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) | |||||||||||||||||||
JOHN PAK 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: | 07-31-2021 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) Provided under separate cover.
![image4.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image4.jpg)
Annual Report | ||||||||
July 31, 2021 | ||||||||
One Choice® Blend+ 2015 Portfolio | One Choice® Blend+ 2045 Portfolio | |||||||
Investor Class (AAAFX) | Investor Class (AADHX) | |||||||
I Class (AAAHX) | I Class (AADJX) | |||||||
A Class (AAAJX) | A Class (AADKX) | |||||||
R Class (AAAKX) | R Class (AADLX) | |||||||
R6 Class (AAALX) | R6 Class (AADMX) | |||||||
One Choice® Blend+ 2020 Portfolio | One Choice® Blend+ 2050 Portfolio | |||||||
Investor Class (AAAMX) | Investor Class (AADNX) | |||||||
I Class (AAAOX) | I Class (AADOX) | |||||||
A Class (AABEX) | A Class (AADPX) | |||||||
R Class (AABGX) | R Class (AADQX) | |||||||
R6 Class (AABHX) | R6 Class (AADUX) | |||||||
One Choice® Blend+ 2025 Portfolio | One Choice® Blend+ 2055 Portfolio | |||||||
Investor Class (AABJX) | Investor Class (AADVX) | |||||||
I Class (AABKX) | I Class (AADWX) | |||||||
A Class (AABQX) | A Class (AADZX) | |||||||
R Class (AABRX) | R Class (AAEDX) | |||||||
R6 Class (AABVX) | R6 Class (AAEEX) | |||||||
One Choice® Blend+ 2030 Portfolio | One Choice® Blend+ 2060 Portfolio | |||||||
Investor Class (AABWX) | Investor Class (AAEFX) | |||||||
I Class (AAEWX) | I Class (AAEGX) | |||||||
A Class (AABZX) | A Class (AAEHX) | |||||||
R Class (AACHX) | R Class (AAEIX) | |||||||
R6 Class (AACJX) | R6 Class (AAEJX) | |||||||
One Choice® Blend+ 2035 Portfolio | One Choice® Blend+ 2065 Portfolio | |||||||
Investor Class (AACKX) | Investor Class (AAEKX) | |||||||
I Class (AACLX) | I Class (AAELX) | |||||||
A Class (AACMX) | A Class (AAEOX) | |||||||
R Class (AACPX) | R Class (AAEUX) | |||||||
R6 Class (AACQX) | R6 Class (AAEVX) | |||||||
One Choice® Blend+ 2040 Portfolio | ||||||||
Investor Class (AACSX) | ||||||||
I Class (AACUX) | ||||||||
A Class (AACVX) | ||||||||
R Class (AACWX) | ||||||||
R6 Class (AACZX) |
Table of Contents |
President’s Letter | |||||
Performance | |||||
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 | |||||
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 |
![image223.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image223.jpg)
Dear Investor:
Thank you for reviewing this annual report for the nearly five-month period ended July 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.
Stocks, Bonds Delivered Gains
Global equities and other risk-on assets rallied for the period, benefiting from economic and earnings gains and ongoing central bank and federal government support. These influences helped sustain investor confidence despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.
In general, data on U.S. manufacturing, employment, housing and corporate earnings remained upbeat. Additionally, COVID-19 vaccine availability also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.
Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual inflation soared to a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.
Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, most risk assets remained in favor. Global stocks broadly delivered stellar returns, and the U.S. generally outperformed other developed markets and emerging markets. U.S. growth stocks generally outperformed value stocks, while large caps significantly outpaced small caps. U.S. Treasury yields generally declined, and the broad U.S. bond market advanced and outperformed global bonds.
Several Influences Shaping Market Dynamics
The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization and fiscal and monetary policy likely will sway market dynamics.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
![image224.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image224.jpg)
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Performance |
Total Returns as of July 31, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2015 Portfolio | ||||||||||||||
Investor Class | AAAFX | 5.10% | 3/10/21 | |||||||||||
S&P Target Date To 2015 Index | — | 4.80% | — | |||||||||||
I Class | AAAHX | 5.10% | 3/10/21 | |||||||||||
A Class | AAAJX | 3/10/21 | ||||||||||||
No sales charge | 4.90% | |||||||||||||
With sales charge | -1.13% | |||||||||||||
R Class | AAAKX | 4.80% | 3/10/21 | |||||||||||
R6 Class | AAALX | 5.20% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2020 Portfolio | ||||||||||||||
Investor Class | AAAMX | 5.20% | 3/10/21 | |||||||||||
S&P Target Date To 2020 Index | — | 4.60% | — | |||||||||||
I Class | AAAOX | 5.30% | 3/10/21 | |||||||||||
A Class | AABEX | 3/10/21 | ||||||||||||
No sales charge | 5.10% | |||||||||||||
With sales charge | -0.94% | |||||||||||||
R Class | AABGX | 5.00% | 3/10/21 | |||||||||||
R6 Class | AABHX | 5.40% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2025 Portfolio | ||||||||||||||
Investor Class | AABJX | 5.50% | 3/10/21 | |||||||||||
S&P Target Date To 2025 Index | — | 5.32% | — | |||||||||||
I Class | AABKX | 5.60% | 3/10/21 | |||||||||||
A Class | AABQX | 3/10/21 | ||||||||||||
No sales charge | 5.40% | |||||||||||||
With sales charge | -0.66% | |||||||||||||
R Class | AABRX | 5.30% | 3/10/21 | |||||||||||
R6 Class | AABVX | 5.70% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2030 Portfolio | ||||||||||||||
Investor Class | AABWX | 5.80% | 3/10/21 | |||||||||||
S&P Target Date To 2030 Index | — | 6.00% | — | |||||||||||
I Class | AAEWX | 5.90% | 3/10/21 | |||||||||||
A Class | AABZX | 3/10/21 | ||||||||||||
No sales charge | 5.70% | |||||||||||||
With sales charge | -0.38% | |||||||||||||
R Class | AACHX | 5.60% | 3/10/21 | |||||||||||
R6 Class | AACJX | 5.90% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2035 Portfolio | ||||||||||||||
Investor Class | AACKX | 6.10% | 3/10/21 | |||||||||||
S&P Target Date To 2035 Index | — | 6.74% | — | |||||||||||
I Class | AACLX | 6.20% | 3/10/21 | |||||||||||
A Class | AACMX | 3/10/21 | ||||||||||||
No sales charge | 6.00% | |||||||||||||
With sales charge | -0.09% | |||||||||||||
R Class | AACPX | 5.90% | 3/10/21 | |||||||||||
R6 Class | AACQX | 6.20% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2040 Portfolio | ||||||||||||||
Investor Class | AACSX | 6.50% | 3/10/21 | |||||||||||
S&P Target Date To 2040 Index | — | 7.10% | — | |||||||||||
I Class | AACUX | 6.60% | 3/10/21 | |||||||||||
A Class | AACVX | 3/10/21 | ||||||||||||
No sales charge | 6.40% | |||||||||||||
With sales charge | 0.28% | |||||||||||||
R Class | AACWX | 6.30% | 3/10/21 | |||||||||||
R6 Class | AACZX | 6.60% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2045 Portfolio | ||||||||||||||
Investor Class | AADHX | 6.80% | 3/10/21 | |||||||||||
S&P Target Date To 2045 Index | — | 7.55% | — | |||||||||||
I Class | AADJX | 6.90% | 3/10/21 | |||||||||||
A Class | AADKX | 3/10/21 | ||||||||||||
No sales charge | 6.70% | |||||||||||||
With sales charge | 0.57% | |||||||||||||
R Class | AADLX | 6.60% | 3/10/21 | |||||||||||
R6 Class | AADMX | 7.00% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2050 Portfolio | ||||||||||||||
Investor Class | AADNX | 7.10% | 3/10/21 | |||||||||||
S&P Target Date To 2050 Index | — | 7.64% | — | |||||||||||
I Class | AADOX | 7.20% | 3/10/21 | |||||||||||
A Class | AADPX | 3/10/21 | ||||||||||||
No sales charge | 7.00% | |||||||||||||
With sales charge | 0.85% | |||||||||||||
R Class | AADQX | 6.80% | 3/10/21 | |||||||||||
R6 Class | AADUX | 7.20% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2055 Portfolio | ||||||||||||||
Investor Class | AADVX | 7.30% | 3/10/21 | |||||||||||
S&P Target Date To 2055 Index | — | 7.79% | — | |||||||||||
I Class | AADWX | 7.30% | 3/10/21 | |||||||||||
A Class | AADZX | 3/10/21 | ||||||||||||
No sales charge | 7.10% | |||||||||||||
With sales charge | 0.94% | |||||||||||||
R Class | AAEDX | 7.00% | 3/10/21 | |||||||||||
R6 Class | AAEEX | 7.40% | 3/10/21 |
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%. 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, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2060 Portfolio | ||||||||||||||
Investor Class | AAEFX | 7.30% | 3/10/21 | |||||||||||
S&P Target Date To 2060+ Index | — | 7.77% | — | |||||||||||
I Class | AAEGX | 7.30% | 3/10/21 | |||||||||||
A Class | AAEHX | 3/10/21 | ||||||||||||
No sales charge | 7.10% | |||||||||||||
With sales charge | 0.94% | |||||||||||||
R Class | AAEIX | 7.00% | 3/10/21 | |||||||||||
R6 Class | AAEJX | 7.40% | 3/10/21 |
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%. 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
Total Returns as of July 31, 2021 | ||||||||||||||
Ticker Symbol | Since Inception | Inception Date | ||||||||||||
One Choice Blend+ 2065 Portfolio | ||||||||||||||
Investor Class | AAEKX | 7.90% | 3/10/21 | |||||||||||
S&P Target Date To 2060+ Index | — | 7.77% | — | |||||||||||
I Class | AAELX | 8.00% | 3/10/21 | |||||||||||
A Class | AAEOX | 3/10/21 | ||||||||||||
No sales charge | 7.80% | |||||||||||||
With sales charge | 1.60% | |||||||||||||
R Class | AAEUX | 7.70% | 3/10/21 | |||||||||||
R6 Class | AAEVX | 8.00% | 3/10/21 |
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%. 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.
13
Total Annual Fund Operating Expenses | |||||||||||||||||
Investor Class | I Class | A Class | R Class | R6 Class | |||||||||||||
One Choice Blend+ 2015 Portfolio | 0.60% | 0.40% | 0.85% | 1.10% | 0.25% | ||||||||||||
One Choice Blend+ 2020 Portfolio | 0.59% | 0.39% | 0.84% | 1.09% | 0.24% | ||||||||||||
One Choice Blend+ 2025 Portfolio | 0.59% | 0.39% | 0.84% | 1.09% | 0.24% | ||||||||||||
One Choice Blend+ 2030 Portfolio | 0.59% | 0.39% | 0.84% | 1.09% | 0.24% | ||||||||||||
One Choice Blend+ 2035 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% | ||||||||||||
One Choice Blend+ 2040 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% | ||||||||||||
One Choice Blend+ 2045 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% | ||||||||||||
One Choice Blend+ 2050 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% | ||||||||||||
One Choice Blend+ 2055 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% | ||||||||||||
One Choice Blend+ 2060 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% | ||||||||||||
One Choice Blend+ 2065 Portfolio | 0.58% | 0.38% | 0.83% | 1.08% | 0.23% |
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
Portfolio Commentary |
Portfolio Managers: Rich Weiss, Scott Wilson, Radu Gabudean, Vidya Rajappa and John Donner
Performance Summary
Each of the One Choice® Blend+ Portfolios produced positive returns from March 10, 2021 (fund inception), through July 31, 2021, ranging from 5.10%* for the One Choice Blend+ 2015 Portfolio to 7.90% for the One Choice Blend+ 2065 Portfolio. (See pages 3-13 for more detailed performance information.)
The brief reporting period was marked by stocks and bonds rallying together, with many equity indices touching record highs. Equity investors generally looked ahead to a strong profit recovery, while bond investors’ inflation concerns eased amid a more modest economic rebound. For the abbreviated period, U.S. equity markets performed very well, led by large-cap, growth-oriented investments. In non-U.S. equity markets, developed markets equity indices recovered to record highs, while emerging markets indices gave back recent gains. In fixed-income markets, the rally in bonds meant that both government and higher-yielding corporate bonds generally produced positive returns.
Performance of the One Choice Blend+ Portfolios varied compared with their respective S&P Target Date To benchmark indices. 2015, 2020, 2025 and 2065 Portfolios outperformed largely because of their asset mix and greater exposure to equities than their benchmarks. However, most longer-dated Portfolios generally underperformed because of lower allocations to equities.
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
Global financial markets produced positive results as the economy continued to recover from the initial effects of the pandemic. Nevertheless, the virus remained an ongoing concern in many geographies, imposing significant social and economic costs. To ensure the recovery amid these ongoing challenges, central banks around the world generally maintained accommodative monetary policies, while governments also pursued stimulative fiscal policies. In that environment, developed markets generally performed best, benefiting from greater access to vaccines and producing strong corporate profit recoveries. Emerging markets, in contrast, performed comparatively poorly amid ongoing challenges with the virus. Add it all up, and for the abbreviated period, growth stocks generally outperformed value, and large-cap stocks led both mid- and small-cap stocks.
In U.S. equities markets, strong economic growth and earnings bolstered performance, though concerns around Congress’ and the White House’s inability to reach an agreement on fiscal priorities led to market volatility. Economic data were not universally positive, however. Supply chain constraints, rising input prices and strong consumer demand drove inflation sharply higher. A slight acceleration in the Federal Reserve’s (Fed’s) potential rate-hike timetable contributed to market volatility late in the reporting period, though performance overall remained quite strong.
*All fund returns referenced in this commentary are for Investor Class shares. Total returns for periods less than one year are not annualized. 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 3-13 for returns for all share classes.
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In the global bond market, returns were generally positive across sectors and geographies despite conflicting concerns about growth and inflation. For example, U.S. government bond returns were positive, but so too were those of inflation-indexed securities and corporate bonds. In part, this performance reflects the rally in Treasury bonds after yields reached the highest level in more than a year in late March 2021. On the one hand, uncertainty about the health of the job market and a resurgent virus led to sustained demand for Treasuries. On the other hand, worries about inflation and a strong corporate profit recovery helped performance for both inflation-indexed and corporate bonds. Outside the U.S., returns were generally positive as yields fell amid fears of another dramatic economic slowdown resulting from the spread of the delta variant of COVID-19. In that environment, central banks around the globe generally left accommodative monetary policies in place to ensure an economic recovery, further suppressing bond yields.
Portfolio Information
Each One Choice Blend+ Portfolio is a fund of funds that invests in American Century Investments mutual funds and ETFs and Avantis Investors mutual funds to achieve its investment objective and target asset allocation. The Schedules of Investments within this report provide 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. 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-date 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 until reaching the glide path landing point when its target asset mix becomes fixed.
Dynamic Risk Management Process
Our dynamic risk management process is designed to improve retirement outcomes for more participants by managing risks in the glide path based on our assessment of the environment for market returns and volatility. This unique, asymmetric approach seeks to reduce longevity risk in early and midcareer with the goal of reducing exposure to market volatility in late career/in retirement stage.
In our view, market risks remain despite the ongoing economic recovery. Volatility could spike if investors’ assumptions about inflation, interest rates and corporate earnings disappoint. For example, we agree with the Fed’s view that much of the upward pressure on inflation is transitory due to higher demand and disrupted supply chains coming out of the pandemic. But there’s a clear risk to markets if inflation runs higher or longer than investors currently expect. In addition, we’re somewhat cautious because of concerns about potential market volatility with stocks at record highs at a time when the economy has yet to fully move beyond the effects of the pandemic. Add it all up, and we maintain a slight underweight to equities for the most risk-averse investors, such as those who are nearing retirement.
The effect of the dynamic adjustment is greatest in 2015 to 2025 Portfolios, bringing them to 2%-3% underweight to equities relative to their neutral allocations. The effect diminishes for the further-from-retirement vintages down to about 0.1% for 2045. There is no effect on the 2050 to 2065 vintages.
16
Portfolio Characteristics |
Portfolio Composition as a % of net assets as of July 31, 2021 | ||||||||||||||
One Choice Blend+ 2015 Portfolio | One Choice Blend+ 2020 Portfolio | One Choice Blend+ 2025 Portfolio | One Choice Blend+ 2030 Portfolio | |||||||||||
Domestic Fixed Income Funds | 48.2% | 75.0% | 40.5% | 33.5% | ||||||||||
Domestic Equity Funds | 28.3% | 48.9% | 33.5% | 38.7% | ||||||||||
International Fixed Income Funds | 13.5% | 22.1% | 12.7% | 11.3% | ||||||||||
International Equity Funds | 10.0% | 18.0% | 13.3% | 16.5% | ||||||||||
Other Assets and Liabilities | —(1) | (64.0)% | —(1) | —(1) |
One Choice Blend+ 2035 Portfolio | One Choice Blend+ 2040 Portfolio | One Choice Blend+ 2045 Portfolio | One Choice Blend+ 2050 Portfolio | |||||||||||
Domestic Fixed Income Funds | 26.6% | 20.4% | 14.5% | 10.5% | ||||||||||
Domestic Equity Funds | 43.9% | 49.4% | 54.7% | 56.0% | ||||||||||
International Fixed Income Funds | 9.7% | 7.6% | 5.5% | 3.9% | ||||||||||
International Equity Funds | 19.8% | 22.6% | 25.3% | 25.7% | ||||||||||
Other Assets and Liabilities | —(1) | —(1) | —(1) | 3.9% |
One Choice Blend+ 2055 Portfolio | One Choice Blend+ 2060 Portfolio | One Choice Blend+ 2065 Portfolio | ||||||||||||
Domestic Fixed Income Funds | 8.1% | 7.3% | 7.3% | |||||||||||
Domestic Equity Funds | 60.9% | 61.7% | 61.7% | |||||||||||
International Fixed Income Funds | 3.0% | 2.8% | 2.7% | |||||||||||
International Equity Funds | 28.0% | 28.2% | 28.3% | |||||||||||
Other Assets and Liabilities | —(1) | —(1) | —(1) |
(1)Category is less than 0.05% of total net assets.
17
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, 2021 to July 31, 2021 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
18
Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice Blend+ 2015 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,051.00 | $2.27(2) | 0.56% | ||||||||||
I Class | $1,000 | $1,051.00 | $1.46(2) | 0.36% | ||||||||||
A Class | $1,000 | $1,049.00 | $3.27(2) | 0.81% | ||||||||||
R Class | $1,000 | $1,048.00 | $4.28(2) | 1.06% | ||||||||||
R6 Class | $1,000 | $1,052.00 | $0.85(2) | 0.21% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,022.02 | $2.81 | 0.56% | ||||||||||
I Class | $1,000 | $1,023.01 | $1.81 | 0.36% | ||||||||||
A Class | $1,000 | $1,020.78 | $4.06 | 0.81% | ||||||||||
R Class | $1,000 | $1,019.54 | $5.31 | 1.06% | ||||||||||
R6 Class | $1,000 | $1,023.75 | $1.05 | 0.21% | ||||||||||
One Choice Blend+ 2020 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,052.00 | $2.31(2) | 0.57% | ||||||||||
I Class | $1,000 | $1,053.00 | $1.50(2) | 0.37% | ||||||||||
A Class | $1,000 | $1,051.00 | $3.32(2) | 0.82% | ||||||||||
R Class | $1,000 | $1,050.00 | $4.33(2) | 1.07% | ||||||||||
R6 Class | $1,000 | $1,054.00 | $0.89(2) | 0.22% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.97 | $2.86 | 0.57% | ||||||||||
I Class | $1,000 | $1,022.96 | $1.86 | 0.37% | ||||||||||
A Class | $1,000 | $1,020.73 | $4.11 | 0.82% | ||||||||||
R Class | $1,000 | $1,019.49 | $5.36 | 1.07% | ||||||||||
R6 Class | $1,000 | $1,023.70 | $1.10 | 0.22% | ||||||||||
One Choice Blend+ 2025 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,055.00 | $2.31(2) | 0.57% | ||||||||||
I Class | $1,000 | $1,056.00 | $1.50(2) | 0.37% | ||||||||||
A Class | $1,000 | $1,054.00 | $3.32(2) | 0.82% | ||||||||||
R Class | $1,000 | $1,053.00 | $4.33(2) | 1.07% | ||||||||||
R6 Class | $1,000 | $1,057.00 | $0.89(2) | 0.22% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.97 | $2.86 | 0.57% | ||||||||||
I Class | $1,000 | $1,022.96 | $1.86 | 0.37% | ||||||||||
A Class | $1,000 | $1,020.73 | $4.11 | 0.82% | ||||||||||
R Class | $1,000 | $1,019.49 | $5.36 | 1.07% | ||||||||||
R6 Class | $1,000 | $1,023.70 | $1.10 | 0.22% |
(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)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 144, the number of days in the period from March 10, 2021 (fund inception) through July 31, 2021, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
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Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice Blend+ 2030 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,058.00 | $2.31(2) | 0.57% | ||||||||||
I Class | $1,000 | $1,059.00 | $1.50(2) | 0.37% | ||||||||||
A Class | $1,000 | $1,057.00 | $3.33(2) | 0.82% | ||||||||||
R Class | $1,000 | $1,056.00 | $4.34(2) | 1.07% | ||||||||||
R6 Class | $1,000 | $1,059.00 | $0.89(2) | 0.22% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.97 | $2.86 | 0.57% | ||||||||||
I Class | $1,000 | $1,022.96 | $1.86 | 0.37% | ||||||||||
A Class | $1,000 | $1,020.73 | $4.11 | 0.82% | ||||||||||
R Class | $1,000 | $1,019.49 | $5.36 | 1.07% | ||||||||||
R6 Class | $1,000 | $1,023.70 | $1.10 | 0.22% | ||||||||||
One Choice Blend+ 2035 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,061.00 | $2.36(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,062.00 | $1.55(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,060.00 | $3.37(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,059.00 | $4.39(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,062.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
One Choice Blend+ 2040 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,065.00 | $2.36(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,066.00 | $1.55(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,064.00 | $3.38(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,063.00 | $4.40(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,066.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% |
(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)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 144, the number of days in the period from March 10, 2021 (fund inception) through July 31, 2021, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
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Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice Blend+ 2045 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,068.00 | $2.37(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,069.00 | $1.55(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,067.00 | $3.38(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,066.00 | $4.40(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,070.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
One Choice Blend+ 2050 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,071.00 | $2.37(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,072.00 | $1.55(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,070.00 | $3.39(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,068.00 | $4.41(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,072.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
One Choice Blend+ 2055 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,073.00 | $2.37(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,073.00 | $1.55(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,071.00 | $3.39(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,070.00 | $4.41(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,074.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% |
(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)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 144, the number of days in the period from March 10, 2021 (fund inception) through July 31, 2021, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
21
Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice Blend+ 2060 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,073.00 | $2.37(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,073.00 | $1.55(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,071.00 | $3.39(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,070.00 | $4.41(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,074.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
One Choice Blend+ 2065 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,079.00 | $2.38(2) | 0.58% | ||||||||||
I Class | $1,000 | $1,080.00 | $1.56(2) | 0.38% | ||||||||||
A Class | $1,000 | $1,078.00 | $3.40(2) | 0.83% | ||||||||||
R Class | $1,000 | $1,077.00 | $4.42(2) | 1.08% | ||||||||||
R6 Class | $1,000 | $1,080.00 | $0.94(2) | 0.23% | ||||||||||
Hypothetical | ||||||||||||||
Investor Class | $1,000 | $1,021.92 | $2.91 | 0.58% | ||||||||||
I Class | $1,000 | $1,022.91 | $1.91 | 0.38% | ||||||||||
A Class | $1,000 | $1,020.68 | $4.16 | 0.83% | ||||||||||
R Class | $1,000 | $1,019.44 | $5.41 | 1.08% | ||||||||||
R6 Class | $1,000 | $1,023.65 | $1.15 | 0.23% |
(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)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 144, the number of days in the period from March 10, 2021 (fund inception) through July 31, 2021, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
22
Schedules of Investments |
JULY 31, 2021
One Choice Blend+ 2015 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Fixed Income Funds — 48.2% | ||||||||
Avantis Core Fixed Income Fund G Class | 4,671 | $ | 47,313 | |||||
Avantis Short-Term Fixed Income Fund G Class | 1,071 | 10,716 | ||||||
Inflation-Adjusted Bond Fund G Class | 662 | 8,661 | ||||||
NT High Income Fund G Class | 637 | 6,419 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 960 | 10,778 | ||||||
83,887 | ||||||||
Domestic Equity Funds — 28.3% | ||||||||
American Century Low Volatility ETF | 180 | 8,337 | ||||||
Avantis U.S. Equity Fund G Class | 971 | 14,124 | ||||||
Avantis U.S. Small Cap Value Fund G Class | 98 | 1,455 | ||||||
Focused Dynamic Growth Fund G Class | 149 | 9,234 | ||||||
NT Focused Large Cap Value Fund G Class | 837 | 11,131 | ||||||
NT Heritage Fund G Class | 44 | 778 | ||||||
NT Mid Cap Value Fund G Class | 185 | 2,753 | ||||||
Small Cap Growth Fund G Class | 53 | 1,471 | ||||||
49,283 | ||||||||
International Fixed Income Funds — 13.5% | ||||||||
Emerging Markets Debt Fund G Class | 201 | 2,129 | ||||||
Global Bond Fund G Class | 2,014 | 21,487 | ||||||
23,616 | ||||||||
International Equity Funds — 10.0% | ||||||||
Avantis International Equity Fund G Class | 589 | 7,265 | ||||||
Focused International Growth Fund G Class | 186 | 3,916 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 441 | 4,528 | ||||||
NT Global Real Estate Fund G Class | 125 | 1,646 | ||||||
17,355 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $171,445) | 174,141 | |||||||
OTHER ASSETS AND LIABILITIES† | 18 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 174,159 |
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.
23
JULY 31, 2021
One Choice Blend+ 2020 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 164.0% | ||||||||
Domestic Fixed Income Funds — 75.0% | ||||||||
Avantis Core Fixed Income Fund G Class | 2,501 | $ | 25,335 | |||||
Avantis Short-Term Fixed Income Fund G Class | 426 | 4,262 | ||||||
Inflation-Adjusted Bond Fund G Class | 346 | 4,524 | ||||||
NT High Income Fund G Class | 416 | 4,189 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 443 | 4,978 | ||||||
43,288 | ||||||||
Domestic Equity Funds — 48.9% | ||||||||
American Century Low Volatility ETF | 84 | 3,890 | ||||||
Avantis U.S. Equity Fund G Class | 579 | 8,412 | ||||||
Avantis U.S. Small Cap Value Fund G Class | 56 | 833 | ||||||
Focused Dynamic Growth Fund G Class | 89 | 5,551 | ||||||
NT Focused Large Cap Value Fund G Class | 486 | 6,461 | ||||||
NT Heritage Fund G Class | 37 | 657 | ||||||
NT Mid Cap Value Fund G Class | 106 | 1,577 | ||||||
Small Cap Growth Fund G Class | 30 | 851 | ||||||
28,232 | ||||||||
International Fixed Income Funds — 22.1% | ||||||||
Emerging Markets Debt Fund G Class | 144 | 1,529 | ||||||
Global Bond Fund G Class | 1,050 | 11,206 | ||||||
12,735 | ||||||||
International Equity Funds — 18.0% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 18 | 236 | ||||||
Avantis International Equity Fund G Class | 333 | 4,109 | ||||||
Focused International Growth Fund G Class | 106 | 2,230 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 245 | 2,517 | ||||||
NT Emerging Markets Fund G Class | 12 | 181 | ||||||
NT Global Real Estate Fund G Class | 76 | 1,001 | ||||||
NT International Small-Mid Cap Fund G Class | 9 | 135 | ||||||
10,409 | ||||||||
TOTAL INVESTMENT SECURITIES — 164.0% (Cost $91,615) | 94,664 | |||||||
OTHER ASSETS AND LIABILITIES — (64.0)% | (36,953) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 57,711 |
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.
24
JULY 31, 2021
One Choice Blend+ 2025 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Fixed Income Funds — 40.5% | ||||||||
Avantis Core Fixed Income Fund G Class | 40,865 | $ | 413,961 | |||||
Avantis Short-Term Fixed Income Fund G Class | 3,757 | 37,610 | ||||||
Inflation-Adjusted Bond Fund G Class | 5,411 | 70,832 | ||||||
NT High Income Fund G Class | 8,375 | 84,332 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 5,681 | 63,802 | ||||||
670,537 | ||||||||
Domestic Equity Funds — 33.5% | ||||||||
American Century Low Volatility ETF | 1,136 | 52,614 | ||||||
Avantis U.S. Equity Fund G Class | 12,081 | 175,653 | ||||||
Avantis U.S. Small Cap Value Fund G Class | 1,157 | 17,173 | ||||||
Focused Dynamic Growth Fund G Class | 1,836 | 113,996 | ||||||
NT Focused Large Cap Value Fund G Class | 9,707 | 129,100 | ||||||
NT Heritage Fund G Class | 1,031 | 18,111 | ||||||
NT Mid Cap Value Fund G Class | 2,105 | 31,412 | ||||||
Small Cap Growth Fund G Class | 608 | 17,011 | ||||||
555,070 | ||||||||
International Equity Funds — 13.3% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 869 | 11,407 | ||||||
Avantis International Equity Fund G Class | 6,447 | 79,554 | ||||||
Focused International Growth Fund G Class | 2,065 | 43,482 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 4,703 | 48,350 | ||||||
NT Emerging Markets Fund G Class | 721 | 10,716 | ||||||
NT Global Real Estate Fund G Class | 1,597 | 21,047 | ||||||
NT International Small-Mid Cap Fund G Class | 407 | 6,350 | ||||||
220,906 | ||||||||
International Fixed Income Funds — 12.7% | ||||||||
Emerging Markets Debt Fund G Class | 3,277 | 34,737 | ||||||
Global Bond Fund G Class | 16,514 | 176,200 | ||||||
210,937 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,622,435) | 1,657,450 | |||||||
OTHER ASSETS AND LIABILITIES† | (27) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,657,423 |
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.
25
JULY 31, 2021
One Choice Blend+ 2030 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 38.7% | ||||||||
American Century Low Volatility ETF | 891 | $ | 41,266 | |||||
Avantis U.S. Equity Fund G Class | 17,986 | 261,512 | ||||||
Avantis U.S. Small Cap Value Fund G Class | 1,645 | 24,408 | ||||||
Focused Dynamic Growth Fund G Class | 2,757 | 171,168 | ||||||
NT Focused Large Cap Value Fund G Class | 13,754 | 182,928 | ||||||
NT Heritage Fund G Class | 1,954 | 34,338 | ||||||
NT Mid Cap Value Fund G Class | 2,940 | 43,859 | ||||||
Small Cap Growth Fund G Class | 880 | 24,627 | ||||||
784,106 | ||||||||
Domestic Fixed Income Funds — 33.5% | ||||||||
Avantis Core Fixed Income Fund G Class | 44,781 | 453,635 | ||||||
Avantis Short-Term Fixed Income Fund G Class | 1,895 | 18,973 | ||||||
Inflation-Adjusted Bond Fund G Class | 4,818 | 63,065 | ||||||
NT High Income Fund G Class | 10,310 | 103,822 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 3,527 | 39,607 | ||||||
679,102 | ||||||||
International Equity Funds — 16.5% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 1,908 | 25,027 | ||||||
Avantis International Equity Fund G Class | 8,880 | 109,573 | ||||||
Focused International Growth Fund G Class | 2,878 | 60,612 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 6,245 | 64,196 | ||||||
NT Emerging Markets Fund G Class | 1,934 | 28,758 | ||||||
NT Global Real Estate Fund G Class | 2,389 | 31,486 | ||||||
NT International Small-Mid Cap Fund G Class | 966 | 15,067 | ||||||
334,719 | ||||||||
International Fixed Income Funds — 11.3% | ||||||||
Emerging Markets Debt Fund G Class | 4,543 | 48,154 | ||||||
Global Bond Fund G Class | 17,027 | 181,678 | ||||||
229,832 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,974,423) | 2,027,759 | |||||||
OTHER ASSETS AND LIABILITIES† | (34) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,027,725 |
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.
26
JULY 31, 2021
One Choice Blend+ 2035 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 43.9% | ||||||||
American Century Low Volatility ETF | 188 | $ | 8,707 | |||||
Avantis U.S. Equity Fund G Class | 17,778 | 258,492 | ||||||
Avantis U.S. Small Cap Value Fund G Class | 1,570 | 23,303 | ||||||
Focused Dynamic Growth Fund G Class | 2,731 | 169,569 | ||||||
NT Focused Large Cap Value Fund G Class | 13,034 | 173,346 | ||||||
NT Heritage Fund G Class | 2,244 | 39,434 | ||||||
NT Mid Cap Value Fund G Class | 2,783 | 41,521 | ||||||
Small Cap Growth Fund G Class | 838 | 23,443 | ||||||
737,815 | ||||||||
Domestic Fixed Income Funds — 26.6% | ||||||||
Avantis Core Fixed Income Fund G Class | 31,940 | 323,555 | ||||||
Avantis Short-Term Fixed Income Fund G Class | 303 | 3,035 | ||||||
Inflation-Adjusted Bond Fund G Class | 2,538 | 33,226 | ||||||
NT High Income Fund G Class | 7,950 | 80,058 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 556 | 6,240 | ||||||
446,114 | ||||||||
International Equity Funds — 19.8% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 2,314 | 30,366 | ||||||
Avantis International Equity Fund G Class | 7,906 | 97,563 | ||||||
Focused International Growth Fund G Class | 2,586 | 54,465 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 5,366 | 55,159 | ||||||
NT Emerging Markets Fund G Class | 2,859 | 42,518 | ||||||
NT Global Real Estate Fund G Class | 2,420 | 31,900 | ||||||
NT International Small-Mid Cap Fund G Class | 1,287 | 20,059 | ||||||
332,030 | ||||||||
International Fixed Income Funds — 9.7% | ||||||||
Emerging Markets Debt Fund G Class | 3,943 | 41,798 | ||||||
Global Bond Fund G Class | 11,415 | 121,800 | ||||||
163,598 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,633,684) | 1,679,557 | |||||||
OTHER ASSETS AND LIABILITIES† | 186 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,679,743 |
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.
