — 36.0% | |||||
Inflation-Adjusted Bond Fund G Class | 5,032,957 | $ | 57,124,063 | ||
NT Diversified Bond Fund G Class | 36,680,052 | 380,738,941 | |||
NT High Income Fund G Class | 6,497,715 | 63,807,566 | |||
Short Duration Inflation Protection Bond Fund G Class | 13,052,856 | 133,400,193 | |||
635,070,763 | |||||
Domestic Equity Funds — 34.7% | |||||
NT Core Equity Plus Fund G Class | 2,845,227 | 49,848,372 | |||
NT Disciplined Growth Fund G Class | 1,822,375 | 24,529,163 | |||
NT Equity Growth Fund G Class | 11,302,018 | 164,331,337 | |||
NT Growth Fund G Class | 3,783,658 | 72,986,761 | |||
NT Heritage Fund G Class | 2,429,513 | 36,491,286 | |||
NT Large Company Value Fund G Class | 13,180,442 | 156,979,067 | |||
NT Mid Cap Value Fund G Class | 5,345,599 | 74,731,478 | |||
NT Small Company Fund G Class | 3,160,321 | 32,646,114 | |||
612,543,578 | |||||
International Fixed Income Funds — 12.0% | |||||
Emerging Markets Debt Fund G Class | 2,163,302 | 21,524,857 | |||
Global Bond Fund G Class | 14,555,655 | 148,467,679 | |||
International Bond Fund G Class | 3,233,877 | 42,040,407 | |||
212,032,943 | |||||
Money Market Funds — 10.0% | |||||
U.S. Government Money Market Fund G Class | 176,320,920 | 176,320,920 | |||
International Equity Funds — 7.3% | |||||
NT Global Real Estate Fund G Class | 1,684,844 | 16,663,110 | |||
NT International Growth Fund G Class | 5,825,407 | 73,982,671 | |||
NT International Value Fund G Class | 3,649,200 | 36,929,903 | |||
127,575,684 | |||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,504,857,566) | 1,763,543,888 | ||||
OTHER ASSETS AND LIABILITIES† | 11,234 | ||||
TOTAL NET ASSETS — 100.0% | $ | 1,763,555,122 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
30
JULY 31, 2018
One Choice 2020 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 35.6% | |||||
NT Core Equity Plus Fund G Class | 3,291,005 | $ | 57,658,414 | ||
NT Disciplined Growth Fund G Class | 2,269,574 | 30,548,470 | |||
NT Equity Growth Fund G Class | 12,935,850 | 188,087,262 | |||
NT Growth Fund G Class | 4,602,621 | 88,784,558 | |||
NT Heritage Fund G Class | 3,266,134 | 49,057,338 | |||
NT Large Company Value Fund G Class | 15,218,168 | 181,248,381 | |||
NT Mid Cap Value Fund G Class | 6,508,702 | 90,991,654 | |||
NT Small Company Fund G Class | 3,524,570 | 36,408,808 | |||
722,784,885 | |||||
Domestic Fixed Income Funds — 35.3% | |||||
Inflation-Adjusted Bond Fund G Class | 6,487,837 | 73,636,953 | |||
NT Diversified Bond Fund G Class | 41,567,749 | 431,473,239 | |||
NT High Income Fund G Class | 7,713,455 | 75,746,126 | |||
Short Duration Inflation Protection Bond Fund G Class | 13,232,538 | 135,236,543 | |||
716,092,861 | |||||
International Fixed Income Funds — 12.0% | |||||
Emerging Markets Debt Fund G Class | 2,799,084 | 27,850,883 | |||
Global Bond Fund G Class | 16,489,144 | 168,189,274 | |||
International Bond Fund G Class | 3,678,670 | 47,822,714 | |||
243,862,871 | |||||
Money Market Funds — 9.2% | |||||
U.S. Government Money Market Fund G Class | 187,713,685 | 187,713,685 | |||
International Equity Funds — 7.9% | |||||
NT Emerging Markets Fund G Class | 573,511 | 7,157,419 | |||
NT Global Real Estate Fund G Class | 2,107,552 | 20,843,686 | |||
NT International Growth Fund G Class | 6,639,094 | 84,316,488 | |||
NT International Small-Mid Cap Fund G Class | 148,375 | 1,976,356 | |||
NT International Value Fund G Class | 4,614,034 | 46,694,029 | |||
160,987,978 | |||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,772,846,619) | 2,031,442,280 | ||||
OTHER ASSETS AND LIABILITIES† | (43,039 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 2,031,399,241 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
31
JULY 31, 2018
One Choice 2025 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 38.3% | |||||
NT Core Equity Plus Fund G Class | 5,045,102 | $ | 88,390,191 | ||
NT Disciplined Growth Fund G Class | 4,313,980 | 58,066,167 | |||
NT Equity Growth Fund G Class | 19,111,742 | 277,884,734 | |||
NT Growth Fund G Class | 8,188,896 | 157,963,808 | |||
NT Heritage Fund G Class | 6,834,111 | 102,648,348 | |||
NT Large Company Value Fund G Class | 23,957,815 | 285,337,576 | |||
NT Mid Cap Value Fund G Class | 11,552,951 | 161,510,255 | |||
NT Small Company Fund G Class | 4,759,046 | 49,160,944 | |||
1,180,962,023 | |||||
Domestic Fixed Income Funds — 32.5% | |||||
Inflation-Adjusted Bond Fund G Class | 12,177,794 | 138,217,962 | |||
NT Diversified Bond Fund G Class | 59,147,117 | 613,947,079 | |||
NT High Income Fund G Class | 12,735,479 | 125,062,404 | |||
Short Duration Inflation Protection Bond Fund G Class | 12,188,765 | 124,569,173 | |||
1,001,796,618 | |||||
International Fixed Income Funds — 11.8% | |||||
Emerging Markets Debt Fund G Class | 5,702,437 | 56,739,245 | |||
Global Bond Fund G Class | 23,467,502 | 239,368,523 | |||
International Bond Fund G Class | 5,235,828 | 68,065,767 | |||
364,173,535 | |||||
International Equity Funds — 10.6% | |||||
NT Emerging Markets Fund G Class | 3,477,531 | 43,399,582 | |||
NT Global Real Estate Fund G Class | 3,960,313 | 39,167,499 | |||
NT International Growth Fund G Class | 11,059,982 | 140,461,767 | |||
NT International Small-Mid Cap Fund G Class | 936,011 | 12,467,664 | |||
NT International Value Fund G Class | 8,884,861 | 89,914,792 | |||
325,411,304 | |||||
Money Market Funds — 6.8% | |||||
U.S. Government Money Market Fund G Class | 207,872,302 | 207,872,302 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,590,826,900) | 3,080,215,782 | ||||
OTHER ASSETS AND LIABILITIES† | (223,854 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 3,079,991,928 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
32
JULY 31, 2018
One Choice 2030 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 41.9% | |||||
NT Core Equity Plus Fund G Class | 4,272,616 | $ | 74,856,231 | ||
NT Disciplined Growth Fund G Class | 4,387,283 | 59,052,831 | |||
NT Equity Growth Fund G Class | 15,773,295 | 229,343,710 | |||
NT Growth Fund G Class | 8,238,140 | 158,913,726 | |||
NT Heritage Fund G Class | 6,879,349 | 103,327,825 | |||
NT Large Company Value Fund G Class | 20,778,026 | 247,466,285 | |||
NT Mid Cap Value Fund G Class | 10,664,750 | 149,093,202 | |||
NT Small Company Fund G Class | 4,752,863 | 49,097,077 | |||
1,071,150,887 | |||||
Domestic Fixed Income Funds — 29.0% | |||||
Inflation-Adjusted Bond Fund G Class | 10,318,723 | 117,117,502 | |||
NT Diversified Bond Fund G Class | 45,240,966 | 469,601,229 | |||
NT High Income Fund G Class | 10,899,405 | 107,032,159 | |||
Short Duration Inflation Protection Bond Fund G Class | 4,807,668 | 49,134,371 | |||
742,885,261 | |||||
International Equity Funds — 13.1% | |||||
NT Emerging Markets Fund G Class | 4,582,344 | 57,187,655 | |||
NT Global Real Estate Fund G Class | 3,977,341 | 39,335,902 | |||
NT International Growth Fund G Class | 10,073,283 | 127,930,690 | |||
NT International Small-Mid Cap Fund G Class | 1,363,356 | 18,159,904 | |||
NT International Value Fund G Class | 9,014,217 | 91,223,880 | |||
333,838,031 | |||||
International Fixed Income Funds — 11.0% | |||||
Emerging Markets Debt Fund G Class | 5,596,640 | 55,686,572 | |||
Global Bond Fund G Class | 17,956,742 | 183,158,766 | |||
International Bond Fund G Class | 3,264,205 | 42,434,660 | |||
281,279,998 | |||||
Money Market Funds — 5.0% | |||||
U.S. Government Money Market Fund G Class | 127,418,324 | 127,418,324 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,214,564,371) | 2,556,572,501 | ||||
OTHER ASSETS AND LIABILITIES† | 68,174 | ||||
TOTAL NET ASSETS — 100.0% | $ | 2,556,640,675 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
33
JULY 31, 2018
One Choice 2035 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 45.9% | |||||
NT Core Equity Plus Fund G Class | 4,995,022 | $ | 87,512,792 | ||
NT Disciplined Growth Fund G Class | 5,427,501 | 73,054,167 | |||
NT Equity Growth Fund G Class | 16,913,520 | 245,922,582 | |||
NT Growth Fund G Class | 10,658,522 | 205,602,897 | |||
NT Heritage Fund G Class | 8,004,817 | 120,232,345 | |||
NT Large Company Value Fund G Class | 23,155,070 | 275,776,884 | |||
NT Mid Cap Value Fund G Class | 11,473,927 | 160,405,494 | |||
NT Small Company Fund G Class | 6,868,147 | 70,947,962 | |||
1,239,455,123 | |||||
Domestic Fixed Income Funds — 24.2% | |||||
Inflation-Adjusted Bond Fund G Class | 8,750,172 | 99,314,449 | |||
NT Diversified Bond Fund G Class | 41,853,627 | 434,440,649 | |||
NT High Income Fund G Class | 10,745,773 | 105,523,490 | |||
Short Duration Inflation Protection Bond Fund G Class | 1,187,056 | 12,131,717 | |||
651,410,305 | |||||
International Equity Funds — 15.8% | |||||
NT Emerging Markets Fund G Class | 5,945,208 | 74,196,191 | |||
NT Global Real Estate Fund G Class | 4,950,191 | 48,957,386 | |||
NT International Growth Fund G Class | 12,643,350 | 160,570,541 | |||
NT International Small-Mid Cap Fund G Class | 2,098,702 | 27,954,710 | |||
NT International Value Fund G Class | 11,246,016 | 113,809,684 | |||
425,488,512 | |||||
International Fixed Income Funds — 9.1% | |||||
Emerging Markets Debt Fund G Class | 6,038,121 | 60,079,306 | |||
Global Bond Fund G Class | 16,887,472 | 172,252,217 | |||
International Bond Fund G Class | 1,076,319 | 13,992,151 | |||
246,323,674 | |||||
Money Market Funds — 5.0% | |||||
U.S. Government Money Market Fund G Class | 134,898,161 | 134,898,161 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,231,584,683) | 2,697,575,775 | ||||
OTHER ASSETS AND LIABILITIES† | 64,008 | ||||
TOTAL NET ASSETS — 100.0% | $ | 2,697,639,783 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
34
JULY 31, 2018
One Choice 2040 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 50.7% | |||||
NT Core Equity Plus Fund G Class | 3,596,312 | $ | 63,007,390 | ||
NT Disciplined Growth Fund G Class | 4,367,095 | 58,781,100 | |||
NT Equity Growth Fund G Class | 12,672,417 | 184,256,950 | |||
NT Growth Fund G Class | 9,053,203 | 174,636,276 | |||
NT Heritage Fund G Class | 6,563,832 | 98,588,750 | |||
NT Large Company Value Fund G Class | 18,238,731 | 217,223,288 | |||
NT Mid Cap Value Fund G Class | 8,444,292 | 118,051,197 | |||
NT Small Company Fund G Class | 5,906,632 | 61,015,508 | |||
975,560,459 | |||||
Domestic Fixed Income Funds — 19.8% | |||||
Inflation-Adjusted Bond Fund G Class | 4,572,262 | 51,895,173 | |||
NT Diversified Bond Fund G Class | 25,302,592 | 262,640,908 | |||
NT High Income Fund G Class | 6,702,821 | 65,821,705 | |||
380,357,786 | |||||
International Equity Funds — 17.8% | |||||
NT Emerging Markets Fund G Class | 5,125,635 | 63,967,924 | |||
NT Global Real Estate Fund G Class | 4,012,837 | 39,686,962 | |||
NT International Growth Fund G Class | 9,752,188 | 123,852,794 | |||
NT International Small-Mid Cap Fund G Class | 1,929,927 | 25,706,634 | |||
NT International Value Fund G Class | 8,932,082 | 90,392,668 | |||
343,606,982 | |||||
International Fixed Income Funds — 7.5% | |||||
Emerging Markets Debt Fund G Class | 3,897,111 | 38,776,257 | |||
Global Bond Fund G Class | 10,281,799 | 104,874,350 | |||
143,650,607 | |||||
Money Market Funds — 4.2% | |||||
U.S. Government Money Market Fund G Class | 80,412,438 | 80,412,438 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,624,617,409) | 1,923,588,272 | ||||
OTHER ASSETS AND LIABILITIES† | 37,045 | ||||
TOTAL NET ASSETS — 100.0% | $ | 1,923,625,317 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
35
JULY 31, 2018
One Choice 2045 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 55.5% | |||||
NT Core Equity Plus Fund G Class | 4,018,805 | $ | 70,409,462 | ||
NT Disciplined Growth Fund G Class | 4,518,574 | 60,820,009 | |||
NT Equity Growth Fund G Class | 13,414,420 | 195,045,666 | |||
NT Growth Fund G Class | 9,804,220 | 189,123,406 | |||
NT Heritage Fund G Class | 7,583,626 | 113,906,061 | |||
NT Large Company Value Fund G Class | 19,917,234 | 237,214,256 | |||
NT Mid Cap Value Fund G Class | 9,231,351 | 129,054,292 | |||
NT Small Company Fund G Class | 5,640,304 | 58,264,341 | |||
1,053,837,493 | |||||
International Equity Funds — 19.9% | |||||
NT Emerging Markets Fund G Class | 6,472,791 | 80,780,428 | |||
NT Global Real Estate Fund G Class | 4,465,623 | 44,165,013 | |||
NT International Growth Fund G Class | 10,100,915 | 128,281,625 | |||
NT International Small-Mid Cap Fund G Class | 2,375,158 | 31,637,108 | |||
NT International Value Fund G Class | 9,289,804 | 94,012,814 | |||
378,876,988 | |||||
Domestic Fixed Income Funds — 16.7% | |||||
Inflation-Adjusted Bond Fund G Class | 3,794,282 | 43,065,101 | |||
NT Diversified Bond Fund G Class | 21,088,476 | 218,898,381 | |||
NT High Income Fund G Class | 5,556,630 | 54,566,107 | |||
316,529,589 | |||||
International Fixed Income Funds — 6.2% | |||||
Emerging Markets Debt Fund G Class | 3,233,631 | 32,174,632 | |||
Global Bond Fund G Class | 8,482,968 | 86,526,272 | |||
118,700,904 | |||||
Money Market Funds — 1.7% | |||||
U.S. Government Money Market Fund G Class | 31,933,589 | 31,933,589 | |||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,527,310,150) | 1,899,878,563 | ||||
OTHER ASSETS AND LIABILITIES† | 207,687 | ||||
TOTAL NET ASSETS — 100.0% | $ | 1,900,086,250 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
36
JULY 31, 2018
One Choice 2050 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 59.2% | |||||
NT Core Equity Plus Fund G Class | 3,227,809 | $ | 56,551,219 | ||
NT Disciplined Growth Fund G Class | 3,048,563 | 41,033,664 | |||
NT Equity Growth Fund G Class | 8,758,534 | 127,349,091 | |||
NT Growth Fund G Class | 6,678,661 | 128,831,377 | |||
NT Heritage Fund G Class | 5,383,570 | 80,861,214 | |||
NT Large Company Value Fund G Class | 13,772,195 | 164,026,841 | |||
NT Mid Cap Value Fund G Class | 6,273,577 | 87,704,607 | |||
NT Small Company Fund G Class | 3,732,612 | 38,557,879 | |||
724,915,892 | |||||
International Equity Funds — 21.7% | |||||
NT Emerging Markets Fund G Class | 5,080,597 | 63,405,854 | |||
NT Global Real Estate Fund G Class | 3,175,612 | 31,406,802 | |||
NT International Growth Fund G Class | 6,586,469 | 83,648,160 | |||
NT International Small-Mid Cap Fund G Class | 1,783,833 | 23,760,657 | |||
NT International Value Fund G Class | 6,272,968 | 63,482,432 | |||
265,703,905 | |||||
Domestic Fixed Income Funds — 13.9% | |||||
Inflation-Adjusted Bond Fund G Class | 2,027,142 | 23,008,066 | |||
NT Diversified Bond Fund G Class | 11,400,374 | 118,335,886 | |||
NT High Income Fund G Class | 2,967,091 | 29,136,835 | |||
170,480,787 | |||||
International Fixed Income Funds — 5.2% | |||||
Emerging Markets Debt Fund G Class | 1,724,530 | 17,159,077 | |||
Global Bond Fund G Class | 4,569,994 | 46,613,939 | |||
63,773,016 | |||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,025,435,345) | 1,224,873,600 | ||||
OTHER ASSETS AND LIABILITIES† | 21,224 | ||||
TOTAL NET ASSETS — 100.0% | $ | 1,224,894,824 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
37
JULY 31, 2018
One Choice 2055 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 60.1% | |||||
NT Core Equity Plus Fund G Class | 1,779,163 | $ | 31,170,940 | ||
NT Disciplined Growth Fund G Class | 1,735,064 | 23,353,959 | |||
NT Equity Growth Fund G Class | 4,929,705 | 71,677,911 | |||
NT Growth Fund G Class | 3,798,140 | 73,266,120 | |||
NT Heritage Fund G Class | 2,969,328 | 44,599,309 | |||
NT Large Company Value Fund G Class | 8,022,635 | 95,549,585 | |||
NT Mid Cap Value Fund G Class | 3,346,296 | 46,781,219 | |||
NT Small Company Fund G Class | 2,471,071 | 25,526,158 | |||
411,925,201 | |||||
International Equity Funds — 23.1% | |||||
NT Emerging Markets Fund G Class | 3,428,753 | 42,790,842 | |||
NT Global Real Estate Fund G Class | 1,955,850 | 19,343,359 | |||
NT International Growth Fund G Class | 3,462,950 | 43,979,462 | |||
NT International Small-Mid Cap Fund G Class | 1,156,800 | 15,408,577 | |||
NT International Value Fund G Class | 3,681,158 | 37,253,315 | |||
158,775,555 | |||||
Domestic Fixed Income Funds — 12.2% | |||||
Inflation-Adjusted Bond Fund G Class | 1,007,911 | 11,439,795 | |||
NT Diversified Bond Fund G Class | 5,565,722 | 57,772,196 | |||
NT High Income Fund G Class | 1,459,326 | 14,330,584 | |||
83,542,575 | |||||
International Fixed Income Funds — 4.6% | |||||
Emerging Markets Debt Fund G Class | 858,692 | 8,543,985 | |||
Global Bond Fund G Class | 2,252,975 | 22,980,341 | |||
31,524,326 | |||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $601,214,751) | 685,767,657 | ||||
OTHER ASSETS AND LIABILITIES† | 37,335 | ||||
TOTAL NET ASSETS — 100.0% | $ | 685,804,992 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
38
JULY 31, 2018
One Choice 2060 Portfolio
Shares | Value | ||||
MUTUAL FUNDS(1) — 100.0% | |||||
Domestic Equity Funds — 61.4% | |||||
NT Core Equity Plus Fund G Class | 233,895 | $ | 4,097,839 | ||
NT Disciplined Growth Fund G Class | 233,857 | 3,147,714 | |||
NT Equity Growth Fund G Class | 672,868 | 9,783,494 | |||
NT Growth Fund G Class | 517,187 | 9,976,546 | |||
NT Heritage Fund G Class | 406,516 | 6,105,866 | |||
NT Large Company Value Fund G Class | 1,109,909 | 13,219,012 | |||
NT Mid Cap Value Fund G Class | 446,006 | 6,235,162 | |||
NT Small Company Fund G Class | 351,929 | 3,635,428 | |||
56,201,061 | |||||
International Equity Funds — 23.5% | |||||
NT Emerging Markets Fund G Class | 472,553 | 5,897,459 | |||
NT Global Real Estate Fund G Class | 277,934 | 2,748,766 | |||
NT International Growth Fund G Class | 430,708 | 5,469,991 | |||
NT International Small-Mid Cap Fund G Class | 170,453 | 2,270,428 | |||
NT International Value Fund G Class | 502,036 | 5,080,609 | |||
21,467,253 | |||||
Domestic Fixed Income Funds — 11.0% | |||||
Inflation-Adjusted Bond Fund G Class | 121,455 | 1,378,514 | |||
NT Diversified Bond Fund G Class | 665,082 | 6,903,556 | |||
NT High Income Fund G Class | 176,556 | 1,733,783 | |||
10,015,853 | |||||
International Fixed Income Funds — 4.1% | |||||
Emerging Markets Debt Fund G Class | 104,521 | 1,039,980 | |||
Global Bond Fund G Class | 270,009 | 2,754,095 | |||
3,794,075 | |||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $85,625,946) | 91,478,242 | ||||
OTHER ASSETS AND LIABILITIES† | 16,557 | ||||
TOTAL NET ASSETS — 100.0% | $ | 91,494,799 |
NOTES TO SCHEDULE OF INVESTMENTS |
† | Category is less than 0.05% of total net assets. |
(1) | Investments are funds within the American Century Investments family of funds and are considered affiliated funds. |
See Notes to Financial Statements.
39
Statements of Assets and Liabilities |
JULY 31, 2018 | ||||||
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | |||||
Assets | ||||||
Investment securities in affiliates, at value (cost of $1,504,857,566 and $1,772,846,619, respectively) | $ | 1,763,543,888 | $ | 2,031,442,280 | ||
Cash | 1,068,831 | 1,175,988 | ||||
Receivable for investments sold | 7,726,380 | 16,711,490 | ||||
Receivable for capital shares sold | 1,434,823 | 1,047,566 | ||||
Distributions receivable from affiliates | 1,755,515 | 2,006,828 | ||||
1,775,529,437 | 2,052,384,152 | |||||
Liabilities | ||||||
Payable for investments purchased | 1,756,144 | 2,007,544 | ||||
Payable for capital shares redeemed | 9,113,869 | 17,762,346 | ||||
Accrued management fees | 984,938 | 1,086,335 | ||||
Distribution and service fees payable | 119,364 | 128,686 | ||||
11,974,315 | 20,984,911 | |||||
Net Assets | $ | 1,763,555,122 | $ | 2,031,399,241 | ||
Net Assets Consist of: | ||||||
Capital (par value and paid-in surplus) | $ | 1,483,682,566 | $ | 1,715,078,831 | ||
Undistributed net investment income | — | 9,573,078 | ||||
Undistributed net realized gain | 21,186,234 | 48,151,671 | ||||
Net unrealized appreciation | 258,686,322 | 258,595,661 | ||||
$ | 1,763,555,122 | $ | 2,031,399,241 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | |||
One Choice In Retirement Portfolio | ||||||
Investor Class, $0.01 Par Value | $786,876,367 | 58,431,167 | $13.47 | |||
I Class, $0.01 Par Value | $350,797,746 | 26,040,753 | $13.47 | |||
A Class, $0.01 Par Value | $227,693,134 | 16,902,187 | $13.47* | |||
C Class, $0.01 Par Value | $5,768,938 | 429,690 | $13.43 | |||
R Class, $0.01 Par Value | $155,850,209 | 11,585,538 | $13.45 | |||
R6 Class, $0.01 Par Value | $236,568,728 | 21,021,374 | $11.25 | |||
One Choice 2020 Portfolio | ||||||
Investor Class, $0.01 Par Value | $643,714,255 | 50,464,216 | $12.76 | |||
I Class, $0.01 Par Value | $644,463,150 | 50,483,651 | $12.77 | |||
A Class, $0.01 Par Value | $278,913,365 | 21,906,008 | $12.73* | |||
C Class, $0.01 Par Value | $6,773,803 | 532,870 | $12.71 | |||
R Class, $0.01 Par Value | $147,873,429 | 11,629,688 | $12.72 | |||
R6 Class, $0.01 Par Value | $309,661,239 | 26,392,223 | $11.73 |
* | Maximum offering price $14.29 and $13.51 (net asset value divided by 0.9425) for One Choice In Retirement Portfolio and One Choice 2020 Portfolio, respectively. |
See Notes to Financial Statements.
40
JULY 31, 2018 | ||||||
One Choice 2025 Portfolio | One Choice 2030 Portfolio | |||||
Assets | ||||||
Investment securities in affiliates, at value (cost of $2,590,826,900 and $2,214,564,371, respectively) | $ | 3,080,215,782 | $ | 2,556,572,501 | ||
Cash | 1,859,849 | 1,562,332 | ||||
Receivable for investments sold | 19,252,542 | 17,479,580 | ||||
Receivable for capital shares sold | 2,624,004 | 1,025,103 | ||||
Distributions receivable from affiliates | 2,900,710 | 2,254,079 | ||||
3,106,852,887 | 2,578,893,595 | |||||
Liabilities | ||||||
Payable for investments purchased | 2,901,722 | 2,254,853 | ||||
Payable for capital shares redeemed | 22,037,666 | 18,385,272 | ||||
Accrued management fees | 1,734,177 | 1,436,254 | ||||
Distribution and service fees payable | 187,394 | 176,541 | ||||
26,860,959 | 22,252,920 | |||||
Net Assets | $ | 3,079,991,928 | $ | 2,556,640,675 | ||
Net Assets Consist of: | ||||||
Capital (par value and paid-in surplus) | $ | 2,517,797,601 | $ | 2,141,202,011 | ||
Undistributed net investment income | 14,295,430 | 10,856,103 | ||||
Undistributed net realized gain | 58,510,015 | 62,574,431 | ||||
Net unrealized appreciation | 489,388,882 | 342,008,130 | ||||
$ | 3,079,991,928 | $ | 2,556,640,675 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | |||
One Choice 2025 Portfolio | ||||||
Investor Class, $0.01 Par Value | $1,181,391,989 | 77,979,131 | $15.15 | |||
I Class, $0.01 Par Value | $827,667,896 | 54,581,946 | $15.16 | |||
A Class, $0.01 Par Value | $426,901,799 | 28,212,578 | $15.13* | |||
C Class, $0.01 Par Value | $5,514,643 | 365,452 | $15.09 | |||
R Class, $0.01 Par Value | $211,702,270 | 14,014,145 | $15.11 | |||
R6 Class, $0.01 Par Value | $426,813,331 | 35,428,545 | $12.05 | |||
One Choice 2030 Portfolio | ||||||
Investor Class, $0.01 Par Value | $716,765,163 | 53,983,035 | $13.28 | |||
I Class, $0.01 Par Value | $832,860,912 | 62,696,511 | $13.28 | |||
A Class, $0.01 Par Value | $375,400,997 | 28,346,203 | $13.24* | |||
C Class, $0.01 Par Value | $4,339,586 | 328,339 | $13.22 | |||
R Class, $0.01 Par Value | $218,528,933 | 16,515,759 | $13.23 | |||
R6 Class, $0.01 Par Value | $408,745,084 | 33,289,416 | $12.28 |
* | Maximum offering price $16.05 and $14.05 (net asset value divided by 0.9425) for One Choice 2025 Portfolio and One Choice 2030 Portfolio, respectively. |
See Notes to Financial Statements.
41
JULY 31, 2018 | ||||||
One Choice 2035 Portfolio | One Choice 2040 Portfolio | |||||
Assets | ||||||
Investment securities in affiliates, at value (cost of $2,231,584,683 and $1,624,617,409, respectively) | $ | 2,697,575,775 | $ | 1,923,588,272 | ||
Cash | 1,752,893 | 1,253,829 | ||||
Receivable for investments sold | 16,229,001 | 9,530,119 | ||||
Receivable for capital shares sold | 1,928,625 | 1,093,246 | ||||
Distributions receivable from affiliates | 2,173,333 | 1,325,768 | ||||
2,719,659,627 | 1,936,791,234 | |||||
Liabilities | ||||||
Payable for investments purchased | 2,174,049 | 1,326,199 | ||||
Payable for capital shares redeemed | 18,034,986 | 10,545,411 | ||||
Accrued management fees | 1,628,632 | 1,159,835 | ||||
Distribution and service fees payable | 182,177 | 134,472 | ||||
22,019,844 | 13,165,917 | |||||
Net Assets | $ | 2,697,639,783 | $ | 1,923,625,317 | ||
Net Assets Consist of: | ||||||
Capital (par value and paid-in surplus) | $ | 2,154,970,837 | $ | 1,557,287,468 | ||
Undistributed net investment income | 9,509,318 | 6,954,372 | ||||
Undistributed net realized gain | 67,168,536 | 60,412,614 | ||||
Net unrealized appreciation | 465,991,092 | 298,970,863 | ||||
$ | 2,697,639,783 | $ | 1,923,625,317 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | |||
One Choice 2035 Portfolio | ||||||
Investor Class, $0.01 Par Value | $978,920,081 | 58,844,719 | $16.64 | |||
I Class, $0.01 Par Value | $741,317,165 | 44,483,976 | $16.66 | |||
A Class, $0.01 Par Value | $392,230,392 | 23,607,118 | $16.61* | |||
C Class, $0.01 Par Value | $3,788,033 | 228,963 | $16.54 | |||
R Class, $0.01 Par Value | $221,760,714 | 13,362,739 | $16.60 | |||
R6 Class, $0.01 Par Value | $359,623,398 | 28,688,058 | $12.54 | |||
One Choice 2040 Portfolio | ||||||
Investor Class, $0.01 Par Value | $555,108,264 | 39,382,810 | $14.10 | |||
I Class, $0.01 Par Value | $587,459,836 | 41,646,191 | $14.11 | |||
A Class, $0.01 Par Value | $276,473,845 | 19,647,379 | $14.07* | |||
C Class, $0.01 Par Value | $2,113,600 | 150,905 | $14.01 | |||
R Class, $0.01 Par Value | $174,883,219 | 12,447,816 | $14.05 | |||
R6 Class, $0.01 Par Value | $327,586,553 | 25,542,527 | $12.83 |
* Maximum offering price $17.62 and $14.93 (net asset value divided by 0.9425) for One Choice 2035 Portfolio and One Choice 2040 Portfolio, respectively.
See Notes to Financial Statements.
42
JULY 31, 2018 | ||||||
One Choice 2045 Portfolio | One Choice 2050 Portfolio | |||||
Assets | ||||||
Investment securities in affiliates, at value (cost of $1,527,310,150 and $1,025,435,345, respectively) | $ | 1,899,878,563 | $ | 1,224,873,600 | ||
Cash | 1,308,834 | 838,518 | ||||
Receivable for investments sold | 7,810,013 | 5,148,387 | ||||
Receivable for capital shares sold | 2,025,534 | 930,835 | ||||
Distributions receivable from affiliates | 1,044,886 | 533,587 | ||||
1,912,067,830 | 1,232,324,927 | |||||
Liabilities | ||||||
Payable for investments purchased | 1,045,241 | 533,778 | ||||
Payable for capital shares redeemed | 9,583,831 | 6,029,778 | ||||
Accrued management fees | 1,221,662 | 783,650 | ||||
Distribution and service fees payable | 130,846 | 82,897 | ||||
11,981,580 | 7,430,103 | |||||
Net Assets | $ | 1,900,086,250 | $ | 1,224,894,824 | ||
Net Assets Consist of: | ||||||
Capital (par value and paid-in surplus) | $ | 1,461,904,744 | $ | 986,972,472 | ||
Undistributed net investment income | 4,913,657 | 1,984,681 | ||||
Undistributed net realized gain | 60,699,436 | 36,499,416 | ||||
Net unrealized appreciation | 372,568,413 | 199,438,255 | ||||
$ | 1,900,086,250 | $ | 1,224,894,824 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | |||
One Choice 2045 Portfolio | ||||||
Investor Class, $0.01 Par Value | $681,532,417 | 38,402,555 | $17.75 | |||
I Class, $0.01 Par Value | $504,899,981 | 28,400,500 | $17.78 | |||
A Class, $0.01 Par Value | $277,088,100 | 15,640,338 | $17.72* | |||
C Class, $0.01 Par Value | $2,834,028 | 160,674 | $17.64 | |||
R Class, $0.01 Par Value | $164,048,554 | 9,266,407 | $17.70 | |||
R6 Class, $0.01 Par Value | $269,683,170 | 20,701,550 | $13.03 | |||
One Choice 2050 Portfolio | ||||||
Investor Class, $0.01 Par Value | $345,282,601 | 23,803,037 | $14.51 | |||
I Class, $0.01 Par Value | $378,253,205 | 26,027,520 | $14.53 | |||
A Class, $0.01 Par Value | $173,017,110 | 11,944,994 | $14.48* | |||
C Class, $0.01 Par Value | $1,555,894 | 107,837 | $14.43 | |||
R Class, $0.01 Par Value | $105,594,793 | 7,296,657 | $14.47 | |||
R6 Class, $0.01 Par Value | $221,191,221 | 16,733,443 | $13.22 |
* | Maximum offering price $18.80 and $15.36 (net asset value divided by 0.9425) for One Choice 2045 Portfolio and One Choice 2050 Portfolio, respectively. |
See Notes to Financial Statements.
43
JULY 31, 2018 | ||||||
One Choice 2055 Portfolio | One Choice 2060 Portfolio | |||||
Assets | ||||||
Investment securities in affiliates, at value (cost of $601,214,751 and $85,625,946, respectively) | $ | 685,767,657 | $ | 91,478,242 | ||
Cash | 466,692 | 58,849 | ||||
Receivable for investments sold | 2,298,192 | — | ||||
Receivable for capital shares sold | 677,877 | 279,060 | ||||
Distributions receivable from affiliates | 259,508 | 30,522 | ||||
689,469,926 | 91,846,673 | |||||
Liabilities | ||||||
Payable for investments purchased | 259,601 | 113,172 | ||||
Payable for capital shares redeemed | 2,922,946 | 178,011 | ||||
Accrued management fees | 434,368 | 54,912 | ||||
Distribution and service fees payable | 48,019 | 5,779 | ||||
3,664,934 | 351,874 | |||||
Net Assets | $ | 685,804,992 | $ | 91,494,799 | ||
Net Assets Consist of: | ||||||
Capital (par value and paid-in surplus) | $ | 581,638,719 | $ | 83,341,719 | ||
Undistributed net investment income | 984,039 | 138,852 | ||||
Undistributed net realized gain | 18,629,328 | 2,161,932 | ||||
Net unrealized appreciation | 84,552,906 | 5,852,296 | ||||
$ | 685,804,992 | $ | 91,494,799 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | |||
One Choice 2055 Portfolio | ||||||
Investor Class, $0.01 Par Value | $178,524,883 | 11,480,532 | $15.55 | |||
I Class, $0.01 Par Value | $226,831,159 | 14,575,261 | $15.56 | |||
A Class, $0.01 Par Value | $93,154,327 | 6,003,068 | $15.52* | |||
C Class, $0.01 Par Value | $844,662 | 54,846 | $15.40 | |||
R Class, $0.01 Par Value | $65,672,540 | 4,233,977 | $15.51 | |||
R6 Class, $0.01 Par Value | $120,777,421 | 8,934,736 | $13.52 | |||
One Choice 2060 Portfolio | ||||||
Investor Class, $0.01 Par Value | $22,306,147 | 1,683,122 | $13.25 | |||
I Class, $0.01 Par Value | $31,040,828 | 2,339,126 | $13.27 | |||
A Class, $0.01 Par Value | $6,734,110 | 508,937 | $13.23* | |||
C Class, $0.01 Par Value | $185,944 | 14,183 | $13.11 | |||
R Class, $0.01 Par Value | $10,366,171 | 784,962 | $13.21 | |||
R6 Class, $0.01 Par Value | $20,861,599 | 1,567,443 | $13.31 |
* | Maximum offering price $16.47 and $14.04 (net asset value divided by 0.9425) for One Choice 2055 Portfolio and One Choice 2060 Portfolio, respectively. |
See Notes to Financial Statements.
44
Statements of Operations |
YEAR ENDED JULY 31, 2018 | ||||||
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | |||||
Investment Income (Loss) | ||||||
Income from Affiliates: | ||||||
Income distributions from underlying funds | $ | 49,561,513 | $ | 57,183,784 | ||
Expenses: | ||||||
Management fees | 12,947,911 | 14,477,322 | ||||
Distribution and service fees: | ||||||
A Class | 657,427 | 805,047 | ||||
C Class | 69,167 | 77,449 | ||||
R Class | 845,543 | 795,444 | ||||
Directors' fees and expenses | 55,661 | 63,391 | ||||
Other expenses | 46,787 | 51,898 | ||||
14,622,496 | 16,270,551 | |||||
Fees waived | (624,335 | ) | (930,425 | ) | ||
13,998,161 | 15,340,126 | |||||
Net investment income (loss) | 35,563,352 | 41,843,658 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||
Net realized gain (loss) on: | ||||||
Sale of investments in underlying funds | 32,555,309 | 35,516,695 | ||||
Capital gain distributions received from underlying funds | 42,220,163 | 51,028,081 | ||||
74,775,472 | 86,544,776 | |||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | (11,148,219 | ) | (8,510,188 | ) | ||
Net realized and unrealized gain (loss) on affiliates | 63,627,253 | 78,034,588 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 99,190,605 | $ | 119,878,246 |
See Notes to Financial Statements.
45
YEAR ENDED JULY 31, 2018 | ||||||
One Choice 2025 Portfolio | One Choice 2030 Portfolio | |||||
Investment Income (Loss) | ||||||
Income from Affiliates: | ||||||
Income distributions from underlying funds | $ | 85,715,365 | $ | 70,242,027 | ||
Expenses: | ||||||
Management fees | 22,607,657 | 18,676,004 | ||||
Distribution and service fees: | ||||||
A Class | 1,194,859 | 1,032,032 | ||||
C Class | 71,172 | 54,311 | ||||
R Class | 1,080,176 | 1,058,528 | ||||
Directors' fees and expenses | 93,719 | 75,440 | ||||
Other expenses | 75,760 | 59,210 | ||||
25,123,343 | 20,955,525 | |||||
Fees waived | (1,530,982 | ) | (1,517,337 | ) | ||
23,592,361 | 19,438,188 | |||||
Net investment income (loss) | 62,123,004 | 50,803,839 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||
Net realized gain (loss) on: | ||||||
Sale of investments in underlying funds | 46,620,877 | 26,842,486 | ||||
Capital gain distributions received from underlying funds | 83,876,435 | 77,114,362 | ||||
130,497,312 | 103,956,848 | |||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 1,030,933 | 18,165,764 | ||||
Net realized and unrealized gain (loss) on affiliates | 131,528,245 | 122,122,612 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 193,651,249 | $ | 172,926,451 |
See Notes to Financial Statements.
46
YEAR ENDED JULY 31, 2018 | ||||||
One Choice 2035 Portfolio | One Choice 2040 Portfolio | |||||
Investment Income (Loss) | ||||||
Income from Affiliates: | ||||||
Income distributions from underlying funds | $ | 73,797,542 | $ | 52,090,294 | ||
Expenses: | ||||||
Management fees | 20,633,964 | 14,812,043 | ||||
Distribution and service fees: | ||||||
A Class | 1,069,451 | 746,541 | ||||
C Class | 53,859 | 32,978 | ||||
R Class | 1,106,389 | 822,051 | ||||
Directors' fees and expenses | 79,868 | 56,297 | ||||
Other expenses | 63,262 | 43,892 | ||||
23,006,793 | 16,513,802 | |||||
Fees waived | (1,273,769 | ) | (1,057,805 | ) | ||
21,733,024 | 15,455,997 | |||||
Net investment income (loss) | 52,064,518 | 36,634,297 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||
Net realized gain (loss) on: | ||||||
Sale of investments in underlying funds | 29,808,839 | 17,995,686 | ||||
Capital gain distributions received from underlying funds | 90,723,410 | 72,453,881 | ||||
120,532,249 | 90,449,567 | |||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 31,885,403 | 33,175,502 | ||||
Net realized and unrealized gain (loss) on affiliates | 152,417,652 | 123,625,069 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 204,482,170 | $ | 160,259,366 |
See Notes to Financial Statements.
47
YEAR ENDED JULY 31, 2018 | ||||||
One Choice 2045 Portfolio | One Choice 2050 Portfolio | |||||
Investment Income (Loss) | ||||||
Income from Affiliates: | ||||||
Income distributions from underlying funds | $ | 52,127,977 | $ | 32,210,335 | ||
Expenses: | ||||||
Management fees | 15,508,586 | 9,787,100 | ||||
Distribution and service fees: | ||||||
A Class | 737,784 | 455,182 | ||||
C Class | 34,167 | 18,285 | ||||
R Class | 774,901 | 488,061 | ||||
Directors' fees and expenses | 56,597 | 35,115 | ||||
Other expenses | 45,112 | 26,941 | ||||
17,157,147 | 10,810,684 | |||||
Fees waived | (869,530 | ) | (632,836 | ) | ||
16,287,617 | 10,177,848 | |||||
Net investment income (loss) | 35,840,360 | 22,032,487 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||
Net realized gain (loss) on: | ||||||
Sale of investments in underlying funds | 20,641,568 | 6,315,098 | ||||
Capital gain distributions received from underlying funds | 79,922,548 | 53,029,389 | ||||
100,564,116 | 59,344,487 | |||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 38,308,793 | 33,469,844 | ||||
Net realized and unrealized gain (loss) on affiliates | 138,872,909 | 92,814,331 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 174,713,269 | $ | 114,846,818 |
See Notes to Financial Statements.
48
YEAR ENDED JULY 31, 2018 | ||||||
One Choice 2055 Portfolio | One Choice 2060 Portfolio | |||||
Investment Income (Loss) | ||||||
Income from Affiliates: | ||||||
Income distributions from underlying funds | $ | 17,045,932 | $ | 1,653,151 | ||
Expenses: | ||||||
Management fees | 5,245,399 | 524,327 | ||||
Distribution and service fees: | ||||||
A Class | 226,536 | 13,287 | ||||
C Class | 8,230 | 1,599 | ||||
R Class | 297,357 | 33,726 | ||||
Directors' fees and expenses | 18,513 | 1,822 | ||||
Other expenses | 13,383 | 989 | ||||
5,809,418 | 575,750 | |||||
Fees waived | (401,022 | ) | (43,557 | ) | ||
5,408,396 | 532,193 | |||||
Net investment income (loss) | 11,637,536 | 1,120,958 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||
Net realized gain (loss) on: | ||||||
Sale of investments in underlying funds | (960,373 | ) | (109,382 | ) | ||
Capital gain distributions received from underlying funds | 29,296,159 | 2,719,899 | ||||
28,335,786 | 2,610,517 | |||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 21,204,900 | 2,219,481 | ||||
Net realized and unrealized gain (loss) on affiliates | 49,540,686 | 4,829,998 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 61,178,222 | $ | 5,950,956 |
See Notes to Financial Statements.
49
Statements of Changes in Net Assets |
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 35,563,352 | $ | 24,606,170 | $ | 41,843,658 | $ | 26,992,723 | ||||
Net realized gain (loss) | 74,775,472 | 13,902,368 | 86,544,776 | 16,145,316 | ||||||||
Change in net unrealized appreciation (depreciation) | (11,148,219 | ) | 78,228,505 | (8,510,188 | ) | 92,157,502 | ||||||
Net increase (decrease) in net assets resulting from operations | 99,190,605 | 116,737,043 | 119,878,246 | 135,295,541 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (15,244,179 | ) | (11,237,624 | ) | (12,719,918 | ) | (8,941,592 | ) | ||||
I Class | (8,716,656 | ) | (7,630,282 | ) | (14,661,932 | ) | (10,904,282 | ) | ||||
A Class | (4,200,681 | ) | (3,609,803 | ) | (5,127,920 | ) | (3,716,456 | ) | ||||
C Class | (60,917 | ) | (38,069 | ) | (65,955 | ) | (22,952 | ) | ||||
R Class | (2,285,876 | ) | (1,611,632 | ) | (2,073,170 | ) | (1,178,889 | ) | ||||
R6 Class | (4,740,402 | ) | — | (3,526,774 | ) | — | ||||||
From net realized gains: | ||||||||||||
Investor Class | (10,561,217 | ) | (13,389,258 | ) | (8,787,849 | ) | (13,303,485 | ) | ||||
I Class | (5,810,187 | ) | (7,926,227 | ) | (9,048,159 | ) | (14,052,659 | ) | ||||
A Class | (3,531,116 | ) | (5,503,052 | ) | (4,150,886 | ) | (6,845,948 | ) | ||||
C Class | (95,175 | ) | (152,977 | ) | (95,933 | ) | (148,391 | ) | ||||
R Class | (2,233,900 | ) | (3,072,942 | ) | (1,977,118 | ) | (2,850,207 | ) | ||||
R6 Class | (125,022 | ) | — | (225,653 | ) | — | ||||||
Decrease in net assets from distributions | (57,605,328 | ) | (54,171,866 | ) | (62,461,267 | ) | (61,964,861 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (92,918,258 | ) | (167,668,667 | ) | (30,383,605 | ) | 10,759,987 | |||||
Net increase (decrease) in net assets | (51,332,981 | ) | (105,103,490 | ) | 27,033,374 | 84,090,667 | ||||||
Net Assets | ||||||||||||
Beginning of period | 1,814,888,103 | 1,919,991,593 | 2,004,365,867 | 1,920,275,200 | ||||||||
End of period | $ | 1,763,555,122 | $ | 1,814,888,103 | $ | 2,031,399,241 | $ | 2,004,365,867 | ||||
Undistributed net investment income | — | — | $ | 9,573,078 | $ | 10,104,296 |
See Notes to Financial Statements.
50
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice 2025 Portfolio | One Choice 2030 Portfolio | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 62,123,004 | $ | 39,837,373 | $ | 50,803,839 | $ | 29,856,762 | ||||
Net realized gain (loss) | 130,497,312 | 31,331,253 | 103,956,848 | 19,239,505 | ||||||||
Change in net unrealized appreciation (depreciation) | 1,030,933 | 148,248,417 | 18,165,764 | 136,474,651 | ||||||||
Net increase (decrease) in net assets resulting from operations | 193,651,249 | 219,417,043 | 172,926,451 | 185,570,918 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (22,036,903 | ) | (14,549,186 | ) | (13,885,369 | ) | (8,241,134 | ) | ||||
I Class | (18,099,672 | ) | (12,925,259 | ) | (17,765,122 | ) | (10,829,002 | ) | ||||
A Class | (7,388,230 | ) | (5,284,473 | ) | (6,582,168 | ) | (3,836,628 | ) | ||||
C Class | (61,950 | ) | (20,089 | ) | (49,585 | ) | (12,160 | ) | ||||
R Class | (2,747,511 | ) | (1,655,843 | ) | (2,735,436 | ) | (1,169,843 | ) | ||||
R6 Class | (5,348,728 | ) | — | (4,735,646 | ) | — | ||||||
From net realized gains: | ||||||||||||
Investor Class | (18,431,499 | ) | (22,644,776 | ) | (9,097,585 | ) | (13,670,592 | ) | ||||
I Class | (13,727,347 | ) | (17,367,338 | ) | (10,427,061 | ) | (15,377,439 | ) | ||||
A Class | (7,307,615 | ) | (10,258,095 | ) | (5,055,928 | ) | (8,067,012 | ) | ||||
C Class | (106,129 | ) | (150,507 | ) | (68,773 | ) | (127,837 | ) | ||||
R Class | (3,199,752 | ) | (4,265,814 | ) | (2,425,972 | ) | (3,354,201 | ) | ||||
R6 Class | (304,554 | ) | — | (222,174 | ) | — | ||||||
Decrease in net assets from distributions | (98,759,890 | ) | (89,121,380 | ) | (73,050,819 | ) | (64,685,848 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 41,361,773 | 22,486,017 | 175,505,583 | 159,009,333 | ||||||||
Net increase (decrease) in net assets | 136,253,132 | 152,781,680 | 275,381,215 | 279,894,403 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 2,943,738,796 | 2,790,957,116 | 2,281,259,460 | 2,001,365,057 | ||||||||
End of period | $ | 3,079,991,928 | $ | 2,943,738,796 | $ | 2,556,640,675 | $ | 2,281,259,460 | ||||
Undistributed net investment income | $ | 14,295,430 | $ | 13,714,736 | $ | 10,856,103 | $ | 10,736,496 |
See Notes to Financial Statements.
51
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice 2035 Portfolio | One Choice 2040 Portfolio | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 52,064,518 | $ | 32,492,706 | $ | 36,634,297 | $ | 21,678,736 | ||||
Net realized gain (loss) | 120,532,249 | 25,930,944 | 90,449,567 | 13,953,051 | ||||||||
Change in net unrealized appreciation (depreciation) | 31,885,403 | 165,402,541 | 33,175,502 | 130,499,692 | ||||||||
Net increase (decrease) in net assets resulting from operations | 204,482,170 | 223,826,191 | 160,259,366 | 166,131,479 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (17,787,875 | ) | (10,754,173 | ) | (10,693,334 | ) | (5,872,161 | ) | ||||
I Class | (15,949,118 | ) | (10,315,023 | ) | (13,217,829 | ) | (8,051,117 | ) | ||||
A Class | (6,650,792 | ) | (4,205,203 | ) | (4,805,880 | ) | (2,648,603 | ) | ||||
C Class | (53,369 | ) | (11,886 | ) | (36,420 | ) | (5,611 | ) | ||||
R Class | (2,814,342 | ) | (1,431,873 | ) | (2,164,339 | ) | (821,118 | ) | ||||
R6 Class | (4,926,385 | ) | — | (3,926,582 | ) | — | ||||||
From net realized gains: | ||||||||||||
Investor Class | (14,115,071 | ) | (19,894,350 | ) | (8,148,892 | ) | (11,900,433 | ) | ||||
I Class | (11,532,216 | ) | (16,364,947 | ) | (8,931,636 | ) | (13,916,262 | ) | ||||
A Class | (6,284,482 | ) | (9,819,923 | ) | (4,231,409 | ) | (6,835,327 | ) | ||||
C Class | (78,058 | ) | (129,854 | ) | (49,583 | ) | (81,368 | ) | ||||
R Class | (3,124,158 | ) | (4,532,649 | ) | (2,179,346 | ) | (2,920,128 | ) | ||||
R6 Class | (81,982 | ) | — | (181,602 | ) | — | ||||||
Decrease in net assets from distributions | (83,397,848 | ) | (77,459,881 | ) | (58,566,852 | ) | (53,052,128 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 118,692,211 | 28,662,027 | 127,886,680 | 50,818,392 | ||||||||
Net increase (decrease) in net assets | 239,776,533 | 175,028,337 | 229,579,194 | 163,897,743 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 2,457,863,250 | 2,282,834,913 | 1,694,046,123 | 1,530,148,380 | ||||||||
End of period | $ | 2,697,639,783 | $ | 2,457,863,250 | $ | 1,923,625,317 | $ | 1,694,046,123 | ||||
Undistributed net investment income | $ | 9,509,318 | $ | 10,683,596 | $ | 6,954,372 | $ | 7,282,947 |
See Notes to Financial Statements.