27
JULY 31, 2021
One Choice Blend+ 2040 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 49.4% | ||||||||
Avantis U.S. Equity Fund G Class | 10,097 | $ | 146,805 | |||||
Avantis U.S. Small Cap Value Fund G Class | 878 | 13,025 | ||||||
Focused Dynamic Growth Fund G Class | 1,561 | 96,915 | ||||||
NT Focused Large Cap Value Fund G Class | 7,288 | 96,936 | ||||||
NT Heritage Fund G Class | 1,357 | 23,834 | ||||||
NT Mid Cap Value Fund G Class | 1,552 | 23,154 | ||||||
Small Cap Growth Fund G Class | 475 | 13,283 | ||||||
413,952 | ||||||||
International Equity Funds — 22.6% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 1,358 | 17,811 | ||||||
Avantis International Equity Fund G Class | 4,398 | 54,274 | ||||||
Focused International Growth Fund G Class | 1,422 | 29,950 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 2,897 | 29,779 | ||||||
NT Emerging Markets Fund G Class | 1,797 | 26,728 | ||||||
NT Global Real Estate Fund G Class | 1,379 | 18,178 | ||||||
NT International Small-Mid Cap Fund G Class | 804 | 12,528 | ||||||
189,248 | ||||||||
Domestic Fixed Income Funds — 20.4% | ||||||||
Avantis Core Fixed Income Fund G Class | 12,585 | 127,483 | ||||||
Inflation-Adjusted Bond Fund G Class | 903 | 11,818 | ||||||
NT High Income Fund G Class | 3,184 | 32,063 | ||||||
171,364 | ||||||||
International Fixed Income Funds — 7.6% | ||||||||
Emerging Markets Debt Fund G Class | 1,619 | 17,157 | ||||||
Global Bond Fund G Class | 4,406 | 47,014 | ||||||
64,171 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $809,715) | 838,735 | |||||||
OTHER ASSETS AND LIABILITIES† | (14) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 838,721 |
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.
28
JULY 31, 2021
One Choice Blend+ 2045 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 54.7% | ||||||||
Avantis U.S. Equity Fund G Class | 6,174 | $ | 89,773 | |||||
Avantis U.S. Small Cap Value Fund G Class | 548 | 8,133 | ||||||
Focused Dynamic Growth Fund G Class | 949 | 58,902 | ||||||
NT Focused Large Cap Value Fund G Class | 4,456 | 59,266 | ||||||
NT Heritage Fund G Class | 820 | 14,403 | ||||||
NT Mid Cap Value Fund G Class | 953 | 14,215 | ||||||
Small Cap Growth Fund G Class | 293 | 8,195 | ||||||
252,887 | ||||||||
International Equity Funds — 25.3% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 855 | 11,224 | ||||||
Avantis International Equity Fund G Class | 2,687 | 33,153 | ||||||
Focused International Growth Fund G Class | 886 | 18,669 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 1,802 | 18,522 | ||||||
NT Emerging Markets Fund G Class | 1,133 | 16,850 | ||||||
NT Global Real Estate Fund G Class | 838 | 11,039 | ||||||
NT International Small-Mid Cap Fund G Class | 492 | 7,667 | ||||||
117,124 | ||||||||
Domestic Fixed Income Funds — 14.5% | ||||||||
Avantis Core Fixed Income Fund G Class | 4,923 | 49,873 | ||||||
Inflation-Adjusted Bond Fund G Class | 352 | 4,612 | ||||||
NT High Income Fund G Class | 1,257 | 12,653 | ||||||
67,138 | ||||||||
International Fixed Income Funds — 5.5% | ||||||||
Emerging Markets Debt Fund G Class | 639 | 6,776 | ||||||
Global Bond Fund G Class | 1,730 | 18,464 | ||||||
25,240 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $453,285) | 462,389 | |||||||
OTHER ASSETS AND LIABILITIES† | (103) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 462,286 |
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.
29
JULY 31, 2021
One Choice Blend+ 2050 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 96.1% | ||||||||
Domestic Equity Funds — 56.0% | ||||||||
Avantis U.S. Equity Fund G Class | 12,888 | $ | 187,385 | |||||
Avantis U.S. Small Cap Value Fund G Class | 1,134 | 16,834 | ||||||
Focused Dynamic Growth Fund G Class | 1,983 | 123,098 | ||||||
NT Focused Large Cap Value Fund G Class | 9,333 | 124,132 | ||||||
NT Heritage Fund G Class | 1,697 | 29,818 | ||||||
NT Mid Cap Value Fund G Class | 1,995 | 29,770 | ||||||
Small Cap Growth Fund G Class | 605 | 16,941 | ||||||
527,978 | ||||||||
International Equity Funds — 25.7% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 1,750 | 22,958 | ||||||
Avantis International Equity Fund G Class | 5,578 | 68,831 | ||||||
Focused International Growth Fund G Class | 1,824 | 38,414 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 3,726 | 38,307 | ||||||
NT Emerging Markets Fund G Class | 2,308 | 34,313 | ||||||
NT Global Real Estate Fund G Class | 1,764 | 23,245 | ||||||
NT International Small-Mid Cap Fund G Class | 1,007 | 15,700 | ||||||
241,768 | ||||||||
Domestic Fixed Income Funds — 10.5% | ||||||||
Avantis Core Fixed Income Fund G Class | 7,247 | 73,415 | ||||||
Inflation-Adjusted Bond Fund G Class | 515 | 6,740 | ||||||
NT High Income Fund G Class | 1,835 | 18,476 | ||||||
98,631 | ||||||||
International Fixed Income Funds — 3.9% | ||||||||
Emerging Markets Debt Fund G Class | 936 | 9,921 | ||||||
Global Bond Fund G Class | 2,536 | 27,057 | ||||||
36,978 | ||||||||
TOTAL INVESTMENT SECURITIES — 96.1% (Cost $877,476) | 905,355 | |||||||
OTHER ASSETS AND LIABILITIES — 3.9% | 36,925 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 942,280 |
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.
30
JULY 31, 2021
One Choice Blend+ 2055 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 60.9% | ||||||||
Avantis U.S. Equity Fund G Class | 6,680 | $ | 97,123 | |||||
Avantis U.S. Small Cap Value Fund G Class | 595 | 8,828 | ||||||
Focused Dynamic Growth Fund G Class | 1,023 | 63,539 | ||||||
NT Focused Large Cap Value Fund G Class | 4,835 | 64,311 | ||||||
NT Heritage Fund G Class | 877 | 15,415 | ||||||
NT Mid Cap Value Fund G Class | 1,036 | 15,456 | ||||||
Small Cap Growth Fund G Class | 313 | 8,767 | ||||||
273,439 | ||||||||
International Equity Funds — 28.0% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 912 | 11,965 | ||||||
Avantis International Equity Fund G Class | 2,902 | 35,812 | ||||||
Focused International Growth Fund G Class | 944 | 19,879 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 1,936 | 19,905 | ||||||
NT Emerging Markets Fund G Class | 1,201 | 17,855 | ||||||
NT Global Real Estate Fund G Class | 907 | 11,961 | ||||||
NT International Small-Mid Cap Fund G Class | 529 | 8,246 | ||||||
125,623 | ||||||||
Domestic Fixed Income Funds — 8.1% | ||||||||
Avantis Core Fixed Income Fund G Class | 2,657 | 26,916 | ||||||
Inflation-Adjusted Bond Fund G Class | 192 | 2,515 | ||||||
NT High Income Fund G Class | 679 | 6,835 | ||||||
36,266 | ||||||||
International Fixed Income Funds — 3.0% | ||||||||
Emerging Markets Debt Fund G Class | 346 | 3,672 | ||||||
Global Bond Fund G Class | 937 | 10,001 | ||||||
13,673 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $435,886) | 449,001 | |||||||
OTHER ASSETS AND LIABILITIES† | (8) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 448,993 |
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, 2021
One Choice Blend+ 2060 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 61.7% | ||||||||
Avantis U.S. Equity Fund G Class | 5,135 | $ | 74,669 | |||||
Avantis U.S. Small Cap Value Fund G Class | 450 | 6,685 | ||||||
Focused Dynamic Growth Fund G Class | 790 | 49,046 | ||||||
NT Focused Large Cap Value Fund G Class | 3,720 | 49,470 | ||||||
NT Heritage Fund G Class | 676 | 11,884 | ||||||
NT Mid Cap Value Fund G Class | 795 | 11,866 | ||||||
Small Cap Growth Fund G Class | 240 | 6,725 | ||||||
210,345 | ||||||||
International Equity Funds — 28.2% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 698 | 9,161 | ||||||
Avantis International Equity Fund G Class | 2,224 | 27,439 | ||||||
Focused International Growth Fund G Class | 726 | 15,294 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 1,484 | 15,255 | ||||||
NT Emerging Markets Fund G Class | 920 | 13,679 | ||||||
NT Global Real Estate Fund G Class | 703 | 9,271 | ||||||
NT International Small-Mid Cap Fund G Class | 401 | 6,258 | ||||||
96,357 | ||||||||
Domestic Fixed Income Funds — 7.3% | ||||||||
Avantis Core Fixed Income Fund G Class | 1,828 | 18,515 | ||||||
Inflation-Adjusted Bond Fund G Class | 131 | 1,716 | ||||||
NT High Income Fund G Class | 466 | 4,697 | ||||||
24,928 | ||||||||
International Fixed Income Funds — 2.8% | ||||||||
Emerging Markets Debt Fund G Class | 239 | 2,537 | ||||||
Global Bond Fund G Class | 643 | 6,863 | ||||||
9,400 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $331,210) | 341,030 | |||||||
OTHER ASSETS AND LIABILITIES† | (6) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 341,024 |
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, 2021
One Choice Blend+ 2065 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 61.7% | ||||||||
Avantis U.S. Equity Fund G Class | 9,144 | $ | 132,953 | |||||
Avantis U.S. Small Cap Value Fund G Class | 817 | 12,124 | ||||||
Focused Dynamic Growth Fund G Class | 1,404 | 87,145 | ||||||
NT Focused Large Cap Value Fund G Class | 6,610 | 87,914 | ||||||
NT Heritage Fund G Class | 1,220 | 21,438 | ||||||
NT Mid Cap Value Fund G Class | 1,413 | 21,078 | ||||||
Small Cap Growth Fund G Class | 431 | 12,067 | ||||||
374,719 | ||||||||
International Equity Funds — 28.3% | ||||||||
Avantis Emerging Markets Equity Fund G Class | 1,234 | 16,193 | ||||||
Avantis International Equity Fund G Class | 3,975 | 49,049 | ||||||
Focused International Growth Fund G Class | 1,292 | 27,209 | ||||||
Non-U.S. Intrinsic Value Fund G Class | 2,634 | 27,078 | ||||||
NT Emerging Markets Fund G Class | 1,634 | 24,302 | ||||||
NT Global Real Estate Fund G Class | 1,243 | 16,377 | ||||||
NT International Small-Mid Cap Fund G Class | 731 | 11,388 | ||||||
171,596 | ||||||||
Domestic Fixed Income Funds — 7.3% | ||||||||
Avantis Core Fixed Income Fund G Class | 3,241 | 32,830 | ||||||
Inflation-Adjusted Bond Fund G Class | 226 | 2,959 | ||||||
NT High Income Fund G Class | 818 | 8,237 | ||||||
44,026 | ||||||||
International Fixed Income Funds — 2.7% | ||||||||
Emerging Markets Debt Fund G Class | 414 | 4,393 | ||||||
Global Bond Fund G Class | 1,133 | 12,093 | ||||||
16,486 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $588,194) | 606,827 | |||||||
OTHER ASSETS AND LIABILITIES† | (10) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 606,817 |
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
Statements of Assets and Liabilities |
JULY 31, 2021 | ||||||||
One Choice Blend+ 2015 Portfolio | One Choice Blend+ 2020 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $171,445 and $91,615, respectively) | $ | 174,141 | $ | 94,664 | ||||
Cash | 63 | 29 | ||||||
Distributions receivable from affiliates | 53 | 48 | ||||||
174,257 | 94,741 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 53 | 49 | ||||||
Payable for capital shares redeemed | — | 36,941 | ||||||
Accrued management fees | 41 | 34 | ||||||
Distribution and service fees payable | 4 | 6 | ||||||
98 | 37,030 | |||||||
Net Assets | $ | 174,159 | $ | 57,711 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 171,391 | $ | 53,679 | ||||
Distributable earnings | 2,768 | 4,032 | ||||||
$ | 174,159 | $ | 57,711 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Blend+ 2015 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $153,153 | 14,576 | $10.51 | ||||||||
I Class, $0.01 Par Value | $5,257 | 500 | $10.51 | ||||||||
A Class, $0.01 Par Value | $5,247 | 500 | $10.49* | ||||||||
R Class, $0.01 Par Value | $5,242 | 500 | $10.48 | ||||||||
R6 Class, $0.01 Par Value | $5,260 | 500 | $10.52 | ||||||||
One Choice Blend+ 2020 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $15,438 | 1,460 | $10.57 | ||||||||
I Class, $0.01 Par Value | $10,579 | 1,000 | $10.58 | ||||||||
A Class, $0.01 Par Value | $10,559 | 1,000 | $10.56* | ||||||||
R Class, $0.01 Par Value | $10,549 | 1,000 | $10.55 | ||||||||
R6 Class, $0.01 Par Value | $10,586 | 1,000 | $10.59 |
*Maximum offering price $11.13 and $11.20 (net asset value divided by 0.9425) for One Choice Blend+ 2015 Portfolio and One Choice Blend+ 2020 Portfolio, respectively.
See Notes to Financial Statements.
34
JULY 31, 2021 | ||||||||
One Choice Blend+ 2025 Portfolio | One Choice Blend+ 2030 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $1,622,435 and $1,974,423, respectively) | $ | 1,657,450 | $ | 2,027,759 | ||||
Cash | — | 23 | ||||||
Receivable for investments sold | 668 | — | ||||||
Receivable for capital shares sold | 42 | 72,971 | ||||||
Distributions receivable from affiliates | 948 | 1,208 | ||||||
1,659,108 | 2,101,961 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 949 | 2,856 | ||||||
Payable for capital shares redeemed | — | 70,402 | ||||||
Accrued management fees | 729 | 973 | ||||||
Distribution and service fees payable | 7 | 5 | ||||||
1,685 | 74,236 | |||||||
Net Assets | $ | 1,657,423 | $ | 2,027,725 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 1,614,066 | $ | 1,971,820 | ||||
Distributable earnings | 43,357 | 55,905 | ||||||
$ | 1,657,423 | $ | 2,027,725 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Blend+ 2025 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $1,628,900 | 154,346 | $10.55 | ||||||||
I Class, $0.01 Par Value | $5,280 | 500 | $10.56 | ||||||||
A Class, $0.01 Par Value | $5,270 | 500 | $10.54* | ||||||||
R Class, $0.01 Par Value | $12,690 | 1,205 | $10.53 | ||||||||
R6 Class, $0.01 Par Value | $5,283 | 500 | $10.57 | ||||||||
One Choice Blend+ 2030 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $2,002,195 | 189,329 | $10.58 | ||||||||
I Class, $0.01 Par Value | $5,294 | 500 | $10.59 | ||||||||
A Class, $0.01 Par Value | $5,284 | 500 | $10.57* | ||||||||
R Class, $0.01 Par Value | $9,655 | 914 | $10.56 | ||||||||
R6 Class, $0.01 Par Value | $5,297 | 500 | $10.59 |
*Maximum offering price $11.18 and $11.21 (net asset value divided by 0.9425) for One Choice Blend+ 2025 Portfolio and One Choice Blend+ 2030 Portfolio, respectively.
See Notes to Financial Statements.
35
JULY 31, 2021 | ||||||||
One Choice Blend+ 2035 Portfolio | One Choice Blend+ 2040 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $1,633,684 and $809,715, respectively) | $ | 1,679,557 | $ | 838,735 | ||||
Cash | 100 | — | ||||||
Receivable for capital shares sold | 41,000 | 1,625 | ||||||
Distributions receivable from affiliates | 882 | 365 | ||||||
1,721,539 | 840,725 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 41,004 | 1,584 | ||||||
Accrued management fees | 783 | 406 | ||||||
Distribution and service fees payable | 9 | 14 | ||||||
41,796 | 2,004 | |||||||
Net Assets | $ | 1,679,743 | $ | 838,721 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 1,631,505 | $ | 808,990 | ||||
Distributable earnings | 48,238 | 29,731 | ||||||
$ | 1,679,743 | $ | 838,721 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Blend+ 2035 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $1,619,984 | 152,715 | $10.61 | ||||||||
I Class, $0.01 Par Value | $30,783 | 2,899 | $10.62 | ||||||||
A Class, $0.01 Par Value | $5,299 | 500 | $10.60* | ||||||||
R Class, $0.01 Par Value | $18,365 | 1,735 | $10.59 | ||||||||
R6 Class, $0.01 Par Value | $5,312 | 500 | $10.62 | ||||||||
One Choice Blend+ 2040 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $790,070 | 74,190 | $10.65 | ||||||||
I Class, $0.01 Par Value | $5,328 | 500 | $10.66 | ||||||||
A Class, $0.01 Par Value | $5,319 | 500 | $10.64* | ||||||||
R Class, $0.01 Par Value | $32,672 | 3,075 | $10.63 | ||||||||
R6 Class, $0.01 Par Value | $5,332 | 500 | $10.66 |
*Maximum offering price $11.25 and $11.29 (net asset value divided by 0.9425) for One Choice Blend+ 2035 Portfolio and One Choice Blend+ 2040 Portfolio, respectively.
See Notes to Financial Statements.
36
JULY 31, 2021 | ||||||||
One Choice Blend+ 2045 Portfolio | One Choice Blend+ 2050 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $453,285 and $877,476, respectively) | $ | 462,389 | $ | 905,355 | ||||
Cash | — | 12 | ||||||
Receivable for investments sold | — | 28,402 | ||||||
Receivable for capital shares sold | 89 | 38,965 | ||||||
Distributions receivable from affiliates | 120 | 196 | ||||||
462,598 | 972,930 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 120 | 196 | ||||||
Payable for capital shares redeemed | — | 30,000 | ||||||
Accrued management fees | 185 | 409 | ||||||
Distribution and service fees payable | 7 | 45 | ||||||
312 | 30,650 | |||||||
Net Assets | $ | 462,286 | $ | 942,280 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 453,220 | $ | 914,812 | ||||
Distributable earnings | 9,066 | 27,468 | ||||||
$ | 462,286 | $ | 942,280 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Blend+ 2045 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $430,903 | 40,331 | $10.68 | ||||||||
I Class, $0.01 Par Value | $5,345 | 500 | $10.69 | ||||||||
A Class, $0.01 Par Value | $5,335 | 500 | $10.67* | ||||||||
R Class, $0.01 Par Value | $15,355 | 1,441 | $10.66 | ||||||||
R6 Class, $0.01 Par Value | $5,348 | 500 | $10.70 | ||||||||
One Choice Blend+ 2050 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $821,581 | 76,766 | $10.70 | ||||||||
I Class, $0.01 Par Value | $5,358 | 500 | $10.72 | ||||||||
A Class, $0.01 Par Value | $5,348 | 500 | $10.70* | ||||||||
R Class, $0.01 Par Value | $104,632 | 9,794 | $10.68 | ||||||||
R6 Class, $0.01 Par Value | $5,361 | 500 | $10.72 |
*Maximum offering price $11.32 and $11.35 (net asset value divided by 0.9425) for One Choice Blend+ 2045 Portfolio and One Choice Blend+ 2050 Portfolio, respectively.
See Notes to Financial Statements.
37
JULY 31, 2021 | ||||||||
One Choice Blend+ 2055 Portfolio | One Choice Blend+ 2060 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $435,886 and $331,210, respectively) | $ | 449,001 | $ | 341,030 | ||||
Cash | 17 | — | ||||||
Receivable for capital shares sold | 198 | 12,967 | ||||||
Distributions receivable from affiliates | 77 | 50 | ||||||
449,293 | 354,047 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 77 | 9,864 | ||||||
Payable for capital shares redeemed | — | 3,000 | ||||||
Accrued management fees | 214 | 154 | ||||||
Distribution and service fees payable | 9 | 5 | ||||||
300 | 13,023 | |||||||
Net Assets | $ | 448,993 | $ | 341,024 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 436,004 | $ | 331,522 | ||||
Distributable earnings | 12,989 | 9,502 | ||||||
$ | 448,993 | $ | 341,024 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Blend+ 2055 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $413,474 | 38,547 | $10.73 | ||||||||
I Class, $0.01 Par Value | $5,367 | 500 | $10.73 | ||||||||
A Class, $0.01 Par Value | $5,357 | 500 | $10.71* | ||||||||
R Class, $0.01 Par Value | $19,425 | 1,815 | $10.70 | ||||||||
R6 Class, $0.01 Par Value | $5,370 | 500 | $10.74 | ||||||||
One Choice Blend+ 2060 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $303,790 | 28,311 | $10.73 | ||||||||
I Class, $0.01 Par Value | $5,366 | 500 | $10.73 | ||||||||
A Class, $0.01 Par Value | $5,400 | 504 | $10.71* | ||||||||
R Class, $0.01 Par Value | $21,098 | 1,972 | $10.70 | ||||||||
R6 Class, $0.01 Par Value | $5,370 | 500 | $10.74 |
*Maximum offering price $11.36 and $11.36 (net asset value divided by 0.9425) for One Choice Blend+ 2055 Portfolio and One Choice Blend+ 2060 Portfolio, respectively.
See Notes to Financial Statements.
38
JULY 31, 2021 | |||||
One Choice Blend+ 2065 Portfolio | |||||
Assets | |||||
Investment securities in affiliates, at value (cost of $588,194) | $ | 606,827 | |||
Cash | 15 | ||||
Receivable for capital shares sold | 1,873 | ||||
Distributions receivable from affiliates | 92 | ||||
608,807 | |||||
Liabilities | |||||
Payable for investments purchased | 1,681 | ||||
Accrued management fees | 287 | ||||
Distribution and service fees payable | 22 | ||||
1,990 | |||||
Net Assets | $ | 606,817 | |||
Net Assets Consist of: | |||||
Capital (par value and paid-in surplus) | $ | 589,279 | |||
Distributable earnings | 17,538 | ||||
$ | 606,817 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Blend+ 2065 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $541,456 | 50,184 | $10.79 | ||||||||
I Class, $0.01 Par Value | $5,398 | 500 | $10.80 | ||||||||
A Class, $0.01 Par Value | $5,388 | 500 | $10.78* | ||||||||
R Class, $0.01 Par Value | $49,174 | 4,567 | $10.77 | ||||||||
R6 Class, $0.01 Par Value | $5,401 | 500 | $10.80 |
*Maximum offering price $11.44 (net asset value divided by 0.9425) for One Choice Blend+ 2065 Portfolio.
See Notes to Financial Statements.
39
Statements of Operations |
FOR THE PERIOD ENDED JULY 31, 2021 | ||||||||
One Choice Blend+ 2015 Portfolio(1) | One Choice Blend+ 2020 Portfolio(1) | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 165 | $ | 321 | ||||
Expenses: | ||||||||
Management fees | 79 | 132 | ||||||
Distribution and service fees: | ||||||||
A Class | 5 | 10 | ||||||
R Class | 10 | 20 | ||||||
Directors' fees and expenses | — | 1 | ||||||
94 | 163 | |||||||
Fees waived | (1) | (1) | ||||||
93 | 162 | |||||||
Net investment income (loss) | 72 | 159 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on sales of investments in underlying funds | — | 824 | ||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 2,696 | 3,049 | ||||||
Net realized and unrealized gain (loss) on affiliates | 2,696 | 3,873 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,768 | $ | 4,032 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
40
FOR THE PERIOD ENDED JULY 31, 2021 | ||||||||
One Choice Blend+ 2025 Portfolio(1) | One Choice Blend+ 2030 Portfolio(1) | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 4,864 | $ | 5,935 | ||||
Expenses: | ||||||||
Management fees | 1,997 | 2,775 | ||||||
Distribution and service fees: | ||||||||
A Class | 5 | 5 | ||||||
R Class | 20 | 14 | ||||||
Directors' fees and expenses | 8 | 9 | ||||||
2,030 | 2,803 | |||||||
Fees waived | (31) | (27) | ||||||
1,999 | 2,776 | |||||||
Net investment income (loss) | 2,865 | 3,159 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on sales of investments in underlying funds | 5,477 | (590) | ||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 35,015 | 53,336 | ||||||
Net realized and unrealized gain (loss) on affiliates | 40,492 | 52,746 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 43,357 | $ | 55,905 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
41
FOR THE PERIOD ENDED JULY 31, 2021 | ||||||||
One Choice Blend+ 2035 Portfolio(1) | One Choice Blend+ 2040 Portfolio(1) | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 4,500 | $ | 2,090 | ||||
Expenses: | ||||||||
Management fees | 2,329 | 1,273 | ||||||
Distribution and service fees: | ||||||||
A Class | 5 | 5 | ||||||
R Class | 25 | 36 | ||||||
Directors' fees and expenses | 8 | 5 | ||||||
2,367 | 1,319 | |||||||
Fees waived | (6) | — | ||||||
2,361 | 1,319 | |||||||
Net investment income (loss) | 2,139 | 771 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on sales of investments in underlying funds | 226 | (60) | ||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 45,873 | 29,020 | ||||||
Net realized and unrealized gain (loss) on affiliates | 46,099 | 28,960 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 48,238 | $ | 29,731 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
42
FOR THE PERIOD ENDED JULY 31, 2021 | ||||||||
One Choice Blend+ 2045 Portfolio(1) | One Choice Blend+ 2050 Portfolio(1) | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 588 | $ | 1,422 | ||||
Expenses: | ||||||||
Management fees | 414 | 1,144 | ||||||
Distribution and service fees: | ||||||||
A Class | 5 | 5 | ||||||
R Class | 19 | 140 | ||||||
Directors' fees and expenses | 1 | 4 | ||||||
439 | 1,293 | |||||||
Net investment income (loss) | 149 | 129 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on sales of investments in underlying funds | (187) | (540) | ||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 9,104 | 27,879 | ||||||
Net realized and unrealized gain (loss) on affiliates | 8,917 | 27,339 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,066 | $ | 27,468 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
43
FOR THE PERIOD ENDED JULY 31, 2021 | ||||||||
One Choice Blend+ 2055 Portfolio(1) | One Choice Blend+ 2060 Portfolio(1) | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 734 | $ | 570 | ||||
Expenses: | ||||||||
Management fees | 599 | 422 | ||||||
Distribution and service fees: | ||||||||
A Class | 5 | 5 | ||||||
R Class | 22 | 12 | ||||||
Directors' fees and expenses | 2 | 2 | ||||||
628 | 441 | |||||||
Net investment income (loss) | 106 | 129 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on sales of investments in underlying funds | (232) | (447) | ||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 13,115 | 9,820 | ||||||
Net realized and unrealized gain (loss) on affiliates | 12,883 | 9,373 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,989 | $ | 9,502 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
44
FOR THE PERIOD ENDED JULY 31, 2021 | |||||
One Choice Blend+ 2065 Portfolio(1) | |||||
Investment Income (Loss) | |||||
Income from Affiliates: | |||||
Income distributions from underlying funds | $ | 1,023 | |||
Expenses: | |||||
Management fees | 837 | ||||
Distribution and service fees: | |||||
A Class | 5 | ||||
R Class | 57 | ||||
Directors' fees and expenses | 3 | ||||
902 | |||||
Net investment income (loss) | 121 | ||||
Realized and Unrealized Gain (Loss) on Affiliates | |||||
Net realized gain (loss) on sales of investments in underlying funds | (1,216) | ||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 18,633 | ||||
Net realized and unrealized gain (loss) on affiliates | 17,417 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 17,538 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
45
Statements of Changes in Net Assets |
PERIOD ENDED JULY 31, 2021 | ||||||||
Increase (Decrease) in Net Assets | One Choice Blend+ 2015 Portfolio(1) | One Choice Blend+ 2020 Portfolio(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 72 | $ | 159 | ||||
Net realized gain (loss) | — | 824 | ||||||
Change in net unrealized appreciation (depreciation) | 2,696 | 3,049 | ||||||
Net increase (decrease) in net assets resulting from operations | 2,768 | 4,032 | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 171,391 | 53,679 | ||||||
Net increase (decrease) in net assets | 174,159 | 57,711 | ||||||
Net Assets | ||||||||
End of period | $ | 174,159 | $ | 57,711 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
46
PERIOD ENDED JULY 31, 2021 | ||||||||
Increase (Decrease) in Net Assets | One Choice Blend+ 2025 Portfolio(1) | One Choice Blend+ 2030 Portfolio(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,865 | $ | 3,159 | ||||
Net realized gain (loss) | 5,477 | (590) | ||||||
Change in net unrealized appreciation (depreciation) | 35,015 | 53,336 | ||||||
Net increase (decrease) in net assets resulting from operations | 43,357 | 55,905 | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 1,614,066 | 1,971,820 | ||||||
Net increase (decrease) in net assets | 1,657,423 | 2,027,725 | ||||||
Net Assets | ||||||||
End of period | $ | 1,657,423 | $ | 2,027,725 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
47
PERIOD ENDED JULY 31, 2021 | ||||||||
Increase (Decrease) in Net Assets | One Choice Blend+ 2035 Portfolio(1) | One Choice Blend+ 2040 Portfolio(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,139 | $ | 771 | ||||
Net realized gain (loss) | 226 | (60) | ||||||
Change in net unrealized appreciation (depreciation) | 45,873 | 29,020 | ||||||
Net increase (decrease) in net assets resulting from operations | 48,238 | 29,731 | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 1,631,505 | 808,990 | ||||||
Net increase (decrease) in net assets | 1,679,743 | 838,721 | ||||||
Net Assets | ||||||||
End of period | $ | 1,679,743 | $ | 838,721 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
48
PERIOD ENDED JULY 31, 2021 | ||||||||
Increase (Decrease) in Net Assets | One Choice Blend+ 2045 Portfolio(1) | One Choice Blend+ 2050 Portfolio(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 149 | $ | 129 | ||||
Net realized gain (loss) | (187) | (540) | ||||||
Change in net unrealized appreciation (depreciation) | 9,104 | 27,879 | ||||||
Net increase (decrease) in net assets resulting from operations | 9,066 | 27,468 | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 453,220 | 914,812 | ||||||
Net increase (decrease) in net assets | 462,286 | 942,280 | ||||||
Net Assets | ||||||||
End of period | $ | 462,286 | $ | 942,280 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
49
PERIOD ENDED JULY 31, 2021 | ||||||||
Increase (Decrease) in Net Assets | One Choice Blend+ 2055 Portfolio(1) | One Choice Blend+ 2060 Portfolio(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 106 | $ | 129 | ||||
Net realized gain (loss) | (232) | (447) | ||||||
Change in net unrealized appreciation (depreciation) | 13,115 | 9,820 | ||||||
Net increase (decrease) in net assets resulting from operations | 12,989 | 9,502 | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 436,004 | 331,522 | ||||||
Net increase (decrease) in net assets | 448,993 | 341,024 | ||||||
Net Assets | ||||||||
End of period | $ | 448,993 | $ | 341,024 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
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PERIOD ENDED JULY 31, 2021 | |||||
Increase (Decrease) in Net Assets | One Choice Blend+ 2065 Portfolio(1) | ||||
Operations | |||||
Net investment income (loss) | $ | 121 | |||
Net realized gain (loss) | (1,216) | ||||
Change in net unrealized appreciation (depreciation) | 18,633 | ||||
Net increase (decrease) in net assets resulting from operations | 17,538 | ||||
Capital Share Transactions | |||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 589,279 | ||||
Net increase (decrease) in net assets | 606,817 | ||||
Net Assets | |||||
End of period | $ | 606,817 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
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Notes to Financial Statements |
JULY 31, 2021
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 Blend+ 2015 Portfolio, One Choice Blend+ 2020 Portfolio, One Choice Blend+ 2025 Portfolio, One Choice Blend+ 2030 Portfolio, One Choice Blend+ 2035 Portfolio, One Choice Blend+ 2040 Portfolio, One Choice Blend+ 2045 Portfolio, One Choice Blend+ 2050 Portfolio, One Choice Blend+ 2055 Portfolio, One Choice Blend+ 2060 Portfolio and One Choice Blend+ 2065 Portfolio (collectively, the funds) are eleven 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 varying combinations of other mutual funds and exchange-traded funds advised by American Century Investments (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 or avantisinvestors.com. Each fund's investment objective is to seek the highest total return consistent with its asset mix.
The funds offer the Investor Class, I Class, A Class, R Class and R6 Class. The A Class may incur an initial sales charge and may be subject to a contingent deferred sales charge. All classes of the funds commenced sale on March 10, 2021, the funds’ inception date.
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.
Open-end management investment companies are valued at their reported NAV. Exchange-traded funds are listed or traded on a domestic securities exchange and are valued at the last reported sales price or at the official closing price as provided by the exchange.
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.
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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 and net realized gains, if any, are generally declared and paid annually.
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. ACIM owns 15%, 91% and 6% of the shares of One Choice Blend+ 2015 Portfolio, One Choice Blend+ 2020 Portfolio and One Choice Blend+ 2060 Portfolio, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.
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 ACIM will pay all expenses of managing and operating the funds, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and 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 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 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.
The annual management fee for each class of each fund is as follows:
Investor, A and R Classes | I Class | R6 Class | ||||||
0.58% | 0.38% | 0.23% |
The investment advisor will waive the portion of each fund’s management fee equal to the expenses attributable to the management fees of the underlying funds in which the funds invest. The amount of this waiver will fluctuate depending on each fund’s daily allocation to the underlying funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Directors.
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For the period ended July 31, 2021, the fee waiver and the effective annual management fee after waiver for each class of each fund listed below are as follows:
Effective Annual Management Fee After Waiver | ||||||||||||||
Fee Waiver | Investor, A and R Classes | I Class | R6 Class | |||||||||||
One Choice Blend+ 2015 Portfolio | 0.02% | 0.56% | 0.36% | 0.21% | ||||||||||
One Choice Blend+ 2020 Portfolio | 0.01% | 0.57% | 0.37% | 0.22% | ||||||||||
One Choice Blend+ 2025 Portfolio | 0.01% | 0.57% | 0.37% | 0.22% | ||||||||||
One Choice Blend+ 2030 Portfolio | 0.01% | 0.57% | 0.37% | 0.22% | ||||||||||
One Choice Blend+ 2035 Portfolio | 0.00%* | 0.58% | 0.38% | 0.23% |
*Fee waiver was less than 0.005%.
The total amount of the waiver for each class of each fund listed below for the period ended July 31, 2021 is as follows:
Investor Class | I Class* | A Class* | R Class* | R6 Class* | |||||||||||||
One Choice Blend+ 2015 Portfolio | $1 | — | — | — | — | ||||||||||||
One Choice Blend+ 2020 Portfolio | $1 | — | — | — | — | ||||||||||||
One Choice Blend+ 2025 Portfolio | $31 | — | — | — | — | ||||||||||||
One Choice Blend+ 2030 Portfolio | $27 | — | — | — | — | ||||||||||||
One Choice Blend+ 2035 Portfolio | $6 | — | — | — | — |
*Amounts shown as "—" were less than $0.50.
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 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 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, 2021 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.
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4. Investment Transactions
Investment transactions for the period March 10, 2021 (fund inception) through July 31, 2021 were as follows:
One Choice Blend+ 2015 Portfolio | One Choice Blend+ 2020 Portfolio | One Choice Blend+ 2025 Portfolio | One Choice Blend+ 2030 Portfolio | |||||||||||
Purchases | $171,445 | $199,234 | $1,816,646 | $2,010,261 | ||||||||||
Sales | — | $108,443 | $199,688 | $35,248 |
One Choice Blend+ 2035 Portfolio | One Choice Blend+ 2040 Portfolio | One Choice Blend+ 2045 Portfolio | One Choice Blend+ 2050 Portfolio | |||||||||||
Purchases | $1,656,643 | $820,852 | $471,326 | $930,828 | ||||||||||
Sales | $23,185 | $11,077 | $17,854 | $52,812 |
One Choice Blend+ 2055 Portfolio | One Choice Blend+ 2060 Portfolio | One Choice Blend+ 2065 Portfolio | |||||||||
Purchases | $460,261 | $354,909 | $653,725 | ||||||||
Sales | $24,143 | $23,252 | $64,315 |
5. Capital Share Transactions
The corporation is authorized to issue 6,000,000,000 shares. Transactions in shares of the funds were as follows:
Period ended July 31, 2021(1) | ||||||||
Shares | Amount | |||||||
One Choice Blend+ 2015 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 14,576 | $ | 151,391 | |||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 500 | 5,000 | ||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 16,576 | $ | 171,391 |
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Period ended July 31, 2021(1) | ||||||||
Shares | Amount | |||||||
One Choice Blend+ 2020 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 12,168 | $ | 122,121 | |||||
Redeemed | (10,708) | (108,442) | ||||||
1,460 | 13,679 | |||||||
I Class | ||||||||
Sold | 1,000 | 10,000 | ||||||
A Class | ||||||||
Sold | 1,000 | 10,000 | ||||||
R Class | ||||||||
Sold | 1,000 | 10,000 | ||||||
R6 Class | ||||||||
Sold | 1,000 | 10,000 | ||||||
Net increase (decrease) | 5,460 | $ | 53,679 |
One Choice Blend+ 2025 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 174,858 | $ | 1,799,888 | |||||
Redeemed | (20,512) | (213,007) | ||||||
154,346 | 1,586,881 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 1,205 | 12,185 | ||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 157,051 | $ | 1,614,066 |
One Choice Blend+ 2030 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 192,386 | $ | 1,978,917 | |||||
Redeemed | (3,057) | (31,452) | ||||||
189,329 | 1,947,465 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 7,930 | 83,341 | ||||||
Redeemed | (7,016) | (73,986) | ||||||
914 | 9,355 | |||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 191,743 | $ | 1,971,820 |
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Period ended July 31, 2021(1) | ||||||||
Shares | Amount | |||||||
One Choice Blend+ 2035 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 158,731 | $ | 1,636,199 | |||||
Redeemed | (6,016) | (62,440) | ||||||
152,715 | 1,573,759 | |||||||
I Class | ||||||||
Sold | 2,899 | 30,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 1,735 | 17,746 | ||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 158,349 | $ | 1,631,505 |
One Choice Blend+ 2040 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 74,690 | $ | 767,397 | |||||
Redeemed | (500) | (5,190) | ||||||
74,190 | 762,207 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 3,127 | 32,335 | ||||||
Redeemed | (52) | (552) | ||||||
3,075 | 31,783 | |||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 78,765 | $ | 808,990 |
One Choice Blend+ 2045 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 42,167 | $ | 442,742 | |||||
Redeemed | (1,836) | (19,340) | ||||||
40,331 | 423,402 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 1,441 | 14,818 | ||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 43,272 | $ | 453,220 |
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Period ended July 31, 2021(1) | ||||||||
Shares | Amount | |||||||
One Choice Blend+ 2050 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 81,284 | $ | 846,934 | |||||
Redeemed | (4,518) | (47,991) | ||||||
76,766 | 798,943 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 9,970 | 102,702 | ||||||
Redeemed | (176) | (1,833) | ||||||
9,794 | 100,869 | |||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 88,060 | $ | 914,812 |
One Choice Blend+ 2055 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 40,975 | $ | 428,121 | |||||
Redeemed | (2,428) | (25,932) | ||||||
38,547 | 402,189 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 1,815 | 18,815 | ||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 41,862 | $ | 436,004 |
One Choice Blend+ 2060 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 31,386 | $ | 328,101 | |||||
Redeemed | (3,075) | (32,333) | ||||||
28,311 | 295,768 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 504 | 5,048 | ||||||
R Class | ||||||||
Sold | 1,972 | 20,706 | ||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 31,787 | $ | 331,522 |
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Period ended July 31, 2021(1) | ||||||||
Shares | Amount | |||||||
One Choice Blend+ 2065 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 56,234 | $ | 586,651 | |||||
Redeemed | (6,050) | (60,245) | ||||||
50,184 | 526,406 | |||||||
I Class | ||||||||
Sold | 500 | 5,000 | ||||||
A Class | ||||||||
Sold | 500 | 5,000 | ||||||
R Class | ||||||||
Sold | 5,334 | 55,981 | ||||||
Redeemed | (767) | (8,108) | ||||||
4,567 | 47,873 | |||||||
R6 Class | ||||||||
Sold | 500 | 5,000 | ||||||
Net increase (decrease) | 56,251 | $ | 589,279 |
(1)March 10, 2021 (fund inception) through July 31, 2021.
6. Fair Value Measurements
The funds’ investment 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.
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7. Federal Tax Information
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. There were no distributions paid by the funds during the period March 10, 2021 (fund inception) through July 31, 2021.
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 Blend+ 2015 Portfolio | One Choice Blend+ 2020 Portfolio | One Choice Blend+ 2025 Portfolio | One Choice Blend+ 2030 Portfolio | |||||||||||
Federal tax cost of investments | $ | 171,445 | $ | 91,672 | $ | 1,622,892 | $ | 1,975,038 | ||||||
Gross tax appreciation of investments | $ | 2,708 | $ | 2,997 | $ | 36,668 | $ | 54,818 | ||||||
Gross tax depreciation of investments | (12) | (5) | (2,110) | (2,097) | ||||||||||
Net tax appreciation (depreciation) of investments | $ | 2,696 | $ | 2,992 | $ | 34,558 | $ | 52,721 | ||||||
Undistributed ordinary income | $ | 72 | $ | 1,040 | $ | 8,799 | $ | 3,184 |
One Choice Blend+ 2035 Portfolio | One Choice Blend+ 2040 Portfolio | One Choice Blend+ 2045 Portfolio | One Choice Blend+ 2050 Portfolio | |||||||||||
Federal tax cost of investments | $ | 1,633,693 | $ | 809,848 | $ | 453,514 | $ | 878,140 | ||||||
Gross tax appreciation of investments | $ | 48,303 | $ | 29,706 | $ | 10,079 | $ | 28,765 | ||||||
Gross tax depreciation of investments | (2,439) | (819) | (1,204) | (1,550) | ||||||||||
Net tax appreciation (depreciation) of investments | $ | 45,864 | $ | 28,887 | $ | 8,875 | $ | 27,215 | ||||||
Undistributed ordinary income | $ | 2,374 | $ | 844 | $ | 191 | $ | 253 |
One Choice Blend+ 2055 Portfolio | One Choice Blend+ 2060 Portfolio | One Choice Blend+ 2065 Portfolio | ||||||||||||
Federal tax cost of investments | $ | 436,180 | $ | 331,682 | $ | 589,451 | ||||||||
Gross tax appreciation of investments | $ | 13,823 | $ | 10,345 | $ | 18,629 | ||||||||
Gross tax depreciation of investments | (1,002) | (997) | (1,253) | |||||||||||
Net tax appreciation (depreciation) of investments | $ | 12,821 | $ | 9,348 | $ | 17,376 | ||||||||
Undistributed ordinary income | $ | 168 | $ | 154 | $ | 162 |
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.
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9. Risk Factors
The value of the funds’ shares will go up and down based on the performance of the underlying funds in which they invest. The value of the underlying funds’ shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
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10. Affiliated Fund Transactions
A summary of transactions for each underlying fund for the period March 10, 2021 (fund inception) through July 31, 2021 follows:
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 Blend+ 2015 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis Core Fixed Income Fund | — | $ | 47 | — | — | $ | 47 | 5 | — | — | ||||||||||||||||
Avantis Short-Term Fixed Income Fund | — | 11 | — | — | 11 | 1 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 8 | — | $ | 1 | 9 | 1 | — | — | |||||||||||||||||
NT High Income Fund | — | 6 | — | — | 6 | 1 | — | — | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | — | 11 | — | — | 11 | 1 | — | — | ||||||||||||||||||
American Century Low Volatility ETF | — | 8 | — | — | 8 | — | — | — | ||||||||||||||||||
Avantis U.S. Equity Fund | — | 13 | — | 1 | 14 | 1 | — | — | ||||||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 1 | — | — | 1 | — | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 9 | — | — | 9 | — | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 11 | — | — | 11 | 1 | — | — | ||||||||||||||||||
NT Heritage Fund | — | 1 | — | — | 1 | — | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 3 | — | — | 3 | — | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 1 | — | — | 1 | — | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 2 | — | — | 2 | — | — | — | ||||||||||||||||||
Global Bond Fund | — | 21 | — | 1 | 22 | 2 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 7 | — | — | 7 | 1 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 4 | — | — | 4 | — | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 5 | — | — | 5 | — | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 2 | — | — | 2 | — | — | — | ||||||||||||||||||
— | $ | 171 | — | $ | 3 | $ | 174 | 14 | — | — |
(1)Underlying fund investments represent G Class, except American Century Low Volatility ETF.
(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 Blend+ 2020 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis Core Fixed Income Fund | — | $ | 53 | $ | 29 | $ | 1 | $ | 25 | 3 | — | — | ||||||||||||||
Avantis Short-Term Fixed Income Fund | — | 9 | 5 | — | 4 | — | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 10 | 5 | — | 5 | — | — | — | ||||||||||||||||||
NT High Income Fund | — | 9 | 5 | — | 4 | — | — | — | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | — | 10 | 5 | — | 5 | — | — | — | ||||||||||||||||||
American Century Low Volatility ETF | — | 8 | 4 | — | 4 | — | — | — | ||||||||||||||||||
Avantis U.S. Equity Fund | — | 17 | 10 | 1 | 8 | 1 | — | — | ||||||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 2 | 1 | — | 1 | — | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 12 | 7 | 1 | 6 | — | $ | 1 | — | |||||||||||||||||
NT Focused Large Cap Value Fund | — | 13 | 7 | — | 6 | — | — | — | ||||||||||||||||||
NT Heritage Fund | — | 2 | 1 | — | 1 | — | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 3 | 1 | — | 2 | — | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 2 | 1 | — | 1 | — | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 3 | 1 | — | 2 | — | — | — | ||||||||||||||||||
Global Bond Fund | — | 24 | 13 | — | 11 | 1 | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 1 | 1 | — | — | — | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 9 | 5 | — | 4 | — | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 5 | 3 | — | 2 | — | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 5 | 2 | — | 3 | — | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 2 | 1 | — | 1 | — | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | — | — | — | — | — | — | — | ||||||||||||||||||
— | $ | 199 | $ | 107 | $ | 3 | $ | 95 | 5 | $ | 1 | — |
(1)Underlying fund investments represent G Class, except American Century Low Volatility ETF.
(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 Blend+ 2025 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis Core Fixed Income Fund | — | $ | 451 | $ | 44 | $ | 7 | $ | 414 | 41 | — | $ | 1 | |||||||||||||
Avantis Short-Term Fixed Income Fund | — | 41 | 3 | — | 38 | 4 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 76 | 7 | 2 | 71 | 5 | — | 1 | ||||||||||||||||||
NT High Income Fund | — | 93 | 9 | — | 84 | 8 | — | 1 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | — | 70 | 7 | 1 | 64 | 6 | — | — | ||||||||||||||||||
American Century Low Volatility ETF | — | 56 | 6 | 3 | 53 | 1 | — | — | ||||||||||||||||||
Avantis U.S. Equity Fund | — | 196 | 25 | 5 | 176 | 12 | $ | 1 | — | |||||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 19 | 2 | — | 17 | 1 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 123 | 17 | 8 | 114 | 2 | 1 | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 144 | 16 | 1 | 129 | 10 | 1 | 1 | ||||||||||||||||||
NT Heritage Fund | — | 19 | 3 | 2 | 18 | 1 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 35 | 4 | — | 31 | 2 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 18 | 2 | 1 | 17 | 1 | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 13 | 2 | — | 11 | 1 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 89 | 10 | 1 | 80 | 6 | 1 | — | ||||||||||||||||||
Focused International Growth Fund | — | 47 | 5 | 1 | 43 | 2 | 1 | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 55 | 6 | (1) | 48 | 5 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 13 | 2 | — | 11 | 1 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 22 | 2 | 1 | 21 | 2 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 7 | 1 | — | 6 | — | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 39 | 4 | — | 35 | 3 | — | 1 | ||||||||||||||||||
Global Bond Fund | — | 191 | 18 | 3 | 176 | 17 | — | — | ||||||||||||||||||
— | $ | 1,817 | $ | 195 | $ | 35 | $ | 1,657 | 131 | $ | 5 | $ | 5 |
(1)Underlying fund investments represent G Class, except American Century Low Volatility ETF.
(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 Blend+ 2030 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
American Century Low Volatility ETF | — | $ | 38 | — | $ | 3 | $ | 41 | 1 | — | — | |||||||||||||||
Avantis U.S. Equity Fund | — | 257 | $ | 6 | 10 | 261 | 18 | — | — | |||||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 25 | 1 | — | 24 | 2 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 165 | 5 | 11 | 171 | 3 | $ | (1) | — | |||||||||||||||||
NT Large Company Value Fund | — | 182 | 3 | 4 | 183 | 14 | — | $ | 1 | |||||||||||||||||
NT Heritage Fund | — | 33 | 1 | 2 | 34 | 2 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 44 | — | — | 44 | 3 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 25 | 1 | 1 | 25 | 1 | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 451 | 6 | 9 | 454 | 45 | — | 2 | ||||||||||||||||||
Avantis Short-Term Fixed Income Fund | — | 19 | — | — | 19 | 2 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 61 | — | 2 | 63 | 5 | — | 1 | ||||||||||||||||||
NT High Income Fund | — | 105 | 2 | 1 | 104 | 10 | — | 1 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | — | 39 | — | 1 | 40 | 4 | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 26 | 1 | — | 25 | 2 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 109 | 1 | 2 | 110 | 9 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 60 | 1 | 2 | 61 | 3 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 66 | 1 | (1) | 64 | 6 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 31 | 1 | (1) | 29 | 2 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 30 | 1 | 2 | 31 | 2 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 15 | 1 | 1 | 15 | 1 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 49 | 1 | — | 48 | 5 | — | 1 | ||||||||||||||||||
Global Bond Fund | — | 180 | 2 | 4 | 182 | 17 | — | — | ||||||||||||||||||
— | $ | 2,010 | $ | 35 | $ | 53 | $ | 2,028 | 157 | $ | (1) | $ | 6 |
(1)Underlying fund investments represent G Class, except American Century Low Volatility ETF.
(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 Blend+ 2035 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
American Century Low Volatility ETF | — | $ | 8 | — | $ | 1 | $ | 9 | — | — | — | |||||||||||||||
Avantis U.S. Equity Fund | — | 252 | $ | 5 | 12 | 259 | 18 | — | — | |||||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 24 | — | (1) | 23 | 2 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 160 | 1 | 11 | 170 | 3 | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 173 | 4 | 4 | 173 | 13 | — | $ | 1 | |||||||||||||||||
NT Heritage Fund | — | 36 | — | 3 | 39 | 2 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 43 | 1 | — | 42 | 3 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 23 | — | — | 23 | 1 | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 323 | 5 | 6 | 324 | 32 | — | 1 | ||||||||||||||||||
Avantis Short-Term Fixed Income Fund | — | 3 | — | — | 3 | — | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 32 | — | 1 | 33 | 3 | — | — | ||||||||||||||||||
NT High Income Fund | — | 80 | 1 | 1 | 80 | 8 | — | 2 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | — | 6 | — | — | 6 | 1 | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 30 | — | — | 30 | 2 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 98 | 2 | 2 | 98 | 8 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 53 | — | 1 | 54 | 3 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 56 | 1 | — | 55 | 5 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 45 | 1 | (1) | 43 | 3 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 29 | — | 3 | 32 | 2 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 19 | — | 1 | 20 | 1 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 42 | — | — | 42 | 4 | — | 1 | ||||||||||||||||||
Global Bond Fund | — | 122 | 2 | 2 | 122 | 11 | — | — | ||||||||||||||||||
— | $ | 1,657 | $ | 23 | $ | 46 | $ | 1,680 | 125 | — | $ | 5 |
(1)Underlying fund investments represent G Class, except American Century Low Volatility ETF.
(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 Blend+ 2040 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis U.S. Equity Fund | — | $ | 142 | $ | 3 | $ | 8 | $ | 147 | 10 | — | — | ||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 13 | — | — | 13 | 1 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 92 | 2 | 7 | 97 | 2 | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 96 | 2 | 3 | 97 | 7 | — | $ | 2 | |||||||||||||||||
NT Heritage Fund | — | 22 | — | 2 | 24 | 1 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 23 | — | — | 23 | 2 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 13 | — | — | 13 | — | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 18 | — | — | 18 | 1 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 53 | 1 | 2 | 54 | 4 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 30 | 1 | 1 | 30 | 1 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 31 | 1 | — | 30 | 3 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 28 | — | (1) | 27 | 2 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 16 | — | 2 | 18 | 1 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 12 | — | 1 | 13 | 1 | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 125 | 1 | 3 | 127 | 13 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 12 | — | — | 12 | 1 | — | — | ||||||||||||||||||
NT High Income Fund | — | 32 | — | — | 32 | 3 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 17 | — | — | 17 | 2 | — | — | ||||||||||||||||||
Global Bond Fund | — | 46 | — | 1 | 47 | 4 | — | — | ||||||||||||||||||
— | $ | 821 | $ | 11 | $ | 29 | $ | 839 | 59 | — | $ | 2 |
(1)Underlying fund investments represent G 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 Blend+ 2045 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis U.S. Equity Fund | — | $ | 91 | $ | 4 | $ | 2 | $ | 89 | 6 | — | — | ||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 8 | — | — | 8 | 1 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 59 | 3 | 3 | 59 | 1 | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 60 | 2 | 1 | 59 | 4 | — | — | ||||||||||||||||||
NT Heritage Fund | — | 14 | 1 | 1 | 14 | 1 | — | $ | 1 | |||||||||||||||||
NT Mid Cap Value Fund | — | 15 | 1 | — | 14 | 1 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 8 | — | — | 8 | — | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 11 | — | — | 11 | 1 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 34 | 2 | 1 | 33 | 3 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 20 | 1 | — | 19 | 1 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 19 | — | — | 19 | 2 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 19 | 1 | (1) | 17 | 1 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 11 | 1 | 1 | 11 | 1 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 8 | — | — | 8 | — | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 51 | 2 | 1 | 50 | 5 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 5 | — | — | 5 | — | — | — | ||||||||||||||||||
NT High Income Fund | — | 13 | — | — | 13 | 1 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 7 | — | — | 7 | 1 | — | — | ||||||||||||||||||
Global Bond Fund | — | 18 | — | — | 18 | 2 | — | — | ||||||||||||||||||
— | $ | 471 | $ | 18 | $ | 9 | $ | 462 | 32 | — | $ | 1 |
(1)Underlying fund investments represent G 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 Blend+ 2050 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis U.S. Equity Fund | — | $ | 189 | $ | 9 | $ | 7 | $ | 187 | 13 | — | — | ||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 18 | 1 | — | 17 | 1 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 124 | 8 | 7 | 123 | 2 | $ | (1) | — | |||||||||||||||||
NT Focused Large Cap Value Fund | — | 128 | 8 | 4 | 124 | 9 | — | $ | 1 | |||||||||||||||||
NT Heritage Fund | — | 30 | 2 | 2 | 30 | 2 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 31 | 1 | — | 30 | 2 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 18 | 1 | — | 17 | 1 | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 24 | 1 | — | 23 | 2 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 72 | 5 | 2 | 69 | 6 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 40 | 3 | 2 | 39 | 2 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 41 | 3 | — | 38 | 4 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 37 | 2 | (1) | 34 | 2 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 23 | 2 | 2 | 23 | 2 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 16 | 1 | 1 | 16 | 1 | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 76 | 5 | 2 | 73 | 7 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 7 | — | — | 7 | 1 | — | — | ||||||||||||||||||
NT High Income Fund | — | 19 | 1 | — | 18 | 2 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 10 | — | — | 10 | 1 | — | — | ||||||||||||||||||
Global Bond Fund | — | 28 | 1 | — | 27 | 3 | — | — | ||||||||||||||||||
— | $ | 931 | $ | 54 | $ | 28 | $ | 905 | 63 | $ | (1) | $ | 1 |
(1)Underlying fund investments represent G 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 Blend+ 2055 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis U.S. Equity Fund | — | $ | 99 | $ | 5 | $ | 3 | $ | 97 | 7 | — | — | ||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 9 | — | — | 9 | 1 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 65 | 5 | 4 | 64 | 1 | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 65 | 3 | 2 | 64 | 5 | — | $ | 1 | |||||||||||||||||
NT Heritage Fund | — | 15 | 1 | 1 | 15 | 1 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 16 | 1 | — | 15 | 1 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 9 | — | — | 9 | — | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 12 | — | — | 12 | 1 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 37 | 2 | 1 | 36 | 3 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 20 | 1 | 1 | 20 | 1 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 21 | 1 | — | 20 | 2 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 20 | 1 | (1) | 18 | 1 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 12 | 1 | 1 | 12 | 1 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 8 | — | — | 8 | 1 | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 28 | 2 | 1 | 27 | 3 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 2 | — | — | 2 | — | — | — | ||||||||||||||||||
NT High Income Fund | — | 7 | — | — | 7 | 1 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 4 | — | — | 4 | — | — | — | ||||||||||||||||||
Global Bond Fund | — | 11 | 1 | — | 10 | 1 | — | — | ||||||||||||||||||
— | $ | 460 | $ | 24 | $ | 13 | $ | 449 | 31 | — | $ | 1 |
(1)Underlying fund investments represent G 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 Blend+ 2060 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis U.S. Equity Fund | — | $ | 77 | $ | 5 | $ | 3 | $ | 75 | 5 | — | — | ||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 7 | — | — | 7 | — | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 50 | 5 | 4 | 49 | 1 | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 51 | 3 | 1 | 49 | 4 | — | $ | 1 | |||||||||||||||||
NT Heritage Fund | — | 12 | 1 | 1 | 12 | 1 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 13 | 1 | — | 12 | 1 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 8 | 1 | — | 7 | — | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 10 | 1 | — | 9 | 1 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 29 | 2 | — | 27 | 2 | — | — | ||||||||||||||||||
Focused International Growth Fund | — | 16 | 1 | — | 15 | 1 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 16 | 1 | — | 15 | 1 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 15 | 1 | — | 14 | 1 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 9 | 1 | 1 | 9 | 1 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 6 | — | — | 6 | — | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 19 | 1 | — | 18 | 2 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 2 | — | — | 2 | — | — | — | ||||||||||||||||||
NT High Income Fund | — | 5 | — | — | 5 | — | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 3 | — | — | 3 | — | — | — | ||||||||||||||||||
Global Bond Fund | — | 7 | — | — | 7 | 1 | — | — | ||||||||||||||||||
— | $ | 355 | $ | 24 | $ | 10 | $ | 341 | 22 | — | $ | 1 |
(1)Underlying fund investments represent G 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 Blend+ 2065 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Avantis U.S. Equity Fund | — | $ | 141 | $ | 13 | $ | 5 | $ | 133 | 9 | — | — | ||||||||||||||
Avantis U.S. Small Cap Value Fund | — | 13 | 1 | — | 12 | 1 | — | — | ||||||||||||||||||
Focused Dynamic Growth Fund | — | 93 | 11 | 5 | 87 | 1 | — | — | ||||||||||||||||||
NT Focused Large Cap Value Fund | — | 95 | 10 | 3 | 88 | 7 | — | $ | 1 | |||||||||||||||||
NT Heritage Fund | — | 22 | 3 | 2 | 21 | 1 | — | — | ||||||||||||||||||
NT Mid Cap Value Fund | — | 23 | 2 | — | 21 | 1 | — | — | ||||||||||||||||||
Small Cap Growth Fund | — | 13 | 1 | — | 12 | — | — | — | ||||||||||||||||||
Avantis Emerging Markets Equity Fund | — | 18 | 2 | — | 16 | 1 | — | — | ||||||||||||||||||
Avantis International Equity Fund | — | 53 | 5 | 1 | 49 | 4 | $ | (1) | — | |||||||||||||||||
Focused International Growth Fund | — | 30 | 3 | 1 | 28 | 1 | — | — | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 30 | 3 | — | 27 | 3 | — | — | ||||||||||||||||||
NT Emerging Markets Fund | — | 28 | 3 | (1) | 24 | 2 | — | — | ||||||||||||||||||
NT Global Real Estate Fund | — | 17 | 2 | 1 | 16 | 1 | — | — | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 12 | 1 | 1 | 12 | 1 | — | — | ||||||||||||||||||
Avantis Core Fixed Income Fund | — | 36 | 4 | 1 | 33 | 3 | — | — | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 3 | — | — | 3 | — | — | — | ||||||||||||||||||
NT High Income Fund | — | 9 | 1 | — | 8 | 1 | — | — | ||||||||||||||||||
Emerging Markets Debt Fund | — | 5 | — | — | 5 | — | — | — | ||||||||||||||||||
Global Bond Fund | — | 13 | 1 | — | 12 | 1 | — | — | ||||||||||||||||||
— | $ | 654 | $ | 66 | $ | 19 | $ | 607 | 38 | $ | (1) | $ | 1 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 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 Blend+ 2015 Portfolio | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.50 | 0.51 | $10.51 | 5.10% | 0.56%(4) | 0.58%(4) | 0.52%(4) | 0.50%(4) | 0% | $153 | ||||||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.47 | 0.51 | $10.51 | 5.10% | 0.36%(4) | 0.38%(4) | 0.72%(4) | 0.70%(4) | 0% | $5 | ||||||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.47 | 0.49 | $10.49 | 4.90% | 0.81%(4) | 0.83%(4) | 0.27%(4) | 0.25%(4) | 0% | $5 | ||||||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.47 | 0.48 | $10.48 | 4.80% | 1.06%(4) | 1.08%(4) | 0.02%(4) | 0.00%(4)(5) | 0% | $5 | ||||||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.48 | 0.52 | $10.52 | 5.20% | 0.21%(4) | 0.23%(4) | 0.87%(4) | 0.85%(4) | 0% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Ratio was less than 0.005%.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 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 Blend+ 2020 Portfolio | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.55 | 0.57 | $10.57 | 5.20% | 0.57%(4) | 0.58%(4) | 0.66%(4) | 0.65%(4) | 137% | $15 | ||||||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.54 | 0.58 | $10.58 | 5.30% | 0.37%(4) | 0.38%(4) | 0.86%(4) | 0.85%(4) | 137% | $11 | ||||||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.54 | 0.56 | $10.56 | 5.10% | 0.82%(4) | 0.83%(4) | 0.41%(4) | 0.40%(4) | 137% | $11 | ||||||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.54 | 0.55 | $10.55 | 5.00% | 1.07%(4) | 1.08%(4) | 0.16%(4) | 0.15%(4) | 137% | $11 | ||||||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.55 | 0.59 | $10.59 | 5.40% | 0.22%(4) | 0.23%(4) | 1.01%(4) | 1.00%(4) | 137% | $11 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 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 Blend+ 2025 Portfolio | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 0.52 | 0.55 | $10.55 | 5.50% | 0.57%(4) | 0.58%(4) | 0.85%(4) | 0.84%(4) | 24% | $1,629 | ||||||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.52 | 0.56 | $10.56 | 5.60% | 0.37%(4) | 0.38%(4) | 1.05%(4) | 1.04%(4) | 24% | $5 | ||||||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.52 | 0.54 | $10.54 | 5.40% | 0.82%(4) | 0.83%(4) | 0.60%(4) | 0.59%(4) | 24% | $5 | ||||||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.52 | 0.53 | $10.53 | 5.30% | 1.07%(4) | 1.08%(4) | 0.35%(4) | 0.34%(4) | 24% | $13 | ||||||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.53 | 0.57 | $10.57 | 5.70% | 0.22%(4) | 0.23%(4) | 1.20%(4) | 1.19%(4) | 24% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 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 Blend+ 2030 Portfolio | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 0.55 | 0.58 | $10.58 | 5.80% | 0.57%(4) | 0.58%(4) | 0.68%(4) | 0.67%(4) | 3% | $2,002 | ||||||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.55 | 0.59 | $10.59 | 5.90% | 0.37%(4) | 0.38%(4) | 0.88%(4) | 0.87%(4) | 3% | $5 | ||||||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.55 | 0.57 | $10.57 | 5.70% | 0.82%(4) | 0.83%(4) | 0.43%(4) | 0.42%(4) | 3% | $5 | ||||||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(5) | 0.56 | 0.56 | $10.56 | 5.60% | 1.07%(4) | 1.08%(4) | 0.18%(4) | 0.17%(4) | 3% | $10 | ||||||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.55 | 0.59 | $10.59 | 5.90% | 0.22%(4) | 0.23%(4) | 1.03%(4) | 1.02%(4) | 3% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Per-share amount was less than $0.005.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 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 Blend+ 2035 Portfolio | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.59 | 0.61 | $10.61 | 6.10% | 0.58%(4) | 0.58%(4) | 0.54%(4) | 0.54%(4) | 2% | $1,620 | ||||||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 0.59 | 0.62 | $10.62 | 6.20% | 0.38%(4) | 0.38%(4) | 0.74%(4) | 0.74%(4) | 2% | $31 | ||||||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.59 | 0.60 | $10.60 | 6.00% | 0.83%(4) | 0.83%(4) | 0.29%(4) | 0.29%(4) | 2% | $5 | ||||||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(5) | 0.59 | 0.59 | $10.59 | 5.90% | 1.08%(4) | 1.08%(4) | 0.04%(4) | 0.04%(4) | 2% | $18 | ||||||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.04 | 0.58 | 0.62 | $10.62 | 6.20% | 0.23%(4) | 0.23%(4) | 0.89%(4) | 0.89%(4) | 2% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Per-share amount was less than $0.005.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 Asset Value End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||
One Choice Blend+ 2040 Portfolio | ||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.64 | 0.65 | $10.65 | 6.50% | 0.58%(4) | 0.37%(4) | 2% | $790 | ||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.64 | 0.66 | $10.66 | 6.60% | 0.38%(4) | 0.57%(4) | 2% | $5 | ||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.63 | 0.64 | $10.64 | 6.40% | 0.83%(4) | 0.12%(4) | 2% | $5 | ||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(5) | 0.63 | 0.63 | $10.63 | 6.30% | 1.08%(4) | (0.13)%(4) | 2% | $33 | ||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 0.63 | 0.66 | $10.66 | 6.60% | 0.23%(4) | 0.72%(4) | 2% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Per-share amount was less than $0.005.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 Asset Value End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||
One Choice Blend+ 2045 Portfolio | ||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.67 | 0.68 | $10.68 | 6.80% | 0.58%(4) | 0.24%(4) | 10% | $431 | ||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.67 | 0.69 | $10.69 | 6.90% | 0.38%(4) | 0.44%(4) | 10% | $5 | ||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(5) | 0.67 | 0.67 | $10.67 | 6.70% | 0.83%(4) | (0.01)%(4) | 10% | $5 | ||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.01) | 0.67 | 0.66 | $10.66 | 6.60% | 1.08%(4) | (0.26)%(4) | 10% | $15 | ||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 0.67 | 0.70 | $10.70 | 7.00% | 0.23%(4) | 0.59%(4) | 10% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Per-share amount was less than $0.005.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 Asset Value End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||
One Choice Blend+ 2050 Portfolio | ||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.69 | 0.70 | $10.70 | 7.10% | 0.58%(4) | 0.14%(4) | 12% | $822 | ||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.70 | 0.72 | $10.72 | 7.20% | 0.38%(4) | 0.34%(4) | 12% | $5 | ||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(5) | 0.70 | 0.70 | $10.70 | 7.00% | 0.83%(4) | (0.11)%(4) | 12% | $5 | ||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.01) | 0.69 | 0.68 | $10.68 | 6.80% | 1.08%(4) | (0.36)%(4) | 12% | $105 | ||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 0.69 | 0.72 | $10.72 | 7.20% | 0.23%(4) | 0.49%(4) | 12% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Per-share amount was less than $0.005.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 Asset Value End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||
One Choice Blend+ 2055 Portfolio | ||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | 0.73 | 0.73 | $10.73 | 7.30% | 0.58%(5) | 0.12%(5) | 10% | $413 | ||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.71 | 0.73 | $10.73 | 7.30% | 0.38%(5) | 0.32%(5) | 10% | $5 | ||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | 0.71 | 0.71 | $10.71 | 7.10% | 0.83%(5) | (0.13)%(5) | 10% | $5 | ||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.01) | 0.71 | 0.70 | $10.70 | 7.00% | 1.08%(5) | (0.38)%(5) | 10% | $19 | ||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.72 | 0.74 | $10.74 | 7.40% | 0.23%(5) | 0.47%(5) | 10% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Per-share amount was less than $0.005.
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 Asset Value End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||
One Choice Blend+ 2060 Portfolio | ||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.72 | 0.73 | $10.73 | 7.30% | 0.58%(4) | 0.19%(4) | 13% | $304 | ||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.01 | 0.72 | 0.73 | $10.73 | 7.30% | 0.38%(4) | 0.39%(4) | 13% | $5 | ||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(5) | 0.71 | 0.71 | $10.71 | 7.10% | 0.83%(4) | (0.06)%(4) | 13% | $5 | ||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.01) | 0.71 | 0.70 | $10.70 | 7.00% | 1.08%(4) | (0.31)%(4) | 13% | $21 | ||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.72 | 0.74 | $10.74 | 7.40% | 0.23%(4) | 0.54%(4) | 13% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Annualized.