52
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice 2045 Portfolio | One Choice 2050 Portfolio | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 35,840,360 | $ | 22,413,068 | $ | 22,032,487 | $ | 12,449,721 | ||||
Net realized gain (loss) | 100,564,116 | 19,515,639 | 59,344,487 | 7,414,520 | ||||||||
Change in net unrealized appreciation (depreciation) | 38,308,793 | 147,438,407 | 33,469,844 | 95,265,969 | ||||||||
Net increase (decrease) in net assets resulting from operations | 174,713,269 | 189,367,114 | 114,846,818 | 115,130,210 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (12,337,977 | ) | (7,160,174 | ) | (6,540,302 | ) | (3,201,895 | ) | ||||
I Class | (12,238,201 | ) | (7,716,872 | ) | (8,860,404 | ) | (4,499,168 | ) | ||||
A Class | (4,556,355 | ) | (2,730,589 | ) | (2,931,806 | ) | (1,403,983 | ) | ||||
C Class | (35,540 | ) | (5,287 | ) | (20,892 | ) | (1,332 | ) | ||||
R Class | (1,934,547 | ) | (908,830 | ) | (1,273,577 | ) | (403,456 | ) | ||||
R6 Class | (3,723,344 | ) | — | (2,484,853 | ) | — | ||||||
From net realized gains: | ||||||||||||
Investor Class | (11,061,237 | ) | (16,598,233 | ) | (4,461,717 | ) | (8,013,033 | ) | ||||
I Class | (9,822,113 | ) | (15,276,330 | ) | (5,155,639 | ) | (9,483,595 | ) | ||||
A Class | (4,835,667 | ) | (8,046,650 | ) | (2,250,572 | ) | (4,590,700 | ) | ||||
C Class | (51,634 | ) | (84,244 | ) | (23,005 | ) | (53,628 | ) | ||||
R Class | (2,375,990 | ) | (3,678,408 | ) | (1,111,484 | ) | (1,902,528 | ) | ||||
R6 Class | (31,316 | ) | — | (34,907 | ) | — | ||||||
Decrease in net assets from distributions | (63,003,921 | ) | (62,205,617 | ) | (35,149,158 | ) | (33,553,318 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 29,071,594 | (26,100,188 | ) | 101,684,190 | 33,171,224 | |||||||
Net increase (decrease) in net assets | 140,780,942 | 101,061,309 | 181,381,850 | 114,748,116 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 1,759,305,308 | 1,658,243,999 | 1,043,512,974 | 928,764,858 | ||||||||
End of period | $ | 1,900,086,250 | $ | 1,759,305,308 | $ | 1,224,894,824 | $ | 1,043,512,974 | ||||
Undistributed net investment income | $ | 4,913,657 | $ | 6,509,201 | $ | 1,984,681 | $ | 4,318,208 |
See Notes to Financial Statements.
53
YEARS ENDED JULY 31, 2018 AND JULY 31, 2017 | ||||||||||||
One Choice 2055 Portfolio | One Choice 2060 Portfolio | |||||||||||
Increase (Decrease) in Net Assets | July 31, 2018 | July 31, 2017 | July 31, 2018 | July 31, 2017 | ||||||||
Operations | ||||||||||||
Net investment income (loss) | $ | 11,637,536 | $ | 5,561,085 | $ | 1,120,958 | $ | 217,698 | ||||
Net realized gain (loss) | 28,335,786 | 3,516,302 | 2,610,517 | 135,628 | ||||||||
Change in net unrealized appreciation (depreciation) | 21,204,900 | 46,368,497 | 2,219,481 | 2,427,348 | ||||||||
Net increase (decrease) in net assets resulting from operations | 61,178,222 | 55,445,884 | 5,950,956 | 2,780,674 | ||||||||
Distributions to Shareholders | ||||||||||||
From net investment income: | ||||||||||||
Investor Class | (2,783,190 | ) | (1,251,158 | ) | (232,509 | ) | (39,077 | ) | ||||
I Class | (4,823,234 | ) | (2,371,515 | ) | (425,378 | ) | (65,728 | ) | ||||
A Class | (1,296,975 | ) | (632,411 | ) | (70,482 | ) | (11,476 | ) | ||||
C Class | (8,911 | ) | (773 | ) | (2,446 | ) | — | |||||
R Class | (711,004 | ) | (240,270 | ) | (71,497 | ) | (6,504 | ) | ||||
R6 Class | (1,329,674 | ) | — | (169,875 | ) | — | ||||||
From net realized gains: | ||||||||||||
Investor Class | (1,571,671 | ) | (2,334,990 | ) | (58,903 | ) | (2,966 | ) | ||||
I Class | (2,414,846 | ) | (3,750,396 | ) | (101,543 | ) | (4,114 | ) | ||||
A Class | (866,800 | ) | (1,523,161 | ) | (21,927 | ) | (1,186 | ) | ||||
C Class | (7,498 | ) | (14,405 | ) | (352 | ) | (39 | ) | ||||
R Class | (559,512 | ) | (815,861 | ) | (22,605 | ) | (1,052 | ) | ||||
Decrease in net assets from distributions | (16,373,315 | ) | (12,934,940 | ) | (1,177,517 | ) | (132,142 | ) | ||||
Capital Share Transactions | ||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 123,562,296 | 104,226,225 | 48,977,887 | 28,570,188 | ||||||||
Net increase (decrease) in net assets | 168,367,203 | 146,737,169 | 53,751,326 | 31,218,720 | ||||||||
Net Assets | ||||||||||||
Beginning of period | 517,437,789 | 370,700,620 | 37,743,473 | 6,524,753 | ||||||||
End of period | $ | 685,804,992 | $ | 517,437,789 | $ | 91,494,799 | $ | 37,743,473 | ||||
Undistributed net investment income | $ | 984,039 | $ | 1,491,611 | $ | 138,852 | $ | 104,799 |
See Notes to Financial Statements.
54
Notes to Financial Statements |
JULY 31, 2018
1. Organization
American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. One Choice In Retirement Portfolio, One Choice 2020 Portfolio, One Choice 2025 Portfolio, One Choice 2030 Portfolio, One Choice 2035 Portfolio, One Choice 2040 Portfolio, One Choice 2045 Portfolio, One Choice 2050 Portfolio, One Choice 2055 Portfolio and One Choice 2060 Portfolio (collectively, the funds) are ten funds in a series issued by the corporation. The funds operate as “funds of funds,” meaning substantially all of the funds’ assets will be invested in other American Century Investments mutual funds (the underlying funds). Each fund’s assets are allocated among underlying funds that represent major asset classes, including equity securities (stocks), fixed-income securities (bonds) and cash-equivalent instruments (money markets). The underlying funds do not invest in securities issued by companies assigned the Global Industry Classification Standard or the Bloomberg Industry Classification Standard for the tobacco industry. The funds will assume the risks associated with their underlying funds. Additional information and attributes of each underlying fund are available at americancentury.com. The investment objective of One Choice In Retirement Portfolio is to seek current income. Capital appreciation is a secondary objective. The investment objective of each of the nine target date One Choice Portfolios is to seek the highest total return consistent with its asset mix. When a fund reaches its most conservative planned target asset allocation, which is expected to occur on approximately November 30 of the year before the target date, its target allocation will become fixed and will match that of One Choice In Retirement Portfolio.
The funds offer the Investor Class, I Class, A Class, C Class, R Class and R6 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the R6 Class commenced on October 23, 2017 for each of the funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function. Investments in the underlying funds are valued at their reported NAV.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss).
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
55
Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for One Choice In Retirement Portfolio. Distributions from net investment income, if any, are generally declared and paid annually for the nine target date One Choice Portfolios. Distributions from net realized gains, if any, are generally declared and paid annually for all funds. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, American Century Investment Management, Inc. (ACIM), the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the underlying funds.
Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that all expenses of managing and operating the funds, except distribution and service fees, brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), and extraordinary expenses, will be paid by ACIM. The fee is computed and accrued daily based on the daily net assets of each class of each fund and paid monthly in arrears. The difference in the management fee among the classes of each fund is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of each fund’s assets, which do not vary by class. Each year, the Board of Directors will approve a new management fee rate to be applied December 1st. The fee rate will be based on the most conservative neutral mix of the underlying funds as estimated by the portfolio managers for the upcoming year, and adjusted for each class to reflect such class’s separate arrangements for shareholder services. During the period ended July 31, 2018, the investment advisor agreed to waive a portion of each class of each fund’s management fee. The investment advisor expects these waivers to continue until November 30, 2018 and cannot terminate them prior to such date without the approval of the Board of Directors.
56
From August 1, 2017 until November 30, 2017, the annual management fee and the fee waiver for each class of each fund was as follows:
Annual Management Fee | Fee Waiver | |||||
Investor, A, C and R Classes | I Class | R6 Class | Investor, A, C and R Classes | I Class | R6 Class | |
One Choice In Retirement Portfolio | 0.76% | 0.58% | 0.52% | 0.02% | 0.04% | 0.13% |
One Choice 2020 Portfolio | 0.77% | 0.59% | 0.52% | 0.03% | 0.05% | 0.13% |
One Choice 2025 Portfolio | 0.79% | 0.61% | 0.54% | 0.03% | 0.05% | 0.13% |
One Choice 2030 Portfolio | 0.82% | 0.63% | 0.55% | 0.04% | 0.05% | 0.12% |
One Choice 2035 Portfolio | 0.84% | 0.65% | 0.57% | 0.03% | 0.04% | 0.11% |
One Choice 2040 Portfolio | 0.86% | 0.67% | 0.58% | 0.03% | 0.04% | 0.10% |
One Choice 2045 Portfolio | 0.89% | 0.70% | 0.60% | 0.03% | 0.04% | 0.09% |
One Choice 2050 Portfolio | 0.92% | 0.72% | 0.62% | 0.04% | 0.04% | 0.09% |
One Choice 2055 Portfolio | 0.93% | 0.73% | 0.63% | 0.05% | 0.05% | 0.10% |
One Choice 2060 Portfolio | 0.93% | 0.73% | 0.63% | 0.05% | 0.05% | 0.10% |
Effective December 1, 2017, the annual management fee and the fee waiver for each class of each fund are as follows:
Annual Management Fee | Fee Waiver | |||||
Investor, A, C and R Classes | I Class | R6 Class | Investor, A, C and R Classes | I Class | R6 Class | |
One Choice In Retirement Portfolio | 0.76% | 0.58% | 0.51% | 0.02% | 0.04% | 0.12% |
One Choice 2020 Portfolio | 0.76% | 0.59% | 0.52% | 0.02% | 0.05% | 0.13% |
One Choice 2025 Portfolio | 0.80% | 0.61% | 0.53% | 0.04% | 0.05% | 0.12% |
One Choice 2030 Portfolio | 0.83% | 0.64% | 0.56% | 0.05% | 0.06% | 0.13% |
One Choice 2035 Portfolio | 0.85% | 0.66% | 0.58% | 0.04% | 0.05% | 0.12% |
One Choice 2040 Portfolio | 0.88% | 0.69% | 0.60% | 0.05% | 0.06% | 0.12% |
One Choice 2045 Portfolio | 0.90% | 0.71% | 0.61% | 0.04% | 0.05% | 0.10% |
One Choice 2050 Portfolio | 0.93% | 0.73% | 0.63% | 0.05% | 0.05% | 0.10% |
One Choice 2055 Portfolio | 0.94% | 0.74% | 0.64% | 0.06% | 0.06% | 0.11% |
One Choice 2060 Portfolio | 0.94% | 0.74% | 0.64% | 0.06% | 0.06% | 0.11% |
For the period ended July 31, 2018, the effective annual management fee, the fee waiver and the effective annual management fee after waiver for each class of each fund are as follows:
Effective Annual Management Fee | Fee Waiver | |||||
Investor, A, C and R Classes | I Class | R6 Class | Investor, A, C and R Classes | I Class | R6 Class | |
One Choice In Retirement Portfolio | 0.76% | 0.58% | 0.51% | 0.02% | 0.04% | 0.12% |
One Choice 2020 Portfolio | 0.76% | 0.59% | 0.52% | 0.02% | 0.05% | 0.13% |
One Choice 2025 Portfolio | 0.80% | 0.61% | 0.53% | 0.04% | 0.05% | 0.12% |
One Choice 2030 Portfolio | 0.83% | 0.64% | 0.56% | 0.05% | 0.06% | 0.13% |
One Choice 2035 Portfolio | 0.85% | 0.66% | 0.58% | 0.04% | 0.05% | 0.12% |
One Choice 2040 Portfolio | 0.87% | 0.68% | 0.60% | 0.04% | 0.05% | 0.12% |
One Choice 2045 Portfolio | 0.90% | 0.71% | 0.61% | 0.04% | 0.05% | 0.10% |
One Choice 2050 Portfolio | 0.93% | 0.73% | 0.63% | 0.05% | 0.05% | 0.10% |
One Choice 2055 Portfolio | 0.94% | 0.74% | 0.64% | 0.06% | 0.06% | 0.11% |
One Choice 2060 Portfolio | 0.94% | 0.74% | 0.64% | 0.06% | 0.06% | 0.11% |
57
Effective Annual Management Fee After Waiver | |||
Investor, A, C and R Classes | I Class | R6 Class | |
One Choice In Retirement Portfolio | 0.74% | 0.54% | 0.39% |
One Choice 2020 Portfolio | 0.74% | 0.54% | 0.39% |
One Choice 2025 Portfolio | 0.76% | 0.56% | 0.41% |
One Choice 2030 Portfolio | 0.78% | 0.58% | 0.43% |
One Choice 2035 Portfolio | 0.81% | 0.61% | 0.46% |
One Choice 2040 Portfolio | 0.83% | 0.63% | 0.48% |
One Choice 2045 Portfolio | 0.86% | 0.66% | 0.51% |
One Choice 2050 Portfolio | 0.88% | 0.68% | 0.53% |
One Choice 2055 Portfolio | 0.88% | 0.68% | 0.53% |
One Choice 2060 Portfolio | 0.88% | 0.68% | 0.53% |
The total amount of the waiver for each class of each fund for the period ended July 31, 2018 is as follows:
Investor Class | I Class | A Class | C Class | R Class | R6 Class | |
One Choice In Retirement Portfolio | $165,439 | $171,189 | $52,594 | $1,383 | $33,822 | $199,908 |
One Choice 2020 Portfolio | $164,935 | $355,145 | $75,897 | $1,811 | $37,278 | $295,359 |
One Choice 2025 Portfolio | $455,684 | $450,644 | $174,427 | $2,606 | $79,097 | $368,524 |
One Choice 2030 Portfolio | $355,575 | $491,705 | $192,122 | $2,520 | $99,025 | $376,390 |
One Choice 2035 Portfolio | $366,836 | $365,530 | $156,301 | $1,970 | $81,194 | $301,938 |
One Choice 2040 Portfolio | $250,352 | $335,126 | $128,840 | $1,405 | $71,729 | $270,353 |
One Choice 2045 Portfolio | $255,192 | $269,638 | $107,877 | $1,255 | $57,023 | $178,545 |
One Choice 2050 Portfolio | $165,054 | $190,077 | $84,814 | $852 | $45,740 | $146,299 |
One Choice 2055 Portfolio | $95,169 | $136,314 | $51,457 | $469 | $33,850 | $83,763 |
One Choice 2060 Portfolio | $9,221 | $14,145 | $3,045 | $93 | $3,896 | $13,157 |
Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. These fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended July 31, 2018 are detailed in the Statements of Operations.
Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the funds. The directors receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.
4. Investment Transactions
Investment transactions for the period ended July 31, 2018 were as follows:
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | |||||||||||
Purchases | $ | 249,340,961 | $ | 322,385,361 | $ | 453,567,574 | $ | 417,965,361 | $ | 420,711,120 | |||||
Sales | $ | 523,494,480 | $ | 596,491,911 | $ | 723,159,336 | $ | 535,346,989 | $ | 531,331,616 |
58
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | |||||||||||
Purchases | $ | 331,448,669 | $ | 310,120,332 | $ | 252,799,802 | $ | 184,846,235 | $ | 49,492,144 | |||||
Sales | $ | 408,368,012 | $ | 424,412,825 | $ | 261,689,530 | $ | 114,009,249 | $ | 7,585,045 |
5. Capital Share Transactions
The corporation is authorized to issue 6,000,000,000 shares. Transactions in shares of the funds were as follows:
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice In Retirement Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 11,605,566 | $ | 154,573,237 | 13,564,158 | $ | 173,216,333 | ||||
Issued in reinvestment of distributions | 1,927,963 | 25,569,302 | 1,943,219 | 24,402,218 | ||||||
Redeemed | (19,523,578 | ) | (260,335,629 | ) | (16,900,025 | ) | (215,722,484 | ) | ||
(5,990,049 | ) | (80,193,090 | ) | (1,392,648 | ) | (18,103,933 | ) | |||
I Class | ||||||||||
Sold | 5,720,063 | 76,219,801 | 12,015,775 | 153,032,870 | ||||||
Issued in reinvestment of distributions | 1,069,843 | 14,187,628 | 1,205,186 | 15,147,552 | ||||||
Redeemed | (17,274,804 | ) | (230,704,930 | ) | (16,769,238 | ) | (214,318,648 | ) | ||
(10,484,898 | ) | (140,297,501 | ) | (3,548,277 | ) | (46,138,226 | ) | |||
A Class | ||||||||||
Sold | 3,542,401 | 47,250,800 | 5,633,176 | 71,832,830 | ||||||
Issued in reinvestment of distributions | 515,107 | 6,832,250 | 650,550 | 8,160,535 | ||||||
Redeemed | (9,590,845 | ) | (127,768,053 | ) | (12,208,007 | ) | (155,883,388 | ) | ||
(5,533,337 | ) | (73,685,003 | ) | (5,924,281 | ) | (75,890,023 | ) | |||
C Class | ||||||||||
Sold | 46,458 | 620,407 | 84,576 | 1,076,282 | ||||||
Issued in reinvestment of distributions | 11,799 | 156,091 | 15,270 | 190,151 | ||||||
Redeemed | (270,707 | ) | (3,588,079 | ) | (221,964 | ) | (2,829,030 | ) | ||
(212,450 | ) | (2,811,581 | ) | (122,118 | ) | (1,562,597 | ) | |||
R Class | ||||||||||
Sold | 1,890,925 | 25,155,789 | 2,229,284 | 28,388,244 | ||||||
Issued in reinvestment of distributions | 328,587 | 4,353,523 | 360,115 | 4,505,030 | ||||||
Redeemed | (4,451,032 | ) | (59,230,690 | ) | (4,615,392 | ) | (58,867,162 | ) | ||
(2,231,520 | ) | (29,721,378 | ) | (2,025,993 | ) | (25,973,888 | ) | |||
R6 Class | ||||||||||
Sold | 8,092,472 | 90,646,126 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 18,153,611 | 201,544,137 | ||||||||
Issued in reinvestment of distributions | 437,962 | 4,863,398 | ||||||||
Redeemed | (5,662,671 | ) | (63,263,366 | ) | ||||||
21,021,374 | 233,790,295 | |||||||||
Net increase (decrease) | (3,430,880 | ) | $ | (92,918,258 | ) | (13,013,317 | ) | $ | (167,668,667 | ) |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
59
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2020 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 9,803,881 | $ | 123,061,949 | 16,515,580 | $ | 198,068,881 | ||||
Issued in reinvestment of distributions | 1,720,974 | 21,465,457 | 1,906,699 | 22,193,963 | ||||||
Redeemed | (19,118,243 | ) | (240,611,057 | ) | (17,060,371 | ) | (204,830,148 | ) | ||
(7,593,388 | ) | (96,083,651 | ) | 1,361,908 | 15,432,696 | |||||
I Class | ||||||||||
Sold | 9,664,113 | 121,456,759 | 17,367,845 | 208,113,032 | ||||||
Issued in reinvestment of distributions | 1,900,731 | 23,706,160 | 2,140,856 | 24,919,549 | ||||||
Redeemed | (22,082,953 | ) | (278,125,145 | ) | (19,664,667 | ) | (236,427,986 | ) | ||
(10,518,109 | ) | (132,962,226 | ) | (155,966 | ) | (3,395,405 | ) | |||
A Class | ||||||||||
Sold | 3,703,137 | 46,473,681 | 8,732,168 | 104,665,851 | ||||||
Issued in reinvestment of distributions | 691,394 | 8,624,490 | 857,173 | 9,977,492 | ||||||
Redeemed | (10,647,197 | ) | (133,580,678 | ) | (10,103,623 | ) | (121,107,596 | ) | ||
(6,252,666 | ) | (78,482,507 | ) | (514,282 | ) | (6,464,253 | ) | |||
C Class | ||||||||||
Sold | 112,814 | 1,418,046 | 103,008 | 1,224,817 | ||||||
Issued in reinvestment of distributions | 12,923 | 161,663 | 14,572 | 170,205 | ||||||
Redeemed | (243,083 | ) | (3,058,828 | ) | (134,176 | ) | (1,615,099 | ) | ||
(117,346 | ) | (1,479,119 | ) | (16,596 | ) | (220,077 | ) | |||
R Class | ||||||||||
Sold | 2,160,053 | 27,094,413 | 4,688,919 | 56,443,845 | ||||||
Issued in reinvestment of distributions | 315,542 | 3,936,799 | 336,238 | 3,913,813 | ||||||
Redeemed | (4,366,318 | ) | (54,725,348 | ) | (4,591,021 | ) | (54,950,632 | ) | ||
(1,890,723 | ) | (23,694,136 | ) | 434,136 | 5,407,026 | |||||
R6 Class | ||||||||||
Sold | 10,286,629 | 119,091,935 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 23,968,200 | 274,310,194 | ||||||||
Issued in reinvestment of distributions | 326,295 | 3,752,387 | ||||||||
Redeemed | (8,188,901 | ) | (94,836,482 | ) | ||||||
26,392,223 | 302,318,034 | |||||||||
Net increase (decrease) | 19,991 | $ | (30,383,605 | ) | 1,109,200 | $ | 10,759,987 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
60
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2025 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 12,262,599 | $ | 182,715,678 | 17,704,095 | $ | 250,248,492 | ||||
Issued in reinvestment of distributions | 2,729,764 | 40,342,266 | 2,710,369 | 37,077,840 | ||||||
Redeemed | (21,682,979 | ) | (324,052,487 | ) | (17,252,079 | ) | (243,650,283 | ) | ||
(6,690,616 | ) | (100,994,543 | ) | 3,162,385 | 43,676,049 | |||||
I Class | ||||||||||
Sold | 10,462,391 | 156,076,626 | 20,470,948 | 289,054,875 | ||||||
Issued in reinvestment of distributions | 2,124,561 | 31,394,111 | 2,155,056 | 29,481,171 | ||||||
Redeemed | (23,483,099 | ) | (350,747,264 | ) | (19,933,166 | ) | (282,320,992 | ) | ||
(10,896,147 | ) | (163,276,527 | ) | 2,692,838 | 36,215,054 | |||||
A Class | ||||||||||
Sold | 7,323,008 | 109,261,764 | 10,832,682 | 152,905,773 | ||||||
Issued in reinvestment of distributions | 904,905 | 13,380,104 | 1,045,547 | 14,313,543 | ||||||
Redeemed | (14,446,184 | ) | (215,530,493 | ) | (15,074,761 | ) | (213,082,425 | ) | ||
(6,218,271 | ) | (92,888,625 | ) | (3,196,532 | ) | (45,863,109 | ) | |||
C Class | ||||||||||
Sold | 67,427 | 1,003,167 | 81,853 | 1,151,473 | ||||||
Issued in reinvestment of distributions | 11,345 | 168,079 | 12,434 | 170,596 | ||||||
Redeemed | (198,205 | ) | (2,977,672 | ) | (166,753 | ) | (2,371,973 | ) | ||
(119,433 | ) | (1,806,426 | ) | (72,466 | ) | (1,049,904 | ) | |||
R Class | ||||||||||
Sold | 3,068,287 | 45,709,724 | 4,291,904 | 60,668,991 | ||||||
Issued in reinvestment of distributions | 386,300 | 5,710,629 | 415,104 | 5,678,620 | ||||||
Redeemed | (4,550,001 | ) | (67,800,436 | ) | (5,438,717 | ) | (76,839,684 | ) | ||
(1,095,414 | ) | (16,380,083 | ) | (731,709 | ) | (10,492,073 | ) | |||
R6 Class | ||||||||||
Sold | 12,863,221 | 152,979,567 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 30,536,410 | 358,582,561 | ||||||||
Issued in reinvestment of distributions | 479,092 | 5,653,282 | ||||||||
Redeemed | (8,450,178 | ) | (100,507,433 | ) | ||||||
35,428,545 | 416,707,977 | |||||||||
Net increase (decrease) | 10,408,664 | $ | 41,361,773 | 1,854,516 | $ | 22,486,017 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
61
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2030 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 11,500,406 | $ | 149,681,071 | 17,029,116 | $ | 207,785,501 | ||||
Issued in reinvestment of distributions | 1,776,055 | 22,945,173 | 1,853,227 | 21,886,611 | ||||||
Redeemed | (19,182,424 | ) | (250,452,231 | ) | (15,253,318 | ) | (186,167,023 | ) | ||
(5,905,963 | ) | (77,825,987 | ) | 3,629,025 | 43,505,089 | |||||
I Class | ||||||||||
Sold | 13,568,008 | 176,858,941 | 20,259,271 | 247,055,730 | ||||||
Issued in reinvestment of distributions | 2,184,151 | 28,192,183 | 2,211,584 | 26,096,693 | ||||||
Redeemed | (22,110,451 | ) | (288,720,391 | ) | (16,495,032 | ) | (201,926,396 | ) | ||
(6,358,292 | ) | (83,669,267 | ) | 5,975,823 | 71,226,027 | |||||
A Class | ||||||||||
Sold | 5,286,407 | 68,738,181 | 11,813,797 | 143,599,312 | ||||||
Issued in reinvestment of distributions | 827,178 | 10,676,654 | 938,099 | 11,060,183 | ||||||
Redeemed | (11,227,440 | ) | (146,210,818 | ) | (10,673,883 | ) | (130,245,080 | ) | ||
(5,113,855 | ) | (66,795,983 | ) | 2,078,013 | 24,414,415 | |||||
C Class | ||||||||||
Sold | 27,503 | 369,615 | 118,418 | 1,444,915 | ||||||
Issued in reinvestment of distributions | 9,145 | 118,358 | 11,814 | 139,874 | ||||||
Redeemed | (195,638 | ) | (2,559,423 | ) | (199,517 | ) | (2,437,185 | ) | ||
(158,990 | ) | (2,071,450 | ) | (69,285 | ) | (852,396 | ) | |||
R Class | ||||||||||
Sold | 4,212,985 | 54,816,146 | 6,200,658 | 75,974,857 | ||||||
Issued in reinvestment of distributions | 386,935 | 5,000,004 | 368,645 | 4,349,993 | ||||||
Redeemed | (3,929,028 | ) | (51,142,273 | ) | (4,900,289 | ) | (59,608,652 | ) | ||
670,892 | 8,673,877 | 1,669,014 | 20,716,198 | |||||||
R6 Class | ||||||||||
Sold | 12,357,521 | 149,689,825 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 29,224,928 | 347,829,586 | ||||||||
Issued in reinvestment of distributions | 413,152 | 4,957,820 | ||||||||
Redeemed | (8,706,185 | ) | (105,282,838 | ) | ||||||
33,289,416 | 397,194,393 | |||||||||
Net increase (decrease) | 16,423,208 | $ | 175,505,583 | 13,282,590 | $ | 159,009,333 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
62
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2035 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 10,054,460 | $ | 163,566,774 | 13,082,346 | $ | 198,364,610 | ||||
Issued in reinvestment of distributions | 1,973,732 | 31,778,300 | 2,088,951 | 30,540,459 | ||||||
Redeemed | (14,548,780 | ) | (237,525,717 | ) | (14,257,680 | ) | (215,498,114 | ) | ||
(2,520,588 | ) | (42,180,643 | ) | 913,617 | 13,406,955 | |||||
I Class | ||||||||||
Sold | 9,258,147 | 151,139,254 | 16,182,688 | 244,994,808 | ||||||
Issued in reinvestment of distributions | 1,658,872 | 26,719,811 | 1,762,878 | 25,790,899 | ||||||
Redeemed | (17,599,161 | ) | (287,325,310 | ) | (15,228,167 | ) | (231,216,140 | ) | ||
(6,682,142 | ) | (109,466,245 | ) | 2,717,399 | 39,569,567 | |||||
A Class | ||||||||||
Sold | 6,536,948 | 106,619,970 | 9,839,298 | 148,450,415 | ||||||
Issued in reinvestment of distributions | 738,035 | 11,883,920 | 886,732 | 12,964,031 | ||||||
Redeemed | (11,682,032 | ) | (190,431,504 | ) | (12,028,510 | ) | (181,986,104 | ) | ||
(4,407,049 | ) | (71,927,614 | ) | (1,302,480 | ) | (20,571,658 | ) | |||
C Class | ||||||||||
Sold | 34,275 | 563,230 | 65,891 | 991,274 | ||||||
Issued in reinvestment of distributions | 8,148 | 131,345 | 9,675 | 141,740 | ||||||
Redeemed | (169,261 | ) | (2,784,558 | ) | (157,751 | ) | (2,373,038 | ) | ||
(126,838 | ) | (2,089,983 | ) | (82,185 | ) | (1,240,024 | ) | |||
R Class | ||||||||||
Sold | 3,392,872 | 55,254,197 | 4,405,211 | 66,802,032 | ||||||
Issued in reinvestment of distributions | 354,236 | 5,709,391 | 389,671 | 5,696,996 | ||||||
Redeemed | (4,029,387 | ) | (65,683,503 | ) | (4,952,219 | ) | (75,001,841 | ) | ||
(282,279 | ) | (4,719,915 | ) | (157,337 | ) | (2,502,813 | ) | |||
R6 Class | ||||||||||
Sold | 11,589,414 | 143,203,649 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 23,818,903 | 288,716,133 | ||||||||
Issued in reinvestment of distributions | 410,186 | 5,008,367 | ||||||||
Redeemed | (7,130,445 | ) | (87,851,538 | ) | ||||||
28,688,058 | 349,076,611 | |||||||||
Net increase (decrease) | 14,669,162 | $ | 118,692,211 | 2,089,014 | $ | 28,662,027 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
63
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2040 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 8,782,001 | $ | 120,529,807 | 13,095,725 | $ | 165,864,722 | ||||
Issued in reinvestment of distributions | 1,385,085 | 18,821,603 | 1,456,464 | 17,768,859 | ||||||
Redeemed | (13,769,845 | ) | (189,684,315 | ) | (15,370,456 | ) | (193,796,988 | ) | ||
(3,602,759 | ) | (50,332,905 | ) | (818,267 | ) | (10,163,407 | ) | |||
I Class | ||||||||||
Sold | 9,774,939 | 134,504,223 | 14,335,122 | 181,284,881 | ||||||
Issued in reinvestment of distributions | 1,630,794 | 22,148,751 | 1,799,201 | 21,932,254 | ||||||
Redeemed | (18,851,039 | ) | (259,382,854 | ) | (13,922,171 | ) | (177,149,192 | ) | ||
(7,445,306 | ) | (102,729,880 | ) | 2,212,152 | 26,067,943 | |||||
A Class | ||||||||||
Sold | 4,225,810 | 57,956,265 | 8,418,999 | 106,068,050 | ||||||
Issued in reinvestment of distributions | 606,268 | 8,237,079 | 718,466 | 8,765,287 | ||||||
Redeemed | (8,097,444 | ) | (111,250,702 | ) | (7,598,160 | ) | (96,275,233 | ) | ||
(3,265,366 | ) | (45,057,358 | ) | 1,539,305 | 18,558,104 | |||||
C Class | ||||||||||
Sold | 33,785 | 465,504 | 100,292 | 1,262,423 | ||||||
Issued in reinvestment of distributions | 6,327 | 86,003 | 7,118 | 86,979 | ||||||
Redeemed | (184,254 | ) | (2,525,671 | ) | (96,357 | ) | (1,224,509 | ) | ||
(144,142 | ) | (1,974,164 | ) | 11,053 | 124,893 | |||||
R Class | ||||||||||
Sold | 3,837,569 | 52,723,438 | 4,592,144 | 58,498,226 | ||||||
Issued in reinvestment of distributions | 308,552 | 4,194,298 | 291,783 | 3,559,745 | ||||||
Redeemed | (3,279,946 | ) | (45,031,427 | ) | (3,633,784 | ) | (45,827,112 | ) | ||
866,175 | 11,886,309 | 1,250,143 | 16,230,859 | |||||||
R6 Class | ||||||||||
Sold | 10,811,475 | 136,346,273 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 20,742,097 | 255,359,021 | ||||||||
Issued in reinvestment of distributions | 329,974 | 4,108,184 | ||||||||
Redeemed | (6,341,019 | ) | (79,718,800 | ) | ||||||
25,542,527 | 316,094,678 | |||||||||
Net increase (decrease) | 11,951,129 | $ | 127,886,680 | 4,194,386 | $ | 50,818,392 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
64
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2045 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 7,347,673 | $ | 126,631,401 | 10,614,187 | $ | 167,509,860 | ||||
Issued in reinvestment of distributions | 1,369,980 | 23,323,096 | 1,561,524 | 23,672,711 | ||||||
Redeemed | (11,023,875 | ) | (190,907,874 | ) | (14,378,941 | ) | (225,576,057 | ) | ||
(2,306,222 | ) | (40,953,377 | ) | (2,203,230 | ) | (34,393,486 | ) | |||
I Class | ||||||||||
Sold | 7,078,461 | 122,526,970 | 12,024,084 | 189,750,360 | ||||||
Issued in reinvestment of distributions | 1,264,920 | 21,543,789 | 1,468,426 | 22,276,028 | ||||||
Redeemed | (17,191,474 | ) | (296,345,244 | ) | (12,438,720 | ) | (197,059,892 | ) | ||
(8,848,093 | ) | (152,274,485 | ) | 1,053,790 | 14,966,496 | |||||
A Class | ||||||||||
Sold | 4,634,950 | 80,175,011 | 6,947,602 | 109,038,365 | ||||||
Issued in reinvestment of distributions | 493,620 | 8,405,016 | 648,864 | 9,830,296 | ||||||
Redeemed | (7,749,391 | ) | (133,953,639 | ) | (7,971,174 | ) | (125,490,709 | ) | ||
(2,620,821 | ) | (45,373,612 | ) | (374,708 | ) | (6,622,048 | ) | |||
C Class | ||||||||||
Sold | 50,197 | 864,465 | 56,773 | 895,755 | ||||||
Issued in reinvestment of distributions | 5,084 | 86,607 | 5,825 | 88,546 | ||||||
Redeemed | (93,369 | ) | (1,629,469 | ) | (53,993 | ) | (858,676 | ) | ||
(38,088 | ) | (678,397 | ) | 8,605 | 125,625 | |||||
R Class | ||||||||||
Sold | 2,765,707 | 47,819,108 | 3,087,639 | 48,832,196 | ||||||
Issued in reinvestment of distributions | 244,843 | 4,173,493 | 291,971 | 4,429,198 | ||||||
Redeemed | (2,556,735 | ) | (44,131,231 | ) | (3,380,652 | ) | (53,438,169 | ) | ||
453,815 | 7,861,370 | (1,042 | ) | (176,775 | ) | |||||
R6 Class | ||||||||||
Sold | 9,667,730 | 124,041,321 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 15,697,129 | 195,971,413 | ||||||||
Issued in reinvestment of distributions | 297,517 | 3,754,660 | ||||||||
Redeemed | (4,960,826 | ) | (63,277,299 | ) | ||||||
20,701,550 | 260,490,095 | |||||||||
Net increase (decrease) | 7,342,141 | $ | 29,071,594 | (1,516,585 | ) | $ | (26,100,188 | ) |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
65
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2050 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 6,584,468 | $ | 92,525,782 | 9,305,793 | $ | 118,571,935 | ||||
Issued in reinvestment of distributions | 791,407 | 10,994,051 | 917,701 | 11,214,306 | ||||||
Redeemed | (9,620,934 | ) | (135,484,267 | ) | (10,823,083 | ) | (137,027,450 | ) | ||
(2,245,059 | ) | (31,964,434 | ) | (599,589 | ) | (7,241,209 | ) | |||
I Class | ||||||||||
Sold | 7,710,497 | 108,663,170 | 9,869,025 | 126,054,596 | ||||||
Issued in reinvestment of distributions | 1,008,092 | 14,016,043 | 1,143,317 | 13,982,763 | ||||||
Redeemed | (12,998,582 | ) | (183,491,330 | ) | (9,898,962 | ) | (126,664,343 | ) | ||
(4,279,993 | ) | (60,812,117 | ) | 1,113,380 | 13,373,016 | |||||
A Class | ||||||||||
Sold | 3,562,682 | 50,068,183 | 5,834,934 | 74,096,488 | ||||||
Issued in reinvestment of distributions | 332,474 | 4,621,258 | 450,253 | 5,502,087 | ||||||
Redeemed | (5,758,803 | ) | (80,914,218 | ) | (5,076,466 | ) | (64,678,024 | ) | ||
(1,863,647 | ) | (26,224,777 | ) | 1,208,721 | 14,920,551 | |||||
C Class | ||||||||||
Sold | 20,258 | 286,973 | 27,134 | 344,619 | ||||||
Issued in reinvestment of distributions | 3,154 | 43,897 | 4,483 | 54,960 | ||||||
Redeemed | (52,484 | ) | (739,399 | ) | (50,445 | ) | (639,744 | ) | ||
(29,072 | ) | (408,529 | ) | (18,828 | ) | (240,165 | ) | |||
R Class | ||||||||||
Sold | 2,551,784 | 35,924,708 | 3,205,080 | 41,105,609 | ||||||
Issued in reinvestment of distributions | 163,945 | 2,282,086 | 177,915 | 2,175,898 | ||||||
Redeemed | (2,130,659 | ) | (29,959,931 | ) | (2,427,325 | ) | (30,922,476 | ) | ||
585,070 | 8,246,863 | 955,670 | 12,359,031 | |||||||
R6 Class | ||||||||||
Sold | 8,616,267 | 112,055,359 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 11,953,835 | 150,503,976 | ||||||||
Issued in reinvestment of distributions | 197,164 | 2,519,760 | ||||||||
Redeemed | (4,033,823 | ) | (52,231,911 | ) | ||||||
16,733,443 | 212,847,184 | |||||||||
Net increase (decrease) | 8,900,742 | $ | 101,684,190 | 2,659,354 | $ | 33,171,224 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
66
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2055 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 4,550,840 | $ | 68,503,924 | 5,164,550 | $ | 69,975,975 | ||||
Issued in reinvestment of distributions | 291,907 | 4,351,173 | 276,069 | 3,586,132 | ||||||
Redeemed | (3,597,358 | ) | (54,382,340 | ) | (3,280,367 | ) | (44,167,353 | ) | ||
1,245,389 | 18,472,757 | 2,160,252 | 29,394,754 | |||||||
I Class | ||||||||||
Sold | 6,022,151 | 90,887,773 | 7,258,690 | 98,350,920 | ||||||
Issued in reinvestment of distributions | 483,543 | 7,202,839 | 469,620 | 6,100,360 | ||||||
Redeemed | (7,959,355 | ) | (119,847,805 | ) | (3,998,841 | ) | (54,046,974 | ) | ||
(1,453,661 | ) | (21,757,193 | ) | 3,729,469 | 50,404,306 | |||||
A Class | ||||||||||
Sold | 2,899,456 | 43,752,550 | 3,323,563 | 44,759,960 | ||||||
Issued in reinvestment of distributions | 137,097 | 2,043,238 | 156,783 | 2,036,617 | ||||||
Redeemed | (2,967,655 | ) | (44,734,574 | ) | (2,560,024 | ) | (34,717,598 | ) | ||
68,898 | 1,061,214 | 920,322 | 12,078,979 | |||||||
C Class | ||||||||||
Sold | 14,834 | 223,382 | 18,433 | 248,931 | ||||||
Issued in reinvestment of distributions | 1,103 | 16,409 | 1,168 | 15,178 | ||||||
Redeemed | (16,427 | ) | (245,651 | ) | (12,818 | ) | (179,260 | ) | ||
(490 | ) | (5,860 | ) | 6,783 | 84,849 | |||||
R Class | ||||||||||
Sold | 1,791,015 | 27,046,167 | 1,810,169 | 24,559,998 | ||||||
Issued in reinvestment of distributions | 82,270 | 1,228,406 | 78,801 | 1,024,408 | ||||||
Redeemed | (1,238,947 | ) | (18,772,588 | ) | (982,869 | ) | (13,321,069 | ) | ||
634,338 | 9,501,985 | 906,101 | 12,263,337 | |||||||
R6 Class | ||||||||||
Sold | 4,723,557 | 62,774,188 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 6,002,906 | 77,270,775 | ||||||||
Issued in reinvestment of distributions | 101,734 | 1,329,659 | ||||||||
Redeemed | (1,893,461 | ) | (25,085,229 | ) | ||||||
8,934,736 | 116,289,393 | |||||||||
Net increase (decrease) | 9,429,210 | $ | 123,562,296 | 7,722,927 | $ | 104,226,225 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
67
Year ended July 31, 2018(1) | Year ended July 31, 2017 | |||||||||
Shares | Amount | Shares | Amount | |||||||
One Choice 2060 Portfolio | ||||||||||
Investor Class | ||||||||||
Sold | 1,276,662 | $ | 16,445,276 | 960,955 | $ | 11,006,702 | ||||
Issued in reinvestment of distributions | 22,839 | 290,838 | 3,830 | 42,041 | ||||||
Redeemed | (561,168 | ) | (7,163,031 | ) | (139,846 | ) | (1,624,306 | ) | ||
738,333 | 9,573,083 | 824,939 | 9,424,437 | |||||||
I Class | ||||||||||
Sold | 1,686,014 | 21,678,110 | 1,587,100 | 18,309,454 | ||||||
Issued in reinvestment of distributions | 41,422 | 526,921 | 6,361 | 69,842 | ||||||
Redeemed | (892,577 | ) | (11,486,982 | ) | (313,278 | ) | (3,651,476 | ) | ||
834,859 | 10,718,049 | 1,280,183 | 14,727,820 | |||||||
A Class | ||||||||||
Sold | 422,036 | 5,411,518 | 413,855 | 4,713,420 | ||||||
Issued in reinvestment of distributions | 7,131 | 90,877 | 1,141 | 12,533 | ||||||
Redeemed | (249,125 | ) | (3,174,066 | ) | (283,260 | ) | (3,213,574 | ) | ||
180,042 | 2,328,329 | 131,736 | 1,512,379 | |||||||
C Class | ||||||||||
Sold | 12,052 | 154,576 | 3,007 | 33,156 | ||||||
Issued in reinvestment of distributions | 220 | 2,798 | 4 | 39 | ||||||
Redeemed | (3,659 | ) | (47,640 | ) | (14 | ) | (158 | ) | ||
8,613 | 109,734 | 2,997 | 33,037 | |||||||
R Class | ||||||||||
Sold | 574,578 | 7,402,286 | 273,320 | 3,119,674 | ||||||
Issued in reinvestment of distributions | 7,331 | 93,499 | 687 | 7,551 | ||||||
Redeemed | (104,405 | ) | (1,349,253 | ) | (22,287 | ) | (254,710 | ) | ||
477,504 | 6,146,532 | 251,720 | 2,872,515 | |||||||
R6 Class | ||||||||||
Sold | 1,129,000 | 14,720,506 | N/A | |||||||
Issued in connection with reorganization (Note 8) | 769,462 | 9,719,182 | ||||||||
Issued in reinvestment of distributions | 13,210 | 169,875 | ||||||||
Redeemed | (344,229 | ) | (4,507,403 | ) | ||||||
1,567,443 | 20,102,160 | |||||||||
Net increase (decrease) | 3,806,794 | $ | 48,977,887 | 2,491,575 | $ | 28,570,188 |
(1) | October 23, 2017 (commencement of sale) through July 31, 2018 for the R6 Class. |
6. Fair Value Measurements
The funds’ investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
68
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
7. Federal Tax Information
The tax character of distributions paid during the years ended July 31, 2018 and July 31, 2017 were as follows:
2018 | 2017 | |||||||||||
Distributions Paid From: | Distributions Paid From: | |||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | |||||||||
One Choice In Retirement Portfolio | $ | 35,577,346 | $ | 22,027,982 | $ | 24,127,410 | $ | 30,044,456 | ||||
One Choice 2020 Portfolio | $ | 39,159,461 | $ | 23,301,806 | $ | 24,764,171 | $ | 37,200,690 | ||||
One Choice 2025 Portfolio | $ | 57,737,007 | $ | 41,022,883 | $ | 34,553,222 | $ | 54,568,158 | ||||
One Choice 2030 Portfolio | $ | 46,541,801 | $ | 26,509,018 | $ | 24,088,767 | $ | 40,597,081 | ||||
One Choice 2035 Portfolio | $ | 49,323,009 | $ | 34,074,839 | $ | 26,718,158 | $ | 50,741,723 | ||||
One Choice 2040 Portfolio | $ | 35,499,069 | $ | 23,067,783 | $ | 17,398,610 | $ | 35,653,518 | ||||
One Choice 2045 Portfolio | $ | 35,682,760 | $ | 27,321,161 | $ | 18,521,752 | $ | 43,683,865 | ||||
One Choice 2050 Portfolio | $ | 22,642,360 | $ | 12,506,798 | $ | 9,580,949 | $ | 23,972,369 | ||||
One Choice 2055 Portfolio | $ | 11,129,736 | $ | 5,243,579 | $ | 4,514,359 | $ | 8,420,581 | ||||
One Choice 2060 Portfolio | $ | 1,014,147 | $ | 163,370 | $ | 130,010 | $ | 2,132 |
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | |||||||||||
Federal tax cost of investments | $ | 1,534,225,284 | $ | 1,793,206,100 | $ | 2,637,551,798 | $ | 2,240,327,206 | $ | 2,265,350,767 | |||||
Gross tax appreciation of investments | $ | 241,932,252 | $ | 253,751,583 | $ | 461,898,734 | $ | 337,650,042 | $ | 448,385,054 | |||||
Gross tax depreciation of investments | (12,613,648 | ) | (15,515,403 | ) | (19,234,750 | ) | (21,404,747 | ) | (16,160,046 | ) | |||||
Net tax appreciation (depreciation) of investments | $ | 229,318,604 | $ | 238,236,180 | $ | 442,663,984 | $ | 316,245,295 | $ | 432,225,008 | |||||
Undistributed ordinary income | — | $ | 9,899,338 | $ | 16,582,557 | $ | 13,504,525 | $ | 12,415,680 | ||||||
Accumulated long-term gains | $ | 50,553,952 | $ | 68,184,892 | $ | 102,947,786 | $ | 85,688,844 | $ | 98,028,258 |
69
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | |||||||||||
Federal tax cost of investments | $ | 1,642,982,384 | $ | 1,553,314,033 | $ | 1,038,636,451 | $ | 607,686,967 | $ | 85,844,010 | |||||
Gross tax appreciation of investments | $ | 291,983,297 | $ | 354,628,613 | $ | 191,346,218 | $ | 80,620,838 | $ | 5,874,756 | |||||
Gross tax depreciation of investments | (11,377,409 | ) | (8,064,083 | ) | (5,109,069 | ) | (2,540,148 | ) | (240,524 | ) | |||||
Net tax appreciation (depreciation) of investments | $ | 280,605,888 | $ | 346,564,530 | $ | 186,237,149 | $ | 78,080,690 | $ | 5,634,232 | |||||
Undistributed ordinary income | $ | 8,783,178 | $ | 6,058,423 | $ | 3,297,512 | $ | 1,424,390 | $ | 169,450 | |||||
Accumulated long-term gains | $ | 76,948,783 | $ | 85,558,553 | $ | 48,387,691 | $ | 24,661,193 | $ | 2,349,398 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
8. Reorganization
On June 29, 2017, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of each One Choice® Target Date Portfolio R6, ten funds in a series issued by the corporation, were transferred to the corresponding One Choice Target Date Portfolio in exchange for shares of the R6 Class of the corresponding One Choice Target Date Portfolio. The purpose of the transaction was to reduce the number of One Choice Target Date Portfolios by merging each One Choice Target Date Portfolio R6 into its corresponding One Choice Target Date Portfolio. The financial statements and performance history of each One Choice Target Date Portfolio survived after the reorganization. The reorganization was effective at the close of the NYSE on October 20, 2017.
The reorganization was accomplished by a tax-free exchange of shares. On October 20, 2017, each One Choice Target Date Portfolio R6 exchanged its shares for shares of each corresponding One Choice Target Date Portfolio as follows:
Original Fund | Shares Exchanged | New Fund/Class | Shares Received | ||
One Choice® In Retirement Portfolio R6 | 18,153,611 | One Choice In Retirement Portfolio - R6 Class | 18,153,611 | ||
One Choice® 2020 Portfolio R6 | 23,968,200 | One Choice 2020 Portfolio - R6 Class | 23,968,200 | ||
One Choice® 2025 Portfolio R6 | 30,536,410 | One Choice 2025 Portfolio - R6 Class | 30,536,410 | ||
One Choice® 2030 Portfolio R6 | 29,224,928 | One Choice 2030 Portfolio - R6 Class | 29,224,928 | ||
One Choice® 2035 Portfolio R6 | 23,818,903 | One Choice 2035 Portfolio - R6 Class | 23,818,903 | ||
One Choice® 2040 Portfolio R6 | 20,742,097 | One Choice 2040 Portfolio - R6 Class | 20,742,097 | ||
One Choice® 2045 Portfolio R6 | 15,697,129 | One Choice 2045 Portfolio - R6 Class | 15,697,129 | ||
One Choice® 2050 Portfolio R6 | 11,953,835 | One Choice 2050 Portfolio - R6 Class | 11,953,835 | ||
One Choice® 2055 Portfolio R6 | 6,002,906 | One Choice 2055 Portfolio - R6 Class | 6,002,906 | ||
One Choice® 2060 Portfolio R6 | 769,462 | One Choice 2060 Portfolio - R6 Class | 769,462 |
70
The net assets of each fund immediately before and immediately after the reorganization were as follows:
Original Fund | Original Fund Net Assets Before Reorganization | New Fund | New Fund Net Assets Before Reorganization | Combined Net Assets after Reorganization | ||||||
One Choice In Retirement Portfolio R6 | $ | 201,544,137 | One Choice In Retirement Portfolio | $ | 1,785,403,554 | $ | 1,986,947,691 | |||
One Choice 2020 Portfolio R6 | $ | 274,310,194 | One Choice 2020 Portfolio | $ | 1,993,619,895 | $ | 2,267,930,089 | |||
One Choice 2025 Portfolio R6 | $ | 358,582,561 | One Choice 2025 Portfolio | $ | 2,941,695,743 | $ | 3,300,278,304 | |||
One Choice 2030 Portfolio R6 | $ | 347,829,586 | One Choice 2030 Portfolio | $ | 2,312,862,779 | $ | 2,660,692,365 | |||
One Choice 2035 Portfolio R6 | $ | 288,716,133 | One Choice 2035 Portfolio | $ | 2,494,139,862 | $ | 2,782,855,995 | |||
One Choice 2040 Portfolio R6 | $ | 255,359,021 | One Choice 2040 Portfolio | $ | 1,714,424,522 | $ | 1,969,783,543 | |||
One Choice 2045 Portfolio R6 | $ | 195,971,413 | One Choice 2045 Portfolio | $ | 1,788,597,455 | $ | 1,984,568,868 | |||
One Choice 2050 Portfolio R6 | $ | 150,503,976 | One Choice 2050 Portfolio | $ | 1,074,329,771 | $ | 1,224,833,747 | |||
One Choice 2055 Portfolio R6 | $ | 77,270,775 | One Choice 2055 Portfolio | $ | 553,006,019 | $ | 630,276,794 | |||
One Choice 2060 Portfolio R6 | $ | 9,719,182 | One Choice 2060 Portfolio | $ | 43,744,335 | $ | 53,463,517 |
The following unrealized appreciation (depreciation) of each One Choice Target Date Portfolio R6 was combined with that of each One Choice Target Date Portfolio.
Original Fund | Original Fund Unrealized Appreciation (Depreciation) | ||
One Choice In Retirement Portfolio R6 | $ | 13,940,257 | |
One Choice 2020 Portfolio R6 | $ | 20,427,493 | |
One Choice 2025 Portfolio R6 | $ | 28,297,175 | |
One Choice 2030 Portfolio R6 | $ | 30,630,214 | |
One Choice 2035 Portfolio R6 | $ | 27,567,558 | |
One Choice 2040 Portfolio R6 | $ | 26,095,880 | |
One Choice 2045 Portfolio R6 | $ | 21,845,945 | |
One Choice 2050 Portfolio R6 | $ | 16,183,747 | |
One Choice 2055 Portfolio R6 | $ | 9,374,875 | |
One Choice 2060 Portfolio R6 | $ | 837,781 |
Assuming the reorganization had been completed on August 1, 2017, the beginning of the annual reporting period, the pro forma results of operations for the period ended July 31, 2018 for each fund are as follows:
Net Investment Income (Loss) | Net Realized And Unrealized Gain (Loss) | Net Increase (Decrease) In Net Assets Resulting From Operations | |||||||
One Choice In Retirement Portfolio | $ | 36,138,933 | $ | 66,886,649 | $ | 103,025,582 | |||
One Choice 2020 Portfolio | $ | 42,634,189 | $ | 83,009,322 | $ | 125,643,511 | |||
One Choice 2025 Portfolio | $ | 63,072,509 | $ | 138,688,501 | $ | 201,761,010 | |||
One Choice 2030 Portfolio | $ | 51,715,540 | $ | 130,223,595 | $ | 181,939,135 | |||
One Choice 2035 Portfolio | $ | 52,763,563 | $ | 160,015,067 | $ | 212,778,630 | |||
One Choice 2040 Portfolio | $ | 37,219,264 | $ | 131,237,364 | $ | 168,456,628 | |||
One Choice 2045 Portfolio | $ | 36,259,675 | $ | 145,183,723 | $ | 181,443,398 | |||
One Choice 2050 Portfolio | $ | 22,330,957 | $ | 97,989,065 | $ | 120,320,022 | |||
One Choice 2055 Portfolio | $ | 11,783,195 | $ | 52,280,225 | $ | 64,063,420 | |||
One Choice 2060 Portfolio | $ | 1,138,264 | $ | 5,158,811 | $ | 6,297,075 |
71
Because the combined investment portfolios have been managed as single integrated portfolios since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of each One Choice Target Date Portfolio R6 that have been included in each corresponding One Choice Target Date Portfolio's Statement of Operations since October 23, 2017.