(5)Per-share amount was less than $0.005.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 Asset Value End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||
One Choice Blend+ 2065 Portfolio | ||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | 0.79 | 0.79 | $10.79 | 7.90% | 0.58%(5) | 0.13%(5) | 19% | $541 | ||||||||||||||||||||||
I Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.78 | 0.80 | $10.80 | 8.00% | 0.38%(5) | 0.33%(5) | 19% | $5 | ||||||||||||||||||||||
A Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | 0.78 | 0.78 | $10.78 | 7.80% | 0.83%(5) | (0.12)%(5) | 19% | $5 | ||||||||||||||||||||||
R Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.01) | 0.78 | 0.77 | $10.77 | 7.70% | 1.08%(5) | (0.37)%(5) | 19% | $49 | ||||||||||||||||||||||
R6 Class | ||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.02 | 0.78 | 0.80 | $10.80 | 8.00% | 0.23%(5) | 0.48%(5) | 19% | $5 |
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)March 10, 2021 (fund inception) through July 31, 2021.
(4)Per-share amount was less than $0.005.
(5)Annualized.
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, including the schedules of investments, of One Choice® Blend+ 2015 Portfolio, One Choice® Blend+ 2020 Portfolio, One Choice® Blend+ 2025 Portfolio, One Choice® Blend+ 2030 Portfolio, One Choice® Blend+ 2035 Portfolio, One Choice® Blend+ 2040 Portfolio, One Choice® Blend+ 2045 Portfolio, One Choice® Blend+ 2050 Portfolio, One Choice® Blend+ 2055 Portfolio, One Choice® Blend+ 2060 Portfolio, and One Choice® Blend+ 2065 Portfolio, eleven of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Funds”), as of July 31, 2021, the related statements of operations, the statements of changes in net assets, and the financial highlights for the period from March 10, 2021 (commencement of operations) through July 31, 2021, 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 of the American Century Asset Allocation Portfolios, Inc. as of July 31, 2021, and the results of their operations, the changes in their net assets, and the financial highlights for the period from March 10, 2021 (commencement of operations) through July 31, 2021, 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, 2021, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
DELOITTE & TOUCHE LLP
Kansas City, Missouri
September 15, 2021
We have served as the auditor of one or more American Century investment companies since 1997.
84
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 | 72 | SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016) | ||||||||||||
Chris H. Cheesman (1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 72 | None | ||||||||||||
Barry Fink (1955) | Director | Since 2012 (independent since 2016) | Retired | 72 | None | ||||||||||||
Rajesh K. Gupta (1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to Present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 72 | None |
85
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 | |||||||||||||||||
Lynn Jenkins (1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 72 | MGP Ingredients, Inc. (2019 to 2021) | ||||||||||||
Jan M. Lewis (1957) | Director | Since 2011 | Retired | 72 | None | ||||||||||||
John R. Whitten (1946) | Director | Since 2008 | Retired | 72 | Onto Innovation Inc. (2019 to 2020); Rudolph Technologies, Inc. (2006 to 2019) | ||||||||||||
Stephen E. Yates (1948) | Director and Chairman of the Board | Since 2012 (Chairman since 2018) | Retired | 103 | None | ||||||||||||
Interested Director | |||||||||||||||||
Jonathan S. Thomas (1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 141 | None |
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.
86
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 | ||||||
Patrick Bannigan (1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); 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). 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) |
87
Approval of Management Agreement |
At a meeting held on September 2, 2020, the Funds’ Board of Directors unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the One Choice Blend+ 2015 Portfolio, One Choice Blend+ 2020 Portfolio, One Choice Blend+ 2025 Portfolio, One Choice Blend+ 2030 Portfolio, One Choice Blend+ 2035 Portfolio, One Choice Blend+ 2040 Portfolio, One Choice Blend+ 2045 Portfolio, One Choice Blend+ 2050 Portfolio, One Choice Blend+ 2055 Portfolio, One Choice Blend+ 2060 Portfolio, and One Choice Blend+ 2065 Portfolio (collectively the "New Funds"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent directors and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds would be sold. The information considered and the discussions held included, but were not limited to:
•the nature, extent, and quality of investment management and other services to be provided to the New Funds;
•the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;
•each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning each New Fund compared to the cost of owning similar funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Funds.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of each of the New Funds were anticipated to be below the median of the total expense ratios of each fund’s expected peer universe.
When considering the approval of the management agreement for the New Funds, the independent Directors considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Directors’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Directors have confidence in the Advisor’s integrity and competence in providing services to the New Funds.
The independent Directors considered all of the information provided by the Advisor and the independent Directors’ independent counsel in connection with the approval, and evaluated such information for the New Funds. 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. The independent Directors concluded that the overall arrangements between the New Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
88
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 American Century Investments’ website at americancentury.com/proxy 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 americancentury.com/proxy. 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 as an exhibit to their reports on Form N-PORT. These portfolio holdings are available on the funds' website at
americancentury.com and, upon request, by calling 1-800-345-2021. The funds' Form N-PORT
reports are available on the SEC’s website at sec.gov.
89
Notes |
90
Notes |
91
Notes |
92
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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. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-97414 2109 |
![image4.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image4.jpg)
Annual Report | |||||
July 31, 2021 | |||||
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 | |||||
Performance | |||||
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 | |||||
Liquidity Risk Management Program | |||||
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 |
![image223.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image223.jpg)
Dear Investor:
Thank you for reviewing this annual report for the period ended July 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.
Stocks Delivered Strong Gains
Global equities and other risk-on assets rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.
In general, data on U.S. manufacturing, employment, housing and corporate earnings remained upbeat during the period. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.
Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual inflation soared to a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.
Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, risk assets remained in favor, and global stocks delivered stellar 12-month returns. The U.S. generally outperformed other developed markets, as the S&P 500 Index returned more than 36%. Value stocks generally outperformed growth stocks, while small caps sharply outpaced large caps. The broad U.S. bond market declined modestly, but global bonds delivered a slight gain.
Several Influences Shaping Market Dynamics
The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization and fiscal and monetary policy likely will sway market dynamics.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
![image224.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image224.jpg)
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Performance |
Total Returns as of July 31, 2021 | ||||||||||||||||||||
Average Annual Returns | ||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | |||||||||||||||
One Choice Portfolio: Very Conservative | ||||||||||||||||||||
Investor Class | AONIX | 11.39% | 5.85% | 5.18% | — | 9/30/04 | ||||||||||||||
R Class | AORHX | 10.73% | 5.32% | — | 4.67% | 3/20/15 | ||||||||||||||
One Choice Portfolio: Conservative | ||||||||||||||||||||
Investor Class | AOCIX | 16.82% | 8.10% | 7.11% | — | 9/30/04 | ||||||||||||||
R Class | AORSX | 16.30% | 7.57% | — | 6.16% | 3/20/15 | ||||||||||||||
One Choice Portfolio: Moderate | ||||||||||||||||||||
Investor Class | AOMIX | 23.09% | 10.57% | 8.87% | — | 9/30/04 | ||||||||||||||
R Class | AORMX | 22.54% | 10.02% | — | 7.83% | 3/20/15 | ||||||||||||||
One Choice Portfolio: Aggressive | ||||||||||||||||||||
Investor Class | AOGIX | 28.36% | 12.47% | 10.22% | — | 9/30/04 | ||||||||||||||
R Class | AORYX | 27.80% | 11.92% | — | 9.13% | 3/20/15 | ||||||||||||||
One Choice Portfolio: Very Aggressive | ||||||||||||||||||||
Investor Class | AOVIX | 34.63% | 14.48% | 11.62% | — | 9/30/04 | ||||||||||||||
R Class | AORVX | 33.90% | 13.89% | — | 10.46% | 3/20/15 | ||||||||||||||
Russell 3000 Index | — | 38.73% | 17.35% | 15.14% | — | — | ||||||||||||||
Bloomberg Barclays U.S. Aggregate Bond Index | — | -0.70% | 3.12% | 3.34% | — | — |
Average annual returns since inception are presented when ten years of performance history is not available. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
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, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-74eef7993b674bd2901.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-74eef7993b674bd2901.jpg)
Value on July 31, 2021 | |||||
Investor Class — $16,584 | |||||
Russell 3000 Index — $41,010 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index — $13,897 | |||||
Growth of $10,000 Over 10 Years of One Choice Portfolio: Conservative | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-e51a6b790f6a4f1c8bc.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-e51a6b790f6a4f1c8bc.jpg)
Value on July 31, 2021 | |||||
Investor Class — $19,881 | |||||
Russell 3000 Index — $41,010 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index — $13,897 | |||||
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, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-e6762071e7694258a17.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-e6762071e7694258a17.jpg)
Value on July 31, 2021 | |||||
Investor Class — $23,399 | |||||
Russell 3000 Index — $41,010 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index — $13,897 | |||||
Growth of $10,000 Over 10 Years of One Choice Portfolio: Aggressive | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-6b2fd43a724c4bdba9b.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-6b2fd43a724c4bdba9b.jpg)
Value on July 31, 2021 | |||||
Investor Class — $26,475 | |||||
Russell 3000 Index — $41,010 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index — $13,897 | |||||
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, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-527e2f36553b45178d7.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-527e2f36553b45178d7.jpg)
Value on July 31, 2021 | |||||
Investor Class — $30,048 | |||||
Russell 3000 Index — $41,010 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index — $13,897 | |||||
Total Annual Fund Operating Expenses | ||||||||
Investor Class | R Class | |||||||
One Choice Portfolio: Very Conservative | 0.71% | 1.21% | ||||||
One Choice Portfolio: Conservative | 0.81% | 1.31% | ||||||
One Choice Portfolio: Moderate | 0.89% | 1.39% | ||||||
One Choice Portfolio: Aggressive | 0.94% | 1.44% | ||||||
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, Vidya Rajappa and Brian Garbe
Performance Summary
For the fiscal year ended July 31, 2021, returns of the One Choice® Target Risk Portfolios ranged from 11.39%* for One Choice Portfolio: Very Conservative to 34.63% for One Choice Portfolio: Very Aggressive (see pages 3-6 for more detailed performance information). The period was marked by a shift from growth-oriented investments to value-oriented investments as investors sought to take advantage of the reopening of the economy, especially in the U.S. In that environment, performance for the 12 months benefited from exposure to U.S. equity markets. Large-cap, value-oriented investments performed particularly well. In U.S. fixed-income allocations, holdings in the high-yield market were the leading contributors. In non-U.S. equity markets, large-cap growth stocks made strong contributions, while non-U.S. bond allocations made more modest contributions to absolute results.
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
Early in the period, global stocks rallied sharply, supported by strong economic and earnings data, accommodative monetary policy and optimism surrounding COVID-19 vaccine trials. Approval of COVID-19 vaccines further raised hopes that economic activity could soon normalize. In late 2020 and early 2021, distribution of the vaccines and continued monetary and fiscal relief resulted in a shift toward more economically sensitive cyclical stocks. As a result, value stocks outperformed growth, small-cap stocks led both mid- and large-cap stocks, and energy and financials outperformed technology and health care stocks. Questions about the strength of the global economic recovery remained, however, and a rise in COVID-19 cases and delays in vaccine rollouts also posed challenges, especially for emerging markets.
In U.S. equities markets, strong economic growth and earnings bolstered performance early in the period, but Congress and the White House failed to reach an agreement on another coronavirus relief package, which led to market volatility. But by late 2020, stocks had fully recovered from the pandemic-related sell-off and reached new highs, supported by the rollout of COVID-19 vaccines, increased growth expectations and positive corporate earnings reports. Fiscal policy also boosted the economic outlook as Congress passed the $1.9 trillion American Rescue Plan Act. U.S. stocks continued to rally in 2021 amid ongoing earnings strength, expanding vaccine availability and easing COVID-19 restrictions. Economic data remained uneven, however. Supply chain constraints, rising input prices and strong consumer demand drove inflation sharply higher, resulting in some volatility. A slight acceleration in the Federal Reserve’s potential rate-hike timetable also added to market volatility late in the reporting period, though performance overall for the fiscal year remained quite strong.
In the global bond market, returns were modestly positive, though they varied widely by sector and geography. For example, U.S. government bond returns were negative, mortgage-backed security returns were essentially flat, but investment-grade and high-yield corporate bonds performed well. This reflects strong corporate earnings and an improved economic outlook, which supported a rally in corporate bonds. Expectations for increased federal borrowing, improving economic growth and higher inflation pushed the U.S. 10-year Treasury yield to its highest level in more than a year by late March 2021. But uncertainty about the health of the job market and a resurgent virus ultimately led to a decline in bond yields throughout the rest of the reporting period.
*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
Outside the U.S., government bonds generally managed small, positive returns, while higher-yielding segments of the market performed better. Initially, yields generally declined due to concerns about a second wave of COVID-19, continued global economic uncertainty and renewed trade tensions. Toward the end of 2020, global and U.S. bonds continued to post positive returns, though non-U.S. bonds outperformed their U.S. counterparts due largely to a weakening dollar.
In Europe, government bond yields edged lower as another wave of the virus led to renewed lockdowns and short-term economic uncertainty. Japan’s 10-year government bond yields remained near zero late in the year, while emerging markets bond returns rallied in the risk-on climate amid hopes for a return to normal in 2021. But conditions changed beginning in 2021 as government bond yields increased on expectations that vaccine distribution could lead to stronger economic growth. Yields in the eurozone rose sharply on expectations that stronger growth and higher inflation could lead to less accommodative monetary policy. Conditions reversed again in May, when the spread of the delta variant of COVID-19 raised fears of another dramatic economic slowdown. As a result, bond yields fell again and central banks around the globe generally left accommodative monetary policies in place to ensure an economic recovery.
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. The Schedules of Investments within this report provide underlying fund allocations for each Portfolio.
Equity holdings across the Portfolios generated positive absolute returns, with the Focused Large Cap Value Fund and Sustainable Equity Fund the leading contributors to performance. Bond holdings also added to absolute performance, with Diversified Bond Fund, Inflation-Adjusted Bond Fund and NT High Income Fund being the leading contributors. On a relative basis, Focused Large Cap Value Fund and Mid Cap Value Fund detracted most from performance compared with benchmarks. On the other hand, Small Cap Value Fund and Small Cap Growth Fund performed very well in absolute terms and versus their benchmarks. Among non-U.S. equities, the Non-U.S. Intrinsic Value Fund was a notable contributor to relative and absolute returns. Bond holdings also supported relative performance, with NT High Income Fund leading the way.
Portfolio Strategy
The net effects of the tactical allocation decisions were positive across all Portfolios except Very Aggressive. Security selection decisions also provided a net positive in all but Very Aggressive. A key tactical trade was an overweight position in U.S. stocks during the 12 months, which performed best among the broad asset classes. Positive security selection results were most pronounced in U.S. bonds.
A Look Ahead
The global economy is healthy and corporate profits are rebounding, but market risks remain. Volatility could spike if investors’ assumptions about inflation, interest rates and corporate earnings disappoint. And while the U.S. is leading the recovery in developed markets as easing coronavirus restrictions unleash pent-up consumer demand, the outlook for emerging markets is improving as vaccination rates climb. Therefore, we remain neutral in our stock allocations relative to bonds and cash.
Economically sensitive value stocks look appealing relative to growth stocks. We believe the economic recovery that’s driving the rotation from growth to value still has plenty of room to run. We also favor small-cap stocks based on several favorable conditions, including stronger U.S. growth relative to non-U.S. economies, low interest rates, tight corporate bond spreads, rising commodity prices and relatively attractive valuations.
Our outlook for emerging markets sovereign debt and U.S. securitized bonds is positive. We’re more selective around U.S. credit, U.S. government debt and European debt. We continue to believe in the efficacy and desirability of broad portfolio diversification by asset class and geography.
8
Portfolio Characteristics |
Portfolio Composition as a % of net assets as of July 31, 2021 | |||||||||||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||||||||||
Domestic Fixed Income Funds | 58.4% | 40.4% | 26.8% | 16.3% | — | ||||||||||||
Domestic Equity Funds | 25.2% | 34.5% | 46.5% | 57.0% | 66.5% | ||||||||||||
International Fixed Income Funds | 16.4% | 14.1% | 8.6% | 4.3% | — | ||||||||||||
International Equity Funds | — | 11.0% | 18.1% | 22.4% | 33.5% | ||||||||||||
Other Assets and Liabilities | —(1) | —(1) | —(1) | —(1) | —(1) |
(1)Category is less than 0.05% of total net assets.
9
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, 2021 to July 31, 2021.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
10
Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | Effective Expenses Paid During Period(2) 2/1/21 - 7/31/21 | Effective Annualized Expense Ratio(2) | |||||||||||||||
One Choice Portfolio: Very Conservative | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Investor Class | $1,000 | $1,056.60 | $0.00 | 0.00%(3) | $3.57 | 0.70% | ||||||||||||||
R Class | $1,000 | $1,053.20 | $2.55 | 0.50% | $6.11 | 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 | $1,078.30 | $0.00 | 0.00%(3) | $4.12 | 0.80% | ||||||||||||||
R Class | $1,000 | $1,076.40 | $2.57 | 0.50% | $6.69 | 1.30% | ||||||||||||||
Hypothetical | ||||||||||||||||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $4.01 | 0.80% | ||||||||||||||
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $6.51 | 1.30% | ||||||||||||||
One Choice Portfolio: Moderate | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Investor Class | $1,000 | $1,099.40 | $0.00 | 0.00%(3) | $4.53 | 0.87% | ||||||||||||||
R Class | $1,000 | $1,097.30 | $2.60 | 0.50% | $7.12 | 1.37% | ||||||||||||||
Hypothetical | ||||||||||||||||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $4.36 | 0.87% | ||||||||||||||
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $6.85 | 1.37% | ||||||||||||||
One Choice Portfolio: Aggressive | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Investor Class | $1,000 | $1,117.30 | $0.00 | 0.00%(3) | $4.88 | 0.93% | ||||||||||||||
R Class | $1,000 | $1,114.80 | $2.62 | 0.50% | $7.50 | 1.43% | ||||||||||||||
Hypothetical | ||||||||||||||||||||
Investor Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | $4.66 | 0.93% | ||||||||||||||
R Class | $1,000 | $1,022.32 | $2.51 | 0.50% | $7.15 | 1.43% | ||||||||||||||
One Choice Portfolio: Very Aggressive | ||||||||||||||||||||
Actual | ||||||||||||||||||||
Investor Class | $1,000 | $1,135.00 | $0.00 | 0.00%(3) | $5.45 | 1.03% | ||||||||||||||
R Class | $1,000 | $1,131.80 | $2.64 | 0.50% | $8.09 | 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%.
11
Schedules of Investments |
JULY 31, 2021
One Choice Portfolio: Very Conservative
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Fixed Income Funds — 58.4% | ||||||||
Diversified Bond Fund Investor Class | 9,581,978 | $ | 107,797,256 | |||||
Inflation-Adjusted Bond Fund Investor Class | 4,043,168 | 52,965,495 | ||||||
NT High Income Fund Investor Class | 1,056,018 | 10,634,105 | ||||||
Short Duration Fund Investor Class | 6,492,990 | 68,111,462 | ||||||
Short Duration Inflation Protection Bond Fund Investor Class | 6,129,374 | 68,219,931 | ||||||
307,728,249 | ||||||||
Domestic Equity Funds — 25.2% | ||||||||
Equity Growth Fund Investor Class | 323,736 | 12,133,619 | ||||||
Focused Large Cap Value Fund Investor Class | 3,064,261 | 38,088,770 | ||||||
Growth Fund Investor Class | 76,765 | 4,202,123 | ||||||
Heritage Fund Investor Class | 237,387 | 6,907,957 | ||||||
Mid Cap Value Fund Investor Class | 1,129,529 | 22,274,315 | ||||||
NT Disciplined Growth Fund Investor Class | 484,308 | 8,209,026 | ||||||
Real Estate Fund Investor Class | 240,694 | 8,089,735 | ||||||
Small Cap Growth Fund Investor Class | 197,056 | 5,115,578 | ||||||
Small Cap Value Fund Investor Class | 455,636 | 5,080,338 | ||||||
Sustainable Equity Fund Investor Class | 498,792 | 22,570,316 | ||||||
132,671,777 | ||||||||
International Fixed Income Funds — 16.4% | ||||||||
Emerging Markets Debt Fund Investor Class | 727,463 | 7,711,104 | ||||||
Global Bond Fund Investor Class | 3,952,838 | 41,821,026 | ||||||
International Bond Fund Investor Class | 2,655,915 | 36,598,508 | ||||||
86,130,638 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $441,016,107) | 526,530,664 | |||||||
OTHER ASSETS AND LIABILITIES† | (425) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 526,530,239 |
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.
12
JULY 31, 2021
One Choice Portfolio: Conservative
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Fixed Income Funds — 40.4% | ||||||||
Diversified Bond Fund Investor Class | 26,352,619 | $ | 296,466,963 | |||||
Inflation-Adjusted Bond Fund Investor Class | 7,810,759 | 102,320,941 | ||||||
NT High Income Fund Investor Class | 3,220,909 | 32,434,550 | ||||||
Short Duration Fund Investor Class | 8,030,464 | 84,239,569 | ||||||
Short Duration Inflation Protection Bond Fund Investor Class | 6,447,635 | 71,762,177 | ||||||
587,224,200 | ||||||||
Domestic Equity Funds — 34.5% | ||||||||
Equity Growth Fund Investor Class | 1,317,231 | 49,369,819 | ||||||
Focused Large Cap Value Fund Investor Class | 9,693,953 | 120,495,833 | ||||||
Growth Fund Investor Class | 589,180 | 32,251,715 | ||||||
Heritage Fund Investor Class | 1,431,652 | 41,661,068 | ||||||
Mid Cap Value Fund Investor Class | 4,076,851 | 80,395,506 | ||||||
NT Disciplined Growth Fund Investor Class | 2,290,088 | 38,816,988 | ||||||
Small Cap Growth Fund Investor Class | 874,716 | 22,707,616 | ||||||
Small Cap Value Fund Investor Class | 2,033,567 | 22,674,277 | ||||||
Sustainable Equity Fund Investor Class | 2,076,808 | 93,975,560 | ||||||
502,348,382 | ||||||||
International Fixed Income Funds — 14.1% | ||||||||
Emerging Markets Debt Fund Investor Class | 2,649,781 | 28,087,674 | ||||||
Global Bond Fund Investor Class | 9,359,909 | 99,027,842 | ||||||
International Bond Fund Investor Class | 5,612,273 | 77,337,126 | ||||||
204,452,642 | ||||||||
International Equity Funds — 11.0% | ||||||||
International Growth Fund Investor Class | 3,436,584 | 56,703,637 | ||||||
NT Global Real Estate Fund Investor Class | 1,927,841 | 25,254,713 | ||||||
NT International Small-Mid Cap Fund Investor Class | 986,142 | 15,117,555 | ||||||
NT International Value Fund Investor Class | 5,933,342 | 62,893,425 | ||||||
159,969,330 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,150,236,377) | 1,453,994,554 | |||||||
OTHER ASSETS AND LIABILITIES† | (1,765) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,453,992,789 |
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, 2021
One Choice Portfolio: Moderate
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 46.5% | ||||||||
Equity Growth Fund Investor Class | 2,570,947 | $ | 96,359,084 | |||||
Focused Dynamic Growth Fund Investor Class | 658,159 | 39,180,195 | ||||||
Focused Large Cap Value Fund Investor Class | 17,711,468 | 220,153,548 | ||||||
Growth Fund Investor Class | 1,565,557 | 85,698,600 | ||||||
Heritage Fund Investor Class | 3,887,125 | 113,115,323 | ||||||
Mid Cap Value Fund Investor Class | 6,618,167 | 130,510,247 | ||||||
NT Disciplined Growth Fund Investor Class | 2,392,856 | 40,558,910 | ||||||
Small Cap Growth Fund Investor Class | 1,706,709 | 44,306,166 | ||||||
Small Cap Value Fund Investor Class | 4,012,811 | 44,742,845 | ||||||
Sustainable Equity Fund Investor Class | 4,464,882 | 202,035,931 | ||||||
1,016,660,849 | ||||||||
Domestic Fixed Income Funds — 26.8% | ||||||||
Core Plus Fund Investor Class | 27,362,526 | 313,574,552 | ||||||
Inflation-Adjusted Bond Fund Investor Class | 8,327,165 | 109,085,867 | ||||||
NT High Income Fund Investor Class | 5,707,717 | 57,476,706 | ||||||
Short Duration Fund Investor Class | 7,942,035 | 83,311,942 | ||||||
Short Duration Inflation Protection Bond Fund Investor Class | 1,924,992 | 21,425,157 | ||||||
584,874,224 | ||||||||
International Equity Funds — 18.1% | ||||||||
Emerging Markets Fund Investor Class | 3,940,778 | 57,298,917 | ||||||
International Growth Fund Investor Class | 7,106,113 | 117,250,859 | ||||||
Non-U.S. Intrinsic Value Fund Investor Class | 5,271,475 | 53,663,619 | ||||||
NT Global Real Estate Fund Investor Class | 3,757,542 | 49,223,800 | ||||||
NT International Small-Mid Cap Fund Investor Class | 2,943,745 | 45,127,617 | ||||||
NT International Value Fund Investor Class | 6,848,198 | 72,590,901 | ||||||
395,155,713 | ||||||||
International Fixed Income Funds — 8.6% | ||||||||
Emerging Markets Debt Fund Investor Class | 3,955,607 | 41,929,431 | ||||||
Global Bond Fund Investor Class | 9,917,072 | 104,922,625 | ||||||
International Bond Fund Investor Class | 3,015,476 | 41,553,252 | ||||||
188,405,308 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,604,877,909) | 2,185,096,094 | |||||||
OTHER ASSETS AND LIABILITIES† | (2,178) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,185,093,916 |
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, 2021
One Choice Portfolio: Aggressive
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 57.0% | ||||||||
Equity Growth Fund Investor Class | 1,419,426 | $ | 53,200,101 | |||||
Focused Dynamic Growth Fund Investor Class | 836,200 | 49,778,986 | ||||||
Focused Large Cap Value Fund Investor Class | 11,405,943 | 141,775,867 | ||||||
Growth Fund Investor Class | 1,195,331 | 65,432,403 | ||||||
Heritage Fund Investor Class | 2,725,649 | 79,316,393 | ||||||
Mid Cap Value Fund Investor Class | 3,763,049 | 74,207,321 | ||||||
Small Cap Growth Fund Investor Class | 945,058 | 24,533,697 | ||||||
Small Cap Value Fund Investor Class | 2,192,311 | 24,444,263 | ||||||
Sustainable Equity Fund Investor Class | 2,320,347 | 104,995,692 | ||||||
617,684,723 | ||||||||
International Equity Funds — 22.4% | ||||||||
Emerging Markets Fund Investor Class | 3,020,349 | 43,915,873 | ||||||
International Growth Fund Investor Class | 4,172,295 | 68,842,867 | ||||||
Non-U.S. Intrinsic Value Fund Investor Class | 3,887,551 | 39,575,269 | ||||||
NT Global Real Estate Fund Investor Class | 2,244,960 | 29,408,979 | ||||||
NT International Small-Mid Cap Fund Investor Class | 1,817,926 | 27,868,811 | ||||||
NT International Value Fund Investor Class | 3,134,987 | 33,230,861 | ||||||
242,842,660 | ||||||||
Domestic Fixed Income Funds — 16.3% | ||||||||
Core Plus Fund Investor Class | 6,430,293 | 73,691,160 | ||||||
Inflation-Adjusted Bond Fund Investor Class | 2,469,869 | 32,355,287 | ||||||
NT High Income Fund Investor Class | 4,903,569 | 49,378,939 | ||||||
Short Duration Fund Investor Class | 981,446 | 10,295,370 | ||||||
Short Duration Inflation Protection Bond Fund Investor Class | 951,480 | 10,589,974 | ||||||
176,310,730 | ||||||||
International Fixed Income Funds — 4.3% | ||||||||
Emerging Markets Debt Fund Investor Class | 1,466,435 | 15,544,211 | ||||||
Global Bond Fund Investor Class | 2,934,701 | 31,049,139 | ||||||
46,593,350 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $725,356,751) | 1,083,431,463 | |||||||
OTHER ASSETS AND LIABILITIES† | (1,349) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,083,430,114 |
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, 2021
One Choice Portfolio: Very Aggressive
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 66.5% | ||||||||
Equity Growth Fund Investor Class | 540,634 | $ | 20,262,969 | |||||
Focused Dynamic Growth Fund Investor Class | 417,793 | 24,871,221 | ||||||
Focused Large Cap Value Fund Investor Class | 4,452,264 | 55,341,637 | ||||||
Growth Fund Investor Class | 568,867 | 31,139,762 | ||||||
Heritage Fund Investor Class | 1,221,645 | 35,549,874 | ||||||
Mid Cap Value Fund Investor Class | 1,614,993 | 31,847,662 | ||||||
Small Cap Growth Fund Investor Class | 520,131 | 13,502,611 | ||||||
Small Cap Value Fund Investor Class | 1,217,136 | 13,571,066 | ||||||
Sustainable Equity Fund Investor Class | 912,139 | 41,274,306 | ||||||
267,361,108 | ||||||||
International Equity Funds — 33.5% | ||||||||
Emerging Markets Fund Investor Class | 1,870,091 | 27,191,122 | ||||||
International Growth Fund Investor Class | 2,294,514 | 37,859,481 | ||||||
Non-U.S. Intrinsic Value Fund Investor Class | 2,286,993 | 23,281,588 | ||||||
NT Global Real Estate Fund Investor Class | 958,486 | 12,556,170 | ||||||
NT International Small-Mid Cap Fund Investor Class | 1,311,765 | 20,109,362 | ||||||
NT International Value Fund Investor Class | 1,280,099 | 13,569,047 | ||||||
134,566,770 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $247,405,357) | 401,927,878 | |||||||
OTHER ASSETS AND LIABILITIES† | 6,980 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 401,934,858 |
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
Statements of Assets and Liabilities |
JULY 31, 2021 | |||||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | |||||||||
Assets | |||||||||||
Investment securities in affiliates, at value (cost of $441,016,107, $1,150,236,377 and $1,604,877,909, respectively) | $ | 526,530,664 | $ | 1,453,994,554 | $ | 2,185,096,094 | |||||
Receivable for investments sold | — | — | 77,199 | ||||||||
Receivable for capital shares sold | 1,097,002 | 307,921 | 337,373 | ||||||||
Distributions receivable from affiliates | 283,328 | 704,233 | 1,087,199 | ||||||||
527,910,994 | 1,455,006,708 | 2,186,597,865 | |||||||||
Liabilities | |||||||||||
Payable for investments purchased | 1,028,144 | 729,291 | 1,088,256 | ||||||||
Payable for capital shares redeemed | 351,918 | 283,894 | 413,586 | ||||||||
Distribution and service fees payable | 693 | 734 | 2,107 | ||||||||
1,380,755 | 1,013,919 | 1,503,949 | |||||||||
Net Assets | $ | 526,530,239 | $ | 1,453,992,789 | $ | 2,185,093,916 | |||||
Net Assets Consist of: | |||||||||||
Capital (par value and paid-in surplus) | $ | 435,391,728 | $ | 1,112,216,361 | $ | 1,540,623,182 | |||||
Distributable earnings | 91,138,511 | 341,776,428 | 644,470,734 | ||||||||
$ | 526,530,239 | $ | 1,453,992,789 | $ | 2,185,093,916 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Portfolio: Very Conservative | |||||||||||
Investor Class, $0.01 Par Value | $524,867,047 | 38,891,268 | $13.50 | ||||||||
R Class, $0.01 Par Value | $1,663,192 | 123,163 | $13.50 | ||||||||
One Choice Portfolio: Conservative | |||||||||||
Investor Class, $0.01 Par Value | $1,452,249,538 | 92,421,396 | $15.71 | ||||||||
R Class, $0.01 Par Value | $1,743,251 | 110,973 | $15.71 | ||||||||
One Choice Portfolio: Moderate | |||||||||||
Investor Class, $0.01 Par Value | $2,180,040,761 | 120,212,915 | $18.13 | ||||||||
R Class, $0.01 Par Value | $5,053,155 | 278,746 | $18.13 |
See Notes to Financial Statements.
17
JULY 31, 2021 | ||||||||
One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $725,356,751 and $247,405,357, respectively) | $ | 1,083,431,463 | $ | 401,927,878 | ||||
Receivable for investments sold | 154,071 | — | ||||||
Receivable for capital shares sold | 173,194 | 78,054 | ||||||
Distributions receivable from affiliates | 416,132 | — | ||||||
1,084,174,860 | 402,005,932 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 416,853 | 48,763 | ||||||
Payable for capital shares redeemed | 325,862 | 20,211 | ||||||
Distribution and service fees payable | 2,031 | 2,100 | ||||||
744,746 | 71,074 | |||||||
Net Assets | $ | 1,083,430,114 | $ | 401,934,858 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 690,403,798 | $ | 238,977,515 | ||||
Distributable earnings | 393,026,316 | 162,957,343 | ||||||
$ | 1,083,430,114 | $ | 401,934,858 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice Portfolio: Aggressive | |||||||||||
Investor Class, $0.01 Par Value | $1,078,655,052 | 56,617,583 | $19.05 | ||||||||
R Class, $0.01 Par Value | $4,775,062 | 250,937 | $19.03 | ||||||||
One Choice Portfolio: Very Aggressive | |||||||||||
Investor Class, $0.01 Par Value | $396,903,328 | 17,681,563 | $22.45 | ||||||||
R Class, $0.01 Par Value | $5,031,530 | 224,402 | $22.42 |
See Notes to Financial Statements.
18
Statements of Operations |
YEAR ENDED JULY 31, 2021 | |||||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | |||||||||
Investment Income (Loss) | |||||||||||
Income from Affiliates: | |||||||||||
Income distributions from underlying funds | $ | 7,714,941 | $ | 19,760,258 | $ | 23,741,696 | |||||
Expenses: | |||||||||||
Distribution and service fees - R Class | 7,624 | 7,842 | 23,345 | ||||||||
Directors' fees and expenses | 13,787 | 37,416 | 55,629 | ||||||||
Other expenses | — | 204 | 102 | ||||||||
21,411 | 45,462 | 79,076 | |||||||||
Net investment income (loss) | 7,693,530 | 19,714,796 | 23,662,620 | ||||||||
Realized and Unrealized Gain (Loss) on Affiliates | |||||||||||
Net realized gain (loss) on: | |||||||||||
Sales of investments in underlying funds | 10,821,888 | 39,775,893 | 101,997,677 | ||||||||
Capital gain distributions received from underlying funds | 5,015,793 | 22,826,460 | 38,674,075 | ||||||||
15,837,681 | 62,602,353 | 140,671,752 | |||||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 30,133,466 | 127,389,212 | 251,515,080 | ||||||||
Net realized and unrealized gain (loss) on affiliates | 45,971,147 | 189,991,565 | 392,186,832 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 53,664,677 | $ | 209,706,361 | $ | 415,849,452 |
See Notes to Financial Statements.