9. Investments in Underlying Funds
The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds’ net assets.
72
10. Affiliated Fund Transactions
A summary of transactions for each underlying fund for the period ended July 31, 2018 follows:
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice In Retirement Portfolio (Amounts in thousands) | |||||||||||||||||||||||
Inflation-Adjusted Bond Fund | $ | 27,270 | $ | 35,834 | $ | 7,951 | $ | (1,230 | ) | $ | 57,124 | 5,033 | $ | (128 | ) | $ | 1,723 | ||||||
NT Diversified Bond Fund | 392,078 | 35,602 | 78,558 | (14,358 | ) | 380,739 | 36,680 | (1,733 | ) | 12,141 | |||||||||||||
NT High Income Fund | 69,002 | 5,004 | 16,846 | (1,469 | ) | 63,808 | 6,498 | (159 | ) | 4,279 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 110,637 | 30,813 | 20,045 | (931 | ) | 133,400 | 13,053 | (253 | ) | 2,955 | |||||||||||||
NT Core Equity Plus Fund | 54,519 | 1,865 | 15,342 | 3,971 | 49,848 | 2,845 | 3,694 | 1,659 | |||||||||||||||
NT Disciplined Growth Fund | 27,265 | 1,175 | 8,456 | 2,307 | 24,529 | 1,822 | 2,082 | 1,111 | |||||||||||||||
NT Equity Growth Fund | 181,279 | 18,663 | 60,626 | 9,144 | 164,331 | 11,302 | 10,193 | 13,541 | |||||||||||||||
NT Growth Fund | 81,442 | 9,081 | 28,139 | 3,793 | 72,987 | 3,784 | 7,396 | 7,765 | |||||||||||||||
NT Heritage Fund | 40,885 | 2,961 | 12,774 | 1,748 | 36,491 | 2,430 | 2,360 | 2,863 | |||||||||||||||
NT Large Company Value Fund | 172,795 | 24,166 | 54,101 | (2,329 | ) | 156,979 | 13,180 | 2,571 | 17,615 | ||||||||||||||
NT Mid Cap Value Fund | 81,479 | 8,537 | 22,025 | (675 | ) | 74,732 | 5,346 | 2,104 | 8,264 | ||||||||||||||
NT Small Company Fund | 36,127 | 5,354 | 11,511 | (440 | ) | 32,646 | 3,160 | 1,404 | 4,903 | ||||||||||||||
Emerging Markets Debt Fund | — | 24,566 | 2,078 | (963 | ) | 21,525 | 2,163 | (50 | ) | 696 | |||||||||||||
Global Bond Fund | 127,139 | 28,774 | 20,989 | (989 | ) | 148,468 | 14,556 | (408 | ) | 3,634 | |||||||||||||
International Bond Fund | 91,268 | 2,562 | 63,736 | 1,794 | 42,040 | 3,234 | (1,759 | ) | 164 | ||||||||||||||
U.S. Government Money Market Fund | 180,321 | 6,165 | 30,281 | — | 176,321 | 176,321 | — | 2,612 | |||||||||||||||
NT Global Real Estate Fund | 18,281 | 893 | 4,857 | 575 | 16,663 | 1,685 | (38 | ) | 711 | ||||||||||||||
NT International Growth Fund | 81,914 | 5,058 | 22,876 | 3,104 | 73,983 | 5,825 | 4,808 | 3,667 | |||||||||||||||
NT International Value Fund | 41,147 | 2,268 | 9,748 | (260 | ) | 36,930 | 3,649 | 471 | 1,479 | ||||||||||||||
$ | 1,814,848 | $ | 249,341 | $ | 490,939 | $ | 2,792 | $ | 1,763,544 | 312,566 | $ | 32,555 | $ | 91,782 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2020 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 60,114 | $ | 2,431 | $ | 17,890 | $ | 6,155 | $ | 57,658 | 3,291 | $ | 2,923 | $ | 1,918 | ||||||||
NT Disciplined Growth Fund | 33,813 | 1,569 | 11,350 | 2,904 | 30,549 | 2,270 | 2,893 | 1,407 | |||||||||||||||
NT Equity Growth Fund | 195,282 | 21,188 | 64,269 | 14,477 | 188,087 | 12,936 | 7,984 | 15,277 | |||||||||||||||
NT Growth Fund | 98,230 | 12,137 | 37,171 | 5,309 | 88,785 | 4,603 | 9,111 | 9,667 | |||||||||||||||
NT Heritage Fund | 54,463 | 4,911 | 19,358 | 2,723 | 49,057 | 3,266 | 3,158 | 4,016 | |||||||||||||||
NT Large Company Value Fund | 190,737 | 27,083 | 58,205 | (1,005 | ) | 181,248 | 15,218 | 1,558 | 20,355 | ||||||||||||||
NT Mid Cap Value Fund | 97,258 | 12,193 | 29,379 | (129 | ) | 90,992 | 6,509 | 2,201 | 10,100 | ||||||||||||||
NT Small Company Fund | 37,129 | 6,592 | 11,506 | (87 | ) | 36,409 | 3,525 | 1,241 | 5,365 | ||||||||||||||
Inflation-Adjusted Bond Fund | 44,073 | 38,375 | 13,153 | (1,403 | ) | 73,637 | 6,488 | (299 | ) | 2,254 | |||||||||||||
NT Diversified Bond Fund | 423,493 | 60,102 | 97,233 | (15,963 | ) | 431,473 | 41,568 | (2,185 | ) | 13,603 | |||||||||||||
NT High Income Fund | 75,109 | 6,546 | 14,662 | (1,711 | ) | 75,746 | 7,713 | (188 | ) | 5,013 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 106,248 | 30,087 | 15,222 | (977 | ) | 135,237 | 13,233 | (189 | ) | 2,919 | |||||||||||||
Emerging Markets Debt Fund | — | 33,348 | 4,254 | (1,243 | ) | 27,851 | 2,799 | (117 | ) | 930 | |||||||||||||
Global Bond Fund | 134,104 | 39,569 | 22,969 | (1,034 | ) | 168,189 | 16,489 | (531 | ) | 4,101 | |||||||||||||
International Bond Fund | 96,672 | 959 | 63,795 | 1,049 | 47,823 | 3,679 | (922 | ) | 185 | ||||||||||||||
U.S. Government Money Market Fund | 175,388 | 12,825 | 24,383 | — | 187,714 | 187,714 | — | 2,708 | |||||||||||||||
NT Emerging Markets Fund | 12,744 | 1,387 | 5,925 | (2,197 | ) | 7,157 | 574 | 2,677 | 1,148 | ||||||||||||||
NT Global Real Estate Fund | 22,701 | 1,228 | 6,672 | 754 | 20,844 | 2,108 | (40 | ) | 906 | ||||||||||||||
NT International Growth Fund | 91,774 | 6,489 | 28,079 | 4,515 | 84,316 | 6,639 | 5,059 | 4,248 | |||||||||||||||
NT International Small-Mid Cap Fund | 3,243 | 200 | 1,751 | (54 | ) | 1,976 | 148 | 512 | 187 | ||||||||||||||
NT International Value Fund | 51,789 | 3,166 | 13,749 | (166 | ) | 46,694 | 4,614 | 671 | 1,905 | ||||||||||||||
$ | 2,004,364 | $ | 322,385 | $ | 560,975 | $ | 11,917 | $ | 2,031,442 | 345,384 | $ | 35,517 | $ | 108,212 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2025 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 88,486 | $ | 3,413 | $ | 22,095 | $ | 9,788 | $ | 88,390 | 5,045 | $ | 3,325 | $ | 2,866 | ||||||||
NT Disciplined Growth Fund | 60,722 | 2,649 | 16,903 | 6,017 | 58,066 | 4,314 | 4,157 | 2,573 | |||||||||||||||
NT Equity Growth Fund | 279,636 | 29,543 | 80,990 | 22,154 | 277,885 | 19,112 | 9,609 | 22,017 | |||||||||||||||
NT Growth Fund | 163,222 | 18,084 | 48,941 | 10,388 | 157,964 | 8,189 | 13,358 | 16,041 | |||||||||||||||
NT Heritage Fund | 107,509 | 9,117 | 31,384 | 6,572 | 102,648 | 6,834 | 4,754 | 7,935 | |||||||||||||||
NT Large Company Value Fund | 287,686 | 42,232 | 74,501 | (951 | ) | 285,338 | 23,958 | 1,549 | 30,966 | ||||||||||||||
NT Mid Cap Value Fund | 164,814 | 20,449 | 41,381 | 876 | 161,510 | 11,553 | 2,348 | 17,300 | |||||||||||||||
NT Small Company Fund | 47,576 | 8,121 | 11,649 | 435 | 49,161 | 4,759 | 950 | 6,896 | |||||||||||||||
Inflation-Adjusted Bond Fund | 101,700 | 40,789 | 15,061 | (2,116 | ) | 138,218 | 12,178 | (803 | ) | 4,147 | |||||||||||||
NT Diversified Bond Fund | 594,470 | 74,836 | 108,718 | (22,883 | ) | 613,947 | 59,147 | (2,352 | ) | 18,971 | |||||||||||||
NT High Income Fund | 105,105 | 23,444 | 14,372 | (2,681 | ) | 125,062 | 12,735 | (233 | ) | 7,745 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 108,356 | 8,363 | 5,404 | (942 | ) | 124,569 | 12,189 | (75 | ) | 2,584 | |||||||||||||
Emerging Markets Debt Fund | — | 64,072 | 4,795 | (2,538 | ) | 56,739 | 5,702 | (153 | ) | 1,842 | |||||||||||||
Global Bond Fund | 177,683 | 62,134 | 21,044 | (1,868 | ) | 239,369 | 23,468 | (519 | ) | 5,612 | |||||||||||||
International Bond Fund | 125,914 | 1,938 | 77,741 | 2,496 | 68,066 | 5,236 | (2,637 | ) | 252 | ||||||||||||||
NT Emerging Markets Fund | 52,111 | 7,437 | 15,747 | (4,469 | ) | 43,400 | 3,478 | 4,123 | 5,965 | ||||||||||||||
NT Global Real Estate Fund | 40,613 | 2,084 | 9,217 | 1,270 | 39,167 | 3,960 | (68 | ) | 1,644 | ||||||||||||||
NT International Growth Fund | 145,891 | 10,191 | 36,704 | 7,501 | 140,462 | 11,060 | 7,208 | 6,822 | |||||||||||||||
NT International Small-Mid Cap Fund | 14,106 | 1,045 | 4,632 | 729 | 12,468 | 936 | 1,125 | 1,000 | |||||||||||||||
NT International Value Fund | 94,603 | 7,104 | 20,270 | (450 | ) | 89,915 | 8,885 | 955 | 3,516 | ||||||||||||||
U.S. Government Money Market Fund | 183,531 | 16,523 | 14,989 | — | 207,872 | 207,872 | — | 2,898 | |||||||||||||||
$ | 2,943,734 | $ | 453,568 | $ | 676,538 | $ | 29,328 | $ | 3,080,216 | 450,610 | $ | 46,621 | $ | 169,592 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2030 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 68,579 | $ | 3,339 | $ | 14,767 | $ | 8,964 | $ | 74,856 | 4,273 | $ | 1,916 | $ | 2,377 | ||||||||
NT Disciplined Growth Fund | 55,707 | 3,122 | 13,284 | 7,050 | 59,053 | 4,387 | 3,003 | 2,515 | |||||||||||||||
NT Equity Growth Fund | 212,158 | 26,193 | 56,456 | 20,839 | 229,344 | 15,773 | 5,201 | 17,687 | |||||||||||||||
NT Growth Fund | 151,938 | 21,924 | 48,648 | 15,583 | 158,914 | 8,238 | 8,356 | 16,053 | |||||||||||||||
NT Heritage Fund | 97,945 | 9,917 | 25,475 | 8,376 | 103,328 | 6,879 | 2,617 | 7,626 | |||||||||||||||
NT Large Company Value Fund | 229,808 | 38,176 | 52,403 | 369 | 247,466 | 20,778 | 304 | 26,198 | |||||||||||||||
NT Mid Cap Value Fund | 136,002 | 19,674 | 26,962 | 2,355 | 149,093 | 10,665 | 524 | 15,538 | |||||||||||||||
NT Small Company Fund | 47,551 | 8,201 | 12,670 | 255 | 49,097 | 4,753 | 1,301 | 6,913 | |||||||||||||||
Inflation-Adjusted Bond Fund | 102,779 | 8,639 | 9,288 | (1,307 | ) | 117,118 | 10,319 | (858 | ) | 3,422 | |||||||||||||
NT Diversified Bond Fund | 423,298 | 87,487 | 91,844 | (16,868 | ) | 469,601 | 45,241 | (2,070 | ) | 14,173 | |||||||||||||
NT High Income Fund | 76,436 | 29,342 | 8,770 | (2,194 | ) | 107,032 | 10,899 | (152 | ) | 6,269 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 48,591 | 3,739 | 10,899 | (276 | ) | 49,134 | 4,808 | (78 | ) | 990 | |||||||||||||
NT Emerging Markets Fund | 58,074 | 10,005 | 13,370 | (3,306 | ) | 57,187 | 4,582 | 2,403 | 7,083 | ||||||||||||||
NT Global Real Estate Fund | 37,415 | 2,187 | 6,632 | 1,243 | 39,336 | 3,977 | (53 | ) | 1,604 | ||||||||||||||
NT International Growth Fund | 122,891 | 9,453 | 28,174 | 9,286 | 127,931 | 10,073 | 3,991 | 6,093 | |||||||||||||||
NT International Small-Mid Cap Fund | 18,019 | 1,561 | 4,928 | 1,495 | 18,160 | 1,363 | 1,077 | 1,402 | |||||||||||||||
NT International Value Fund | 87,759 | 7,860 | 14,951 | (38 | ) | 91,224 | 9,014 | 699 | 3,490 | ||||||||||||||
Emerging Markets Debt Fund | — | 60,444 | 2,262 | (2,495 | ) | 55,687 | 5,597 | (62 | ) | 1,757 | |||||||||||||
Global Bond Fund | 123,640 | 55,617 | 13,915 | (1,410 | ) | 183,159 | 17,957 | (354 | ) | 4,217 | |||||||||||||
International Bond Fund | 68,940 | 4,422 | 42,510 | 876 | 42,435 | 3,264 | (923 | ) | 147 | ||||||||||||||
U.S. Government Money Market Fund | 113,726 | 6,663 | 10,297 | — | 127,418 | 127,418 | — | 1,802 | |||||||||||||||
$ | 2,281,256 | $ | 417,965 | $ | 508,505 | $ | 48,797 | $ | 2,556,573 | 330,258 | $ | 26,842 | $ | 147,356 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2035 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 80,107 | $ | 3,406 | $ | 14,362 | $ | 10,346 | $ | 87,513 | 4,995 | $ | 1,752 | $ | 2,753 | ||||||||
NT Disciplined Growth Fund | 69,167 | 3,520 | 14,638 | 8,642 | 73,054 | 5,428 | 3,117 | 3,101 | |||||||||||||||
NT Equity Growth Fund | 227,449 | 23,597 | 49,542 | 21,897 | 245,923 | 16,914 | 4,447 | 18,845 | |||||||||||||||
NT Growth Fund | 200,506 | 25,987 | 57,851 | 18,262 | 205,603 | 10,659 | 11,287 | 20,629 | |||||||||||||||
NT Heritage Fund | 111,243 | 10,590 | 22,657 | 9,745 | 120,232 | 8,005 | 2,269 | 8,649 | |||||||||||||||
NT Large Company Value Fund | 258,774 | 42,548 | 53,355 | 21 | 275,777 | 23,155 | 216 | 29,259 | |||||||||||||||
NT Mid Cap Value Fund | 146,531 | 20,406 | 23,918 | 2,144 | 160,406 | 11,474 | 448 | 16,525 | |||||||||||||||
NT Small Company Fund | 68,354 | 12,266 | 16,253 | 147 | 70,948 | 6,868 | 1,737 | 9,754 | |||||||||||||||
Inflation-Adjusted Bond Fund | 127,401 | 6,663 | 51,015 | 900 | 99,314 | 8,750 | (2,299 | ) | 2,847 | ||||||||||||||
NT Diversified Bond Fund | 399,168 | 74,657 | 71,822 | (15,810 | ) | 434,441 | 41,854 | (1,533 | ) | 13,038 | |||||||||||||
NT High Income Fund | 74,346 | 30,580 | 6,228 | (2,156 | ) | 105,523 | 10,746 | (106 | ) | 6,086 | |||||||||||||
Short Duration Inflation Protection Bond Fund | 19,083 | 906 | 10,365 | (58 | ) | 12,132 | 1,187 | (21 | ) | 245 | |||||||||||||
NT Emerging Markets Fund | 74,522 | 14,663 | 16,282 | (4,557 | ) | 74,196 | 5,945 | 2,509 | 9,066 | ||||||||||||||
NT Global Real Estate Fund | 46,291 | 2,720 | 6,444 | 1,413 | 48,957 | 4,950 | (79 | ) | 1,981 | ||||||||||||||
NT International Growth Fund | 152,677 | 10,861 | 28,552 | 11,272 | 160,571 | 12,643 | 4,047 | 7,574 | |||||||||||||||
NT International Small-Mid Cap Fund | 27,365 | 2,368 | 6,510 | 2,377 | 27,955 | 2,099 | 1,241 | 2,133 | |||||||||||||||
NT International Value Fund | 109,945 | 10,835 | 17,003 | (502 | ) | 113,810 | 11,246 | 639 | 4,331 | ||||||||||||||
Emerging Markets Debt Fund | — | 64,414 | 1,642 | (2,693 | ) | 60,079 | 6,038 | (41 | ) | 1,880 | |||||||||||||
Global Bond Fund | 117,928 | 51,165 | 9,297 | (1,498 | ) | 172,252 | 16,887 | (224 | ) | 3,879 | |||||||||||||
International Bond Fund | 24,768 | 1,684 | 15,147 | (439 | ) | 13,992 | 1,076 | 403 | 48 | ||||||||||||||
U.S. Government Money Market Fund | 122,261 | 6,875 | 8,640 | — | 134,898 | 134,898 | — | 1,898 | |||||||||||||||
$ | 2,457,886 | $ | 420,711 | $ | 501,523 | $ | 59,453 | $ | 2,697,576 | 345,817 | $ | 29,809 | $ | 164,521 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2040 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 55,309 | $ | 2,636 | $ | 9,748 | $ | 7,671 | $ | 63,007 | 3,596 | $ | 971 | $ | 1,962 | ||||||||
NT Disciplined Growth Fund | 52,230 | 3,018 | 10,161 | 7,483 | 58,781 | 4,367 | 1,865 | 2,428 | |||||||||||||||
NT Equity Growth Fund | 165,397 | 18,742 | 38,186 | 17,116 | 184,257 | 12,672 | 2,891 | 14,081 | |||||||||||||||
NT Growth Fund | 158,941 | 23,229 | 45,590 | 18,569 | 174,636 | 9,053 | 6,425 | 17,382 | |||||||||||||||
NT Heritage Fund | 91,759 | 9,694 | 22,909 | 8,081 | 98,589 | 6,564 | 2,175 | 7,316 | |||||||||||||||
NT Large Company Value Fund | 195,632 | 36,021 | 42,052 | 384 | 217,223 | 18,239 | (121 | ) | 22,801 | ||||||||||||||
NT Mid Cap Value Fund | 105,928 | 17,034 | 21,037 | 1,835 | 118,051 | 8,444 | 153 | 12,309 | |||||||||||||||
NT Small Company Fund | 52,895 | 11,384 | 11,033 | 1,053 | 61,016 | 5,907 | 501 | 8,212 | |||||||||||||||
Inflation-Adjusted Bond Fund | 87,164 | 6,629 | 56,624 | 1,061 | 51,895 | 4,572 | (1,566 | ) | 1,499 | ||||||||||||||
NT Diversified Bond Fund | 232,263 | 54,919 | 50,961 | (9,416 | ) | 262,641 | 25,303 | (1,076 | ) | 7,824 | |||||||||||||
NT High Income Fund | 43,041 | 22,193 | 4,774 | (1,319 | ) | 65,822 | 6,703 | (86 | ) | 3,742 | |||||||||||||
NT Emerging Markets Fund | 62,111 | 13,962 | 14,334 | (3,924 | ) | 63,968 | 5,126 | 2,518 | 7,541 | ||||||||||||||
NT Global Real Estate Fund | 36,309 | 2,856 | 5,682 | 1,196 | 39,687 | 4,013 | (109 | ) | 1,603 | ||||||||||||||
NT International Growth Fund | 112,864 | 9,231 | 21,695 | 9,787 | 123,853 | 9,752 | 2,221 | 5,792 | |||||||||||||||
NT International Small-Mid Cap Fund | 24,285 | 2,331 | 5,992 | 2,332 | 25,707 | 1,930 | 1,069 | 1,959 | |||||||||||||||
NT International Value Fund | 82,926 | 12,396 | 15,069 | (146 | ) | 90,393 | 8,932 | 430 | 3,406 | ||||||||||||||
Emerging Markets Debt Fund | — | 42,165 | 1,653 | (1,735 | ) | 38,776 | 3,897 | (44 | ) | 1,222 | |||||||||||||
Global Bond Fund | 72,281 | 30,790 | 8,488 | (758 | ) | 104,874 | 10,282 | (221 | ) | 2,383 | |||||||||||||
U.S. Government Money Market Fund | 62,715 | 12,219 | 4,384 | — | 80,412 | 80,412 | — | 1,082 | |||||||||||||||
$ | 1,694,050 | $ | 331,449 | $ | 390,372 | $ | 59,270 | $ | 1,923,588 | 229,764 | $ | 17,996 | $ | 124,544 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2045 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 66,194 | $ | 3,266 | $ | 13,630 | $ | 8,180 | $ | 70,410 | 4,019 | $ | 1,500 | $ | 2,256 | ||||||||
NT Disciplined Growth Fund | 56,294 | 3,302 | 11,179 | 7,378 | 60,820 | 4,519 | 1,950 | 2,554 | |||||||||||||||
NT Equity Growth Fund | 180,496 | 18,812 | 38,935 | 17,391 | 195,046 | 13,414 | 2,860 | 15,012 | |||||||||||||||
NT Growth Fund | 179,373 | 25,367 | 50,814 | 18,755 | 189,123 | 9,804 | 7,351 | 19,075 | |||||||||||||||
NT Heritage Fund | 110,087 | 12,105 | 27,754 | 8,790 | 113,906 | 7,584 | 2,619 | 8,442 | |||||||||||||||
NT Large Company Value Fund | 222,127 | 39,744 | 47,620 | (44 | ) | 237,214 | 19,917 | (453 | ) | 25,209 | |||||||||||||
NT Mid Cap Value Fund | 120,536 | 18,294 | 23,386 | 1,636 | 129,054 | 9,231 | 96 | 13,471 | |||||||||||||||
NT Small Company Fund | 52,233 | 11,440 | 11,131 | 758 | 58,264 | 5,640 | 438 | 7,905 | |||||||||||||||
NT Emerging Markets Fund | 82,153 | 19,348 | 21,476 | (5,451 | ) | 80,781 | 6,473 | 3,079 | 9,798 | ||||||||||||||
NT Global Real Estate Fund | 42,058 | 2,930 | 6,391 | 1,250 | 44,165 | 4,466 | (156 | ) | 1,810 | ||||||||||||||
NT International Growth Fund | 120,327 | 10,578 | 23,012 | 9,398 | 128,282 | 10,101 | 2,412 | 6,097 | |||||||||||||||
NT International Small-Mid Cap Fund | 30,632 | 2,998 | 7,312 | 2,739 | 31,637 | 2,375 | 1,203 | 2,450 | |||||||||||||||
NT International Value Fund | 89,246 | 13,416 | 16,479 | (471 | ) | 94,013 | 9,290 | 282 | 3,569 | ||||||||||||||
Inflation-Adjusted Bond Fund | 75,970 | 4,532 | 46,981 | 919 | 43,065 | 3,794 | (1,338 | ) | 1,248 | ||||||||||||||
NT Diversified Bond Fund | 203,324 | 42,561 | 41,782 | (7,933 | ) | 218,898 | 21,088 | (867 | ) | 6,580 | |||||||||||||
NT High Income Fund | 38,020 | 18,062 | 4,725 | (1,108 | ) | 54,566 | 5,557 | (91 | ) | 3,150 | |||||||||||||
Emerging Markets Debt Fund | — | 35,573 | 1,958 | (1,440 | ) | 32,175 | 3,234 | (48 | ) | 1,019 | |||||||||||||
Global Bond Fund | 68,664 | 19,042 | 8,169 | (593 | ) | 86,526 | 8,483 | (195 | ) | 1,999 | |||||||||||||
U.S. Government Money Market Fund | 21,552 | 8,750 | 1,037 | — | 31,934 | 31,934 | — | 407 | |||||||||||||||
$ | 1,759,286 | $ | 310,120 | $ | 403,771 | $ | 60,154 | $ | 1,899,879 | 180,923 | $ | 20,642 | $ | 132,051 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2050 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 46,812 | $ | 4,338 | $ | 7,487 | $ | 6,885 | $ | 56,551 | 3,228 | $ | 462 | $ | 1,720 | ||||||||
NT Disciplined Growth Fund | 34,689 | 2,937 | 6,202 | 5,502 | 41,034 | 3,048 | 643 | 1,661 | |||||||||||||||
NT Equity Growth Fund | 106,968 | 16,731 | 22,032 | 12,119 | 127,349 | 8,758 | 792 | 9,350 | |||||||||||||||
NT Growth Fund | 111,528 | 22,834 | 33,749 | 14,685 | 128,831 | 6,679 | 2,688 | 12,541 | |||||||||||||||
NT Heritage Fund | 68,655 | 10,719 | 14,479 | 7,105 | 80,861 | 5,384 | 617 | 5,642 | |||||||||||||||
NT Large Company Value Fund | 140,284 | 36,715 | 32,466 | 427 | 164,027 | 13,772 | (480 | ) | 16,711 | ||||||||||||||
NT Mid Cap Value Fund | 72,378 | 16,487 | 12,110 | 1,371 | 87,705 | 6,274 | (77 | ) | 8,614 | ||||||||||||||
NT Small Company Fund | 33,458 | 10,016 | 9,824 | 675 | 38,558 | 3,733 | 120 | 5,349 | |||||||||||||||
NT Emerging Markets Fund | 57,929 | 19,948 | 16,588 | (3,623 | ) | 63,406 | 5,081 | 1,832 | 7,144 | ||||||||||||||
NT Global Real Estate Fund | 27,504 | 4,077 | 4,782 | 883 | 31,407 | 3,176 | (105 | ) | 1,244 | ||||||||||||||
NT International Growth Fund | 70,583 | 13,343 | 15,755 | 6,864 | 83,648 | 6,586 | 475 | 3,805 | |||||||||||||||
NT International Small-Mid Cap Fund | 21,356 | 2,674 | 5,008 | 2,330 | 23,761 | 1,784 | 573 | 1,805 | |||||||||||||||
NT International Value Fund | 54,870 | 13,596 | 11,536 | (272 | ) | 63,482 | 6,273 | 106 | 2,313 | ||||||||||||||
Inflation-Adjusted Bond Fund | 38,946 | 3,970 | 25,903 | 374 | 23,008 | 2,027 | (596 | ) | 659 | ||||||||||||||
NT Diversified Bond Fund | 101,134 | 33,788 | 26,956 | (4,076 | ) | 118,336 | 11,400 | (548 | ) | 3,442 | |||||||||||||
NT High Income Fund | 19,485 | 10,672 | 3,228 | (583 | ) | 29,137 | 2,967 | (51 | ) | 1,661 | |||||||||||||
Emerging Markets Debt Fund | — | 19,240 | 1,321 | (760 | ) | 17,159 | 1,724 | (27 | ) | 540 | |||||||||||||
Global Bond Fund | 36,920 | 10,715 | 5,949 | (253 | ) | 46,614 | 4,570 | (109 | ) | 1,039 | |||||||||||||
$ | 1,043,499 | $ | 252,800 | $ | 255,375 | $ | 49,653 | $ | 1,224,874 | 96,464 | $ | 6,315 | $ | 85,240 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2055 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 23,190 | $ | 4,069 | $ | 2,972 | $ | 3,840 | $ | 31,171 | 1,779 | $ | 4 | $ | 917 | ||||||||
NT Disciplined Growth Fund | 17,721 | 2,823 | 2,677 | 3,327 | 23,354 | 1,735 | 26 | 916 | |||||||||||||||
NT Equity Growth Fund | 54,281 | 11,929 | 8,508 | 6,934 | 71,678 | 4,930 | 9 | 5,056 | |||||||||||||||
NT Growth Fund | 55,847 | 15,986 | 14,371 | 8,861 | 73,266 | 3,798 | 487 | 6,698 | |||||||||||||||
NT Heritage Fund | 34,376 | 8,275 | 6,508 | 3,968 | 44,599 | 2,969 | 112 | 2,960 | |||||||||||||||
NT Large Company Value Fund | 72,385 | 27,548 | 15,272 | 771 | 95,550 | 8,023 | (841 | ) | 9,236 | ||||||||||||||
NT Mid Cap Value Fund | 34,923 | 11,473 | 5,155 | 853 | 46,781 | 3,346 | (199 | ) | 4,357 | ||||||||||||||
NT Small Company Fund | 19,194 | 7,809 | 4,597 | 641 | 25,526 | 2,471 | (124 | ) | 3,256 | ||||||||||||||
NT Emerging Markets Fund | 32,441 | 17,691 | 8,967 | (1,766 | ) | 42,791 | 3,429 | 202 | 4,508 | ||||||||||||||
NT Global Real Estate Fund | 15,016 | 4,807 | 3,100 | 553 | 19,343 | 1,956 | (96 | ) | 722 | ||||||||||||||
NT International Growth Fund | 32,801 | 10,480 | 6,910 | 3,567 | 43,980 | 3,463 | 25 | 1,890 | |||||||||||||||
NT International Small-Mid Cap Fund | 12,279 | 2,871 | 2,813 | 1,663 | 15,409 | 1,157 | 80 | 1,116 | |||||||||||||||
NT International Value Fund | 28,227 | 10,762 | 5,215 | (69 | ) | 37,253 | 3,681 | (92 | ) | 1,270 | |||||||||||||
Inflation-Adjusted Bond Fund | 16,828 | 3,440 | 11,337 | 12 | 11,440 | 1,008 | (130 | ) | 316 | ||||||||||||||
NT Diversified Bond Fund | 43,040 | 21,510 | 11,280 | (1,857 | ) | 57,772 | 5,566 | (304 | ) | 1,608 | |||||||||||||
NT High Income Fund | 8,400 | 6,503 | 1,550 | (264 | ) | 14,331 | 1,459 | (33 | ) | 773 | |||||||||||||
Emerging Markets Debt Fund | — | 9,630 | 732 | (354 | ) | 8,544 | 859 | (18 | ) | 259 | |||||||||||||
Global Bond Fund | 16,477 | 7,240 | 3,005 | (101 | ) | 22,980 | 2,253 | (68 | ) | 484 | |||||||||||||
$ | 517,426 | $ | 184,846 | $ | 114,969 | $ | 30,579 | $ | 685,768 | 53,882 | $ | (960 | ) | $ | 46,342 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Fund/Underlying Fund(1) | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value(2) | Ending Shares | Net Realized Gain (Loss) | Distributions Received(3) | |||||||||||||||
One Choice 2060 Portfolio (Amounts in thousands) | |||||||||||||||||||||||
NT Core Equity Plus Fund | $ | 1,695 | $ | 1,865 | $ | 229 | $ | 368 | $ | 4,098 | 234 | $ | (1 | ) | $ | 92 | |||||||
NT Disciplined Growth Fund | 1,316 | 1,386 | 182 | 328 | 3,148 | 234 | — | 88 | |||||||||||||||
NT Equity Growth Fund | 4,052 | 4,656 | 595 | 719 | 9,783 | 673 | (3 | ) | 474 | ||||||||||||||
NT Growth Fund | 4,132 | 4,711 | 782 | 977 | 9,977 | 517 | — | 616 | |||||||||||||||
NT Heritage Fund | 2,542 | 2,971 | 424 | 418 | 6,106 | 407 | (2 | ) | 280 | ||||||||||||||
NT Large Company Value Fund | 5,385 | 7,208 | 855 | 152 | 13,219 | 1,110 | (18 | ) | 873 | ||||||||||||||
NT Mid Cap Value Fund | 2,544 | 3,321 | 364 | 108 | 6,235 | 446 | (6 | ) | 403 | ||||||||||||||
NT Small Company Fund | 1,503 | 1,995 | 307 | 92 | 3,635 | 352 | (12 | ) | 312 | ||||||||||||||
NT Emerging Markets Fund | 2,475 | 3,776 | 525 | (324 | ) | 5,897 | 473 | (9 | ) | 435 | |||||||||||||
NT Global Real Estate Fund | 1,133 | 1,451 | 167 | 60 | 2,749 | 278 | (3 | ) | 69 | ||||||||||||||
NT International Growth Fund | 2,276 | 2,661 | 271 | 306 | 5,470 | 431 | (3 | ) | 169 | ||||||||||||||
NT International Small-Mid Cap Fund | 943 | 1,082 | 112 | 153 | 2,270 | 170 | — | 119 | |||||||||||||||
NT International Value Fund | 2,089 | 2,848 | 281 | (48 | ) | 5,081 | 502 | (7 | ) | 119 | |||||||||||||
Inflation-Adjusted Bond Fund | 1,130 | 964 | 996 | (11 | ) | 1,378 | 121 | (7 | ) | 33 | |||||||||||||
NT Diversified Bond Fund | 2,834 | 4,583 | 1,061 | (174 | ) | 6,904 | 665 | (28 | ) | 150 | |||||||||||||
NT High Income Fund | 564 | 1,201 | 153 | (23 | ) | 1,734 | 177 | (2 | ) | 74 | |||||||||||||
Emerging Markets Debt Fund | — | 1,134 | 59 | (35 | ) | 1,040 | 105 | (1 | ) | 26 | |||||||||||||
Global Bond Fund | 1,130 | 1,679 | 331 | (9 | ) | 2,754 | 270 | (7 | ) | 41 | |||||||||||||
$ | 37,743 | $ | 49,492 | $ | 7,694 | $ | 3,057 | $ | 91,478 | 7,165 | $ | (109 | ) | $ | 4,373 |
(1) | Underlying fund investments represent G Class. |
(2) | Ending value may include underlying fund investments transferred as a result of an agreement and plan of reorganization. (Note 8) |
(3) | Distributions received includes distributions from net investment income and from capital gains, if any. |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice In Retirement Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $13.17 | 0.25 | 0.47 | 0.72 | (0.25) | (0.17) | (0.42) | $13.47 | 5.50% | 0.75% | 0.77% | 1.92% | 1.90% | 13% | $786,876 | ||
2017 | $12.73 | 0.18 | 0.64 | 0.82 | (0.17) | (0.21) | (0.38) | $13.17 | 6.64% | 0.20% | 0.20% | 1.38% | 1.38% | 12% | $848,180 | ||
2016 | $12.62 | 0.21 | 0.12 | 0.33 | (0.21) | (0.01) | (0.22) | $12.73 | 2.76% | 0.20% | 0.20% | 1.73% | 1.73% | 14% | $837,622 | ||
2015 | $13.02 | 0.20 | 0.27 | 0.47 | (0.29) | (0.58) | (0.87) | $12.62 | 3.66% | 0.20% | 0.20% | 1.59% | 1.59% | 17% | $822,618 | ||
2014 | $12.41 | 0.27 | 0.73 | 1.00 | (0.27) | (0.12) | (0.39) | $13.02 | 8.19% | 0.20% | 0.20% | 2.09% | 2.09% | 16% | $255,133 | ||
I Class | |||||||||||||||||
2018 | $13.17 | 0.28 | 0.46 | 0.74 | (0.27) | (0.17) | (0.44) | $13.47 | 5.71% | 0.55% | 0.59% | 2.12% | 2.08% | 13% | $350,798 | ||
2017 | $12.73 | 0.20 | 0.65 | 0.85 | (0.20) | (0.21) | (0.41) | $13.17 | 6.85% | 0.00%(4) | 0.00%(4) | 1.58% | 1.58% | 12% | $481,066 | ||
2016 | $12.62 | 0.23 | 0.13 | 0.36 | (0.24) | (0.01) | (0.25) | $12.73 | 2.97% | 0.00%(4) | 0.00%(4) | 1.93% | 1.93% | 14% | $510,188 | ||
2015 | $13.03 | 0.22 | 0.27 | 0.49 | (0.32) | (0.58) | (0.90) | $12.62 | 3.79% | 0.00%(4) | 0.00%(4) | 1.79% | 1.79% | 17% | $485,416 | ||
2014 | $12.42 | 0.29 | 0.73 | 1.02 | (0.29) | (0.12) | (0.41) | $13.03 | 8.40% | 0.00%(4) | 0.00%(4) | 2.29% | 2.29% | 16% | $130,406 | ||
A Class | |||||||||||||||||
2018 | $13.17 | 0.22 | 0.46 | 0.68 | (0.21) | (0.17) | (0.38) | $13.47 | 5.23% | 1.00% | 1.02% | 1.67% | 1.65% | 13% | $227,693 | ||
2017 | $12.73 | 0.15 | 0.64 | 0.79 | (0.14) | (0.21) | (0.35) | $13.17 | 6.37% | 0.45% | 0.45% | 1.13% | 1.13% | 12% | $295,489 | ||
2016 | $12.62 | 0.18 | 0.12 | 0.30 | (0.18) | (0.01) | (0.19) | $12.73 | 2.50% | 0.45% | 0.45% | 1.48% | 1.48% | 14% | $361,052 | ||
2015 | $13.02 | 0.17 | 0.27 | 0.44 | (0.26) | (0.58) | (0.84) | $12.62 | 3.39% | 0.45% | 0.45% | 1.34% | 1.34% | 17% | $428,050 | ||
2014 | $12.41 | 0.24 | 0.73 | 0.97 | (0.24) | (0.12) | (0.36) | $13.02 | 7.92% | 0.45% | 0.45% | 1.84% | 1.84% | 16% | $139,911 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $13.13 | 0.12 | 0.47 | 0.59 | (0.12) | (0.17) | (0.29) | $13.43 | 4.48% | 1.75% | 1.77% | 0.92% | 0.90% | 13% | $5,769 | ||
2017 | $12.70 | 0.05 | 0.64 | 0.69 | (0.05) | (0.21) | (0.26) | $13.13 | 5.56% | 1.20% | 1.20% | 0.38% | 0.38% | 12% | $8,431 | ||
2016 | $12.59 | 0.08 | 0.14 | 0.22 | (0.10) | (0.01) | (0.11) | $12.70 | 1.78% | 1.20% | 1.20% | 0.73% | 0.73% | 14% | $9,705 | ||
2015 | $13.00 | 0.07 | 0.27 | 0.34 | (0.17) | (0.58) | (0.75) | $12.59 | 2.59% | 1.20% | 1.20% | 0.59% | 0.59% | 17% | $7,721 | ||
2014 | $12.41 | 0.14 | 0.73 | 0.87 | (0.16) | (0.12) | (0.28) | $13.00 | 7.13% | 1.20% | 1.20% | 1.09% | 1.09% | 16% | $2,574 | ||
R Class | |||||||||||||||||
2018 | $13.15 | 0.19 | 0.46 | 0.65 | (0.18) | (0.17) | (0.35) | $13.45 | 4.98% | 1.25% | 1.27% | 1.42% | 1.40% | 13% | $155,850 | ||
2017 | $12.71 | 0.11 | 0.65 | 0.76 | (0.11) | (0.21) | (0.32) | $13.15 | 6.11% | 0.70% | 0.70% | 0.88% | 0.88% | 12% | $181,722 | ||
2016 | $12.60 | 0.15 | 0.12 | 0.27 | (0.15) | (0.01) | (0.16) | $12.71 | 2.25% | 0.70% | 0.70% | 1.23% | 1.23% | 14% | $201,425 | ||
2015 | $13.00 | 0.16 | 0.25 | 0.41 | (0.23) | (0.58) | (0.81) | $12.60 | 3.13% | 0.70% | 0.70% | 1.09% | 1.09% | 17% | $244,718 | ||
2014 | $12.40 | 0.20 | 0.72 | 0.92 | (0.20) | (0.12) | (0.32) | $13.00 | 7.57% | 0.70% | 0.70% | 1.59% | 1.59% | 16% | $100,946 | ||
R6 Class | |||||||||||||||||
2018(5) | $11.10 | 0.21 | 0.20 | 0.41 | (0.25) | (0.01) | (0.26) | $11.25 | 3.70% | 0.39%(6) | 0.51%(6) | 2.49%(6) | 2.37%(6) | 13%(3) | $236,569 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Ratio was less than 0.005%. |
(5) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(6) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2020 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $12.42 | 0.24 | 0.47 | 0.71 | (0.22) | (0.15) | (0.37) | $12.76 | 5.86% | 0.75% | 0.77% | 1.93% | 1.91% | 15% | $643,714 | ||
2017 | $11.98 | 0.17 | 0.66 | 0.83 | (0.16) | (0.23) | (0.39) | $12.42 | 7.13% | 0.20% | 0.20% | 1.40% | 1.40% | 17% | $721,277 | ||
2016 | $12.30 | 0.20 | 0.09 | 0.29 | (0.20) | (0.41) | (0.61) | $11.98 | 2.60% | 0.20% | 0.20% | 1.75% | 1.75% | 12% | $679,473 | ||
2015 | $12.26 | 0.26 | 0.24 | 0.50 | (0.27) | (0.19) | (0.46) | $12.30 | 4.14% | 0.20% | 0.20% | 2.08% | 2.08% | 19% | $611,536 | ||
2014 | $11.56 | 0.26 | 0.77 | 1.03 | (0.24) | (0.09) | (0.33) | $12.26 | 8.99% | 0.20% | 0.20% | 2.16% | 2.16% | 10% | $549,087 | ||
I Class | |||||||||||||||||
2018 | $12.43 | 0.27 | 0.47 | 0.74 | (0.25) | (0.15) | (0.40) | $12.77 | 6.07% | 0.55% | 0.60% | 2.13% | 2.08% | 15% | $644,463 | ||
2017 | $11.99 | 0.19 | 0.66 | 0.85 | (0.18) | (0.23) | (0.41) | $12.43 | 7.34% | 0.00%(4) | 0.00%(4) | 1.60% | 1.60% | 17% | $758,431 | ||
2016 | $12.31 | 0.22 | 0.09 | 0.31 | (0.22) | (0.41) | (0.63) | $11.99 | 2.80% | 0.00%(4) | 0.00%(4) | 1.95% | 1.95% | 12% | $733,520 | ||
2015 | $12.27 | 0.26 | 0.27 | 0.53 | (0.30) | (0.19) | (0.49) | $12.31 | 4.35% | 0.00%(4) | 0.00%(4) | 2.28% | 2.28% | 19% | $579,653 | ||
2014 | $11.57 | 0.28 | 0.77 | 1.05 | (0.26) | (0.09) | (0.35) | $12.27 | 9.20% | 0.00%(4) | 0.00%(4) | 2.36% | 2.36% | 10% | $310,325 | ||
A Class | |||||||||||||||||
2018 | $12.40 | 0.21 | 0.46 | 0.67 | (0.19) | (0.15) | (0.34) | $12.73 | 5.52% | 1.00% | 1.02% | 1.68% | 1.66% | 15% | $278,913 | ||
2017 | $11.96 | 0.14 | 0.66 | 0.80 | (0.13) | (0.23) | (0.36) | $12.40 | 6.87% | 0.45% | 0.45% | 1.15% | 1.15% | 17% | $349,172 | ||
2016 | $12.28 | 0.18 | 0.08 | 0.26 | (0.17) | (0.41) | (0.58) | $11.96 | 2.33% | 0.45% | 0.45% | 1.50% | 1.50% | 12% | $342,985 | ||
2015 | $12.23 | 0.23 | 0.25 | 0.48 | (0.24) | (0.19) | (0.43) | $12.28 | 3.97% | 0.45% | 0.45% | 1.83% | 1.83% | 19% | $357,730 | ||
2014 | $11.54 | 0.23 | 0.76 | 0.99 | (0.21) | (0.09) | (0.30) | $12.23 | 8.64% | 0.45% | 0.45% | 1.91% | 1.91% | 10% | $334,141 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $12.39 | 0.11 | 0.47 | 0.58 | (0.11) | (0.15) | (0.26) | $12.71 | 4.71% | 1.75% | 1.77% | 0.93% | 0.91% | 15% | $6,774 | ||
2017 | $11.95 | 0.05 | 0.66 | 0.71 | (0.04) | (0.23) | (0.27) | $12.39 | 6.06% | 1.20% | 1.20% | 0.40% | 0.40% | 17% | $8,055 | ||
2016 | $12.26 | 0.09 | 0.09 | 0.18 | (0.08) | (0.41) | (0.49) | $11.95 | 1.63% | 1.20% | 1.20% | 0.75% | 0.75% | 12% | $7,968 | ||
2015 | $12.22 | 0.14 | 0.23 | 0.37 | (0.14) | (0.19) | (0.33) | $12.26 | 3.09% | 1.20% | 1.20% | 1.08% | 1.08% | 19% | $11,578 | ||
2014 | $11.52 | 0.14 | 0.77 | 0.91 | (0.12) | (0.09) | (0.21) | $12.22 | 7.91% | 1.20% | 1.20% | 1.16% | 1.16% | 10% | $10,743 | ||
R Class | |||||||||||||||||
2018 | $12.38 | 0.18 | 0.47 | 0.65 | (0.16) | (0.15) | (0.31) | $12.72 | 5.34% | 1.25% | 1.27% | 1.43% | 1.41% | 15% | $147,873 | ||
2017 | $11.95 | 0.11 | 0.65 | 0.76 | (0.10) | (0.23) | (0.33) | $12.38 | 6.52% | 0.70% | 0.70% | 0.90% | 0.90% | 17% | $167,431 | ||
2016 | $12.26 | 0.15 | 0.09 | 0.24 | (0.14) | (0.41) | (0.55) | $11.95 | 2.16% | 0.70% | 0.70% | 1.25% | 1.25% | 12% | $156,330 | ||
2015 | $12.22 | 0.20 | 0.24 | 0.44 | (0.21) | (0.19) | (0.40) | $12.26 | 3.62% | 0.70% | 0.70% | 1.58% | 1.58% | 19% | $167,576 | ||
2014 | $11.53 | 0.20 | 0.76 | 0.96 | (0.18) | (0.09) | (0.27) | $12.22 | 8.37% | 0.70% | 0.70% | 1.66% | 1.66% | 10% | $140,753 | ||
R6 Class | |||||||||||||||||
2018(5) | $11.44 | 0.23 | 0.21 | 0.44 | (0.14) | (0.01) | (0.15) | $11.73 | 3.85% | 0.39%(6) | 0.52%(6) | 2.53%(6) | 2.40%(6) | 15%(3) | $309,661 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Ratio was less than 0.005%. |
(5) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(6) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2025 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $14.71 | 0.29 | 0.63 | 0.92 | (0.26) | (0.22) | (0.48) | $15.15 | 6.36% | 0.77% | 0.81% | 1.95% | 1.91% | 14% | $1,181,392 | ||
2017 | $14.08 | 0.20 | 0.89 | 1.09 | (0.18) | (0.28) | (0.46) | $14.71 | 7.95% | 0.20% | 0.20% | 1.43% | 1.43% | 16% | $1,245,328 | ||
2016 | $14.62 | 0.25 | 0.08 | 0.33 | (0.24) | (0.63) | (0.87) | $14.08 | 2.55% | 0.20% | 0.20% | 1.81% | 1.81% | 11% | $1,147,291 | ||
2015 | $14.57 | 0.31 | 0.36 | 0.67 | (0.33) | (0.29) | (0.62) | $14.62 | 4.62% | 0.20% | 0.20% | 2.10% | 2.10% | 20% | $1,075,028 | ||
2014 | $13.71 | 0.32 | 0.98 | 1.30 | (0.30) | (0.14) | (0.44) | $14.57 | 9.61% | 0.20% | 0.20% | 2.23% | 2.23% | 7% | $992,507 | ||
I Class | |||||||||||||||||
2018 | $14.72 | 0.32 | 0.63 | 0.95 | (0.29) | (0.22) | (0.51) | $15.16 | 6.57% | 0.57% | 0.62% | 2.15% | 2.10% | 14% | $827,668 | ||
2017 | $14.09 | 0.23 | 0.89 | 1.12 | (0.21) | (0.28) | (0.49) | $14.72 | 8.16% | 0.00%(4) | 0.00%(4) | 1.63% | 1.63% | 16% | $963,919 | ||
2016 | $14.64 | 0.27 | 0.08 | 0.35 | (0.27) | (0.63) | (0.90) | $14.09 | 2.69% | 0.00%(4) | 0.00%(4) | 2.01% | 2.01% | 11% | $884,534 | ||
2015 | $14.58 | 0.32 | 0.39 | 0.71 | (0.36) | (0.29) | (0.65) | $14.64 | 4.90% | 0.00%(4) | 0.00%(4) | 2.30% | 2.30% | 20% | $729,071 | ||
2014 | $13.72 | 0.34 | 0.99 | 1.33 | (0.33) | (0.14) | (0.47) | $14.58 | 9.83% | 0.00%(4) | 0.00%(4) | 2.43% | 2.43% | 7% | $424,420 | ||
A Class | |||||||||||||||||
2018 | $14.69 | 0.25 | 0.63 | 0.88 | (0.22) | (0.22) | (0.44) | $15.13 | 6.10% | 1.02% | 1.06% | 1.70% | 1.66% | 14% | $426,902 | ||
2017 | $14.06 | 0.17 | 0.88 | 1.05 | (0.14) | (0.28) | (0.42) | $14.69 | 7.69% | 0.45% | 0.45% | 1.18% | 1.18% | 16% | $505,789 | ||
2016 | $14.60 | 0.22 | 0.07 | 0.29 | (0.20) | (0.63) | (0.83) | $14.06 | 2.28% | 0.45% | 0.45% | 1.56% | 1.56% | 11% | $528,973 | ||
2015 | $14.55 | 0.28 | 0.35 | 0.63 | (0.29) | (0.29) | (0.58) | $14.60 | 4.36% | 0.45% | 0.45% | 1.85% | 1.85% | 20% | $568,434 | ||
2014 | $13.69 | 0.29 | 0.98 | 1.27 | (0.27) | (0.14) | (0.41) | $14.55 | 9.35% | 0.45% | 0.45% | 1.98% | 1.98% | 7% | $528,142 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $14.67 | 0.14 | 0.63 | 0.77 | (0.13) | (0.22) | (0.35) | $15.09 | 5.29% | 1.77% | 1.81% | 0.95% | 0.91% | 14% | $5,515 | ||
2017 | $14.03 | 0.06 | 0.90 | 0.96 | (0.04) | (0.28) | (0.32) | $14.67 | 6.96% | 1.20% | 1.20% | 0.43% | 0.43% | 16% | $7,111 | ||
2016 | $14.58 | 0.11 | 0.07 | 0.18 | (0.10) | (0.63) | (0.73) | $14.03 | 1.42% | 1.20% | 1.20% | 0.81% | 0.81% | 11% | $7,822 | ||
2015 | $14.52 | 0.17 | 0.35 | 0.52 | (0.17) | (0.29) | (0.46) | $14.58 | 3.64% | 1.20% | 1.20% | 1.10% | 1.10% | 20% | $7,658 | ||
2014 | $13.67 | 0.18 | 0.97 | 1.15 | (0.16) | (0.14) | (0.30) | $14.52 | 8.46% | 1.20% | 1.20% | 1.23% | 1.23% | 7% | $7,147 | ||
R Class | |||||||||||||||||
2018 | $14.67 | 0.21 | 0.64 | 0.85 | (0.19) | (0.22) | (0.41) | $15.11 | 5.84% | 1.27% | 1.31% | 1.45% | 1.41% | 14% | $211,702 | ||
2017 | $14.04 | 0.13 | 0.89 | 1.02 | (0.11) | (0.28) | (0.39) | $14.67 | 7.43% | 0.70% | 0.70% | 0.93% | 0.93% | 16% | $221,592 | ||
2016 | $14.58 | 0.18 | 0.08 | 0.26 | (0.17) | (0.63) | (0.80) | $14.04 | 2.03% | 0.70% | 0.70% | 1.31% | 1.31% | 11% | $222,337 | ||
2015 | $14.52 | 0.24 | 0.36 | 0.60 | (0.25) | (0.29) | (0.54) | $14.58 | 4.17% | 0.70% | 0.70% | 1.60% | 1.60% | 20% | $239,213 | ||
2014 | $13.67 | 0.25 | 0.97 | 1.22 | (0.23) | (0.14) | (0.37) | $14.52 | 9.01% | 0.70% | 0.70% | 1.73% | 1.73% | 7% | $210,067 | ||
R6 Class | |||||||||||||||||
2018(5) | $11.74 | 0.23 | 0.26 | 0.49 | (0.17) | (0.01) | (0.18) | $12.05 | 4.19% | 0.41%(6) | 0.53%(6) | 2.53%(6) | 2.41%(6) | 14%(3) | $426,813 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Ratio was less than 0.005%. |
(5) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(6) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2030 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $12.77 | 0.25 | 0.64 | 0.89 | (0.23) | (0.15) | (0.38) | $13.28 | 7.13% | 0.79% | 0.84% | 1.96% | 1.91% | 16% | $716,765 | ||
2017 | $12.10 | 0.17 | 0.88 | 1.05 | (0.14) | (0.24) | (0.38) | $12.77 | 8.97% | 0.20% | 0.20% | 1.43% | 1.43% | 14% | $764,846 | ||
2016 | $12.58 | 0.22 | 0.01 | 0.23 | (0.21) | (0.50) | (0.71) | $12.10 | 2.08% | 0.20% | 0.20% | 1.83% | 1.83% | 10% | $680,943 | ||
2015 | $12.44 | 0.26 | 0.41 | 0.67 | (0.27) | (0.26) | (0.53) | $12.58 | 5.43% | 0.20% | 0.20% | 2.04% | 2.04% | 20% | $590,896 | ||
2014 | $11.62 | 0.27 | 0.89 | 1.16 | (0.25) | (0.09) | (0.34) | $12.44 | 10.15% | 0.20% | 0.20% | 2.27% | 2.27% | 6% | $512,356 | ||
I Class | |||||||||||||||||
2018 | $12.78 | 0.28 | 0.63 | 0.91 | (0.26) | (0.15) | (0.41) | $13.28 | 7.27% | 0.59% | 0.65% | 2.16% | 2.10% | 16% | $832,861 | ||
2017 | $12.11 | 0.20 | 0.88 | 1.08 | (0.17) | (0.24) | (0.41) | $12.78 | 9.19% | 0.00%(4) | 0.00%(4) | 1.63% | 1.63% | 14% | $882,331 | ||
2016 | $12.59 | 0.23 | 0.02 | 0.25 | (0.23) | (0.50) | (0.73) | $12.11 | 2.29% | 0.00%(4) | 0.00%(4) | 2.03% | 2.03% | 10% | $763,858 | ||
2015 | $12.44 | 0.27 | 0.44 | 0.71 | (0.30) | (0.26) | (0.56) | $12.59 | 5.73% | 0.00%(4) | 0.00%(4) | 2.24% | 2.24% | 20% | $574,390 | ||