19
YEAR ENDED JULY 31, 2021 | ||||||||
One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 10,565,035 | $ | 2,400,996 | ||||
Expenses: | ||||||||
Distribution and service fees - R Class | 21,226 | 19,527 | ||||||
Directors' fees and expenses | 27,209 | 9,773 | ||||||
Other expenses | 72 | 48 | ||||||
48,507 | 29,348 | |||||||
Net investment income (loss) | 10,516,528 | 2,371,648 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on: | ||||||||
Sales of investments in underlying funds | 51,362,090 | 13,189,650 | ||||||
Capital gain distributions received from underlying funds | 21,614,397 | 9,814,250 | ||||||
72,976,487 | 23,003,900 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 159,992,050 | 78,107,578 | ||||||
Net realized and unrealized gain (loss) on affiliates | 232,968,537 | 101,111,478 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 243,485,065 | $ | 103,483,126 |
See Notes to Financial Statements.
20
Statements of Changes in Net Assets |
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||||||||
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | |||||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 7,693,530 | $ | 7,497,391 | $ | 19,714,796 | $ | 20,019,796 | ||||||
Net realized gain (loss) | 15,837,681 | 11,138,915 | 62,602,353 | 45,841,533 | ||||||||||
Change in net unrealized appreciation (depreciation) | 30,133,466 | 8,534,805 | 127,389,212 | 22,858,567 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 53,664,677 | 27,171,111 | 209,706,361 | 88,719,896 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Investor Class | (16,725,082) | (15,252,884) | (68,286,945) | (58,361,840) | ||||||||||
R Class | (46,739) | (27,164) | (69,150) | (41,650) | ||||||||||
Decrease in net assets from distributions | (16,771,821) | (15,280,048) | (68,356,095) | (58,403,490) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 28,938,423 | 22,272,721 | 65,746,050 | (24,691,769) | ||||||||||
Net increase (decrease) in net assets | 65,831,279 | 34,163,784 | 207,096,316 | 5,624,637 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 460,698,960 | 426,535,176 | 1,246,896,473 | 1,241,271,836 | ||||||||||
End of period | $ | 526,530,239 | $ | 460,698,960 | $ | 1,453,992,789 | $ | 1,246,896,473 |
See Notes to Financial Statements.
21
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||||||||
One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | |||||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 23,662,620 | $ | 28,753,804 | $ | 10,516,528 | $ | 13,878,341 | ||||||
Net realized gain (loss) | 140,671,752 | 111,378,992 | 72,976,487 | 103,731,994 | ||||||||||
Change in net unrealized appreciation (depreciation) | 251,515,080 | 6,697,868 | 159,992,050 | (58,178,753) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 415,849,452 | 146,830,664 | 243,485,065 | 59,431,582 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Investor Class | (162,080,328) | (117,958,666) | (84,452,262) | (109,070,189) | ||||||||||
R Class | (353,460) | (233,199) | (357,864) | (356,880) | ||||||||||
Decrease in net assets from distributions | (162,433,788) | (118,191,865) | (84,810,126) | (109,427,069) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 93,774,620 | (76,079,931) | 38,380,660 | (399,643,724) | ||||||||||
Net increase (decrease) in net assets | 347,190,284 | (47,441,132) | 197,055,599 | (449,639,211) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,837,903,632 | 1,885,344,764 | 886,374,515 | 1,336,013,726 | ||||||||||
End of period | $ | 2,185,093,916 | $ | 1,837,903,632 | $ | 1,083,430,114 | $ | 886,374,515 |
See Notes to Financial Statements.
22
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||
One Choice Portfolio: Very Aggressive | ||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,371,648 | $ | 3,576,604 | ||||
Net realized gain (loss) | 23,003,900 | 28,045,390 | ||||||
Change in net unrealized appreciation (depreciation) | 78,107,578 | (5,149,277) | ||||||
Net increase (decrease) in net assets resulting from operations | 103,483,126 | 26,472,717 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Investor Class | (27,148,582) | (26,563,122) | ||||||
R Class | (271,471) | (200,328) | ||||||
Decrease in net assets from distributions | (27,420,053) | (26,763,450) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 18,205,744 | (193,823) | ||||||
Net increase (decrease) in net assets | 94,268,817 | (484,556) | ||||||
Net Assets | ||||||||
Beginning of period | 307,666,041 | 308,150,597 | ||||||
End of period | $ | 401,934,858 | $ | 307,666,041 |
See Notes to Financial Statements.
23
Notes to Financial Statements |
JULY 31, 2021
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 (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).
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.
24
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.
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, 2021 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, 2021 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 | $112,791,898 | $282,122,617 | $609,571,368 | $202,180,244 | $55,808,900 | ||||||||||||
Sales | $87,891,035 | $242,191,724 | $615,958,621 | $216,545,221 | $52,844,291 |
25
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, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice Portfolio: Very Conservative | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 8,496,388 | $ | 109,821,723 | 10,580,148 | $ | 127,196,729 | ||||||||
Issued in reinvestment of distributions | 1,284,096 | 16,550,736 | 1,244,412 | 15,053,823 | ||||||||||
Redeemed | (7,526,643) | (97,719,328) | (10,122,763) | (120,486,847) | ||||||||||
2,253,841 | 28,653,131 | 1,701,797 | 21,763,705 | |||||||||||
R Class | ||||||||||||||
Sold | 61,862 | 802,864 | 68,275 | 815,963 | ||||||||||
Issued in reinvestment of distributions | 3,623 | 46,739 | 2,240 | 27,164 | ||||||||||
Redeemed | (43,172) | (564,311) | (28,776) | (334,111) | ||||||||||
22,313 | 285,292 | 41,739 | 509,016 | |||||||||||
Net increase (decrease) | 2,276,154 | $ | 28,938,423 | 1,743,536 | $ | 22,272,721 | ||||||||
One Choice Portfolio: Conservative | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 12,965,630 | $ | 193,157,445 | 12,608,778 | $ | 170,640,483 | ||||||||
Issued in reinvestment of distributions | 4,543,524 | 66,867,327 | 4,187,666 | 57,072,820 | ||||||||||
Redeemed | (13,056,767) | (194,455,118) | (19,039,817) | (252,908,010) | ||||||||||
4,452,387 | 65,569,654 | (2,243,373) | (25,194,707) | |||||||||||
R Class | ||||||||||||||
Sold | 41,841 | 623,314 | 51,095 | 681,955 | ||||||||||
Issued in reinvestment of distributions | 4,699 | 69,148 | 3,050 | 41,650 | ||||||||||
Redeemed | (34,704) | (516,066) | (16,605) | (220,667) | ||||||||||
11,836 | 176,396 | 37,540 | 502,938 | |||||||||||
Net increase (decrease) | 4,464,223 | $ | 65,746,050 | (2,205,833) | $ | (24,691,769) | ||||||||
One Choice Portfolio: Moderate | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 12,472,638 | $ | 213,961,567 | 11,860,935 | $ | 181,408,936 | ||||||||
Issued in reinvestment of distributions | 9,574,590 | 159,403,973 | 7,504,237 | 115,809,266 | ||||||||||
Redeemed | (16,383,226) | (279,835,859) | (24,904,467) | (373,658,278) | ||||||||||
5,664,002 | 93,529,681 | (5,539,295) | (76,440,076) | |||||||||||
R Class | ||||||||||||||
Sold | 73,951 | 1,272,878 | 79,887 | 1,225,827 | ||||||||||
Issued in reinvestment of distributions | 21,256 | 353,460 | 15,059 | 232,896 | ||||||||||
Redeemed | (80,566) | (1,381,399) | (71,527) | (1,098,578) | ||||||||||
14,641 | 244,939 | 23,419 | 360,145 | |||||||||||
Net increase (decrease) | 5,678,643 | $ | 93,774,620 | (5,515,876) | $ | (76,079,931) |
26
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice Portfolio: Aggressive | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 5,182,297 | $ | 92,056,005 | 5,304,515 | $ | 82,007,218 | ||||||||
Issued in reinvestment of distributions | 4,859,888 | 82,795,428 | 6,783,657 | 107,385,285 | ||||||||||
Redeemed | (7,800,205) | (137,023,125) | (36,992,420) | (589,778,436) | ||||||||||
2,241,980 | 37,828,308 | (24,904,248) | (400,385,933) | |||||||||||
R Class | ||||||||||||||
Sold | 95,269 | 1,695,220 | 90,650 | 1,430,718 | ||||||||||
Issued in reinvestment of distributions | 15,517 | 259,299 | 22,393 | 355,148 | ||||||||||
Redeemed | (78,948) | (1,402,167) | (66,589) | (1,043,657) | ||||||||||
31,838 | 552,352 | 46,454 | 742,209 | |||||||||||
Net increase (decrease) | 2,273,818 | $ | 38,380,660 | (24,857,794) | $ | (399,643,724) | ||||||||
One Choice Portfolio: Very Aggressive | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 2,502,273 | $ | 52,015,631 | 2,617,466 | $ | 43,921,594 | ||||||||
Issued in reinvestment of distributions | 1,345,128 | 26,579,717 | 1,463,373 | 25,960,237 | ||||||||||
Redeemed | (3,027,152) | (61,658,599) | (4,229,468) | (70,802,317) | ||||||||||
820,249 | 16,936,749 | (148,629) | (920,486) | |||||||||||
R Class | ||||||||||||||
Sold | 98,793 | 2,048,922 | 82,971 | 1,401,843 | ||||||||||
Issued in reinvestment of distributions | 13,592 | 269,127 | 11,273 | 200,328 | ||||||||||
Redeemed | (51,524) | (1,049,054) | (52,276) | (875,508) | ||||||||||
60,861 | 1,268,995 | 41,968 | 726,663 | |||||||||||
Net increase (decrease) | 881,110 | $ | 18,205,744 | (106,661) | $ | (193,823) |
6. Fair Value Measurements
The funds’ investment 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.
27
7. Federal Tax Information
The tax character of distributions paid during the years ended July 31, 2021 and July 31, 2020 were as follows:
2021 | 2020 | |||||||||||||
Distributions Paid From: | Distributions Paid From: | |||||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | |||||||||||
One Choice Portfolio: Very Conservative | $ | 8,112,947 | $ | 8,658,874 | $ | 7,490,495 | $ | 7,789,553 | ||||||
One Choice Portfolio: Conservative | $ | 23,616,906 | $ | 44,739,189 | $ | 20,190,845 | $ | 38,212,645 | ||||||
One Choice Portfolio: Moderate | $ | 28,430,932 | $ | 134,002,856 | $ | 29,383,876 | $ | 88,807,989 | ||||||
One Choice Portfolio: Aggressive | $ | 12,033,478 | $ | 72,776,648 | $ | 13,768,383 | $ | 95,658,686 | ||||||
One Choice Portfolio: Very Aggressive | $ | 3,417,793 | $ | 24,002,260 | $ | 3,794,649 | $ | 22,968,801 |
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 | $ | 450,330,854 | $ | 1,169,846,056 | $ | 1,646,045,659 | |||||
Gross tax appreciation of investments | $ | 76,199,810 | $ | 284,148,498 | $ | 539,050,435 | |||||
Gross tax depreciation of investments | — | — | — | ||||||||
Net tax appreciation (depreciation) of investments | $ | 76,199,810 | $ | 284,148,498 | $ | 539,050,435 | |||||
Undistributed ordinary income | $ | 2,133,872 | $ | 2,498,604 | $ | 6,822,711 | |||||
Accumulated long-term gains | $ | 12,804,829 | $ | 55,129,326 | $ | 98,597,588 |
One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | |||||||
Federal tax cost of investments | $ | 751,128,571 | $ | 259,633,968 | ||||
Gross tax appreciation of investments | $ | 332,302,892 | $ | 142,293,910 | ||||
Gross tax depreciation of investments | — | — | ||||||
Net tax appreciation (depreciation) of investments | $ | 332,302,892 | $ | 142,293,910 | ||||
Undistributed ordinary income | $ | 6,761,491 | $ | 1,128,241 | ||||
Accumulated long-term gains | $ | 53,961,933 | $ | 19,535,192 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
28
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 owned 51% of the shares of Core Plus Fund.
9. Risk Factors
The value of the funds’ shares will go up and down based on the performance of the underlying funds in which they invest. The value of the underlying funds’ shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
29
10. Affiliated Fund Transactions
A summary of transactions for each underlying fund for the period ended July 31, 2021 follows:
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 | $ | 89,375 | $ | 27,820 | $ | 6,648 | $ | (2,750) | $ | 107,797 | 9,582 | $ | (164) | $ | 4,047 | |||||||||||
Inflation-Adjusted Bond Fund | 45,851 | 5,100 | 906 | 2,920 | 52,965 | 4,043 | 8 | 679 | ||||||||||||||||||
NT High Income Fund | 9,126 | 8,106 | 7,481 | 883 | 10,634 | 1,056 | (25) | 618 | ||||||||||||||||||
Short Duration Fund | 31,834 | 35,579 | — | 698 | 68,111 | 6,493 | — | 784 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 59,506 | 4,799 | 253 | 4,168 | 68,220 | 6,129 | 5 | 562 | ||||||||||||||||||
Equity Growth Fund | 10,177 | 1,472 | 1,300 | 1,785 | 12,134 | 324 | 164 | 1,270 | ||||||||||||||||||
Focused Large Cap Value Fund(3) | 26,039 | 8,668 | 4,700 | 8,082 | 38,089 | 3,064 | 406 | 772 | ||||||||||||||||||
Growth Fund | 15,751 | 773 | 8,745 | (3,577) | 4,202 | 77 | 6,380 | 374 | ||||||||||||||||||
Heritage Fund | 6,381 | 830 | 1,273 | 970 | 6,908 | 237 | 539 | 780 | ||||||||||||||||||
Mid Cap Value Fund | 19,186 | 1,482 | 3,707 | 5,313 | 22,274 | 1,130 | 1,024 | 388 | ||||||||||||||||||
NT Disciplined Growth Fund | 7,635 | 1,082 | 1,262 | 754 | 8,209 | 484 | 206 | 971 | ||||||||||||||||||
Real Estate Fund | 11,555 | 998 | 6,265 | 1,802 | 8,090 | 241 | 948 | 186 | ||||||||||||||||||
Small Cap Growth Fund | 2,850 | 2,532 | 788 | 522 | 5,116 | 197 | 273 | 265 | ||||||||||||||||||
Small Cap Value Fund | 2,473 | 2,149 | 997 | 1,456 | 5,081 | 456 | 143 | 8 | ||||||||||||||||||
Sustainable Equity Fund | 20,306 | 612 | 3,998 | 5,650 | 22,570 | 499 | 909 | 87 | ||||||||||||||||||
Emerging Markets Debt Fund | 6,788 | 730 | — | 193 | 7,711 | 727 | — | 262 | ||||||||||||||||||
Global Bond Fund | 36,390 | 4,744 | — | 687 | 41,821 | 3,953 | — | 118 | ||||||||||||||||||
International Bond Fund | 32,266 | 4,031 | 275 | 577 | 36,599 | 2,656 | 6 | 559 | ||||||||||||||||||
U.S. Government Money Market Fund | 27,185 | 1,285 | 28,470 | — | — | — | — | 1 | ||||||||||||||||||
$ | 460,674 | $ | 112,792 | $ | 77,068 | $ | 30,133 | $ | 526,531 | 41,348 | $ | 10,822 | $ | 12,731 |
(1)Underlying fund investments represent Investor Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of Large Company Value Fund was changed to Focused Large Cap Value Fund.
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 | $ | 242,395 | $ | 69,116 | $ | 7,452 | $ | (7,592) | $ | 296,467 | 26,353 | $ | (211) | $ | 10,893 | |||||||||||
Inflation-Adjusted Bond Fund | 87,127 | 9,594 | — | 5,600 | 102,321 | 7,811 | — | 1,294 | ||||||||||||||||||
NT High Income Fund | 25,000 | 18,155 | 13,057 | 2,337 | 32,435 | 3,221 | (24) | 1,666 | ||||||||||||||||||
Short Duration Fund | — | 83,520 | — | 719 | 84,239 | 8,030 | — | 780 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 61,126 | 6,307 | — | 4,329 | 71,762 | 6,448 | — | 584 | ||||||||||||||||||
Equity Growth Fund | 41,950 | 4,959 | 4,611 | 7,072 | 49,370 | 1,317 | 776 | 4,959 | ||||||||||||||||||
Focused Large Cap Value Fund(3) | 82,054 | 13,983 | 979 | 25,438 | 120,496 | 9,694 | 39 | 2,410 | ||||||||||||||||||
Growth Fund | 70,769 | 2,016 | 33,156 | (7,377) | 32,252 | 589 | 22,070 | 2,016 | ||||||||||||||||||
Heritage Fund | 36,427 | 4,607 | 5,741 | 6,368 | 41,661 | 1,432 | 2,397 | 4,607 | ||||||||||||||||||
Mid Cap Value Fund | 66,629 | 1,493 | 7,721 | 19,995 | 80,396 | 4,077 | 1,855 | 1,379 | ||||||||||||||||||
NT Disciplined Growth Fund | 33,754 | 4,353 | 3,083 | 3,793 | 38,817 | 2,290 | 545 | 4,353 | ||||||||||||||||||
Small Cap Growth Fund | 11,050 | 12,197 | 2,734 | 2,194 | 22,707 | 875 | 1,034 | 1,067 | ||||||||||||||||||
Small Cap Value Fund | 9,515 | 9,037 | 2,231 | 6,353 | 22,674 | 2,034 | 118 | 34 | ||||||||||||||||||
Sustainable Equity Fund | 80,530 | 7,966 | 17,887 | 23,367 | 93,976 | 2,077 | 5,096 | 400 | ||||||||||||||||||
Emerging Markets Debt Fund | 24,869 | 2,515 | — | 703 | 28,087 | 2,650 | — | 951 | ||||||||||||||||||
Global Bond Fund | 85,969 | 11,423 | — | 1,636 | 99,028 | 9,360 | — | 275 | ||||||||||||||||||
International Bond Fund | 69,385 | 6,884 | 181 | 1,249 | 77,337 | 5,612 | — | 1,189 | ||||||||||||||||||
International Growth Fund | 51,095 | 6,530 | 8,298 | 7,377 | 56,704 | 3,437 | 3,535 | 2,054 | ||||||||||||||||||
NT Global Real Estate Fund | 28,759 | 3,163 | 12,037 | 5,370 | 25,255 | 1,928 | 2,439 | 220 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 13,571 | 432 | 2,475 | 3,590 | 15,118 | 986 | 703 | 432 | ||||||||||||||||||
NT International Value Fund | 53,623 | 3,634 | 9,232 | 14,868 | 62,893 | 5,933 | (596) | 1,022 | ||||||||||||||||||
U.S. Government Money Market Fund | 71,302 | 239 | 71,541 | — | — | — | — | 2 | ||||||||||||||||||
$ | 1,246,899 | $ | 282,123 | $ | 202,416 | $ | 127,389 | $ | 1,453,995 | 106,154 | $ | 39,776 | $ | 42,587 |
(1)Underlying fund investments represent Investor Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of Large Company Value Fund was changed to Focused Large Cap Value Fund.
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) | ||||||||||||||||||||||||||
Equity Growth Fund | $ | 80,803 | $ | 9,638 | $ | 8,106 | $ | 14,024 | $ | 96,359 | 2,571 | $ | 1,195 | $ | 9,638 | |||||||||||
Focused Dynamic Growth Fund | 35,858 | 221 | 4,859 | 7,960 | 39,180 | 658 | 3,237 | 221 | ||||||||||||||||||
Focused Large Cap Value Fund(3) | 141,703 | 35,104 | 91 | 43,438 | 220,154 | 17,711 | — | 4,214 | ||||||||||||||||||
Growth Fund | 123,682 | 3,662 | 40,448 | (1,197) | 85,699 | 1,566 | 30,514 | 3,662 | ||||||||||||||||||
Heritage Fund | 95,712 | 15,886 | 16,209 | 17,726 | 113,115 | 3,887 | 5,433 | 12,452 | ||||||||||||||||||
Mid Cap Value Fund | 105,874 | 3,036 | 12,070 | 33,670 | 130,510 | 6,618 | 1,669 | 2,231 | ||||||||||||||||||
NT Disciplined Growth Fund | 35,952 | 4,531 | 3,254 | 3,330 | 40,559 | 2,393 | 1,251 | 4,531 | ||||||||||||||||||
Small Cap Growth Fund | 26,250 | 18,521 | 5,812 | 5,347 | 44,306 | 1,707 | 2,105 | 2,644 | ||||||||||||||||||
Small Cap Value Fund | 22,182 | 12,109 | 4,573 | 15,024 | 44,742 | 4,013 | 404 | 80 | ||||||||||||||||||
Sustainable Equity Fund | 165,138 | 11,299 | 25,926 | 51,525 | 202,036 | 4,465 | 5,727 | 800 | ||||||||||||||||||
Core Plus Fund | — | 328,435 | 19,341 | 4,481 | 313,575 | 27,363 | 84 | 5,290 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 91,229 | 11,899 | — | 5,958 | 109,086 | 8,327 | — | 1,378 | ||||||||||||||||||
NT High Income Fund | 46,048 | 18,245 | 10,918 | 4,102 | 57,477 | 5,708 | (11) | 2,843 | ||||||||||||||||||
Short Duration Fund | — | 82,600 | — | 712 | 83,312 | 7,942 | — | 774 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 18,269 | 1,866 | — | 1,290 | 21,425 | 1,925 | — | 174 | ||||||||||||||||||
Emerging Markets Fund | 76,307 | 1,367 | 20,309 | (66) | 57,299 | 3,941 | 15,560 | 420 | ||||||||||||||||||
International Growth Fund | 102,634 | 11,517 | 13,465 | 16,565 | 117,251 | 7,106 | 5,833 | 4,361 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 42,085 | 2,058 | 3,974 | 13,495 | 53,664 | 5,271 | (94) | 664 | ||||||||||||||||||
NT Global Real Estate Fund | 49,799 | 7,229 | 18,714 | 10,910 | 49,224 | 3,758 | 3,240 | 392 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 39,585 | 1,285 | 6,687 | 10,945 | 45,128 | 2,944 | 1,712 | 1,285 | ||||||||||||||||||
NT International Value Fund | 61,942 | 5,759 | 12,205 | 17,095 | 72,591 | 6,848 | (918) | 1,151 | ||||||||||||||||||
Emerging Markets Debt Fund | 36,642 | 4,251 | — | 1,036 | 41,929 | 3,956 | — | 1,412 | ||||||||||||||||||
Global Bond Fund | 90,105 | 13,095 | — | 1,722 | 104,922 | 9,917 | — | 292 | ||||||||||||||||||
International Bond Fund | 37,216 | 3,721 | 46 | 662 | 41,553 | 3,015 | 1 | 643 | ||||||||||||||||||
Diversified Bond Fund | 246,678 | 952 | 219,391 | (28,239) | — | — | 25,056 | 862 | ||||||||||||||||||
U.S. Government Money Market Fund | 66,278 | 1,285 | 67,563 | — | — | — | — | 2 | ||||||||||||||||||
$ | 1,837,971 | $ | 609,571 | $ | 513,961 | $ | 251,515 | $ | 2,185,096 | 143,610 | $ | 101,998 | $ | 62,416 |
(1)Underlying fund investments represent Investor Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of Large Company Value Fund was changed to Focused Large Cap Value Fund.
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) | ||||||||||||||||||||||||||
Equity Growth Fund | $ | 43,630 | $ | 5,242 | $ | 3,511 | $ | 7,839 | $ | 53,200 | 1,419 | $ | 450 | $ | 5,243 | |||||||||||
Focused Dynamic Growth Fund | 42,615 | 276 | 4,133 | 11,021 | 49,779 | 836 | 2,614 | 276 | ||||||||||||||||||
Focused Large Cap Value Fund(3) | 92,786 | 21,120 | 352 | 28,222 | 141,776 | 11,406 | 12 | 2,736 | ||||||||||||||||||
Growth Fund | 78,104 | 2,546 | 17,399 | 2,181 | 65,432 | 1,195 | 17,554 | 2,430 | ||||||||||||||||||
Heritage Fund | 65,053 | 10,275 | 8,175 | 12,163 | 79,316 | 2,726 | 3,607 | 8,483 | ||||||||||||||||||
Mid Cap Value Fund | 59,267 | 1,876 | 5,492 | 18,556 | 74,207 | 3,763 | 1,411 | 1,265 | ||||||||||||||||||
Small Cap Growth Fund | 15,731 | 9,494 | 3,768 | 3,077 | 24,534 | 945 | 1,244 | 1,544 | ||||||||||||||||||
Small Cap Value Fund | 13,580 | 6,169 | 3,992 | 8,687 | 24,444 | 2,192 | 422 | 47 | ||||||||||||||||||
Sustainable Equity Fund | 84,755 | 5,624 | 12,226 | 26,843 | 104,996 | 2,320 | 2,583 | 409 | ||||||||||||||||||
Emerging Markets Fund | 51,238 | 1,791 | 9,838 | 725 | 43,916 | 3,020 | 9,200 | 290 | ||||||||||||||||||
International Growth Fund | 59,186 | 6,706 | 6,775 | 9,726 | 68,843 | 4,172 | 3,206 | 2,546 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 30,274 | 1,574 | 2,033 | 9,760 | 39,575 | 3,888 | (79) | 479 | ||||||||||||||||||
NT Global Real Estate Fund | 26,117 | 6,355 | 9,584 | 6,521 | 29,409 | 2,245 | 1,537 | 223 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 24,268 | 782 | 3,879 | 6,698 | 27,869 | 1,818 | 1,001 | 782 | ||||||||||||||||||
NT International Value Fund | 27,582 | 3,383 | 5,359 | 7,625 | 33,231 | 3,135 | (405) | 514 | ||||||||||||||||||
Core Plus Fund | — | 83,233 | 10,685 | 1,143 | 73,691 | 6,430 | 90 | 1,150 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 25,269 | 5,332 | — | 1,755 | 32,356 | 2,470 | — | 407 | ||||||||||||||||||
NT High Income Fund | 38,840 | 10,969 | 3,903 | 3,473 | 49,379 | 4,904 | (4) | 2,391 | ||||||||||||||||||
Short Duration Fund | — | 10,208 | — | 87 | 10,295 | 981 | — | 95 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 8,577 | 1,384 | — | 629 | 10,590 | 951 | — | 85 | ||||||||||||||||||
Emerging Markets Debt Fund | 12,884 | 2,295 | — | 365 | 15,544 | 1,466 | — | 513 | ||||||||||||||||||
Global Bond Fund | 25,124 | 5,425 | — | 500 | 31,049 | 2,935 | — | 85 | ||||||||||||||||||
Diversified Bond Fund | 53,194 | 121 | 45,711 | (7,604) | — | — | 6,919 | 186 | ||||||||||||||||||
U.S. Government Money Market Fund | 8,368 | — | 8,368 | — | — | — | — | — | ||||||||||||||||||
$ | 886,442 | $ | 202,180 | $ | 165,183 | $ | 159,992 | $ | 1,083,431 | 65,217 | $ | 51,362 | $ | 32,179 |
(1)Underlying fund investments represent Investor Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of Large Company Value Fund was changed to Focused Large Cap Value Fund.
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) | ||||||||||||||||||||||||||
Equity Growth Fund | $ | 13,311 | $ | 5,017 | $ | 944 | $ | 2,879 | $ | 20,263 | 541 | $ | (3) | $ | 1,964 | |||||||||||
Focused Dynamic Growth Fund | 19,497 | 1,750 | 1,934 | 5,558 | 24,871 | 418 | 989 | 132 | ||||||||||||||||||
Focused Large Cap Value Fund(3) | 33,723 | 13,683 | 2,615 | 10,551 | 55,342 | 4,452 | 111 | 1,032 | ||||||||||||||||||
Growth Fund | 33,374 | 2,178 | 7,283 | 2,871 | 31,140 | 569 | 6,139 | 1,108 | ||||||||||||||||||
Heritage Fund | 27,276 | 6,512 | 3,897 | 5,659 | 35,550 | 1,222 | 1,192 | 3,719 | ||||||||||||||||||
Mid Cap Value Fund | 23,179 | 2,651 | 1,898 | 7,916 | 31,848 | 1,615 | 169 | 516 | ||||||||||||||||||
Small Cap Growth Fund | 8,688 | 4,893 | 1,941 | 1,863 | 13,503 | 520 | 536 | 920 | ||||||||||||||||||
Small Cap Value Fund | 8,089 | 3,113 | 2,688 | 5,057 | 13,571 | 1,217 | 211 | 27 | ||||||||||||||||||
Sustainable Equity Fund | 31,746 | 785 | 1,896 | 10,639 | 41,274 | 912 | 231 | 143 | ||||||||||||||||||
Emerging Markets Fund | 27,085 | 1,943 | 4,929 | 3,092 | 27,191 | 1,870 | 2,094 | 161 | ||||||||||||||||||
International Growth Fund | 29,485 | 4,465 | 2,004 | 5,913 | 37,859 | 2,295 | 852 | 1,366 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 17,200 | 1,695 | 1,211 | 5,598 | 23,282 | 2,287 | (49) | 275 | ||||||||||||||||||
NT Global Real Estate Fund | 9,061 | 4,510 | 3,805 | 2,790 | 12,556 | 958 | 441 | 91 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 16,241 | 635 | 1,741 | 4,974 | 20,109 | 1,312 | 331 | 560 | ||||||||||||||||||
NT International Value Fund | 9,711 | 1,979 | 869 | 2,748 | 13,569 | 1,280 | (54) | 201 | ||||||||||||||||||
$ | 307,666 | $ | 55,809 | $ | 39,655 | $ | 78,108 | $ | 401,928 | 21,468 | $ | 13,190 | $ | 12,215 |
(1)Underlying fund investments represent Investor Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of Large Company Value Fund was changed to Focused Large Cap Value Fund.
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 | |||||||||||||||||||||||||||||||||||||||||
2021 | $12.54 | 0.20 | 1.20 | 1.40 | (0.19) | (0.25) | (0.44) | $13.50 | 11.39% | 0.00%(4) | 1.55% | 18% | $524,867 | ||||||||||||||||||||||||||||
2020 | $12.19 | 0.21 | 0.57 | 0.78 | (0.21) | (0.22) | (0.43) | $12.54 | 6.56% | 0.00%(4) | 1.73% | 22% | $459,434 | ||||||||||||||||||||||||||||
2019 | $12.05 | 0.29 | 0.32 | 0.61 | (0.29) | (0.18) | (0.47) | $12.19 | 5.31% | 0.00%(4) | 2.48% | 11% | $425,814 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $12.55 | 0.14 | 1.19 | 1.33 | (0.13) | (0.25) | (0.38) | $13.50 | 10.73% | 0.50% | 1.05% | 18% | $1,663 | ||||||||||||||||||||||||||||
2020 | $12.19 | 0.14 | 0.59 | 0.73 | (0.15) | (0.22) | (0.37) | $12.55 | 6.11% | 0.50% | 1.23% | 22% | $1,265 | ||||||||||||||||||||||||||||
2019 | $12.06 | 0.21 | 0.33 | 0.54 | (0.23) | (0.18) | (0.41) | $12.19 | 4.69% | 0.50% | 1.98% | 11% | $721 | ||||||||||||||||||||||||||||
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 |
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: Conservative | |||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $14.16 | 0.22 | 2.11 | 2.33 | (0.22) | (0.56) | (0.78) | $15.71 | 16.82% | 0.00%(4) | 1.46% | 18% | $1,452,250 | ||||||||||||||||||||||||||||
2020 | $13.75 | 0.22 | 0.84 | 1.06 | (0.22) | (0.43) | (0.65) | $14.16 | 7.95% | 0.00%(4) | 1.64% | 24% | $1,245,493 | ||||||||||||||||||||||||||||
2019 | $13.90 | 0.33 | 0.19 | 0.52 | (0.33) | (0.34) | (0.67) | $13.75 | 4.25% | 0.00%(4) | 2.45% | 11% | $1,240,425 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $14.15 | 0.14 | 2.12 | 2.26 | (0.14) | (0.56) | (0.70) | $15.71 | 16.30% | 0.50% | 0.96% | 18% | $1,743 | ||||||||||||||||||||||||||||
2020 | $13.74 | 0.15 | 0.85 | 1.00 | (0.16) | (0.43) | (0.59) | $14.15 | 7.42% | 0.50% | 1.14% | 24% | $1,403 | ||||||||||||||||||||||||||||
2019 | $13.89 | 0.25 | 0.21 | 0.46 | (0.27) | (0.34) | (0.61) | $13.74 | 3.73% | 0.50% | 1.95% | 11% | $847 | ||||||||||||||||||||||||||||
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 |
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: Moderate | |||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $16.01 | 0.20 | 3.36 | 3.56 | (0.20) | (1.24) | (1.44) | $18.13 | 23.09% | 0.00%(4) | 1.18% | 30% | $2,180,041 | ||||||||||||||||||||||||||||
2020 | $15.67 | 0.24 | 1.10 | 1.34 | (0.24) | (0.76) | (1.00) | $16.01 | 8.86% | 0.00%(4) | 1.59% | 28% | $1,833,678 | ||||||||||||||||||||||||||||
2019 | $16.11 | 0.35 | 0.14 | 0.49 | (0.35) | (0.58) | (0.93) | $15.67 | 3.81% | 0.00%(4) | 2.28% | 14% | $1,881,575 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $16.00 | 0.11 | 3.37 | 3.48 | (0.11) | (1.24) | (1.35) | $18.13 | 22.54% | 0.50% | 0.68% | 30% | $5,053 | ||||||||||||||||||||||||||||
2020 | $15.66 | 0.16 | 1.11 | 1.27 | (0.17) | (0.76) | (0.93) | $16.00 | 8.32% | 0.50% | 1.09% | 28% | $4,226 | ||||||||||||||||||||||||||||
2019 | $16.10 | 0.26 | 0.16 | 0.42 | (0.28) | (0.58) | (0.86) | $15.66 | 3.29% | 0.50% | 1.78% | 14% | $3,770 | ||||||||||||||||||||||||||||
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 |
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: Aggressive | |||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $16.24 | 0.19 | 4.23 | 4.42 | (0.17) | (1.44) | (1.61) | $19.05 | 28.36% | 0.00%(4) | 1.07% | 21% | $1,078,655 | ||||||||||||||||||||||||||||
2020 | $16.82 | 0.25 | 1.23 | 1.48 | (0.26) | (1.80) | (2.06) | $16.24 | 9.12% | 0.00%(4) | 1.56% | 27% | $882,822 | ||||||||||||||||||||||||||||
2019 | $17.44 | 0.36 | 0.07 | 0.43 | (0.36) | (0.69) | (1.05) | $16.82 | 3.53% | 0.00%(4) | 2.17% | 23% | $1,333,116 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $16.21 | 0.10 | 4.23 | 4.33 | (0.07) | (1.44) | (1.51) | $19.03 | 27.80% | 0.50% | 0.57% | 21% | $4,775 | ||||||||||||||||||||||||||||
2020 | $16.78 | 0.17 | 1.23 | 1.40 | (0.17) | (1.80) | (1.97) | $16.21 | 8.60% | 0.50% | 1.06% | 27% | $3,552 | ||||||||||||||||||||||||||||
2019 | $17.41 | 0.26 | 0.08 | 0.34 | (0.28) | (0.69) | (0.97) | $16.78 | 2.94% | 0.50% | 1.67% | 23% | $2,898 | ||||||||||||||||||||||||||||
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 |
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 Aggressive | |||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $18.07 | 0.14 | 5.90 | 6.04 | (0.13) | (1.53) | (1.66) | $22.45 | 34.63% | 0.00%(4) | 0.67% | 15% | $396,903 | ||||||||||||||||||||||||||||
2020 | $17.99 | 0.21 | 1.49 | 1.70 | (0.22) | (1.40) | (1.62) | $18.07 | 9.61% | 0.00%(4) | 1.21% | 33% | $304,714 | ||||||||||||||||||||||||||||
2019 | $19.07 | 0.30 | (0.14) | 0.16 | (0.31) | (0.93) | (1.24) | $17.99 | 2.10% | 0.00%(4) | 1.70% | 19% | $305,967 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2021 | $18.05 | 0.03 | 5.89 | 5.92 | (0.02) | (1.53) | (1.55) | $22.42 | 33.90% | 0.50% | 0.17% | 15% | $5,032 | ||||||||||||||||||||||||||||
2020 | $17.96 | 0.12 | 1.49 | 1.61 | (0.12) | (1.40) | (1.52) | $18.05 | 9.11% | 0.50% | 0.71% | 33% | $2,952 | ||||||||||||||||||||||||||||
2019 | $19.04 | 0.20 | (0.12) | 0.08 | (0.23) | (0.93) | (1.16) | $17.96 | 1.58% | 0.50% | 1.20% | 19% | $2,184 | ||||||||||||||||||||||||||||
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 |
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%.