2014 | $11.62 | 0.30 | 0.89 | 1.19 | (0.28) | (0.09) | (0.37) | $12.44 | 10.37% | 0.00%(4) | 0.00%(4) | 2.47% | 2.47% | 6% | $320,834 | ||
A Class | |||||||||||||||||
2018 | $12.74 | 0.22 | 0.63 | 0.85 | (0.20) | (0.15) | (0.35) | $13.24 | 6.80% | 1.04% | 1.09% | 1.71% | 1.66% | 16% | $375,401 | ||
2017 | $12.07 | 0.15 | 0.87 | 1.02 | (0.11) | (0.24) | (0.35) | $12.74 | 8.72% | 0.45% | 0.45% | 1.18% | 1.18% | 14% | $426,224 | ||
2016 | $12.55 | 0.19 | 0.01 | 0.20 | (0.18) | (0.50) | (0.68) | $12.07 | 1.82% | 0.45% | 0.45% | 1.58% | 1.58% | 10% | $378,866 | ||
2015 | $12.41 | 0.23 | 0.41 | 0.64 | (0.24) | (0.26) | (0.50) | $12.55 | 5.18% | 0.45% | 0.45% | 1.79% | 1.79% | 20% | $385,874 | ||
2014 | $11.59 | 0.24 | 0.89 | 1.13 | (0.22) | (0.09) | (0.31) | $12.41 | 9.89% | 0.45% | 0.45% | 2.02% | 2.02% | 6% | $355,604 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $12.73 | 0.12 | 0.64 | 0.76 | (0.12) | (0.15) | (0.27) | $13.22 | 6.06% | 1.79% | 1.84% | 0.96% | 0.91% | 16% | $4,340 | ||
2017 | $12.06 | 0.05 | 0.88 | 0.93 | (0.02) | (0.24) | (0.26) | $12.73 | 7.90% | 1.20% | 1.20% | 0.43% | 0.43% | 14% | $6,204 | ||
2016 | $12.54 | 0.10 | 0.01 | 0.11 | (0.09) | (0.50) | (0.59) | $12.06 | 1.03% | 1.20% | 1.20% | 0.83% | 0.83% | 10% | $6,714 | ||
2015 | $12.39 | 0.13 | 0.42 | 0.55 | (0.14) | (0.26) | (0.40) | $12.54 | 4.46% | 1.20% | 1.20% | 1.04% | 1.04% | 20% | $5,628 | ||
2014 | $11.57 | 0.16 | 0.88 | 1.04 | (0.13) | (0.09) | (0.22) | $12.39 | 9.07% | 1.20% | 1.20% | 1.27% | 1.27% | 6% | $4,449 | ||
R Class | |||||||||||||||||
2018 | $12.73 | 0.19 | 0.63 | 0.82 | (0.17) | (0.15) | (0.32) | $13.23 | 6.54% | 1.29% | 1.34% | 1.46% | 1.41% | 16% | $218,529 | ||
2017 | $12.06 | 0.11 | 0.88 | 0.99 | (0.08) | (0.24) | (0.32) | $12.73 | 8.45% | 0.70% | 0.70% | 0.93% | 0.93% | 14% | $201,655 | ||
2016 | $12.54 | 0.16 | 0.01 | 0.17 | (0.15) | (0.50) | (0.65) | $12.06 | 1.56% | 0.70% | 0.70% | 1.33% | 1.33% | 10% | $170,983 | ||
2015 | $12.39 | 0.20 | 0.42 | 0.62 | (0.21) | (0.26) | (0.47) | $12.54 | 4.99% | 0.70% | 0.70% | 1.54% | 1.54% | 20% | $173,221 | ||
2014 | $11.58 | 0.22 | 0.87 | 1.09 | (0.19) | (0.09) | (0.28) | $12.39 | 9.53% | 0.70% | 0.70% | 1.77% | 1.77% | 6% | $134,751 | ||
R6 Class | |||||||||||||||||
2018(5) | $11.90 | 0.24 | 0.31 | 0.55 | (0.16) | (0.01) | (0.17) | $12.28 | 4.59% | 0.43%(6) | 0.56%(6) | 2.55%(6) | 2.42%(6) | 16%(3) | $408,745 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Ratio was less than 0.005%. |
(5) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(6) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2035 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $15.90 | 0.31 | 0.95 | 1.26 | (0.29) | (0.23) | (0.52) | $16.64 | 8.05% | 0.82% | 0.86% | 1.92% | 1.88% | 16% | $978,920 | ||
2017 | $14.97 | 0.21 | 1.24 | 1.45 | (0.18) | (0.34) | (0.52) | $15.90 | 9.98% | 0.20% | 0.20% | 1.42% | 1.42% | 17% | $975,822 | ||
2016 | $15.83 | 0.27 | (0.07)(4) | 0.20 | (0.27) | (0.79) | (1.06) | $14.97 | 1.57% | 0.20% | 0.20% | 1.86% | 1.86% | 8% | $905,126 | ||
2015 | $15.60 | 0.33 | 0.62 | 0.95 | (0.34) | (0.38) | (0.72) | $15.83 | 6.25% | 0.20% | 0.20% | 2.03% | 2.03% | 23% | $839,655 | ||
2014 | $14.52 | 0.35 | 1.22 | 1.57 | (0.34) | (0.15) | (0.49) | $15.60 | 10.91% | 0.20% | 0.20% | 2.32% | 2.32% | 5% | $755,938 | ||
I Class | |||||||||||||||||
2018 | $15.93 | 0.35 | 0.93 | 1.28 | (0.32) | (0.23) | (0.55) | $16.66 | 8.19% | 0.62% | 0.67% | 2.12% | 2.07% | 16% | $741,317 | ||
2017 | $15.00 | 0.25 | 1.23 | 1.48 | (0.21) | (0.34) | (0.55) | $15.93 | 10.18% | 0.00%(5) | 0.00%(5) | 1.62% | 1.62% | 17% | $815,036 | ||
2016 | $15.86 | 0.29 | (0.06)(4) | 0.23 | (0.30) | (0.79) | (1.09) | $15.00 | 1.79% | 0.00%(5) | 0.00%(5) | 2.06% | 2.06% | 8% | $726,622 | ||
2015 | $15.62 | 0.33 | 0.67 | 1.00 | (0.38) | (0.38) | (0.76) | $15.86 | 6.52% | 0.00%(5) | 0.00%(5) | 2.23% | 2.23% | 23% | $556,384 | ||
2014 | $14.55 | 0.38 | 1.21 | 1.59 | (0.37) | (0.15) | (0.52) | $15.62 | 11.04% | 0.00%(5) | 0.00%(5) | 2.52% | 2.52% | 5% | $323,043 | ||
A Class | |||||||||||||||||
2018 | $15.88 | 0.27 | 0.94 | 1.21 | (0.25) | (0.23) | (0.48) | $16.61 | 7.72% | 1.07% | 1.11% | 1.67% | 1.63% | 16% | $392,230 | ||
2017 | $14.95 | 0.18 | 1.23 | 1.41 | (0.14) | (0.34) | (0.48) | $15.88 | 9.71% | 0.45% | 0.45% | 1.17% | 1.17% | 17% | $444,917 | ||
2016 | $15.81 | 0.24 | (0.08)(4) | 0.16 | (0.23) | (0.79) | (1.02) | $14.95 | 1.31% | 0.45% | 0.45% | 1.61% | 1.61% | 8% | $438,398 | ||
2015 | $15.58 | 0.29 | 0.62 | 0.91 | (0.30) | (0.38) | (0.68) | $15.81 | 5.98% | 0.45% | 0.45% | 1.78% | 1.78% | 23% | $460,605 | ||
2014 | $14.51 | 0.32 | 1.20 | 1.52 | (0.30) | (0.15) | (0.45) | $15.58 | 10.57% | 0.45% | 0.45% | 2.07% | 2.07% | 5% | $425,198 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $15.84 | 0.15 | 0.93 | 1.08 | (0.15) | (0.23) | (0.38) | $16.54 | 6.93% | 1.82% | 1.86% | 0.92% | 0.88% | 16% | $3,788 | ||
2017 | $14.92 | 0.06 | 1.23 | 1.29 | (0.03) | (0.34) | (0.37) | $15.84 | 8.83% | 1.20% | 1.20% | 0.42% | 0.42% | 17% | $5,637 | ||
2016 | $15.77 | 0.13 | (0.08)(4) | 0.05 | (0.11) | (0.79) | (0.90) | $14.92 | 0.59% | 1.20% | 1.20% | 0.86% | 0.86% | 8% | $6,533 | ||
2015 | $15.53 | 0.16 | 0.64 | 0.80 | (0.18) | (0.38) | (0.56) | $15.77 | 5.25% | 1.20% | 1.20% | 1.03% | 1.03% | 23% | $6,587 | ||
2014 | $14.46 | 0.19 | 1.21 | 1.40 | (0.18) | (0.15) | (0.33) | $15.53 | 9.76% | 1.20% | 1.20% | 1.32% | 1.32% | 5% | $4,586 | ||
R Class | |||||||||||||||||
2018 | $15.86 | 0.22 | 0.96 | 1.18 | (0.21) | (0.23) | (0.44) | $16.60 | 7.52% | 1.32% | 1.36% | 1.42% | 1.38% | 16% | $221,761 | ||
2017 | $14.94 | 0.14 | 1.23 | 1.37 | (0.11) | (0.34) | (0.45) | $15.86 | 9.37% | 0.70% | 0.70% | 0.92% | 0.92% | 17% | $216,452 | ||
2016 | $15.79 | 0.20 | (0.07)(4) | 0.13 | (0.19) | (0.79) | (0.98) | $14.94 | 1.11% | 0.70% | 0.70% | 1.36% | 1.36% | 8% | $206,155 | ||
2015 | $15.56 | 0.25 | 0.62 | 0.87 | (0.26) | (0.38) | (0.64) | $15.79 | 5.71% | 0.70% | 0.70% | 1.53% | 1.53% | 23% | $206,773 | ||
2014 | $14.49 | 0.27 | 1.21 | 1.48 | (0.26) | (0.15) | (0.41) | $15.56 | 10.30% | 0.70% | 0.70% | 1.82% | 1.82% | 5% | $182,137 | ||
R6 Class | |||||||||||||||||
2018(6) | $12.12 | 0.24 | 0.38 | 0.62 | (0.20) | —(7) | (0.20) | $12.54 | 5.17% | 0.46%(8) | 0.58%(8) | 2.48%(8) | 2.36%(8) | 16%(3) | $359,623 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net realized and unrealized gain (loss) on such shares. |
(5) | Ratio was less than 0.005%. |
(6) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(7) | Per share amount was less than $0.005. |
(8) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2040 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $13.36 | 0.26 | 0.92 | 1.18 | (0.25) | (0.19) | (0.44) | $14.10 | 8.98% | 0.84% | 0.88% | 1.89% | 1.85% | 17% | $555,108 | ||
2017 | $12.48 | 0.17 | 1.16 | 1.33 | (0.15) | (0.30) | (0.45) | $13.36 | 10.95% | 0.20% | 0.20% | 1.39% | 1.39% | 17% | $574,159 | ||
2016 | $13.14 | 0.23 | (0.09)(4) | 0.14 | (0.22) | (0.58) | (0.80) | $12.48 | 1.34% | 0.20% | 0.20% | 1.86% | 1.86% | 8% | $546,509 | ||
2015 | $12.86 | 0.28 | 0.59 | 0.87 | (0.29) | (0.30) | (0.59) | $13.14 | 6.84% | 0.20% | 0.20% | 2.06% | 2.06% | 20% | $472,335 | ||
2014 | $11.87 | 0.30 | 1.07 | 1.37 | (0.28) | (0.10) | (0.38) | $12.86 | 11.63% | 0.20% | 0.20% | 2.38% | 2.38% | 4% | $392,199 | ||
I Class | |||||||||||||||||
2018 | $13.37 | 0.29 | 0.92 | 1.21 | (0.28) | (0.19) | (0.47) | $14.11 | 9.19% | 0.64% | 0.69% | 2.09% | 2.04% | 17% | $587,460 | ||
2017 | $12.49 | 0.20 | 1.15 | 1.35 | (0.17) | (0.30) | (0.47) | $13.37 | 11.17% | 0.00%(5) | 0.00%(5) | 1.59% | 1.59% | 17% | $656,227 | ||
2016 | $13.15 | 0.24 | (0.07)(4) | 0.17 | (0.25) | (0.58) | (0.83) | $12.49 | 1.55% | 0.00%(5) | 0.00%(5) | 2.06% | 2.06% | 8% | $585,381 | ||
2015 | $12.87 | 0.28 | 0.61 | 0.89 | (0.31) | (0.30) | (0.61) | $13.15 | 7.05% | 0.00%(5) | 0.00%(5) | 2.26% | 2.26% | 20% | $437,728 | ||
2014 | $11.88 | 0.32 | 1.07 | 1.39 | (0.30) | (0.10) | (0.40) | $12.87 | 11.84% | 0.00%(5) | 0.00%(5) | 2.58% | 2.58% | 4% | $243,924 | ||
A Class | |||||||||||||||||
2018 | $13.34 | 0.22 | 0.92 | 1.14 | (0.22) | (0.19) | (0.41) | $14.07 | 8.64% | 1.09% | 1.13% | 1.64% | 1.60% | 17% | $276,474 | ||
2017 | $12.46 | 0.15 | 1.15 | 1.30 | (0.12) | (0.30) | (0.42) | $13.34 | 10.68% | 0.45% | 0.45% | 1.14% | 1.14% | 17% | $305,544 | ||
2016 | $13.12 | 0.20 | (0.09)(4) | 0.11 | (0.19) | (0.58) | (0.77) | $12.46 | 1.08% | 0.45% | 0.45% | 1.61% | 1.61% | 8% | $266,244 | ||
2015 | $12.84 | 0.24 | 0.59 | 0.83 | (0.25) | (0.30) | (0.55) | $13.12 | 6.57% | 0.45% | 0.45% | 1.81% | 1.81% | 20% | $267,038 | ||
2014 | $11.85 | 0.26 | 1.07 | 1.33 | (0.24) | (0.10) | (0.34) | $12.84 | 11.36% | 0.45% | 0.45% | 2.13% | 2.13% | 4% | $230,764 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $13.30 | 0.12 | 0.92 | 1.04 | (0.14) | (0.19) | (0.33) | $14.01 | 7.91% | 1.84% | 1.88% | 0.89% | 0.85% | 17% | $2,114 | ||
2017 | $12.42 | 0.05 | 1.15 | 1.20 | (0.02) | (0.30) | (0.32) | $13.30 | 9.87% | 1.20% | 1.20% | 0.39% | 0.39% | 17% | $3,924 | ||
2016 | $13.08 | 0.10 | (0.09)(4) | 0.01 | (0.09) | (0.58) | (0.67) | $12.42 | 0.29% | 1.20% | 1.20% | 0.86% | 0.86% | 8% | $3,529 | ||
2015 | $12.80 | 0.15 | 0.58 | 0.73 | (0.15) | (0.30) | (0.45) | $13.08 | 5.77% | 1.20% | 1.20% | 1.06% | 1.06% | 20% | $3,158 | ||
2014 | $11.82 | 0.17 | 1.06 | 1.23 | (0.15) | (0.10) | (0.25) | $12.80 | 10.46% | 1.20% | 1.20% | 1.38% | 1.38% | 4% | $2,939 | ||
R Class | |||||||||||||||||
2018 | $13.31 | 0.19 | 0.92 | 1.11 | (0.18) | (0.19) | (0.37) | $14.05 | 8.46% | 1.34% | 1.38% | 1.39% | 1.35% | 17% | $174,883 | ||
2017 | $12.44 | 0.11 | 1.14 | 1.25 | (0.08) | (0.30) | (0.38) | $13.31 | 10.33% | 0.70% | 0.70% | 0.89% | 0.89% | 17% | $154,192 | ||
2016 | $13.10 | 0.17 | (0.09)(4) | 0.08 | (0.16) | (0.58) | (0.74) | $12.44 | 0.82% | 0.70% | 0.70% | 1.36% | 1.36% | 8% | $128,486 | ||
2015 | $12.82 | 0.21 | 0.59 | 0.80 | (0.22) | (0.30) | (0.52) | $13.10 | 6.31% | 0.70% | 0.70% | 1.56% | 1.56% | 20% | $122,661 | ||
2014 | $11.83 | 0.23 | 1.07 | 1.30 | (0.21) | (0.10) | (0.31) | $12.82 | 11.10% | 0.70% | 0.70% | 1.88% | 1.88% | 4% | $94,677 | ||
R6 Class | |||||||||||||||||
2018(6) | $12.31 | 0.24 | 0.47 | 0.71 | (0.18) | (0.01) | (0.19) | $12.83 | 5.78% | 0.48%(7) | 0.60%(7) | 2.44%(7) | 2.32%(7) | 17%(3) | $327,587 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net realized and unrealized gain (loss) on such shares. |
(5) | Ratio was less than 0.005%. |
(6) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(7) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2045 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $16.72 | 0.31 | 1.29 | 1.60 | (0.30) | (0.27) | (0.57) | $17.75 | 9.79% | 0.87% | 0.91% | 1.86% | 1.82% | 16% | $681,532 | ||
2017 | $15.53 | 0.21 | 1.59 | 1.80 | (0.18) | (0.43) | (0.61) | $16.72 | 12.00% | 0.20% | 0.20% | 1.36% | 1.36% | 16% | $680,546 | ||
2016 | $16.57 | 0.29 | (0.15)(4) | 0.14 | (0.28) | (0.90) | (1.18) | $15.53 | 1.19% | 0.20% | 0.20% | 1.88% | 1.88% | 7% | $666,583 | ||
2015 | $16.22 | 0.35 | 0.80 | 1.15 | (0.37) | (0.43) | (0.80) | $16.57 | 7.22% | 0.20% | 0.20% | 2.10% | 2.10% | 23% | $608,154 | ||
2014 | $14.92 | 0.37 | 1.44 | 1.81 | (0.36) | (0.15) | (0.51) | $16.22 | 12.34% | 0.20% | 0.20% | 2.38% | 2.38% | 4% | $523,828 | ||
I Class | |||||||||||||||||
2018 | $16.75 | 0.37 | 1.27 | 1.64 | (0.34) | (0.27) | (0.61) | $17.78 | 9.99% | 0.67% | 0.72% | 2.06% | 2.01% | 16% | $504,900 | ||
2017 | $15.56 | 0.25 | 1.59 | 1.84 | (0.22) | (0.43) | (0.65) | $16.75 | 12.21% | 0.00%(5) | 0.00%(5) | 1.56% | 1.56% | 16% | $623,736 | ||
2016 | $16.60 | 0.31 | (0.14)(4) | 0.17 | (0.31) | (0.90) | (1.21) | $15.56 | 1.40% | 0.00%(5) | 0.00%(5) | 2.08% | 2.08% | 7% | $563,161 | ||
2015 | $16.24 | 0.36 | 0.84 | 1.20 | (0.41) | (0.43) | (0.84) | $16.60 | 7.50% | 0.00%(5) | 0.00%(5) | 2.30% | 2.30% | 23% | $437,726 | ||
2014 | $14.94 | 0.40 | 1.44 | 1.84 | (0.39) | (0.15) | (0.54) | $16.24 | 12.55% | 0.00%(5) | 0.00%(5) | 2.58% | 2.58% | 4% | $281,772 | ||
A Class | |||||||||||||||||
2018 | $16.69 | 0.27 | 1.29 | 1.56 | (0.26) | (0.27) | (0.53) | $17.72 | 9.53% | 1.12% | 1.16% | 1.61% | 1.57% | 16% | $277,088 | ||
2017 | $15.51 | 0.18 | 1.57 | 1.75 | (0.14) | (0.43) | (0.57) | $16.69 | 11.67% | 0.45% | 0.45% | 1.11% | 1.11% | 16% | $304,749 | ||
2016 | $16.54 | 0.25 | (0.14)(4) | 0.11 | (0.24) | (0.90) | (1.14) | $15.51 | 0.98% | 0.45% | 0.45% | 1.63% | 1.63% | 7% | $288,989 | ||
2015 | $16.19 | 0.31 | 0.80 | 1.11 | (0.33) | (0.43) | (0.76) | $16.54 | 6.96% | 0.45% | 0.45% | 1.85% | 1.85% | 23% | $306,435 | ||
2014 | $14.89 | 0.34 | 1.43 | 1.77 | (0.32) | (0.15) | (0.47) | $16.19 | 12.08% | 0.45% | 0.45% | 2.13% | 2.13% | 4% | $283,598 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $16.66 | 0.14 | 1.29 | 1.43 | (0.18) | (0.27) | (0.45) | $17.64 | 8.71% | 1.87% | 1.91% | 0.86% | 0.82% | 16% | $2,834 | ||
2017 | $15.48 | 0.06 | 1.58 | 1.64 | (0.03) | (0.43) | (0.46) | $16.66 | 10.84% | 1.20% | 1.20% | 0.36% | 0.36% | 16% | $3,312 | ||
2016 | $16.51 | 0.14 | (0.15)(4) | (0.01) | (0.12) | (0.90) | (1.02) | $15.48 | 0.19% | 1.20% | 1.20% | 0.88% | 0.88% | 7% | $2,944 | ||
2015 | $16.15 | 0.16 | 0.83 | 0.99 | (0.20) | (0.43) | (0.63) | $16.51 | 6.21% | 1.20% | 1.20% | 1.10% | 1.10% | 23% | $2,459 | ||
2014 | $14.86 | 0.20 | 1.44 | 1.64 | (0.20) | (0.15) | (0.35) | $16.15 | 11.18% | 1.20% | 1.20% | 1.38% | 1.38% | 4% | $1,993 | ||
R Class | |||||||||||||||||
2018 | $16.68 | 0.22 | 1.29 | 1.51 | (0.22) | (0.27) | (0.49) | $17.70 | 9.19% | 1.37% | 1.41% | 1.36% | 1.32% | 16% | $164,049 | ||
2017 | $15.49 | 0.14 | 1.59 | 1.73 | (0.11) | (0.43) | (0.54) | $16.68 | 11.46% | 0.70% | 0.70% | 0.86% | 0.86% | 16% | $146,963 | ||
2016 | $16.53 | 0.21 | (0.15)(4) | 0.06 | (0.20) | (0.90) | (1.10) | $15.49 | 0.66% | 0.70% | 0.70% | 1.38% | 1.38% | 7% | $136,567 | ||
2015 | $16.17 | 0.27 | 0.81 | 1.08 | (0.29) | (0.43) | (0.72) | $16.53 | 6.75% | 0.70% | 0.70% | 1.60% | 1.60% | 23% | $130,537 | ||
2014 | $14.88 | 0.30 | 1.42 | 1.72 | (0.28) | (0.15) | (0.43) | $16.17 | 11.73% | 0.70% | 0.70% | 1.88% | 1.88% | 4% | $117,392 | ||
R6 Class | |||||||||||||||||
2018(6) | $12.48 | 0.23 | 0.55 | 0.78 | (0.23) | —(7) | (0.23) | $13.03 | 6.29% | 0.51%(8) | 0.61%(8) | 2.35%(8) | 2.25%(8) | 16%(3) | $269,683 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net realized and unrealized gain (loss) on such shares. |
(5) | Ratio was less than 0.005%. |
(6) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(7) | Per share amount was less than $0.005. |
(8) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2050 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $13.55 | 0.25 | 1.14 | 1.39 | (0.26) | (0.17) | (0.43) | $14.51 | 10.42% | 0.89% | 0.94% | 1.81% | 1.76% | 21% | $345,283 | ||
2017 | $12.49 | 0.16 | 1.38 | 1.54 | (0.14) | (0.34) | (0.48) | $13.55 | 12.69% | 0.20% | 0.20% | 1.32% | 1.32% | 19% | $352,863 | ||
2016 | $13.20 | 0.22 | (0.12)(4) | 0.10 | (0.22) | (0.59) | (0.81) | $12.49 | 1.09% | 0.20% | 0.20% | 1.85% | 1.85% | 7% | $332,786 | ||
2015 | $12.85 | 0.28 | 0.66 | 0.94 | (0.29) | (0.30) | (0.59) | $13.20 | 7.37% | 0.20% | 0.20% | 2.06% | 2.06% | 21% | $268,548 | ||
2014 | $11.77 | 0.29 | 1.17 | 1.46 | (0.28) | (0.10) | (0.38) | $12.85 | 12.59% | 0.20% | 0.20% | 2.35% | 2.35% | 4% | $214,823 | ||
I Class | |||||||||||||||||
2018 | $13.57 | 0.29 | 1.13 | 1.42 | (0.29) | (0.17) | (0.46) | $14.53 | 10.62% | 0.69% | 0.74% | 2.01% | 1.96% | 21% | $378,253 | ||
2017 | $12.51 | 0.20 | 1.36 | 1.56 | (0.16) | (0.34) | (0.50) | $13.57 | 12.89% | 0.00%(5) | 0.00%(5) | 1.52% | 1.52% | 19% | $411,319 | ||
2016 | $13.22 | 0.24 | (0.12)(4) | 0.12 | (0.24) | (0.59) | (0.83) | $12.51 | 1.30% | 0.00%(5) | 0.00%(5) | 2.05% | 2.05% | 7% | $365,225 | ||
2015 | $12.87 | 0.28 | 0.68 | 0.96 | (0.31) | (0.30) | (0.61) | $13.22 | 7.58% | 0.00%(5) | 0.00%(5) | 2.26% | 2.26% | 21% | $257,921 | ||
2014 | $11.79 | 0.32 | 1.17 | 1.49 | (0.31) | (0.10) | (0.41) | $12.87 | 12.79% | 0.00%(5) | 0.00%(5) | 2.55% | 2.55% | 4% | $135,635 | ||
A Class | |||||||||||||||||
2018 | $13.53 | 0.21 | 1.13 | 1.34 | (0.22) | (0.17) | (0.39) | $14.48 | 10.08% | 1.14% | 1.19% | 1.56% | 1.51% | 21% | $173,017 | ||
2017 | $12.47 | 0.14 | 1.36 | 1.50 | (0.10) | (0.34) | (0.44) | $13.53 | 12.42% | 0.45% | 0.45% | 1.07% | 1.07% | 19% | $186,777 | ||
2016 | $13.18 | 0.20 | (0.13)(4) | 0.07 | (0.19) | (0.59) | (0.78) | $12.47 | 0.83% | 0.45% | 0.45% | 1.60% | 1.60% | 7% | $157,110 | ||
2015 | $12.83 | 0.24 | 0.66 | 0.90 | (0.25) | (0.30) | (0.55) | $13.18 | 7.11% | 0.45% | 0.45% | 1.81% | 1.81% | 21% | $162,011 | ||
2014 | $11.75 | 0.26 | 1.17 | 1.43 | (0.25) | (0.10) | (0.35) | $12.83 | 12.32% | 0.45% | 0.45% | 2.10% | 2.10% | 4% | $131,709 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $13.51 | 0.12 | 1.12 | 1.24 | (0.15) | (0.17) | (0.32) | $14.43 | 9.32% | 1.89% | 1.94% | 0.81% | 0.76% | 21% | $1,556 | ||
2017 | $12.45 | 0.05 | 1.36 | 1.41 | (0.01) | (0.34) | (0.35) | $13.51 | 11.58% | 1.20% | 1.20% | 0.32% | 0.32% | 19% | $1,849 | ||
2016 | $13.15 | 0.11 | (0.13)(4) | (0.02) | (0.09) | (0.59) | (0.68) | $12.45 | 0.11% | 1.20% | 1.20% | 0.85% | 0.85% | 7% | $1,939 | ||
2015 | $12.80 | 0.15 | 0.65 | 0.80 | (0.15) | (0.30) | (0.45) | $13.15 | 6.30% | 1.20% | 1.20% | 1.06% | 1.06% | 21% | $2,197 | ||
2014 | $11.73 | 0.19 | 1.14 | 1.33 | (0.16) | (0.10) | (0.26) | $12.80 | 11.40% | 1.20% | 1.20% | 1.35% | 1.35% | 4% | $1,983 | ||
R Class | |||||||||||||||||
2018 | $13.51 | 0.18 | 1.14 | 1.32 | (0.19) | (0.17) | (0.36) | $14.47 | 9.89% | 1.39% | 1.44% | 1.31% | 1.26% | 21% | $105,595 | ||
2017 | $12.46 | 0.10 | 1.36 | 1.46 | (0.07) | (0.34) | (0.41) | $13.51 | 12.06% | 0.70% | 0.70% | 0.82% | 0.82% | 19% | $90,705 | ||
2016 | $13.16 | 0.17 | (0.13)(4) | 0.04 | (0.15) | (0.59) | (0.74) | $12.46 | 0.64% | 0.70% | 0.70% | 1.35% | 1.35% | 7% | $71,705 | ||
2015 | $12.81 | 0.21 | 0.66 | 0.87 | (0.22) | (0.30) | (0.52) | $13.16 | 6.84% | 0.70% | 0.70% | 1.56% | 1.56% | 21% | $62,763 | ||
2014 | $11.74 | 0.23 | 1.16 | 1.39 | (0.22) | (0.10) | (0.32) | $12.81 | 11.96% | 0.70% | 0.70% | 1.85% | 1.85% | 4% | $47,771 | ||
R6 Class | |||||||||||||||||
2018(6) | $12.59 | 0.23 | 0.59 | 0.82 | (0.19) | —(7) | (0.19) | $13.22 | 6.61% | 0.53%(8) | 0.63%(8) | 2.28%(8) | 2.18%(8) | 21%(3) | $221,191 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net realized and unrealized gain (loss) on such shares. |
(5) | Ratio was less than 0.005%. |
(6) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(7) | Per share amount was less than $0.005. |
(8) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2055 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $14.44 | 0.26 | 1.26 | 1.52 | (0.26) | (0.15) | (0.41) | $15.55 | 10.61% | 0.89% | 0.95% | 1.79% | 1.73% | 18% | $178,525 | ||