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, including the schedules of investments, 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 constituting American Century Asset Allocation Portfolios, Inc. (the “Funds”), as of July 31, 2021, 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 of the American Century Asset Allocation Portfolios, Inc. as of July 31, 2021, 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, 2021, 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 15, 2021
We have served as the auditor of one or more American Century investment companies since 1997.
40
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 | 72 | SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016) | ||||||||||||
Chris H. Cheesman (1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 72 | None | ||||||||||||
Barry Fink (1955) | Director | Since 2012 (independent since 2016) | Retired | 72 | None | ||||||||||||
Rajesh K. Gupta (1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to Present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 72 | None |
41
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 | |||||||||||||||||
Lynn Jenkins (1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 72 | MGP Ingredients, Inc. (2019 to 2021) | ||||||||||||
Jan M. Lewis (1957) | Director | Since 2011 | Retired | 72 | None | ||||||||||||
John R. Whitten (1946) | Director | Since 2008 | Retired | 72 | Onto Innovation Inc. (2019 to 2020); Rudolph Technologies, Inc. (2006 to 2019) | ||||||||||||
Stephen E. Yates (1948) | Director and Chairman of the Board | Since 2012 (Chairman since 2018) | Retired | 103 | None | ||||||||||||
Interested Director | |||||||||||||||||
Jonathan S. Thomas (1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 141 | None |
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.
42
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 | ||||||
Patrick Bannigan (1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); 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). 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) |
43
Approval of Management Agreement |
At a meeting held on June 30, 2021, the Funds' Board of Directors (the "Board") unanimously approved the renewal of the management agreement 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.
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 and its affiliates 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 to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
•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 Funds' investment performance, 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;
•the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;
•the Advisor’s business continuity plans and cyber security practices;
•financial data showing the cost of services provided to each Fund, the profitability of the Funds to the Advisor, and the overall profitability of the Advisor;
•possible economies of scale associated with the Advisor’s management of the Fund 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
•possible collateral benefits to the Advisor from the management of the Funds.
The Board held two meetings to consider the renewal. The independent Directors also met in private session three times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.
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Factors Considered
The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for each Fund. 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 agreement, 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 agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:
•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of each Fund’s portfolio
•liquidity monitoring and management
•risk management, including cyber security
•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 investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. Each Fund’s performance was above its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.
45
Shareholder and Other Services. Under the management agreement, the Advisor provides the Funds with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, 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, technology support (including cyber security), 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 the Fund under the management agreement 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 management agreement, and the reasonableness of the current management fee. 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 sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives 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, fees and expenses of the funds' 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 Investment Company 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 Board 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 Directors reviewed such information and received representations from the Advisor that all such payments by the Funds were made pursuant to each Fund's Rule 12b-1 Plan and that all
46
such payments by the Advisor were made from the Advisor’s resources and reasonable profits. The Board found such payments to be reasonable in scope and purpose.
Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible 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 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. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Funds. 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. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.
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 fee is fair and reasonable in light of the services provided and that the investment management agreement between the Funds and the Advisor should be renewed.
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Liquidity Risk Management Program |
The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Directors (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.
Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.
The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.
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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 American Century Investments’ website at americancentury.com/proxy 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 americancentury.com/proxy. 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 as an exhibit to their reports on Form N-PORT. These portfolio holdings are available on the funds' website at
americancentury.com and, upon request, by calling 1-800-345-2021. The funds' Form N-PORT
reports are available on the SEC’s website at sec.gov.
49
Other Tax Information
The following information is provided pursuant to provisions of the Internal Revenue Code.
The funds hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2021.
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, 2021 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 | ||||||||||
$1,100,542 | $3,834,982 | $6,703,266 | $3,927,502 | $1,508,206 |
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, 2021.
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | ||||||||||
$748,205 | — | $5,364,614 | $3,338,766 | $1,337,141 |
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, 2021.
One Choice Portfolio: Very Conservative | One Choice Portfolio: Conservative | One Choice Portfolio: Moderate | One Choice Portfolio: Aggressive | One Choice Portfolio: Very Aggressive | ||||||||||
$8,658,874 | $44,739,189 | $134,002,856 | $72,776,648 | $24,002,260 |
For the fiscal year ended July 31, 2021, 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 | $134,354 | $0.0015 | $1,163,931 | $0.0126 | ||||||||||
One Choice Portfolio: Moderate | $447,694 | $0.0037 | $3,203,514 | $0.0266 | ||||||||||
One Choice Portfolio: Aggressive | $273,025 | $0.0048 | $1,878,500 | $0.0330 | ||||||||||
One Choice Portfolio: Very Aggressive | $143,408 | $0.0080 | $948,225 | $0.0530 |
50
Notes |
51
Notes |
52
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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. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-93180 2109 |
![image4.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image4.jpg)
Annual Report | ||||||||
July 31, 2021 | ||||||||
One Choice® In Retirement Portfolio | One Choice® 2045 Portfolio | |||||||
Investor Class (ARTOX) | Investor Class (AROIX) | |||||||
I Class (ATTIX) | I Class (AOOIX) | |||||||
A Class (ARTAX) | A Class (AROAX) | |||||||
C Class (ATTCX) | C Class (AROCX) | |||||||
R Class (ARSRX) | R Class (ARORX) | |||||||
R6 Class (ARDTX) | 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) | |||||||
One Choice® 2040 Portfolio | One Choice® 2065 Portfolio | |||||||
Investor Class (ARDVX) | Investor Class (ARHVX) | |||||||
I Class (ARDSX) | I Class (ARHUX) | |||||||
A Class (ARDMX) | A Class (ARHMX) | |||||||
C Class (ARNOX) | C Class (ARHEX) | |||||||
R Class (ARDRX) | R Class (ARHFX) | |||||||
R6 Class (ARDUX) | R6 Class (ARHSX) |
Table of Contents |
President’s Letter | |||||
Performance | |||||
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 | |||||
Liquidity Risk Management Program | |||||
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 |
![image223.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image223.jpg)
Dear Investor:
Thank you for reviewing this annual report for the period ended July 31, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.
Stocks Delivered Strong Gains
Global equities and other risk-on assets rallied for the 12-month period, benefiting from ongoing central bank and federal government support. These programs helped sustain investor confidence and bolster the economic landscape, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.
In general, data on U.S. manufacturing, employment, housing and corporate earnings remained upbeat during the period. Additionally, expanding COVID-19 vaccine availability and two federal coronavirus aid packages also helped promote investor optimism. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.
Against this backdrop, inflation rose, but central banks remained supportive. In the U.S., where annual inflation soared to a 13-year high, the Federal Reserve (Fed) insisted temporary supply chain disruptions and other transient factors were at play. The Fed left interest rates unchanged but hinted it may start hiking rates in 2023, sooner than its previous timetable of 2024.
Despite ongoing pandemic-related challenges, including the emergence of the delta variant of COVID-19, risk assets remained in favor, and global stocks delivered stellar 12-month returns. The U.S. generally outperformed other developed markets, as the S&P 500 Index returned more than 36%. Value stocks generally outperformed growth stocks, while small caps sharply outpaced large caps. The broad U.S. bond market declined modestly, but global bonds delivered a slight gain.
Several Influences Shaping Market Dynamics
The return to pre-pandemic life is progressing, albeit somewhat cautiously due to the spread of the delta variant. As the economy and markets respond to this fluid backdrop, investors will face opportunities and ongoing challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization and fiscal and monetary policy likely will sway market dynamics.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
![image224.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/image224.jpg)
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Performance |
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice In Retirement Portfolio | |||||||||||||||||||||||
Investor Class | ARTOX | 15.64% | 7.72% | 6.89% | — | 8/31/04 | |||||||||||||||||
S&P Target Date Retirement Income Index | — | 9.46% | 6.17% | 5.47% | — | — | |||||||||||||||||
I Class | ATTIX | 15.78% | 7.94% | 7.09% | — | 8/31/04 | |||||||||||||||||
A Class | ARTAX | 8/31/04 | |||||||||||||||||||||
No sales charge | 15.28% | 7.46% | 6.62% | — | |||||||||||||||||||
With sales charge | 8.67% | 6.19% | 5.99% | — | |||||||||||||||||||
C Class | ATTCX | 14.40% | 6.65% | 5.82% | — | 3/1/10 | |||||||||||||||||
R Class | ARSRX | 15.00% | 7.20% | 6.36% | — | 8/31/04 | |||||||||||||||||
R6 Class | ARDTX | 15.94% | 8.07% | — | 6.97% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2025 Portfolio | |||||||||||||||||||||||
Investor Class | ARWIX | 16.85% | 8.44% | 7.64% | — | 8/31/04 | |||||||||||||||||
S&P Target Date To 2025 Index | — | 16.22% | 8.51% | 7.36% | — | — | |||||||||||||||||
I Class | ARWFX | 17.15% | 8.66% | 7.86% | — | 8/31/04 | |||||||||||||||||
A Class | ARWAX | 8/31/04 | |||||||||||||||||||||
No sales charge | 16.57% | 8.17% | 7.38% | — | |||||||||||||||||||
With sales charge | 9.83% | 6.89% | 6.74% | — | |||||||||||||||||||
C Class | ARWCX | 15.70% | 7.38% | 6.57% | — | 3/1/10 | |||||||||||||||||
R Class | ARWRX | 16.29% | 7.90% | 7.11% | — | 8/31/04 | |||||||||||||||||
R6 Class | ARWDX | 17.32% | 8.80% | — | 7.71% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
4
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2030 Portfolio | |||||||||||||||||||||||
Investor Class | ARCVX | 18.62% | 9.20% | 8.23% | — | 5/30/08 | |||||||||||||||||
S&P Target Date To 2030 Index | — | 20.40% | 9.61% | 8.14% | — | — | |||||||||||||||||
I Class | ARCSX | 18.94% | 9.42% | 8.44% | — | 5/30/08 | |||||||||||||||||
A Class | ARCMX | 5/30/08 | |||||||||||||||||||||
No sales charge | 18.37% | 8.93% | 7.95% | — | |||||||||||||||||||
With sales charge | 11.60% | 7.64% | 7.31% | — | |||||||||||||||||||
C Class | ARWOX | 17.48% | 8.12% | 7.15% | — | 3/1/10 | |||||||||||||||||
R Class | ARCRX | 18.08% | 8.66% | 7.68% | — | 5/30/08 | |||||||||||||||||
R6 Class | ARCUX | 19.11% | 9.55% | — | 8.28% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
5
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2035 Portfolio | |||||||||||||||||||||||
Investor Class | ARYIX | 20.75% | 10.01% | 8.85% | — | 8/31/04 | |||||||||||||||||
S&P Target Date To 2035 Index | — | 24.38% | 10.56% | 8.79% | — | — | |||||||||||||||||
I Class | ARLIX | 20.96% | 10.21% | 9.07% | — | 8/31/04 | |||||||||||||||||
A Class | ARYAX | 8/31/04 | |||||||||||||||||||||
No sales charge | 20.47% | 9.73% | 8.59% | — | |||||||||||||||||||
With sales charge | 13.54% | 8.45% | 7.95% | — | |||||||||||||||||||
C Class | ARLCX | 19.56% | 8.90% | 7.77% | — | 3/1/10 | |||||||||||||||||
R Class | ARYRX | 20.18% | 9.45% | 8.32% | — | 8/31/04 | |||||||||||||||||
R6 Class | ARLDX | 21.24% | 10.36% | — | 8.91% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
6
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2040 Portfolio | |||||||||||||||||||||||
Investor Class | ARDVX | 22.90% | 10.81% | 9.48% | — | 5/30/08 | |||||||||||||||||
S&P Target Date To 2040 Index | — | 27.39% | 11.29% | 9.32% | — | — | |||||||||||||||||
I Class | ARDSX | 23.14% | 11.03% | 9.70% | — | 5/30/08 | |||||||||||||||||
A Class | ARDMX | 5/30/08 | |||||||||||||||||||||
No sales charge | 22.54% | 10.52% | 9.20% | — | |||||||||||||||||||
With sales charge | 15.50% | 9.22% | 8.55% | — | |||||||||||||||||||
C Class | ARNOX | 21.64% | 9.71% | 8.38% | — | 3/1/10 | |||||||||||||||||
R Class | ARDRX | 22.26% | 10.25% | 8.93% | — | 5/30/08 | |||||||||||||||||
R6 Class | ARDUX | 23.31% | 11.18% | — | 9.55% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
7
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2045 Portfolio | |||||||||||||||||||||||
Investor Class | AROIX | 25.08% | 11.62% | 10.05% | — | 8/31/04 | |||||||||||||||||
S&P Target Date To 2045 Index | — | 29.74% | 11.78% | 9.73% | — | — | |||||||||||||||||
I Class | AOOIX | 25.35% | 11.84% | 10.28% | — | 8/31/04 | |||||||||||||||||
A Class | AROAX | 8/31/04 | |||||||||||||||||||||
No sales charge | 24.80% | 11.34% | 9.78% | — | |||||||||||||||||||
With sales charge | 17.61% | 10.02% | 9.13% | — | |||||||||||||||||||
C Class | AROCX | 23.89% | 10.52% | 8.97% | — | 3/1/10 | |||||||||||||||||
R Class | ARORX | 24.49% | 11.07% | 9.51% | — | 8/31/04 | |||||||||||||||||
R6 Class | ARDOX | 25.53% | 11.99% | — | 10.17% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
8
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2050 Portfolio | |||||||||||||||||||||||
Investor Class | ARFVX | 27.33% | 12.33% | 10.47% | — | 5/30/08 | |||||||||||||||||
S&P Target Date To 2050 Index | — | 30.76% | 12.16% | 10.06% | — | — | |||||||||||||||||
I Class | ARFSX | 27.61% | 12.56% | 10.69% | — | 5/30/08 | |||||||||||||||||
A Class | ARFMX | 5/30/08 | |||||||||||||||||||||
No sales charge | 27.04% | 12.05% | 10.19% | — | |||||||||||||||||||
With sales charge | 19.71% | 10.74% | 9.54% | — | |||||||||||||||||||
C Class | ARFDX | 26.11% | 11.22% | 9.37% | — | 3/1/10 | |||||||||||||||||
R Class | ARFWX | 26.73% | 11.77% | 9.91% | — | 5/30/08 | |||||||||||||||||
R6 Class | ARFEX | 27.78% | 12.71% | — | 10.63% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
9
Total Returns as of July 31, 2021 | |||||||||||||||||||||||
Average Annual Returns | |||||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | 10 years | Since Inception | Inception Date | ||||||||||||||||||
One Choice 2055 Portfolio | |||||||||||||||||||||||
Investor Class | AREVX | 28.45% | 12.65% | 10.71% | — | 3/31/11 | |||||||||||||||||
S&P Target Date To 2055 Index | — | 31.43% | 12.28% | 10.27% | — | — | |||||||||||||||||
I Class | ARENX | 28.69% | 12.87% | 10.93% | — | 3/31/11 | |||||||||||||||||
A Class | AREMX | 3/31/11 | |||||||||||||||||||||
No sales charge | 28.12% | 12.36% | 10.42% | — | |||||||||||||||||||
With sales charge | 20.72% | 11.04% | 9.78% | — | |||||||||||||||||||
C Class | AREFX | 27.24% | 11.52% | 9.61% | — | 3/31/11 | |||||||||||||||||
R Class | AREOX | 27.79% | 12.07% | 10.16% | — | 3/31/11 | |||||||||||||||||
R6 Class | AREUX | 28.91% | 13.02% | — | 10.87% | 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.
C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.
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.
10
Total Returns as of July 31, 2021 | ||||||||||||||||||||
Average Annual Returns | ||||||||||||||||||||
Ticker Symbol | 1 year | 5 years | Since Inception | Inception Date | ||||||||||||||||
One Choice 2060 Portfolio | ||||||||||||||||||||
Investor Class | ARGVX | 29.28% | 12.84% | 12.75% | 9/30/15 | |||||||||||||||
S&P Target Date To 2060+ Index | — | 31.65% | 12.64% | 12.77% | — | |||||||||||||||
I Class | ARGNX | 29.59% | 13.07% | 12.98% | 9/30/15 | |||||||||||||||
A Class | ARGMX | 9/30/15 | ||||||||||||||||||
No sales charge | 29.01% | 12.56% | 12.46% | |||||||||||||||||
With sales charge | 21.59% | 11.24% | 11.33% | |||||||||||||||||
C Class | ARGHX | 27.97% | 11.71% | 11.63% | 9/30/15 | |||||||||||||||
R Class | ARGRX | 28.65% | 12.27% | 12.19% | 9/30/15 | |||||||||||||||
R6 Class | ARGDX | 29.76% | 13.21% | 13.12% | 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 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.
11
Total Returns as of July 31, 2021 | |||||||||||
Ticker Symbol | Since Inception | Inception Date | |||||||||
One Choice 2065 Portfolio | |||||||||||
Investor Class | ARHVX | 30.02% | 9/23/20 | ||||||||
S&P Target Date To 2060+ Index | — | 32.04% | — | ||||||||
I Class | ARHUX | 30.19% | 9/23/20 | ||||||||
A Class | ARHMX | 9/23/20 | |||||||||
No sales charge | 29.63% | ||||||||||
With sales charge | 22.17% | ||||||||||
C Class | ARHEX | 9/23/20 | |||||||||
No sales charge | 28.86% | ||||||||||
With sales charge | 27.86% | ||||||||||
R Class | ARHFX | 29.44% | 9/23/20 | ||||||||
R6 Class | ARHSX | 30.44% | 9/23/20 |
Fund returns would have been lower if a portion of the fees had not been waived. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.
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, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-e2b3c7bd6e4d4695a9c.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-e2b3c7bd6e4d4695a9c.jpg)
Value on July 31, 2021 | |||||
Investor Class — $19,481 | |||||
S&P Target Date Retirement Income Index — $17,039 | |||||
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 2025 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-1322f8a846e14845895.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-1322f8a846e14845895.jpg)
Value on July 31, 2021 | |||||
Investor Class — $20,899 | |||||
S&P Target Date To 2025 Index — $20,358 | |||||
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 2030 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-e709becc7db747b3981.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-e709becc7db747b3981.jpg)
Value on July 31, 2021 | |||||
Investor Class — $22,061 | |||||
S&P Target Date To 2030 Index — $21,882 | |||||
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 2035 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-021bf1ece39f4d468e0.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-021bf1ece39f4d468e0.jpg)
Value on July 31, 2021 | |||||
Investor Class — $23,374 | |||||
S&P Target Date To 2035 Index — $23,232 | |||||
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 2040 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-9f3b503750124c48be0.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-9f3b503750124c48be0.jpg)
Value on July 31, 2021 | |||||
Investor Class — $24,757 | |||||
S&P Target Date To 2040 Index — $24,407 | |||||
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 2045 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-fcb744744c36419aae2.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-fcb744744c36419aae2.jpg)
Value on July 31, 2021 | |||||
Investor Class — $26,069 | |||||
S&P Target Date To 2045 Index — $25,323 | |||||
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 2050 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-4cd1969248f54996968.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-4cd1969248f54996968.jpg)
Value on July 31, 2021 | |||||
Investor Class — $27,082 | |||||
S&P Target Date To 2050 Index — $26,112 | |||||
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 2055 Portfolio — Investor Class | ||
$10,000 investment made July 31, 2011 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-2b7c3e69fb1e4445a07.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-2b7c3e69fb1e4445a07.jpg)
Value on July 31, 2021 | |||||
Investor Class — $27,682 | |||||
S&P Target Date To 2055 Index — $26,599 | |||||
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 2060 Portfolio — Investor Class | ||
$10,000 investment made September 30, 2015 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-438c49a5256b4eeea4c.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-438c49a5256b4eeea4c.jpg)
Value on July 31, 2021 | |||||
Investor Class — $20,152 | |||||
S&P Target Date To 2060+ Index — $20,173 | |||||
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 2065 Portfolio — Investor Class | ||
$10,000 investment made September 23, 2020 | ||
Performance for other share classes will vary due to differences in fee structure. |
![chart-9094de5ea7bc48d0b41.jpg](https://capedge.com/proxy/N-CSR/0001293210-21-000085/chart-9094de5ea7bc48d0b41.jpg)
Value on July 31, 2021 | |||||
Investor Class — $13,002 | |||||
S&P Target Date To 2060+ Index — $13,204 | |||||
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 | 0.78% | 0.60% | 1.03% | 1.78% | 1.28% | 0.50% | ||||||||||||||
One Choice 2025 Portfolio | 0.80% | 0.61% | 1.05% | 1.80% | 1.30% | 0.51% | ||||||||||||||
One Choice 2030 Portfolio | 0.83% | 0.64% | 1.08% | 1.83% | 1.33% | 0.53% | ||||||||||||||
One Choice 2035 Portfolio | 0.86% | 0.67% | 1.11% | 1.86% | 1.36% | 0.56% | ||||||||||||||
One Choice 2040 Portfolio | 0.89% | 0.69% | 1.14% | 1.89% | 1.39% | 0.58% | ||||||||||||||
One Choice 2045 Portfolio | 0.91% | 0.71% | 1.16% | 1.91% | 1.41% | 0.60% | ||||||||||||||
One Choice 2050 Portfolio | 0.93% | 0.73% | 1.18% | 1.93% | 1.43% | 0.61% | ||||||||||||||
One Choice 2055 Portfolio | 0.94% | 0.74% | 1.19% | 1.94% | 1.44% | 0.61% | ||||||||||||||
One Choice 2060 Portfolio | 0.95% | 0.75% | 1.20% | 1.95% | 1.45% | 0.62% | ||||||||||||||
One Choice 2065 Portfolio | 0.95% | 0.76% | 1.20% | 1.95% | 1.45% | 0.62% |
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, Vidya Rajappa and John Donner
John Donner joined the management team during the reporting period.
Performance Summary
Each of the 10 One Choice® Target Date Portfolios produced strong positive returns for the fiscal year ended July 31, 2021, ranging from 15.64%* for the One Choice In Retirement Portfolio to 30.02% for the One Choice 2065 Portfolio (from inception: September 23, 2020). (See pages 3-17 for more detailed performance information.) The period was marked by a shift from growth-oriented investments to value-oriented investments as investors sought to take advantage of the reopening of the economy, especially in the U.S. In that environment, performance for the 12 months benefited from exposure to U.S. equity markets. Large-cap, value-oriented investments performed particularly well. In U.S. fixed-income allocations, holdings in the high-yield market were the leading contributors. In non-U.S. equity markets, large-cap growth stocks made strong contributions, while non-U.S. bond allocations made more modest contributions to absolute results.
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
Early in the period, global stocks rallied sharply, supported by strong economic and earnings data, accommodative monetary policy and optimism surrounding COVID-19 vaccine trials. Approval of COVID-19 vaccines further raised hopes that economic activity could soon normalize. In late 2020 and early 2021, distribution of the vaccines and continued monetary and fiscal relief resulted in a shift toward more economically sensitive cyclical stocks. As a result, value stocks outperformed growth, small-cap stocks led both mid- and large-cap stocks, and energy and financials outperformed technology and health care stocks. Questions about the strength of the global economic recovery remained, however, and a rise in COVID-19 cases and delays in vaccine rollouts also posed challenges, especially for emerging markets.
In U.S. equities markets, strong economic growth and earnings bolstered performance early in the period, but Congress and the White House failed to reach an agreement on another coronavirus relief package, which led to market volatility. But by late 2020, stocks had fully recovered from the pandemic-related sell-off and reached new highs, supported by the rollout of COVID-19 vaccines, increased growth expectations and positive corporate earnings reports. Fiscal policy also boosted the economic outlook as Congress passed the $1.9 trillion American Rescue Plan Act. U.S. stocks continued to rally in 2021 amid ongoing earnings strength, expanding vaccine availability and easing COVID-19 restrictions. Economic data remained uneven, however. Supply chain constraints, rising input prices and strong consumer demand drove inflation sharply higher, resulting in some volatility. A slight acceleration in the Federal Reserve’s (Fed’s) potential rate-hike timetable also added to market volatility late in the reporting period, though performance overall for the fiscal year remained quite strong.
*All fund returns referenced in this commentary are for Investor Class shares. Total returns for periods less than one year are not annualized. 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
In the global bond market, returns were modestly positive, though they varied widely by sector and geography. For example, U.S. government bond returns were negative, mortgage-backed security returns were essentially flat, but investment-grade and high-yield corporate bonds performed well. This reflects strong corporate earnings and an improved economic outlook, which supported a rally in corporate bonds. Expectations for increased federal borrowing, improving economic growth and higher inflation pushed the U.S. 10-year Treasury yield to its highest level in more than a year by late March 2021. But uncertainty about the health of the job market and a resurgent virus ultimately led to a decline in bond yields throughout the rest of the reporting period.
Outside the U.S., government bonds generally managed small, positive returns, while higher-yielding segments of the market performed better. Initially, yields generally declined due to concerns about a second wave of COVID-19, continued global economic uncertainty and renewed trade tensions. Toward the end of 2020, global and U.S. bonds continued to post positive returns, though non-U.S. bonds outperformed their U.S. counterparts due largely to a weakening dollar.
In Europe, government bond yields edged lower as another wave of the virus led to renewed lockdowns and short-term economic uncertainty. Japan’s 10-year government bond yields remained near zero late in the year, while emerging markets bond returns rallied in the risk-on climate amid hopes for a return to normal in 2021. But conditions changed beginning in 2021 as government bond yields increased on expectations that vaccine distribution could lead to stronger economic growth. Yields in the eurozone rose sharply on expectations that stronger growth and higher inflation could lead to less accommodative monetary policy. Conditions reversed again in May, when the spread of the delta variant of COVID-19 raised fears of another dramatic economic slowdown. As a result, bond yields fell again and central banks around the globe generally left accommodative monetary policies in place to ensure an economic recovery.
Portfolio 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. The Schedules of Investments within this report provide 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-date 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
Performance of the One Choice Portfolios varied compared with their respective S&P Target Date To benchmark indices. In Retirement and 2025 Portfolios outperformed largely because of greater exposure to equities than the benchmarks. However, the longer-dated Portfolios generally underperformed because of a comparative lack of equities, as well as negative security selection effects.
Equity holdings across the Portfolios generated positive absolute returns, with NT Focused Large Cap Value Fund and Sustainable Equity Fund being the leading contributors to performance. Bond holdings also added to absolute performance, with NT Diversified Bond Fund, Inflation-Adjusted Bond Fund and NT High Income Fund being the leading contributors. On a relative basis, NT Focused Large Cap Value Fund and NT Mid Cap Value Fund detracted most from performance compared with benchmarks. On the other hand, Small Cap Value Fund and Small Cap Growth Fund performed very well in absolute terms and versus their benchmarks. Among non-U.S. equities, Non-U.S. Intrinsic Value Fund was a notable contributor to relative and absolute returns. Bond holdings also supported relative performance, with NT High Income Fund leading the way.
20
Dynamic Risk Management Process
While the global economic and corporate profit recoveries are progressing, market risks remain. Volatility could spike if investors’ assumptions about inflation, interest rates and corporate earnings disappoint. For example, we agree with the Fed’s view that much of the upward pressure on inflation is transitory due to higher demand and disrupted supply chains coming out of the pandemic. But there’s a clear risk to markets if inflation runs higher or longer than investors currently expect. In addition, we’re somewhat cautious because of concerns about potential market volatility with stocks at record highs at a time when the economy has yet to fully move beyond the affects of the pandemic. Add it all up, and we maintain a slight underweight to equities for the most risk-averse investors, such as those who are nearing retirement.
21
Portfolio Characteristics |
Portfolio Composition as a % of net assets as of July 31, 2021 | |||||||||||||||||
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | |||||||||||||
Domestic Fixed Income Funds | 46.1% | 41.8% | 36.4% | 30.8% | 25.9% | ||||||||||||
Domestic Equity Funds | 32.3% | 34.9% | 37.8% | 41.9% | 45.3% | ||||||||||||
International Fixed Income Funds | 11.9% | 12.0% | 12.4% | 11.1% | 9.7% | ||||||||||||
International Equity Funds | 9.7% | 11.3% | 13.4% | 16.2% | 19.1% | ||||||||||||
Other Assets and Liabilities | —(1) | —(1) | —(1) | —(1) | —(1) |
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio | |||||||||||||
Domestic Fixed Income Funds | 20.7% | 16.0% | 13.2% | 11.4% | 10.9% | ||||||||||||
Domestic Equity Funds | 49.9% | 54.3% | 56.9% | 58.8% | 59.1% | ||||||||||||
International Fixed Income Funds | 7.8% | 6.0% | 5.0% | 4.2% | 4.1% | ||||||||||||
International Equity Funds | 21.6% | 23.7% | 24.9% | 25.6% | 25.9% | ||||||||||||
Other Assets and Liabilities | —(1) | —(1) | —(1) | —(1) | —(1) |
(1)Category is less than 0.05% of total net assets.
22
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, 2021 to July 31, 2021.
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice In Retirement Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,073.70 | $3.80 | 0.74% | ||||||||||
I Class | $1,000 | $1,074.80 | $2.78 | 0.54% | ||||||||||
A Class | $1,000 | $1,072.40 | $5.09 | 0.99% | ||||||||||
C Class | $1,000 | $1,068.20 | $8.92 | 1.74% | ||||||||||
R Class | $1,000 | $1,071.20 | $6.37 | 1.24% | ||||||||||
R6 Class | $1,000 | $1,074.90 | $2.01 | 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 2025 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,078.00 | $3.92 | 0.76% | ||||||||||
I Class | $1,000 | $1,079.30 | $2.89 | 0.56% | ||||||||||
A Class | $1,000 | $1,076.70 | $5.20 | 1.01% | ||||||||||
C Class | $1,000 | $1,073.20 | $9.05 | 1.76% | ||||||||||
R Class | $1,000 | $1,075.30 | $6.48 | 1.26% | ||||||||||
R6 Class | $1,000 | $1,080.60 | $2.12 | 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% |
(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.
24
Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice 2030 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,084.10 | $4.03 | 0.78% | ||||||||||
I Class | $1,000 | $1,084.80 | $3.00 | 0.58% | ||||||||||
A Class | $1,000 | $1,081.90 | $5.32 | 1.03% | ||||||||||
C Class | $1,000 | $1,078.00 | $9.17 | 1.78% | ||||||||||
R Class | $1,000 | $1,081.10 | $6.60 | 1.28% | ||||||||||
R6 Class | $1,000 | $1,085.40 | $2.22 | 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% | ||||||||||
One Choice 2035 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,090.60 | $4.20 | 0.81% | ||||||||||
I Class | $1,000 | $1,091.80 | $3.16 | 0.61% | ||||||||||
A Class | $1,000 | $1,089.40 | $5.49 | 1.06% | ||||||||||
C Class | $1,000 | $1,085.40 | $9.36 | 1.81% | ||||||||||
R Class | $1,000 | $1,088.30 | $6.78 | 1.31% | ||||||||||
R6 Class | $1,000 | $1,092.30 | $2.39 | 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% |
(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 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice 2040 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,096.50 | $4.31 | 0.83% | ||||||||||
I Class | $1,000 | $1,097.30 | $3.28 | 0.63% | ||||||||||
A Class | $1,000 | $1,095.20 | $5.61 | 1.08% | ||||||||||
C Class | $1,000 | $1,091.10 | $9.49 | 1.83% | ||||||||||
R Class | $1,000 | $1,093.80 | $6.90 | 1.33% | ||||||||||
R6 Class | $1,000 | $1,098.90 | $2.50 | 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% | ||||||||||
One Choice 2045 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,104.10 | $4.49 | 0.86% | ||||||||||
I Class | $1,000 | $1,105.10 | $3.44 | 0.66% | ||||||||||
A Class | $1,000 | $1,103.00 | $5.79 | 1.11% | ||||||||||
C Class | $1,000 | $1,098.80 | $9.68 | 1.86% | ||||||||||
R Class | $1,000 | $1,101.20 | $7.09 | 1.36% | ||||||||||
R6 Class | $1,000 | $1,106.30 | $2.66 | 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% |
(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 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice 2050 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,112.50 | $4.61 | 0.88% | ||||||||||
I Class | $1,000 | $1,113.70 | $3.56 | 0.68% | ||||||||||
A Class | $1,000 | $1,111.20 | $5.92 | 1.13% | ||||||||||
C Class | $1,000 | $1,107.40 | $9.82 | 1.88% | ||||||||||
R Class | $1,000 | $1,109.80 | $7.22 | 1.38% | ||||||||||
R6 Class | $1,000 | $1,114.20 | $2.78 | 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 2055 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,117.30 | $4.62 | 0.88% | ||||||||||
I Class | $1,000 | $1,117.90 | $3.57 | 0.68% | ||||||||||
A Class | $1,000 | $1,115.00 | $5.93 | 1.13% | ||||||||||
C Class | $1,000 | $1,111.50 | $9.84 | 1.88% | ||||||||||
R Class | $1,000 | $1,114.30 | $7.23 | 1.38% | ||||||||||
R6 Class | $1,000 | $1,118.40 | $2.78 | 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.
27
Beginning Account Value 2/1/21 | Ending Account Value 7/31/21 | Expenses Paid During Period(1) 2/1/21 - 7/31/21 | Annualized Expense Ratio(1) | |||||||||||
One Choice 2060 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,120.40 | $4.63 | 0.88% | ||||||||||
I Class | $1,000 | $1,121.80 | $3.58 | 0.68% | ||||||||||
A Class | $1,000 | $1,119.20 | $5.94 | 1.13% | ||||||||||
C Class | $1,000 | $1,114.70 | $9.86 | 1.88% | ||||||||||
R Class | $1,000 | $1,117.90 | $7.25 | 1.38% | ||||||||||
R6 Class | $1,000 | $1,122.80 | $2.79 | 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 2065 Portfolio | ||||||||||||||
Actual | ||||||||||||||
Investor Class | $1,000 | $1,121.80 | $4.63 | 0.88% | ||||||||||
I Class | $1,000 | $1,122.70 | $3.58 | 0.68% | ||||||||||
A Class | $1,000 | $1,119.20 | $5.94 | 1.13% | ||||||||||
C Class | $1,000 | $1,115.90 | $9.86 | 1.88% | ||||||||||
R Class | $1,000 | $1,118.40 | $7.25 | 1.38% | ||||||||||
R6 Class | $1,000 | $1,123.50 | $2.79 | 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
Schedules of Investments |
JULY 31, 2021
One Choice In Retirement Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Fixed Income Funds — 46.1% | ||||||||
Inflation-Adjusted Bond Fund G Class | 6,519,942 | $ | 85,346,037 | |||||
NT Diversified Bond Fund G Class | 49,575,086 | 564,164,480 | ||||||
NT High Income Fund G Class | 9,821,672 | 98,904,238 | ||||||
Short Duration Fund G Class | 26,913,670 | 282,055,263 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 18,217,721 | 204,585,002 | ||||||
1,235,055,020 | ||||||||
Domestic Equity Funds — 32.3% | ||||||||
NT Disciplined Growth Fund G Class | 4,062,815 | 69,514,762 | ||||||
NT Equity Growth Fund G Class | 7,077,610 | 93,849,115 | ||||||
NT Focused Large Cap Value Fund G Class | 17,158,321 | 228,205,666 | ||||||
NT Growth Fund G Class | 4,281,396 | 103,695,409 | ||||||
NT Heritage Fund G Class | 2,712,835 | 47,664,502 | ||||||
NT Mid Cap Value Fund G Class | 6,770,889 | 101,021,658 | ||||||
Small Cap Growth Fund G Class | 852,604 | 23,855,847 | ||||||
Small Cap Value Fund G Class | 2,076,890 | 23,489,626 | ||||||
Sustainable Equity Fund G Class | 3,804,289 | 173,513,623 | ||||||
864,810,208 | ||||||||
International Fixed Income Funds — 11.9% | ||||||||
Emerging Markets Debt Fund G Class | 2,938,034 | 31,143,160 | ||||||
Global Bond Fund G Class | 21,213,087 | 226,343,636 | ||||||
International Bond Fund G Class | 4,389,174 | 61,667,892 | ||||||
319,154,688 | ||||||||
International Equity Funds — 9.7% | ||||||||
NT Global Real Estate Fund G Class | 1,930,354 | 25,442,062 | ||||||
NT International Growth Fund G Class | 6,796,350 | 104,188,039 | ||||||
NT International Small-Mid Cap Fund G Class | 792,314 | 12,352,175 | ||||||
NT International Value Fund G Class | 11,081,726 | 118,242,015 | ||||||
260,224,291 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,110,934,199) | 2,679,244,207 | |||||||
OTHER ASSETS AND LIABILITIES† | (2,152) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,679,242,055 |
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.
29
JULY 31, 2021
One Choice 2025 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Fixed Income Funds — 41.8% | ||||||||
Inflation-Adjusted Bond Fund G Class | 8,081,646 | $ | 105,788,750 | |||||
NT Diversified Bond Fund G Class | 46,826,310 | 532,883,408 | ||||||
NT High Income Fund G Class | 10,469,144 | 105,424,283 | ||||||
Short Duration Fund G Class | 18,550,253 | 194,406,649 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 11,993,597 | 134,688,093 | ||||||
1,073,191,183 | ||||||||
Domestic Equity Funds — 34.9% | ||||||||
NT Disciplined Growth Fund G Class | 4,392,211 | 75,150,722 | ||||||
NT Equity Growth Fund G Class | 7,135,866 | 94,621,587 | ||||||
NT Focused Large Cap Value Fund G Class | 16,749,458 | 222,767,793 | ||||||
NT Growth Fund G Class | 4,579,198 | 110,908,172 | ||||||
NT Heritage Fund G Class | 3,188,822 | 56,027,606 | ||||||
NT Mid Cap Value Fund G Class | 7,407,150 | 110,514,682 | ||||||
Small Cap Growth Fund G Class | 895,600 | 25,058,879 | ||||||
Small Cap Value Fund G Class | 2,281,767 | 25,806,785 | ||||||
Sustainable Equity Fund G Class | 3,804,103 | 173,505,152 | ||||||
894,361,378 | ||||||||
International Fixed Income Funds — 12.0% | ||||||||
Emerging Markets Debt Fund G Class | 3,938,876 | 41,752,086 | ||||||
Global Bond Fund G Class | 20,065,997 | 214,104,184 | ||||||
International Bond Fund G Class | 3,735,961 | 52,490,248 | ||||||
308,346,518 | ||||||||
International Equity Funds — 11.3% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 1,074,745 | 11,048,375 | ||||||
NT Emerging Markets Fund G Class | 854,578 | 12,707,569 | ||||||
NT Global Real Estate Fund G Class | 2,245,510 | 29,595,826 | ||||||
NT International Growth Fund G Class | 7,057,956 | 108,198,462 | ||||||
NT International Small-Mid Cap Fund G Class | 1,278,596 | 19,933,307 | ||||||
NT International Value Fund G Class | 10,229,973 | 109,153,810 | ||||||
290,637,349 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,986,362,520) | 2,566,536,428 | |||||||
OTHER ASSETS AND LIABILITIES† | (17,709) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,566,518,719 |
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, 2021
One Choice 2030 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 37.8% | ||||||||
Focused Dynamic Growth Fund G Class | 162,439 | $ | 10,085,862 | |||||
NT Disciplined Growth Fund G Class | 3,645,737 | 62,378,560 | ||||||
NT Equity Growth Fund G Class | 6,346,242 | 84,151,174 | ||||||
NT Focused Large Cap Value Fund G Class | 15,055,657 | 200,240,243 | ||||||
NT Growth Fund G Class | 4,440,371 | 107,545,786 | ||||||
NT Heritage Fund G Class | 3,505,963 | 61,599,773 | ||||||
NT Mid Cap Value Fund G Class | 7,474,884 | 111,525,276 | ||||||
Small Cap Growth Fund G Class | 832,289 | 23,287,458 | ||||||
Small Cap Value Fund G Class | 2,094,744 | 23,691,553 | ||||||
Sustainable Equity Fund G Class | 3,417,539 | 155,873,932 | ||||||
840,379,617 | ||||||||
Domestic Fixed Income Funds — 36.4% | ||||||||
Inflation-Adjusted Bond Fund G Class | 7,918,787 | 103,656,925 | ||||||
NT Diversified Bond Fund G Class | 39,010,706 | 443,941,837 | ||||||
NT High Income Fund G Class | 9,715,848 | 97,838,588 | ||||||
Short Duration Fund G Class | 9,554,425 | 100,130,375 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 5,822,560 | 65,387,351 | ||||||
810,955,076 | ||||||||
International Equity Funds — 13.4% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 2,111,143 | 21,702,550 | ||||||
NT Emerging Markets Fund G Class | 1,935,033 | 28,773,943 | ||||||
NT Global Real Estate Fund G Class | 2,247,124 | 29,617,093 | ||||||
NT International Growth Fund G Class | 6,671,956 | 102,281,090 | ||||||
NT International Small-Mid Cap Fund G Class | 1,554,731 | 24,238,256 | ||||||
NT International Value Fund G Class | 8,519,810 | 90,906,369 | ||||||
297,519,301 | ||||||||
International Fixed Income Funds — 12.4% | ||||||||
Emerging Markets Debt Fund G Class | 4,366,786 | 46,287,932 | ||||||
Global Bond Fund G Class | 17,471,764 | 186,423,723 | ||||||
International Bond Fund G Class | 3,065,598 | 43,071,646 | ||||||
275,783,301 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,737,069,311) | 2,224,637,295 | |||||||
OTHER ASSETS AND LIABILITIES† | (1,745) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,224,635,550 |
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, 2021
One Choice 2035 Portfolio
Shares | Value | ||||||||||
UNDERLYING FUNDS(1) — 100.0% | |||||||||||
Domestic Equity Funds — 41.9% | |||||||||||
Focused Dynamic Growth Fund G Class | 515,907 | $ | 32,032,665 | ||||||||
NT Disciplined Growth Fund G Class | 3,728,638 | 63,796,993 | |||||||||
NT Equity Growth Fund G Class | 7,704,950 | 102,167,642 | |||||||||
NT Focused Large Cap Value Fund G Class | 17,851,296 | 237,422,236 | |||||||||
NT Growth Fund G Class | 5,697,535 | 137,994,309 | |||||||||
NT Heritage Fund G Class | 5,379,601 | 94,519,590 | |||||||||
NT Mid Cap Value Fund G Class | 9,528,958 | 142,172,054 | |||||||||
Small Cap Growth Fund G Class | 1,041,740 | 29,147,883 | |||||||||
Small Cap Value Fund G Class | 2,699,841 | 30,535,205 | |||||||||
Sustainable Equity Fund G Class | 4,109,305 | 187,425,396 | |||||||||
1,057,213,973 | |||||||||||
Domestic Fixed Income Funds — 30.8% | |||||||||||
Inflation-Adjusted Bond Fund G Class | 8,108,091 | 106,134,912 | |||||||||
NT Diversified Bond Fund G Class | 41,839,678 | 476,135,539 | |||||||||
NT High Income Fund G Class | 11,071,065 | 111,485,624 | |||||||||
Short Duration Fund G Class | 4,987,917 | 52,273,369 | |||||||||
Short Duration Inflation Protection Bond Fund G Class | 2,901,000 | 32,578,228 | |||||||||
778,607,672 | |||||||||||
International Equity Funds — 16.2% | |||||||||||
Non-U.S. Intrinsic Value Fund G Class | 4,049,242 | 41,626,211 | |||||||||
NT Emerging Markets Fund G Class | 4,182,652 | 62,196,040 | |||||||||
NT Global Real Estate Fund G Class | 3,245,629 | 42,777,385 | |||||||||
NT International Growth Fund G Class | 8,333,391 | 127,750,892 | |||||||||
NT International Small-Mid Cap Fund G Class | 2,587,884 | 40,345,107 | |||||||||
NT International Value Fund G Class | 8,922,612 | 95,204,270 | |||||||||
409,899,905 | |||||||||||
International Fixed Income Funds — 11.1% | |||||||||||
Emerging Markets Debt Fund G Class | 5,540,889 | 58,733,420 | |||||||||
Global Bond Fund G Class | 18,376,027 | 196,072,207 | |||||||||
International Bond Fund G Class | 1,833,460 | 25,760,117 | |||||||||
280,565,744 | |||||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,899,801,050) | 2,526,287,294 | ||||||||||
OTHER ASSETS AND LIABILITIES† | (1,828) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 2,526,285,466 |
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, 2021
One Choice 2040 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 45.3% | ||||||||
Focused Dynamic Growth Fund G Class | 597,810 | $ | 37,118,003 | |||||
NT Disciplined Growth Fund G Class | 2,025,765 | 34,660,840 | ||||||
NT Equity Growth Fund G Class | 5,598,150 | 74,231,465 | ||||||
NT Focused Large Cap Value Fund G Class | 13,424,440 | 178,545,051 | ||||||
NT Growth Fund G Class | 4,392,960 | 106,397,481 | ||||||
NT Heritage Fund G Class | 4,927,303 | 86,572,712 | ||||||
NT Mid Cap Value Fund G Class | 7,522,527 | 112,236,103 | ||||||
Small Cap Growth Fund G Class | 793,517 | 22,202,608 | ||||||
Small Cap Value Fund G Class | 2,043,473 | 23,111,683 | ||||||
Sustainable Equity Fund G Class | 3,004,068 | 137,015,532 | ||||||
812,091,478 | ||||||||
Domestic Fixed Income Funds — 25.9% | ||||||||
Inflation-Adjusted Bond Fund G Class | 4,925,359 | 64,472,955 | ||||||
NT Diversified Bond Fund G Class | 27,409,829 | 311,923,850 | ||||||
NT High Income Fund G Class | 7,543,431 | 75,962,353 | ||||||
Short Duration Fund G Class | 630,774 | 6,610,512 | ||||||
Short Duration Inflation Protection Bond Fund G Class | 353,978 | 3,975,171 | ||||||
462,944,841 | ||||||||
International Equity Funds — 19.1% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 4,036,904 | 41,499,368 | ||||||
NT Emerging Markets Fund G Class | 4,895,406 | 72,794,687 | ||||||
NT Global Real Estate Fund G Class | 2,628,129 | 34,638,739 | ||||||
NT International Growth Fund G Class | 6,331,784 | 97,066,247 | ||||||
NT International Small-Mid Cap Fund G Class | 2,256,679 | 35,181,626 | ||||||
NT International Value Fund G Class | 5,761,842 | 61,478,855 | ||||||
342,659,522 | ||||||||
International Fixed Income Funds — 9.7% | ||||||||
Emerging Markets Debt Fund G Class | 4,180,515 | 44,313,461 | ||||||
Global Bond Fund G Class | 11,777,102 | 125,661,676 | ||||||
International Bond Fund G Class | 218,514 | 3,070,127 | ||||||
173,045,264 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,350,850,645) | 1,790,741,105 | |||||||
OTHER ASSETS AND LIABILITIES† | (4,337) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,790,736,768 |
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, 2021
One Choice 2045 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 49.9% | ||||||||
Focused Dynamic Growth Fund G Class | 954,193 | $ | 59,245,868 | |||||
NT Disciplined Growth Fund G Class | 1,396,395 | 23,892,319 | ||||||
NT Equity Growth Fund G Class | 6,450,817 | 85,537,828 | ||||||
NT Focused Large Cap Value Fund G Class | 15,420,882 | 205,097,727 | ||||||
NT Growth Fund G Class | 5,096,947 | 123,448,057 | ||||||
NT Heritage Fund G Class | 6,086,616 | 106,941,840 | ||||||
NT Mid Cap Value Fund G Class | 8,656,135 | 129,149,536 | ||||||
Small Cap Growth Fund G Class | 918,108 | 25,688,671 | ||||||
Small Cap Value Fund G Class | 2,418,232 | 27,350,207 | ||||||
Sustainable Equity Fund G Class | 3,450,416 | 157,373,451 | ||||||
943,725,504 | ||||||||
International Equity Funds — 21.6% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 5,122,397 | 52,658,239 | ||||||
NT Emerging Markets Fund G Class | 6,312,166 | 93,861,901 | ||||||
NT Global Real Estate Fund G Class | 3,201,675 | 42,198,074 | ||||||
NT International Growth Fund G Class | 7,343,599 | 112,577,374 | ||||||
NT International Small-Mid Cap Fund G Class | 2,776,309 | 43,282,663 | ||||||
NT International Value Fund G Class | 6,087,826 | 64,957,105 | ||||||
409,535,356 | ||||||||
Domestic Fixed Income Funds — 20.7% | ||||||||
Inflation-Adjusted Bond Fund G Class | 4,076,557 | 53,362,128 | ||||||
NT Diversified Bond Fund G Class | 23,906,784 | 272,059,197 | ||||||
NT High Income Fund G Class | 6,619,007 | 66,653,401 | ||||||
392,074,726 | ||||||||
International Fixed Income Funds — 7.8% | ||||||||
Emerging Markets Debt Fund G Class | 3,670,754 | 38,909,993 | ||||||
Global Bond Fund G Class | 10,100,813 | 107,775,676 | ||||||
146,685,669 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,368,407,654) | 1,892,021,255 | |||||||
OTHER ASSETS AND LIABILITIES† | (34,853) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,891,986,402 |
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, 2021
One Choice 2050 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 54.3% | ||||||||
Focused Dynamic Growth Fund G Class | 905,337 | $ | 56,212,383 | |||||
NT Disciplined Growth Fund G Class | 332,605 | 5,690,867 | ||||||
NT Equity Growth Fund G Class | 4,850,188 | 64,313,490 | ||||||
NT Focused Large Cap Value Fund G Class | 11,746,046 | 156,222,409 | ||||||
NT Growth Fund G Class | 3,844,240 | 93,107,501 | ||||||
NT Heritage Fund G Class | 4,582,356 | 80,511,998 | ||||||
NT Mid Cap Value Fund G Class | 6,613,722 | 98,676,733 | ||||||
Small Cap Growth Fund G Class | 702,167 | 19,646,625 | ||||||
Small Cap Value Fund G Class | 1,768,866 | 20,005,880 | ||||||
Sustainable Equity Fund G Class | 2,607,754 | 118,939,679 | ||||||
713,327,565 | ||||||||
International Equity Funds — 23.7% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 4,308,037 | 44,286,624 | ||||||
NT Emerging Markets Fund G Class | 4,941,890 | 73,485,899 | ||||||
NT Global Real Estate Fund G Class | 2,366,115 | 31,185,393 | ||||||
NT International Growth Fund G Class | 5,537,351 | 84,887,584 | ||||||
NT International Small-Mid Cap Fund G Class | 2,064,407 | 32,184,102 | ||||||
NT International Value Fund G Class | 4,268,581 | 45,545,764 | ||||||
311,575,366 | ||||||||
Domestic Fixed Income Funds — 16.0% | ||||||||
Inflation-Adjusted Bond Fund G Class | 2,223,186 | 29,101,509 | ||||||
NT Diversified Bond Fund G Class | 12,758,514 | 145,191,888 | ||||||
NT High Income Fund G Class | 3,536,905 | 35,616,634 | ||||||
209,910,031 | ||||||||
International Fixed Income Funds — 6.0% | ||||||||
Emerging Markets Debt Fund G Class | 1,994,138 | 21,137,864 | ||||||
Global Bond Fund G Class | 5,435,944 | 58,001,528 | ||||||
79,139,392 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $968,488,816) | 1,313,952,354 | |||||||
OTHER ASSETS AND LIABILITIES† | (537) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,313,951,817 |
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, 2021
One Choice 2055 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 56.9% | ||||||||
Focused Dynamic Growth Fund G Class | 691,628 | $ | 42,943,211 | |||||
NT Equity Growth Fund G Class | 3,350,687 | 44,430,107 | ||||||
NT Focused Large Cap Value Fund G Class | 8,125,084 | 108,063,614 | ||||||
NT Growth Fund G Class | 2,654,002 | 64,279,921 | ||||||
NT Heritage Fund G Class | 3,172,161 | 55,734,877 | ||||||
NT Mid Cap Value Fund G Class | 4,573,963 | 68,243,527 | ||||||
Small Cap Growth Fund G Class | 489,474 | 13,695,495 | ||||||
Small Cap Value Fund G Class | 1,207,310 | 13,654,672 | ||||||
Sustainable Equity Fund G Class | 1,804,466 | 82,301,695 | ||||||
493,347,119 | ||||||||
International Equity Funds — 24.9% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 3,145,503 | 32,335,768 | ||||||
NT Emerging Markets Fund G Class | 3,393,751 | 50,465,077 | ||||||
NT Global Real Estate Fund G Class | 1,639,580 | 21,609,659 | ||||||
NT International Growth Fund G Class | 3,834,933 | 58,789,529 | ||||||
NT International Small-Mid Cap Fund G Class | 1,422,169 | 22,171,609 | ||||||
NT International Value Fund G Class | 2,837,357 | 30,274,602 | ||||||
215,646,244 | ||||||||
Domestic Fixed Income Funds — 13.2% | ||||||||
Inflation-Adjusted Bond Fund G Class | 1,212,946 | 15,877,467 | ||||||
NT Diversified Bond Fund G Class | 6,986,984 | 79,511,879 | ||||||
NT High Income Fund G Class | 1,937,526 | 19,510,889 | ||||||
114,900,235 | ||||||||
International Fixed Income Funds — 5.0% | ||||||||
Emerging Markets Debt Fund G Class | 1,081,604 | 11,464,998 | ||||||
Global Bond Fund G Class | 2,982,319 | 31,821,347 | ||||||
43,286,345 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $649,982,150) | 867,179,943 | |||||||
OTHER ASSETS AND LIABILITIES† | (295) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 867,179,648 |
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, 2021
One Choice 2060 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 58.8% | ||||||||
Focused Dynamic Growth Fund G Class | 269,539 | $ | 16,735,647 | |||||
NT Equity Growth Fund G Class | 1,296,825 | 17,195,902 | ||||||
NT Focused Large Cap Value Fund G Class | 3,154,252 | 41,951,551 | ||||||
NT Growth Fund G Class | 1,030,381 | 24,955,825 | ||||||
NT Heritage Fund G Class | 1,231,980 | 21,645,895 | ||||||
NT Mid Cap Value Fund G Class | 1,777,066 | 26,513,820 | ||||||
Small Cap Growth Fund G Class | 192,554 | 5,387,661 | ||||||
Small Cap Value Fund G Class | 472,018 | 5,338,519 | ||||||
Sustainable Equity Fund G Class | 700,853 | 31,965,906 | ||||||
191,690,726 | ||||||||
International Equity Funds — 25.6% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 1,243,114 | 12,779,213 | ||||||
NT Emerging Markets Fund G Class | 1,328,068 | 19,748,374 | ||||||
NT Global Real Estate Fund G Class | 623,124 | 8,212,778 | ||||||
NT International Growth Fund G Class | 1,488,999 | 22,826,360 | ||||||
NT International Small-Mid Cap Fund G Class | 553,210 | 8,624,546 | ||||||
NT International Value Fund G Class | 1,061,618 | 11,327,462 | ||||||
83,518,733 | ||||||||
Domestic Fixed Income Funds — 11.4% | ||||||||
Inflation-Adjusted Bond Fund G Class | 389,201 | 5,094,644 | ||||||
NT Diversified Bond Fund G Class | 2,253,874 | 25,649,089 | ||||||
NT High Income Fund G Class | 627,760 | 6,321,540 | ||||||
37,065,273 | ||||||||
International Fixed Income Funds — 4.2% | ||||||||
Emerging Markets Debt Fund G Class | 350,862 | 3,719,135 | ||||||
Global Bond Fund G Class | 953,379 | 10,172,553 | ||||||
13,891,688 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $256,474,981) | 326,166,420 | |||||||
OTHER ASSETS AND LIABILITIES† | (95) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 326,166,325 |
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, 2021
One Choice 2065 Portfolio
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 100.0% | ||||||||
Domestic Equity Funds — 59.1% | ||||||||
Focused Dynamic Growth Fund G Class | 7,609 | $ | 472,473 | |||||
NT Equity Growth Fund G Class | 36,943 | 489,861 | ||||||
NT Focused Large Cap Value Fund G Class | 89,750 | 1,193,673 | ||||||
NT Growth Fund G Class | 29,331 | 710,395 | ||||||
NT Heritage Fund G Class | 34,965 | 614,328 | ||||||
NT Mid Cap Value Fund G Class | 50,482 | 753,191 | ||||||
Small Cap Growth Fund G Class | 5,510 | 154,157 | ||||||
Small Cap Value Fund G Class | 13,641 | 154,276 | ||||||
Sustainable Equity Fund G Class | 19,877 | 906,605 | ||||||
5,448,959 | ||||||||
International Equity Funds — 25.9% | ||||||||
Non-U.S. Intrinsic Value Fund G Class | 35,909 | 369,143 | ||||||
NT Emerging Markets Fund G Class | 37,953 | 564,367 | ||||||
NT Global Real Estate Fund G Class | 17,861 | 235,411 | ||||||
NT International Growth Fund G Class | 42,315 | 648,682 | ||||||
NT International Small-Mid Cap Fund G Class | 15,656 | 244,074 | ||||||
NT International Value Fund G Class | 30,135 | 321,545 | ||||||
2,383,222 | ||||||||
Domestic Fixed Income Funds — 10.9% | ||||||||
Inflation-Adjusted Bond Fund G Class | 10,557 | 138,189 | ||||||
NT Diversified Bond Fund G Class | 60,902 | 693,064 | ||||||
NT High Income Fund G Class | 17,265 | 173,854 | ||||||
1,005,107 | ||||||||
International Fixed Income Funds — 4.1% | ||||||||
Emerging Markets Debt Fund G Class | 9,849 | 104,403 | ||||||
Global Bond Fund G Class | 25,959 | 276,980 | ||||||
381,383 | ||||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $8,665,206) | 9,218,671 | |||||||
OTHER ASSETS AND LIABILITIES† | (2) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 9,218,669 |
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
Statements of Assets and Liabilities |
JULY 31, 2021 | ||||||||
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $2,110,934,199 and $1,986,362,520, respectively) | $ | 2,679,244,207 | $ | 2,566,536,428 | ||||
Cash | — | 3,000 | ||||||
Receivable for investments sold | 4,508,538 | 5,717,018 | ||||||
Receivable for capital shares sold | 1,141,714 | 3,943,836 | ||||||
Distributions receivable from affiliates | 2,046,965 | 1,924,576 | ||||||
2,686,941,424 | 2,578,124,858 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 2,049,218 | 1,926,694 | ||||||
Payable for capital shares redeemed | 4,069,709 | 8,149,654 | ||||||
Accrued management fees | 1,405,744 | 1,367,320 | ||||||
Distribution and service fees payable | 174,698 | 162,471 | ||||||
7,699,369 | 11,606,139 | |||||||
Net Assets | $ | 2,679,242,055 | $ | 2,566,518,719 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 2,073,373,656 | $ | 1,943,648,890 | ||||
Distributable earnings | 605,868,399 | 622,869,829 | ||||||
$ | 2,679,242,055 | $ | 2,566,518,719 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice In Retirement Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $991,945,284 | 68,951,381 | $14.39 | ||||||||
I Class, $0.01 Par Value | $537,816,918 | 37,377,298 | $14.39 | ||||||||
A Class, $0.01 Par Value | $267,134,687 | 18,568,807 | $14.39* | ||||||||
C Class, $0.01 Par Value | $4,636,087 | 325,326 | $14.25 | ||||||||
R Class, $0.01 Par Value | $268,945,741 | 18,747,046 | $14.35 | ||||||||
R6 Class, $0.01 Par Value | $608,763,338 | 52,924,847 | $11.50 | ||||||||
One Choice 2025 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $879,425,027 | 54,375,236 | $16.17 | ||||||||
I Class, $0.01 Par Value | $541,299,483 | 33,438,310 | $16.19 | ||||||||
A Class, $0.01 Par Value | $243,677,230 | 15,084,764 | $16.15* | ||||||||
C Class, $0.01 Par Value | $3,256,281 | 202,034 | $16.12 | ||||||||
R Class, $0.01 Par Value | $255,643,121 | 15,850,359 | $16.13 | ||||||||
R6 Class, $0.01 Par Value | $643,217,577 | 53,298,366 | $12.07 |
*Maximum offering price $15.27 and $17.14 (net asset value divided by 0.9425) for One Choice In Retirement Portfolio and One Choice 2025 Portfolio, respectively.
See Notes to Financial Statements.
39
JULY 31, 2021 | ||||||||
One Choice 2030 Portfolio | One Choice 2035 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $1,737,069,311 and $1,899,801,050, respectively) | $ | 2,224,637,295 | $ | 2,526,287,294 | ||||
Receivable for investments sold | 7,549,482 | 8,603,209 | ||||||
Receivable for capital shares sold | 1,121,511 | 1,164,182 | ||||||
Distributions receivable from affiliates | 1,599,331 | 1,691,805 | ||||||
2,234,907,619 | 2,537,746,490 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 1,601,076 | 1,693,633 | ||||||
Payable for capital shares redeemed | 7,305,177 | 8,139,683 | ||||||
Accrued management fees | 1,188,054 | 1,442,419 | ||||||
Distribution and service fees payable | 177,762 | 185,289 | ||||||
10,272,069 | 11,461,024 | |||||||
Net Assets | $ | 2,224,635,550 | $ | 2,526,285,466 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 1,692,333,849 | $ | 1,851,815,189 | ||||
Distributable earnings | 532,301,701 | 674,470,277 | ||||||
$ | 2,224,635,550 | $ | 2,526,285,466 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice 2030 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $491,652,139 | 34,038,763 | $14.44 | ||||||||
I Class, $0.01 Par Value | $582,439,778 | 40,307,566 | $14.45 | ||||||||
A Class, $0.01 Par Value | $223,936,344 | 15,546,020 | $14.40* | ||||||||
C Class, $0.01 Par Value | $3,547,272 | 246,629 | $14.38 | ||||||||
R Class, $0.01 Par Value | $300,568,791 | 20,882,176 | $14.39 | ||||||||
R6 Class, $0.01 Par Value | $622,491,226 | 47,540,482 | $13.09 | ||||||||
One Choice 2035 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $743,664,187 | 40,660,908 | $18.29 | ||||||||
I Class, $0.01 Par Value | $575,410,386 | 31,402,245 | $18.32 | ||||||||
A Class, $0.01 Par Value | $254,129,883 | 13,911,187 | $18.27* | ||||||||
C Class, $0.01 Par Value | $2,047,684 | 112,629 | $18.18 | ||||||||
R Class, $0.01 Par Value | $307,513,035 | 16,851,533 | $18.25 | ||||||||
R6 Class, $0.01 Par Value | $643,520,291 | 50,826,487 | $12.66 |
*Maximum offering price $15.28 and $19.38 (net asset value divided by 0.9425) for One Choice 2030 Portfolio and One Choice 2035 Portfolio, respectively.
See Notes to Financial Statements.
40
JULY 31, 2021 | ||||||||
One Choice 2040 Portfolio | One Choice 2045 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $1,350,850,645 and $1,368,407,654, respectively) | $ | 1,790,741,105 | $ | 1,892,021,255 | ||||
Receivable for investments sold | 9,646,177 | 10,807,625 | ||||||
Receivable for capital shares sold | 909,701 | 1,210,341 | ||||||
Distributions receivable from affiliates | 1,103,212 | 952,482 | ||||||
1,802,400,195 | 1,904,991,703 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 1,104,375 | 953,491 | ||||||
Payable for capital shares redeemed | 9,370,371 | 10,745,061 | ||||||
Accrued management fees | 1,033,322 | 1,154,889 | ||||||
Distribution and service fees payable | 155,359 | 151,860 | ||||||
11,663,427 | 13,005,301 | |||||||
Net Assets | $ | 1,790,736,768 | $ | 1,891,986,402 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 1,311,368,222 | $ | 1,330,713,980 | ||||
Distributable earnings | 479,368,546 | 561,272,422 | ||||||
$ | 1,790,736,768 | $ | 1,891,986,402 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice 2040 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $383,921,299 | 24,676,554 | $15.56 | ||||||||
I Class, $0.01 Par Value | $431,521,974 | 27,711,864 | $15.57 | ||||||||
A Class, $0.01 Par Value | $181,237,700 | 11,666,904 | $15.53* | ||||||||
C Class, $0.01 Par Value | $1,477,502 | 95,627 | $15.45 | ||||||||
R Class, $0.01 Par Value | $273,869,095 | 17,657,531 | $15.51 | ||||||||
R6 Class, $0.01 Par Value | $518,709,198 | 37,644,459 | $13.78 | ||||||||
One Choice 2045 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $521,474,431 | 26,278,784 | $19.84 | ||||||||
I Class, $0.01 Par Value | $406,955,448 | 20,469,470 | $19.88 | ||||||||
A Class, $0.01 Par Value | $173,756,186 | 8,771,549 | $19.81* | ||||||||
C Class, $0.01 Par Value | $1,973,860 | 100,318 | $19.68 | ||||||||
R Class, $0.01 Par Value | $267,303,526 | 13,500,336 | $19.80 | ||||||||
R6 Class, $0.01 Par Value | $520,522,951 | 39,710,529 | $13.11 |
*Maximum offering price $16.48 and $21.02 (net asset value divided by 0.9425) for One Choice 2040 Portfolio and One Choice 2045 Portfolio, respectively.
See Notes to Financial Statements.
41
JULY 31, 2021 | ||||||||
One Choice 2050 Portfolio | One Choice 2055 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $968,488,816 and $649,982,150, respectively) | $ | 1,313,952,354 | $ | 867,179,943 | ||||
Receivable for investments sold | 11,030,862 | 15,588,242 | ||||||
Receivable for capital shares sold | 1,520,676 | 1,019,316 | ||||||
Distributions receivable from affiliates | 511,946 | 280,596 | ||||||
1,327,015,838 | 884,068,097 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 512,483 | 280,891 | ||||||
Payable for capital shares redeemed | 11,631,770 | 15,998,811 | ||||||
Accrued management fees | 806,575 | 533,265 | ||||||
Distribution and service fees payable | 113,193 | 75,482 | ||||||
13,064,021 | 16,888,449 | |||||||
Net Assets | $ | 1,313,951,817 | $ | 867,179,648 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 948,081,942 | $ | 636,623,965 | ||||
Distributable earnings | 365,869,875 | 230,555,683 | ||||||
$ | 1,313,951,817 | $ | 867,179,648 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice 2050 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $269,509,156 | 16,222,734 | $16.61 | ||||||||
I Class, $0.01 Par Value | $315,079,034 | 18,926,011 | $16.65 | ||||||||
A Class, $0.01 Par Value | $115,318,376 | 6,950,138 | $16.59* | ||||||||
C Class, $0.01 Par Value | $1,433,531 | 86,898 | $16.50 | ||||||||
R Class, $0.01 Par Value | $207,018,303 | 12,486,513 | $16.58 | ||||||||
R6 Class, $0.01 Par Value | $405,593,417 | 27,529,370 | $14.73 | ||||||||
One Choice 2055 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $145,509,633 | 7,837,121 | $18.57 | ||||||||
I Class, $0.01 Par Value | $231,400,070 | 12,455,421 | $18.58 | ||||||||
A Class, $0.01 Par Value | $77,869,795 | 4,204,105 | $18.52* | ||||||||
C Class, $0.01 Par Value | $1,068,992 | 58,300 | $18.34 | ||||||||
R Class, $0.01 Par Value | $138,103,988 | 7,455,996 | $18.52 | ||||||||
R6 Class, $0.01 Par Value | $273,227,170 | 17,535,198 | $15.58 |
*Maximum offering price $17.60 and $19.65 (net asset value divided by 0.9425) for One Choice 2050 Portfolio and One Choice 2055 Portfolio, respectively.