2017 | $13.18 | 0.17 | 1.52 | 1.69 | (0.15) | (0.28) | (0.43) | $14.44 | 13.16% | 0.21% | 0.21% | 1.28% | 1.28% | 11% | $147,753 | ||
2016 | $13.72 | 0.22 | (0.11)(4) | 0.11 | (0.22) | (0.43) | (0.65) | $13.18 | 1.02% | 0.20% | 0.20% | 1.78% | 1.78% | 6% | $106,441 | ||
2015 | $13.22 | 0.27 | 0.72 | 0.99 | (0.28) | (0.21) | (0.49) | $13.72 | 7.56% | 0.20% | 0.20% | 1.94% | 1.94% | 24% | $66,163 | ||
2014 | $12.02 | 0.30 | 1.24 | 1.54 | (0.28) | (0.06) | (0.34) | $13.22 | 12.87% | 0.20% | 0.20% | 2.22% | 2.22% | 8% | $33,357 | ||
I Class | |||||||||||||||||
2018 | $14.45 | 0.31 | 1.24 | 1.55 | (0.29) | (0.15) | (0.44) | $15.56 | 10.83% | 0.69% | 0.75% | 1.99% | 1.93% | 18% | $226,831 | ||
2017 | $13.19 | 0.20 | 1.52 | 1.72 | (0.18) | (0.28) | (0.46) | $14.45 | 13.38% | 0.01% | 0.01% | 1.48% | 1.48% | 11% | $231,569 | ||
2016 | $13.73 | 0.25 | (0.12)(4) | 0.13 | (0.24) | (0.43) | (0.67) | $13.19 | 1.23% | 0.00%(5) | 0.00%(5) | 0.98% | 0.98% | 6% | $162,255 | ||
2015 | $13.23 | 0.28 | 0.74 | 1.02 | (0.31) | (0.21) | (0.52) | $13.73 | 7.78% | 0.00%(5) | 0.00%(5) | 2.14% | 2.14% | 24% | $92,653 | ||
2014 | $12.03 | 0.28 | 1.28 | 1.56 | (0.30) | (0.06) | (0.36) | $13.23 | 13.09% | 0.00%(5) | 0.00%(5) | 2.42% | 2.42% | 8% | $43,147 | ||
A Class | |||||||||||||||||
2018 | $14.41 | 0.23 | 1.25 | 1.48 | (0.22) | (0.15) | (0.37) | $15.52 | 10.36% | 1.14% | 1.20% | 1.54% | 1.48% | 18% | $93,154 | ||
2017 | $13.15 | 0.14 | 1.52 | 1.66 | (0.12) | (0.28) | (0.40) | $14.41 | 12.90% | 0.46% | 0.46% | 1.03% | 1.03% | 11% | $85,489 | ||
2016 | $13.69 | 0.20 | (0.13)(4) | 0.07 | (0.18) | (0.43) | (0.61) | $13.15 | 0.76% | 0.45% | 0.45% | 1.53% | 1.53% | 6% | $65,954 | ||
2015 | $13.19 | 0.24 | 0.72 | 0.96 | (0.25) | (0.21) | (0.46) | $13.69 | 7.31% | 0.45% | 0.45% | 1.69% | 1.69% | 24% | $51,889 | ||
2014 | $12.00 | 0.26 | 1.23 | 1.49 | (0.24) | (0.06) | (0.30) | $13.19 | 12.52% | 0.45% | 0.45% | 1.97% | 1.97% | 8% | $31,787 |
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
C Class | |||||||||||||||||
2018 | $14.36 | 0.10 | 1.26 | 1.36 | (0.17) | (0.15) | (0.32) | $15.40 | 9.51% | 1.89% | 1.95% | 0.79% | 0.73% | 18% | $845 | ||
2017 | $13.11 | 0.04 | 1.50 | 1.54 | (0.01) | (0.28) | (0.29) | $14.36 | 12.00% | 1.21% | 1.21% | 0.28% | 0.28% | 11% | $794 | ||
2016 | $13.64 | 0.11 | (0.13)(4) | (0.02) | (0.08) | (0.43) | (0.51) | $13.11 | 0.06% | 1.20% | 1.20% | 0.78% | 0.78% | 6% | $636 | ||
2015 | $13.14 | 0.14 | 0.71 | 0.85 | (0.14) | (0.21) | (0.35) | $13.64 | 6.51% | 1.20% | 1.20% | 0.94% | 0.94% | 24% | $557 | ||
2014 | $11.95 | 0.17 | 1.23 | 1.40 | (0.15) | (0.06) | (0.21) | $13.14 | 11.72% | 1.20% | 1.20% | 1.22% | 1.22% | 8% | $428 | ||
R Class | |||||||||||||||||
2018 | $14.40 | 0.19 | 1.25 | 1.44 | (0.18) | (0.15) | (0.33) | $15.51 | 10.08% | 1.39% | 1.45% | 1.29% | 1.23% | 18% | $65,673 | ||
2017 | $13.15 | 0.11 | 1.50 | 1.61 | (0.08) | (0.28) | (0.36) | $14.40 | 12.53% | 0.71% | 0.71% | 0.78% | 0.78% | 11% | $51,832 | ||
2016 | $13.69 | 0.17 | (0.13)(4) | 0.04 | (0.15) | (0.43) | (0.58) | $13.15 | 0.51% | 0.70% | 0.70% | 1.28% | 1.28% | 6% | $35,414 | ||
2015 | $13.18 | 0.21 | 0.72 | 0.93 | (0.21) | (0.21) | (0.42) | $13.69 | 7.11% | 0.70% | 0.70% | 1.44% | 1.44% | 24% | $24,867 | ||
2014 | $11.99 | 0.23 | 1.23 | 1.46 | (0.21) | (0.06) | (0.27) | $13.18 | 12.25% | 0.70% | 0.70% | 1.72% | 1.72% | 8% | $13,999 | ||
R6 Class | |||||||||||||||||
2018(6) | $12.87 | 0.23 | 0.63 | 0.86 | (0.21) | — | (0.21) | $13.52 | 6.70% | 0.53%(7) | 0.64%(7) | 2.22%(7) | 2.11%(7) | 18%(3) | $120,777 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net realized and unrealized gain (loss) on such shares. |
(5) | Ratio was less than 0.005%. |
(6) | October 23, 2017 (commencement of sale) through July 31, 2018. |
(7) | Annualized. |
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended July 31 (except as noted) | |||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | |||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||
One Choice 2060 Portfolio | |||||||||||||||||
Investor Class | |||||||||||||||||
2018 | $12.21 | 0.21 | 1.10 | 1.31 | (0.21) | (0.06) | (0.27) | $13.25 | 10.84% | 0.88% | 0.94% | 1.66% | 1.60% | 12% | $22,306 | ||
2017 | $10.89 | 0.14 | 1.29 | 1.43 | (0.10) | (0.01) | (0.11) | $12.21 | 13.26% | 0.21% | 0.21% | 1.14% | 1.14% | 21% | $11,534 | ||
2016(4) | $10.00 | 0.10 | 0.91 | 1.01 | (0.12) | — | (0.12) | $10.89 | 10.12% | 0.20%(5) | 0.20%(5) | 0.88%(5) | 0.88%(5) | 13% | $1,305 | ||
I Class | |||||||||||||||||
2018 | $12.23 | 0.24 | 1.10 | 1.34 | (0.24) | (0.06) | (0.30) | $13.27 | 11.05% | 0.68% | 0.74% | 1.86% | 1.80% | 12% | $31,041 | ||
2017 | $10.90 | 0.16 | 1.31 | 1.47 | (0.13) | (0.01) | (0.14) | $12.23 | 13.57% | 0.01% | 0.01% | 1.34% | 1.34% | 21% | $18,390 | ||
2016(4) | $10.00 | 0.08 | 0.94 | 1.02 | (0.12) | — | (0.12) | $10.90 | 10.27% | 0.00%(5)(6) | 0.00%(5)(6) | 1.08%(5) | 1.08%(5) | 13% | $2,443 | ||
A Class | |||||||||||||||||
2018 | $12.19 | 0.18 | 1.10 | 1.28 | (0.18) | (0.06) | (0.24) | $13.23 | 10.58% | 1.13% | 1.19% | 1.41% | 1.35% | 12% | $6,734 | ||
2017 | $10.87 | 0.09 | 1.32 | 1.41 | (0.08) | (0.01) | (0.09) | $12.19 | 13.00% | 0.46% | 0.46% | 0.89% | 0.89% | 21% | $4,009 | ||
2016(4) | $10.00 | 0.02 | 0.96 | 0.98 | (0.11) | — | (0.11) | $10.87 | 9.84% | 0.45%(5) | 0.45%(5) | 0.63%(5) | 0.63%(5) | 13% | $2,143 | ||
C Class | |||||||||||||||||
2018 | $12.13 | 0.04 | 1.14 | 1.18 | (0.14) | (0.06) | (0.20) | $13.11 | 9.80% | 1.88% | 1.94% | 0.66% | 0.60% | 12% | $186 | ||
2017 | $10.83 | 0.04 | 1.27 | 1.31 | — | (0.01) | (0.01) | $12.13 | 12.08% | 1.21% | 1.21% | 0.14% | 0.14% | 21% | $68 | ||
2016(4) | $10.00 | 0.09 | 0.83 | 0.92 | (0.09) | — | (0.09) | $10.83 | 9.23% | 1.20%(5) | 1.20%(5) | (0.12)%(5) | (0.12)%(5) | 13% | $28 | ||
R Class | |||||||||||||||||
2018 | $12.17 | 0.14 | 1.11 | 1.25 | (0.15) | (0.06) | (0.21) | $13.21 | 10.38% | 1.38% | 1.44% | 1.16% | 1.10% | 12% | $10,366 | ||
2017 | $10.86 | 0.08 | 1.29 | 1.37 | (0.05) | (0.01) | (0.06) | $12.17 | 12.64% | 0.71% | 0.71% | 0.64% | 0.64% | 21% | $3,743 | ||
2016(4) | $10.00 | 0.04 | 0.92 | 0.96 | (0.10) | — | (0.10) | $10.86 | 9.67% | 0.70%(5) | 0.70%(5) | 0.38%(5) | 0.38%(5) | 13% | $605 | ||
R6 Class | |||||||||||||||||
2018(7) | $12.63 | 0.21 | 0.65 | 0.86 | (0.18) | — | (0.18) | $13.31 | 6.83% | 0.53%(5) | 0.64%(5) | 2.11%(5) | 2.00%(5) | 12%(3) | $20,862 |
Notes to Financial Highlights |
(1) | Computed using average shares outstanding throughout the period. |
(2) | Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized. |
(3) | Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018. |
(4) | September 30, 2015 (fund inception) through July 31, 2016. |
(5) | Annualized. |
(6) | Ratio was less than 0.005%. |
(7) | October 23, 2017 (commencement of sale) through July 31, 2018. |
See Notes to Financial Statements.
Report of Independent Registered Public Accounting Firm |
To the shareholders and the Board of Directors of American Century Asset Allocation Portfolios, Inc.:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of One Choice® In Retirement Portfolio, One Choice® 2020 Portfolio, One Choice® 2025 Portfolio, One Choice® 2030 Portfolio, One Choice® 2035 Portfolio, One Choice® 2040 Portfolio, One Choice® 2045 Portfolio, One Choice® 2050 Portfolio, One Choice® 2055 Portfolio, and One Choice® 2060 Portfolio, ten of the portfolios comprising American Century Asset Allocation Portfolios, Inc. (the “Funds”), including the schedules of investments, as of July 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended (as to One Choice® 2060 Portfolio, for the years ended July 31, 2018, July 31, 2017, and for the period September 30, 2015 (commencement of operations) through July 31, 2016), and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2018, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (as to One Choice® 2060 Portfolio, for the years ended July 31, 2018, July 31, 2017, and for the period September 30, 2015 (commencement of operations) through July 31, 2016), in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2018, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Kansas City, Missouri
September 19, 2018
We have served as the auditor of one or more American Century investment companies since 1997.
112
Management |
The Board of Directors
The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire by December 31 of the year in which they reach their 75th birthday.
Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The directors serve in this capacity for seven (in the case of Jonathan S. Thomas, 16; and Stephen E. Yates, 8) registered investment companies in the American Century Investments family of funds.
The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Director | Other Directorships Held During Past 5 Years |
Independent Directors | |||||
Thomas W. Bunn (1953) | Director | Since 2017 | Retired | 67 | SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016) |
Barry Fink (1955) | Director | Since 2012 (independent since 2016) | Retired; Executive Vice President, ACC (2007 to 2013); President, ACS (2007 to 2013); Chief Operating Officer, ACC (2007 to 2012) | 67 | None |
Andrea C. Hall(1) (1945) | Director | Since 1997 | Retired | 67 | None |
Jan M. Lewis (1957) | Director | Since 2011 | Retired; President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization) (2006 to 2013) | 67 | None |
M. Jeannine Strandjord (1945) | Director | Since 1994 | Self-employed Consultant | 67 | Euronet Worldwide Inc. and MGP Ingredients, Inc. |
113
Name (Year of Birth) | Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Director | Other Directorships Held During Past 5 Years |
Independent Directors | |||||
John R. Whitten (1946) | Director | Since 2008 | Retired | 67 | Rudolph Technologies, Inc. |
Stephen E. Yates (1948) | Director and Chairman of the Board | Since 2012 (Chairman since 2018) | Retired | 69 | None |
Interested Director | |||||
Jonathan S. Thomas (1963) | Director and President | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries | 114 | BioMed Valley Discoveries, Inc. |
1) Effective August 31, 2018, Andrea C. Hall retired from the Board of Directors.
The Statement of Additional Information has additional information about the funds' directors and is available without charge, upon request, by calling 1-800-345-2021.
114
Officers
The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name (Year of Birth) | Offices with the Funds | Principal Occupation(s) During the Past Five Years |
Jonathan S. Thomas (1963) | Director and President since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries |
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Investment Operations and Investment Accounting, ACS (2000 to present) |
Amy D. Shelton (1964) | Chief Compliance Officer and Vice President since 2014 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present); Vice President, Client Interactions and Marketing, ACIS (2013 to 2014). Also serves as Vice President, ACIS |
Charles A. Etherington (1957) | General Counsel since 2007 and Senior Vice President since 2006 | Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS |
C. Jean Wade (1964) | Vice President since 2012 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) |
Robert J. Leach (1966) | Vice President since 2006 | Vice President, ACS (2000 to present) |
David H. Reinmiller (1963) | Vice President since 2000 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS |
Ward D. Stauffer (1960) | Secretary since 2005 | Attorney, ACC (2003 to present) |
115
Proxy Voting Results |
A special meeting of shareholders was held on October 18, 2017, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.
To elect four directors to the Board of Directors of American Century Asset Allocation Portfolios, Inc.:
Affirmative | Withhold | ||||||
Thomas W. Bunn | $ | 13,314,351,423 | $ | 222,892,045 | |||
Barry Fink | $ | 13,302,273,438 | $ | 234,970,030 | |||
Jan M. Lewis | $ | 13,306,466,696 | $ | 230,776,772 | |||
Stephen E. Yates | $ | 13,276,976,060 | $ | 260,267,408 |
The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Andrea C. Hall, James A. Olson, M. Jeannine Strandjord, and John R. Whitten.
116
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds’ investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-2021. It is also available on the “About Us” page of American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The funds also make their complete schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.
117
Other Tax Information
The following information is provided pursuant to provisions of the Internal Revenue Code.
The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2018.
For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended July 31, 2018 as qualified for the corporate dividends received deduction.
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio |
$11,931,947 | $13,935,887 | $21,764,055 | $18,839,521 | $21,311,394 |
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio |
$16,409,977 | $17,936,995 | $11,770,929 | $6,369,603 | $628,258 |
The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended July 31, 2018.
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio |
$685,709 | $1,055,359 | $2,370,410 | $1,123,913 | $1,514,712 |
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio |
$804,111 | $997,998 | $735,344 | $233,448 | $46,478 |
The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended July 31, 2018.
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio |
$30,719,126 | $31,621,002 | $52,771,293 | $36,240,361 | $45,215,718 |
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio |
$28,094,005 | $34,331,384 | $20,203,788 | $9,734,665 | $507,451 |
118
For the fiscal year ended July 31, 2018, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.
Foreign Tax Credit | Foreign Source Income | |||||||
Amount | Per Outstanding Share | Amount | Per Outstanding Share | |||||
One Choice In Retirement Portfolio | $ | 271,684 | $0.0020 | $ | 2,286,686 | $0.0170 | ||
One Choice 2020 Portfolio | $ | 356,414 | $0.0022 | $ | 2,883,118 | $0.0179 | ||
One Choice 2025 Portfolio | $ | 698,661 | $0.0033 | $ | 5,208,097 | $0.0247 | ||
One Choice 2030 Portfolio | $ | 695,353 | $0.0036 | $ | 5,071,467 | $0.0260 | ||
One Choice 2035 Portfolio | $ | 874,151 | $0.0052 | $ | 6,303,421 | $0.0373 | ||
One Choice 2040 Portfolio | $ | 693,948 | $0.0050 | $ | 4,938,229 | $0.0356 | ||
One Choice 2045 Portfolio | $ | 767,141 | $0.0068 | $ | 5,217,768 | $0.0464 | ||
One Choice 2050 Portfolio | $ | 509,312 | $0.0059 | $ | 3,369,926 | $0.0392 | ||
One Choice 2055 Portfolio | $ | 283,663 | $0.0063 | $ | 1,822,923 | $0.0403 | ||
One Choice 2060 Portfolio | $ | 26,225 | $0.0038 | $ | 167,949 | $0.0243 |
The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).
One Choice In Retirement Portfolio | One Choice 2020 Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio |
$9,362,859 | $12,589,970 | $17,924,123 | $14,997,687 | $16,571,378 |
One Choice 2040 Portfolio | One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio |
$7,294,136 | $9,761,365 | $10,155,988 | $5,739,906 | $463,317 |
119
Notes |
120
Contact Us | americancentury.com | |
Automated Information Line | 1-800-345-8765 | |
Investor Services Representative | 1-800-345-2021 or 816-531-5575 | |
Investors Using Advisors | 1-800-378-9878 | |
Business, Not-For-Profit, Employer-Sponsored Retirement Plans | 1-800-345-3533 | |
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies | 1-800-345-6488 | |
Telecommunications Relay Services for the Deaf | 711 | |
American Century Asset Allocation Portfolios, Inc. | ||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||
©2018 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-93179 1809 |
ITEM 2. CODE OF ETHICS.
(a) | The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions. |
(b) | No response required. |
(c) | None. |
(d) | None. |
(e) | Not applicable. |
(f) | The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference. |
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) | The registrant’s board has determined that the registrant has at least one audit committee financial expert serving on its audit committee. |
(a)(2) | John R. Whitten and Jan M. Lewis are the registrant’s designated audit committee financial experts. They are “independent” as defined in Item 3 of Form N-CSR. |
(a)(3) | Not applicable. |
(b) | No response required. |
(c) | No response required. |
(d) | No response required. |
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) | Audit Fees. |
The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:
FY 2017: $231,679
FY 2018: $141,390
(b) | Audit-Related Fees. |
The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:
For services rendered to the registrant:
FY 2017:$0
FY 2018:$0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):
FY 2017:$0
FY 2018:$0
(c) | Tax Fees. |
The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:
For services rendered to the registrant:
FY 2017: $0
FY 2018: $0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):
FY 2017: $0
FY 2018: $0
(d) | All Other Fees. |
The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:
For services rendered to the registrant:
FY 2017:$0
FY 2018:$0
Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):
FY 2017:$0
FY 2018:$0
(e)(1) | In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant. |
(e)(2) | All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C). |
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows: |
FY 2017: $794,350
FY 2018: $160,500
(h) | The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant. |
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
(a) | The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form. |
(b) | Not applicable. |
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. |
(b) | There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. |
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) | Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005. |
(a)(2) | Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | American Century Asset Allocation Portfolios, Inc. | |||
By: | /s/ Jonathan S. Thomas | |||
Name: | Jonathan S. Thomas | |||
Title: | President | |||
Date: | September 27, 2018 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jonathan S. Thomas | ||
Name: | Jonathan S. Thomas | ||
Title: | President | ||
(principal executive officer) | |||
Date: | September 27, 2018 |
By: | /s/ R. Wes Campbell | ||
Name: | R. Wes Campbell | ||
Title: | Treasurer and | ||
Chief Financial Officer | |||
(principal financial officer) | |||
Date: | September 27, 2018 |