See Notes to Financial Statements.
42
JULY 31, 2021 | ||||||||
One Choice 2060 Portfolio | One Choice 2065 Portfolio | |||||||
Assets | ||||||||
Investment securities in affiliates, at value (cost of $256,474,981 and $8,665,206, respectively) | $ | 326,166,420 | $ | 9,218,671 | ||||
Receivable for investments sold | 1,364,787 | — | ||||||
Receivable for capital shares sold | 692,042 | 19,639 | ||||||
Distributions receivable from affiliates | 89,598 | 2,272 | ||||||
328,312,847 | 9,240,582 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 89,694 | 11,340 | ||||||
Payable for capital shares redeemed | 1,827,763 | 4,683 | ||||||
Accrued management fees | 197,222 | 5,163 | ||||||
Distribution and service fees payable | 31,843 | 727 | ||||||
2,146,522 | 21,913 | |||||||
Net Assets | $ | 326,166,325 | $ | 9,218,669 | ||||
Net Assets Consist of: | ||||||||
Capital (par value and paid-in surplus) | $ | 254,007,288 | $ | 8,645,917 | ||||
Distributable earnings | 72,159,037 | 572,752 | ||||||
$ | 326,166,325 | $ | 9,218,669 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
One Choice 2060 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $55,756,932 | 3,311,267 | $16.84 | ||||||||
I Class, $0.01 Par Value | $78,571,797 | 4,660,097 | $16.86 | ||||||||
A Class, $0.01 Par Value | $26,721,736 | 1,589,673 | $16.81* | ||||||||
C Class, $0.01 Par Value | $289,606 | 17,421 | $16.62 | ||||||||
R Class, $0.01 Par Value | $62,455,658 | 3,721,805 | $16.78 | ||||||||
R6 Class, $0.01 Par Value | $102,370,596 | 6,051,949 | $16.92 | ||||||||
One Choice 2065 Portfolio | |||||||||||
Investor Class, $0.01 Par Value | $2,103,216 | 163,195 | $12.89 | ||||||||
I Class, $0.01 Par Value | $1,900,806 | 147,307 | $12.90 | ||||||||
A Class, $0.01 Par Value | $270,984 | 21,066 | $12.86* | ||||||||
C Class, $0.01 Par Value | $32,340 | 2,524 | $12.81 | ||||||||
R Class, $0.01 Par Value | $1,687,731 | 131,307 | $12.85 | ||||||||
R6 Class, $0.01 Par Value | $3,223,592 | 249,456 | $12.92 |
*Maximum offering price $17.84 and $13.64 (net asset value divided by 0.9425) for One Choice 2060 Portfolio and One Choice 2065 Portfolio, respectively.
See Notes to Financial Statements.
43
Statements of Operations |
YEAR ENDED JULY 31, 2021 | ||||||||
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 50,012,865 | $ | 49,913,771 | ||||
Expenses: | ||||||||
Management fees | 16,214,901 | 16,874,990 | ||||||
Distribution and service fees: | ||||||||
A Class | 619,602 | 613,500 | ||||||
C Class | 52,948 | 37,996 | ||||||
R Class | 1,209,135 | 1,166,947 | ||||||
Directors' fees and expenses | 62,221 | 68,432 | ||||||
Other expenses | 2,802 | 913 | ||||||
18,161,609 | 18,762,778 | |||||||
Fees waived | (1,236,387) | (1,268,521) | ||||||
16,925,222 | 17,494,257 | |||||||
Net investment income (loss) | 33,087,643 | 32,419,514 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on: | ||||||||
Sales of investments in underlying funds | 47,449,408 | 57,501,365 | ||||||
Capital gain distributions received from underlying funds | 42,278,805 | 43,126,942 | ||||||
89,728,213 | 100,628,307 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 242,089,713 | 249,951,354 | ||||||
Net realized and unrealized gain (loss) on affiliates | 331,817,926 | 350,579,661 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 364,905,569 | $ | 382,999,175 |
See Notes to Financial Statements.
44
YEAR ENDED JULY 31, 2021 | ||||||||
One Choice 2030 Portfolio | One Choice 2035 Portfolio | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 42,942,054 | $ | 47,218,166 | ||||
Expenses: | ||||||||
Management fees | 14,675,668 | 17,386,646 | ||||||
Distribution and service fees: | ||||||||
A Class | 578,328 | 621,273 | ||||||
C Class | 37,281 | 28,298 | ||||||
R Class | 1,366,586 | 1,380,459 | ||||||
Directors' fees and expenses | 58,628 | 65,356 | ||||||
Other expenses | 317 | 120 | ||||||
16,716,808 | 19,482,152 | |||||||
Fees waived | (1,277,515) | (1,323,714) | ||||||
15,439,293 | 18,158,438 | |||||||
Net investment income (loss) | 27,502,761 | 29,059,728 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on: | ||||||||
Sales of investments in underlying funds | 45,669,710 | 52,226,691 | ||||||
Capital gain distributions received from underlying funds | 40,028,351 | 48,320,661 | ||||||
85,698,061 | 100,547,352 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 246,760,031 | 312,378,089 | ||||||
Net realized and unrealized gain (loss) on affiliates | 332,458,092 | 412,925,441 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 359,960,853 | $ | 441,985,169 |
See Notes to Financial Statements.
45
YEAR ENDED JULY 31, 2021 | ||||||||
One Choice 2040 Portfolio | One Choice 2045 Portfolio | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 32,662,868 | $ | 32,664,769 | ||||
Expenses: | ||||||||
Management fees | 12,544,739 | 13,656,585 | ||||||
Distribution and service fees: | ||||||||
A Class | 449,024 | 422,478 | ||||||
C Class | 15,660 | 21,462 | ||||||
R Class | 1,208,577 | 1,172,056 | ||||||
Directors' fees and expenses | 46,324 | 48,319 | ||||||
Other expenses | 29 | 128 | ||||||
14,264,353 | 15,321,028 | |||||||
Fees waived | (1,072,145) | (945,790) | ||||||
13,192,208 | 14,375,238 | |||||||
Net investment income (loss) | 19,470,660 | 18,289,531 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on: | ||||||||
Sales of investments in underlying funds | 38,987,628 | 40,574,144 | ||||||
Capital gain distributions received from underlying funds | 36,899,481 | 40,297,684 | ||||||
75,887,109 | 80,871,828 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 246,748,963 | 287,995,648 | ||||||
Net realized and unrealized gain (loss) on affiliates | 322,636,072 | 368,867,476 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 342,106,732 | $ | 387,157,007 |
See Notes to Financial Statements.
46
YEAR ENDED JULY 31, 2021 | ||||||||
One Choice 2050 Portfolio | One Choice 2055 Portfolio | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 21,241,502 | $ | 13,900,046 | ||||
Expenses: | ||||||||
Management fees | 9,302,962 | 6,246,836 | ||||||
Distribution and service fees: | ||||||||
A Class | 275,879 | 187,771 | ||||||
C Class | 14,698 | 10,573 | ||||||
R Class | 887,963 | 586,523 | ||||||
Directors' fees and expenses | 32,799 | 21,969 | ||||||
Other expenses | 55 | — | ||||||
10,514,356 | 7,053,672 | |||||||
Fees waived | (637,708) | (491,361) | ||||||
9,876,648 | 6,562,311 | |||||||
Net investment income (loss) | 11,364,854 | 7,337,735 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on: | ||||||||
Sales of investments in underlying funds | 24,892,778 | 14,801,356 | ||||||
Capital gain distributions received from underlying funds | 28,367,003 | 19,554,691 | ||||||
53,259,781 | 34,356,047 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 219,358,536 | 155,594,306 | ||||||
Net realized and unrealized gain (loss) on affiliates | 272,618,317 | 189,950,353 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 283,983,171 | $ | 197,288,088 |
See Notes to Financial Statements.
47
YEAR ENDED JULY 31, 2021 (EXCEPT AS NOTED) | ||||||||
One Choice 2060 Portfolio | One Choice 2065 Portfolio(1) | |||||||
Investment Income (Loss) | ||||||||
Income from Affiliates: | ||||||||
Income distributions from underlying funds | $ | 4,429,285 | $ | 37,663 | ||||
Expenses: | ||||||||
Management fees | 2,078,300 | 24,797 | ||||||
Distribution and service fees: | ||||||||
A Class | 50,683 | 226 | ||||||
C Class | 2,544 | 252 | ||||||
R Class | 241,251 | 2,497 | ||||||
Directors' fees and expenses | 7,061 | 67 | ||||||
2,379,839 | 27,839 | |||||||
Fees waived | (183,244) | (2,124) | ||||||
2,196,595 | 25,715 | |||||||
Net investment income (loss) | 2,232,690 | 11,948 | ||||||
Realized and Unrealized Gain (Loss) on Affiliates | ||||||||
Net realized gain (loss) on: | ||||||||
Sales of investments in underlying funds | 633,565 | (8,174) | ||||||
Capital gain distributions received from underlying funds | 6,261,539 | 23,761 | ||||||
6,895,104 | 15,587 | |||||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 56,042,626 | 553,465 | ||||||
Net realized and unrealized gain (loss) on affiliates | 62,937,730 | 569,052 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 65,170,420 | $ | 581,000 |
(1)September 23, 2020 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
48
Statements of Changes in Net Assets |
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||||||||
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | |||||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 33,087,643 | $ | 24,635,792 | $ | 32,419,514 | $ | 45,279,884 | ||||||
Net realized gain (loss) | 89,728,213 | 95,265,462 | 100,628,307 | 160,017,248 | ||||||||||
Change in net unrealized appreciation (depreciation) | 242,089,713 | (35,609,688) | 249,951,354 | (43,986,373) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 364,905,569 | 84,291,566 | 382,999,175 | 161,310,759 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Investor Class | (38,771,723) | (50,182,110) | (53,664,150) | (69,899,584) | ||||||||||
I Class | (14,885,038) | (16,463,578) | (30,064,343) | (43,723,205) | ||||||||||
A Class | (10,265,520) | (8,754,663) | (13,967,368) | (18,272,251) | ||||||||||
C Class | (165,770) | (206,948) | (210,998) | (279,146) | ||||||||||
R Class | (7,677,488) | (8,787,568) | (12,504,392) | (14,207,912) | ||||||||||
R6 Class | (24,801,699) | (21,210,434) | (44,045,956) | (49,126,369) | ||||||||||
Decrease in net assets from distributions | (96,567,238) | (105,605,301) | (154,457,207) | (195,508,467) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 1,143,539,267 | (222,692,770) | (15,799,319) | (241,930,003) | ||||||||||
Net increase (decrease) in net assets | 1,411,877,598 | (244,006,505) | 212,742,649 | (276,127,711) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,267,364,457 | 1,511,370,962 | 2,353,776,070 | 2,629,903,781 | ||||||||||
End of period | $ | 2,679,242,055 | $ | 1,267,364,457 | $ | 2,566,518,719 | $ | 2,353,776,070 |
See Notes to Financial Statements.
49
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||||||||
One Choice 2030 Portfolio | One Choice 2035 Portfolio | |||||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 27,502,761 | $ | 39,378,413 | $ | 29,059,728 | $ | 40,645,628 | ||||||
Net realized gain (loss) | 85,698,061 | 121,601,785 | 100,547,352 | 148,415,560 | ||||||||||
Change in net unrealized appreciation (depreciation) | 246,760,031 | (11,678,040) | 312,378,089 | (20,505,556) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 359,960,853 | 149,302,158 | 441,985,169 | 168,555,632 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Investor Class | (28,614,533) | (45,411,567) | (44,695,960) | (61,492,551) | ||||||||||
I Class | (30,364,331) | (45,147,720) | (32,079,531) | (46,073,414) | ||||||||||
A Class | (12,648,380) | (16,590,910) | (13,923,495) | (19,385,867) | ||||||||||
C Class | (181,933) | (264,391) | (169,220) | (241,161) | ||||||||||
R Class | (13,932,544) | (16,028,978) | (14,837,844) | (16,904,687) | ||||||||||
R6 Class | (33,943,666) | (40,445,578) | (44,489,273) | (48,665,172) | ||||||||||
Decrease in net assets from distributions | (119,685,387) | (163,889,144) | (150,195,323) | (192,762,852) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (14,870,312) | (252,611,400) | 35,067,475 | (137,067,887) | ||||||||||
Net increase (decrease) in net assets | 225,405,154 | (267,198,386) | 326,857,321 | (161,275,107) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,999,230,396 | 2,266,428,782 | 2,199,428,145 | 2,360,703,252 | ||||||||||
End of period | $ | 2,224,635,550 | $ | 1,999,230,396 | $ | 2,526,285,466 | $ | 2,199,428,145 |
See Notes to Financial Statements.
50
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||||||||
One Choice 2040 Portfolio | One Choice 2045 Portfolio | |||||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 19,470,660 | $ | 28,812,110 | $ | 18,289,531 | $ | 26,956,991 | ||||||
Net realized gain (loss) | 75,887,109 | 108,028,832 | 80,871,828 | 123,435,576 | ||||||||||
Change in net unrealized appreciation (depreciation) | 246,748,963 | (9,503,036) | 287,995,648 | (16,111,484) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 342,106,732 | 127,337,906 | 387,157,007 | 134,281,083 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Investor Class | (24,719,745) | (39,317,738) | (32,097,949) | (47,327,100) | ||||||||||
I Class | (24,461,099) | (36,701,261) | (22,634,970) | (33,019,671) | ||||||||||
A Class | (10,661,760) | (14,073,593) | (9,532,282) | (14,950,228) | ||||||||||
C Class | (84,182) | (143,210) | (124,761) | (192,244) | ||||||||||
R Class | (13,272,103) | (14,740,050) | (12,623,293) | (14,926,505) | ||||||||||
R6 Class | (31,076,812) | (35,749,277) | (38,662,897) | (43,451,208) | ||||||||||
Decrease in net assets from distributions | (104,275,701) | (140,725,129) | (115,676,152) | (153,866,956) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 10,300,402 | (184,384,977) | 31,874,558 | (64,544,722) | ||||||||||
Net increase (decrease) in net assets | 248,131,433 | (197,772,200) | 303,355,413 | (84,130,595) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,542,605,335 | 1,740,377,535 | 1,588,630,989 | 1,672,761,584 | ||||||||||
End of period | $ | 1,790,736,768 | $ | 1,542,605,335 | $ | 1,891,986,402 | $ | 1,588,630,989 |
See Notes to Financial Statements.
51
YEARS ENDED JULY 31, 2021 AND JULY 31, 2020 | ||||||||||||||
One Choice 2050 Portfolio | One Choice 2055 Portfolio | |||||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 11,364,854 | $ | 18,135,693 | $ | 7,337,735 | $ | 11,038,879 | ||||||
Net realized gain (loss) | 53,259,781 | 78,352,609 | 34,356,047 | 40,225,957 | ||||||||||
Change in net unrealized appreciation (depreciation) | 219,358,536 | (423,498) | 155,594,306 | 12,012,205 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 283,983,171 | 96,064,804 | 197,288,088 | 63,277,041 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Investor Class | (16,942,079) | (25,450,839) | (7,956,112) | (12,378,670) | ||||||||||
I Class | (17,435,738) | (24,602,081) | (11,190,864) | (15,317,144) | ||||||||||
A Class | (6,709,198) | (9,337,198) | (3,550,774) | (5,182,602) | ||||||||||
C Class | (89,047) | (106,447) | (48,270) | (62,252) | ||||||||||
R Class | (9,944,243) | (10,305,931) | (5,159,597) | (5,674,041) | ||||||||||
R6 Class | (24,429,921) | (27,479,167) | (13,898,049) | (15,687,827) | ||||||||||
Decrease in net assets from distributions | (75,550,226) | (97,281,663) | (41,803,666) | (54,302,536) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 36,694,519 | (56,269,155) | 4,908,612 | 17,720,475 | ||||||||||
Net increase (decrease) in net assets | 245,127,464 | (57,486,014) | 160,393,034 | 26,694,980 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,068,824,353 | 1,126,310,367 | 706,786,614 | 680,091,634 | ||||||||||
End of period | $ | 1,313,951,817 | $ | 1,068,824,353 | $ | 867,179,648 | $ | 706,786,614 |
See Notes to Financial Statements.
52
YEARS ENDED JULY 31, 2021 (EXCEPT AS NOTED) AND JULY 31, 2020 | |||||||||||
One Choice 2060 Portfolio | One Choice 2065 Portfolio(1) | ||||||||||
Increase (Decrease) in Net Assets | July 31, 2021 | July 31, 2020 | July 31, 2021 | ||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 2,232,690 | $ | 2,590,278 | $ | 11,948 | |||||
Net realized gain (loss) | 6,895,104 | 6,080,982 | 15,587 | ||||||||
Change in net unrealized appreciation (depreciation) | 56,042,626 | 9,395,933 | 553,465 | ||||||||
Net increase (decrease) in net assets resulting from operations | 65,170,420 | 18,067,193 | 581,000 | ||||||||
Distributions to Shareholders | |||||||||||
From earnings: | |||||||||||
Investor Class | (1,549,668) | (2,273,089) | (5,516) | ||||||||
I Class | (2,119,397) | (2,694,183) | (280) | ||||||||
A Class | (598,812) | (487,345) | (198) | ||||||||
C Class | (6,083) | (8,997) | (171) | ||||||||
R Class | (1,270,041) | (1,285,380) | (1,208) | ||||||||
R6 Class | (2,671,743) | (2,736,068) | (875) | ||||||||
Decrease in net assets from distributions | (8,215,744) | (9,485,062) | (8,248) | ||||||||
Capital Share Transactions | |||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 69,230,202 | 47,402,562 | 8,645,917 | ||||||||
Net increase (decrease) in net assets | 126,184,878 | 55,984,693 | 9,218,669 | ||||||||
Net Assets | |||||||||||
Beginning of period | 199,981,447 | 143,996,754 | — | ||||||||
End of period | $ | 326,166,325 | $ | 199,981,447 | $ | 9,218,669 |
(1)September 23, 2020 (fund inception) through July 31, 2021.
See Notes to Financial Statements.
53
Notes to Financial Statements |
JULY 31, 2021
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 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, One Choice 2060 Portfolio and One Choice 2065 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 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. All classes of One Choice 2065 Portfolio commenced sale on September 23, 2020, the fund’s inception date.
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.
54
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 ACIM will pay all expenses of managing and operating the funds, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and 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 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 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, 2021, 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, 2021 and cannot terminate them prior to such date without the approval of the Board of Directors.
55
From August 1, 2020 until November 30, 2020 (except as noted), 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 | 0.77% | 0.60% | 0.51% | 0.03% | 0.06% | 0.12% | ||||||||||||||
One Choice 2025 Portfolio | 0.80% | 0.62% | 0.53% | 0.04% | 0.06% | 0.12% | ||||||||||||||
One Choice 2030 Portfolio | 0.83% | 0.64% | 0.55% | 0.05% | 0.06% | 0.12% | ||||||||||||||
One Choice 2035 Portfolio | 0.85% | 0.67% | 0.57% | 0.04% | 0.06% | 0.11% | ||||||||||||||
One Choice 2040 Portfolio | 0.88% | 0.70% | 0.59% | 0.05% | 0.07% | 0.11% | ||||||||||||||
One Choice 2045 Portfolio | 0.91% | 0.72% | 0.60% | 0.05% | 0.06% | 0.09% | ||||||||||||||
One Choice 2050 Portfolio | 0.93% | 0.74% | 0.62% | 0.05% | 0.06% | 0.09% | ||||||||||||||
One Choice 2055 Portfolio | 0.94% | 0.75% | 0.63% | 0.06% | 0.07% | 0.10% | ||||||||||||||
One Choice 2060 Portfolio | 0.95% | 0.75% | 0.63% | 0.07% | 0.07% | 0.10% | ||||||||||||||
One Choice 2065 Portfolio(1) | 0.95% | 0.75% | 0.63% | 0.07% | 0.07% | 0.10% |
(1)From September 23, 2020 (fund inception) through November 30, 2020.
Effective December 1, 2020, 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 | 0.77% | 0.59% | 0.49% | 0.03% | 0.05% | 0.10% | ||||||||||||||
One Choice 2025 Portfolio | 0.79% | 0.60% | 0.50% | 0.03% | 0.04% | 0.09% | ||||||||||||||
One Choice 2030 Portfolio | 0.82% | 0.63% | 0.52% | 0.04% | 0.05% | 0.09% | ||||||||||||||
One Choice 2035 Portfolio | 0.85% | 0.66% | 0.55% | 0.04% | 0.05% | 0.09% | ||||||||||||||
One Choice 2040 Portfolio | 0.88% | 0.68% | 0.57% | 0.05% | 0.05% | 0.09% | ||||||||||||||
One Choice 2045 Portfolio | 0.90% | 0.70% | 0.59% | 0.04% | 0.04% | 0.08% | ||||||||||||||
One Choice 2050 Portfolio | 0.92% | 0.72% | 0.60% | 0.04% | 0.04% | 0.07% | ||||||||||||||
One Choice 2055 Portfolio | 0.93% | 0.73% | 0.60% | 0.05% | 0.05% | 0.07% | ||||||||||||||
One Choice 2060 Portfolio | 0.94% | 0.74% | 0.61% | 0.06% | 0.06% | 0.08% | ||||||||||||||
One Choice 2065 Portfolio | 0.94% | 0.75% | 0.61% | 0.06% | 0.07% | 0.08% |
For the period ended July 31, 2021, 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 | 0.77% | 0.59% | 0.50% | 0.03% | 0.05% | 0.11% | ||||||||||||||
One Choice 2025 Portfolio | 0.79% | 0.61% | 0.51% | 0.03% | 0.05% | 0.10% | ||||||||||||||
One Choice 2030 Portfolio | 0.82% | 0.63% | 0.53% | 0.04% | 0.05% | 0.10% | ||||||||||||||
One Choice 2035 Portfolio | 0.85% | 0.66% | 0.56% | 0.04% | 0.05% | 0.10% | ||||||||||||||
One Choice 2040 Portfolio | 0.88% | 0.69% | 0.58% | 0.05% | 0.06% | 0.10% | ||||||||||||||
One Choice 2045 Portfolio | 0.90% | 0.71% | 0.59% | 0.04% | 0.05% | 0.08% | ||||||||||||||
One Choice 2050 Portfolio | 0.92% | 0.73% | 0.61% | 0.04% | 0.05% | 0.08% | ||||||||||||||
One Choice 2055 Portfolio | 0.93% | 0.74% | 0.61% | 0.05% | 0.06% | 0.08% | ||||||||||||||
One Choice 2060 Portfolio | 0.94% | 0.74% | 0.62% | 0.06% | 0.06% | 0.09% | ||||||||||||||
One Choice 2065 Portfolio | 0.94% | 0.75% | 0.61% | 0.06% | 0.07% | 0.08% |
56
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 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% | ||||||||
One Choice 2065 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, 2021 is as follows:
Investor Class | I Class | A Class | C Class | R Class | R6 Class | |||||||||||||||
One Choice In Retirement Portfolio | $283,433 | $251,592 | $76,754 | $1,647 | $74,830 | $548,131 | ||||||||||||||
One Choice 2025 Portfolio | $292,065 | $240,469 | $81,723 | $1,282 | $77,241 | $575,741 | ||||||||||||||
One Choice 2030 Portfolio | $214,360 | $291,676 | $100,142 | $1,615 | $117,749 | $551,973 | ||||||||||||||
One Choice 2035 Portfolio | $292,977 | $288,499 | $99,404 | $1,132 | $110,437 | $531,265 | ||||||||||||||
One Choice 2040 Portfolio | $194,354 | $226,719 | $89,805 | $783 | $120,858 | $439,626 | ||||||||||||||
One Choice 2045 Portfolio | $223,060 | $174,800 | $73,035 | $931 | $100,677 | $373,287 | ||||||||||||||
One Choice 2050 Portfolio | $113,554 | $130,976 | $47,650 | $637 | $76,177 | $268,714 | ||||||||||||||
One Choice 2055 Portfolio | $80,163 | $121,711 | $39,954 | $563 | $62,009 | $186,961 | ||||||||||||||
One Choice 2060 Portfolio | $29,435 | $41,365 | $12,642 | $160 | $30,235 | $69,407 | ||||||||||||||
One Choice 2065 Portfolio | $597 | $290 | $55 | $16 | $301 | $865 |
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, 2021 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, 2021 were as follows:
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | |||||||||||||
Purchases | $ | 690,990,862 | $ | 459,415,272 | $ | 391,891,963 | $ | 400,956,494 | $ | 313,180,568 | |||||||
Sales | $ | 667,590,024 | $ | 554,103,326 | $ | 458,886,728 | $ | 438,698,137 | $ | 350,778,563 |
57
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio(1) | |||||||||||||
Purchases | $ | 265,467,067 | $ | 194,099,485 | $ | 135,861,645 | $ | 92,891,758 | $ | 9,334,792 | |||||||
Sales | $ | 290,643,719 | $ | 193,219,886 | $ | 145,861,772 | $ | 23,388,043 | $ | 661,412 |
(1)September 23, 2020 (fund inception) through July 31, 2021.
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, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice In Retirement Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 14,558,881 | $ | 195,783,754 | 5,612,061 | $ | 72,628,642 | ||||||||
Issued in connection with reorganization (Note 8) | 24,101,171 | 306,855,946 | — | — | ||||||||||
Issued in reinvestment of distributions | 2,950,780 | 38,177,911 | 3,871,430 | 49,726,444 | ||||||||||
Redeemed | (18,864,939) | (255,214,352) | (18,839,346) | (240,463,846) | ||||||||||
22,745,893 | 285,603,259 | (9,355,855) | (118,108,760) | |||||||||||
I Class | ||||||||||||||
Sold | 6,729,644 | 91,434,305 | 2,460,843 | 31,664,890 | ||||||||||
Issued in connection with reorganization (Note 8) | 25,737,323 | 327,595,658 | — | — | ||||||||||
Issued in reinvestment of distributions | 1,087,721 | 14,261,692 | 1,221,014 | 15,677,207 | ||||||||||
Redeemed | (10,728,835) | (145,641,663) | (8,354,398) | (107,932,948) | ||||||||||
22,825,853 | 287,649,992 | (4,672,541) | (60,590,851) | |||||||||||
A Class | ||||||||||||||
Sold | 10,230,611 | 136,190,095 | 1,781,888 | 22,843,975 | ||||||||||
Issued in connection with reorganization (Note 8) | 7,243,831 | 92,191,076 | — | — | ||||||||||
Issued in reinvestment of distributions | 763,469 | 9,858,701 | 625,769 | 8,046,941 | ||||||||||
Redeemed | (8,372,616) | (112,446,481) | (5,266,658) | (68,321,269) | ||||||||||
9,865,295 | 125,793,391 | (2,859,001) | (37,430,353) | |||||||||||
C Class | ||||||||||||||
Sold | 15,694 | 211,375 | 8,892 | 116,403 | ||||||||||
Issued in connection with reorganization (Note 8) | 302,555 | 3,825,804 | — | — | ||||||||||
Issued in reinvestment of distributions | 12,966 | 165,770 | 16,125 | 206,948 | ||||||||||
Redeemed | (236,749) | (3,209,446) | (103,437) | (1,336,571) | ||||||||||
94,466 | 993,503 | (78,420) | (1,013,220) | |||||||||||
R Class | ||||||||||||||
Sold | 2,374,335 | 32,211,272 | 1,385,954 | 17,865,750 | ||||||||||
Issued in connection with reorganization (Note 8) | 9,848,455 | 125,206,684 | — | — | ||||||||||
Issued in reinvestment of distributions | 572,335 | 7,371,378 | 677,861 | 8,708,906 | ||||||||||
Redeemed | (3,898,807) | (53,109,926) | (2,756,609) | (35,264,563) | ||||||||||
8,896,318 | 111,679,408 | (692,794) | (8,689,907) | |||||||||||
R6 Class | ||||||||||||||
Sold | 24,933,736 | 270,589,218 | 8,246,628 | 87,879,620 | ||||||||||
Issued in connection with reorganization (Note 8) | 23,813,430 | 243,145,111 | — | — | ||||||||||
Issued in reinvestment of distributions | 2,311,479 | 24,174,453 | 2,006,587 | 20,895,778 | ||||||||||
Redeemed | (18,941,565) | (206,089,068) | (10,087,207) | (105,635,077) | ||||||||||
32,117,080 | 331,819,714 | 166,008 | 3,140,321 | |||||||||||
Net increase (decrease) | 96,544,905 | $ | 1,143,539,267 | (17,492,603) | $ | (222,692,770) |
58
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2025 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 8,635,259 | $ | 132,468,321 | 7,981,145 | $ | 114,119,744 | ||||||||
Issued in reinvestment of distributions | 3,552,706 | 53,390,241 | 4,856,342 | 69,737,078 | ||||||||||
Redeemed | (16,815,540) | (257,848,838) | (21,691,357) | (310,005,890) | ||||||||||
(4,627,575) | (71,990,276) | (8,853,870) | (126,149,068) | |||||||||||
I Class | ||||||||||||||
Sold | 6,988,983 | 107,023,732 | 5,281,466 | 75,841,301 | ||||||||||
Issued in reinvestment of distributions | 1,945,562 | 29,241,791 | 2,971,750 | 42,674,323 | ||||||||||
Redeemed | (10,292,541) | (157,856,253) | (15,670,176) | (224,673,223) | ||||||||||
(1,357,996) | (21,590,730) | (7,416,960) | (106,157,599) | |||||||||||
A Class | ||||||||||||||
Sold | 4,688,980 | 71,233,079 | 3,177,696 | 45,599,956 | ||||||||||
Issued in reinvestment of distributions | 884,620 | 13,304,362 | 1,189,314 | 17,090,436 | ||||||||||
Redeemed | (6,269,835) | (96,162,920) | (8,742,388) | (125,970,457) | ||||||||||
(696,235) | (11,625,479) | (4,375,378) | (63,280,065) | |||||||||||
C Class | ||||||||||||||
Sold | 17,322 | 267,267 | 35,455 | 512,136 | ||||||||||
Issued in reinvestment of distributions | 13,989 | 210,814 | 19,370 | 278,926 | ||||||||||
Redeemed | (125,000) | (1,901,559) | (68,907) | (994,607) | ||||||||||
(93,689) | (1,423,478) | (14,082) | (203,545) | |||||||||||
R Class | ||||||||||||||
Sold | 3,527,116 | 54,315,202 | 3,224,917 | 46,284,554 | ||||||||||
Issued in reinvestment of distributions | 807,628 | 12,122,131 | 972,568 | 13,975,806 | ||||||||||
Redeemed | (2,895,096) | (44,510,371) | (4,100,368) | (58,303,427) | ||||||||||
1,439,648 | 21,926,962 | 97,117 | 1,956,933 | |||||||||||
R6 Class | ||||||||||||||
Sold | 20,136,701 | 232,003,753 | 16,998,589 | 186,933,067 | ||||||||||
Issued in reinvestment of distributions | 3,778,804 | 42,284,821 | 4,453,419 | 48,631,336 | ||||||||||
Redeemed | (17,648,824) | (205,384,892) | (16,859,892) | (183,661,062) | ||||||||||
6,266,681 | 68,903,682 | 4,592,116 | 51,903,341 | |||||||||||
Net increase (decrease) | 930,834 | $ | (15,799,319) | (15,971,057) | $ | (241,930,003) |
59
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2030 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 6,703,538 | $ | 91,367,137 | 7,091,019 | $ | 88,534,428 | ||||||||
Issued in reinvestment of distributions | 2,131,579 | 28,451,587 | 3,602,533 | 45,319,860 | ||||||||||
Redeemed | (13,844,583) | (188,362,124) | (23,204,288) | (291,461,509) | ||||||||||
(5,009,466) | (68,543,400) | (12,510,736) | (157,607,221) | |||||||||||
I Class | ||||||||||||||
Sold | 8,103,356 | 110,323,616 | 6,415,162 | 80,225,270 | ||||||||||
Issued in reinvestment of distributions | 2,271,949 | 30,307,798 | 3,590,476 | 45,132,279 | ||||||||||
Redeemed | (10,765,656) | (146,455,938) | (17,812,365) | (223,045,699) | ||||||||||
(390,351) | (5,824,524) | (7,806,727) | (97,688,150) | |||||||||||
A Class | ||||||||||||||
Sold | 3,971,869 | 53,399,258 | 3,270,230 | 41,118,630 | ||||||||||
Issued in reinvestment of distributions | 882,907 | 11,769,070 | 1,209,535 | 15,191,762 | ||||||||||
Redeemed | (6,316,593) | (86,278,527) | (8,592,238) | (107,893,408) | ||||||||||
(1,461,817) | (21,110,199) | (4,112,473) | (51,583,016) | |||||||||||
C Class | ||||||||||||||
Sold | 27,942 | 373,465 | 52,085 | 662,181 | ||||||||||
Issued in reinvestment of distributions | 13,608 | 181,933 | 20,983 | 264,391 | ||||||||||
Redeemed | (70,771) | (969,375) | (138,877) | (1,689,137) | ||||||||||
(29,221) | (413,977) | (65,809) | (762,565) | |||||||||||
R Class | ||||||||||||||
Sold | 4,358,643 | 59,494,220 | 4,482,344 | 55,903,662 | ||||||||||
Issued in reinvestment of distributions | 1,010,080 | 13,454,817 | 1,259,904 | 15,836,990 | ||||||||||
Redeemed | (3,626,409) | (49,368,268) | (4,801,194) | (59,403,692) | ||||||||||
1,742,314 | 23,580,769 | 941,054 | 12,336,960 | |||||||||||
R6 Class | ||||||||||||||
Sold | 17,002,632 | 210,694,515 | 13,317,392 | 152,602,829 | ||||||||||
Issued in reinvestment of distributions | 2,692,968 | 32,531,052 | 3,476,741 | 39,808,690 | ||||||||||
Redeemed | (14,976,898) | (185,784,548) | (13,273,103) | (149,718,927) | ||||||||||
4,718,702 | 57,441,019 | 3,521,030 | 42,692,592 | |||||||||||
Net increase (decrease) | (429,839) | $ | (14,870,312) | (20,033,661) | $ | (252,611,400) |
60
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2035 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 5,780,752 | $ | 99,282,001 | 5,890,791 | $ | 91,510,420 | ||||||||
Issued in reinvestment of distributions | 2,650,020 | 44,491,906 | 3,903,265 | 61,320,294 | ||||||||||
Redeemed | (12,509,934) | (214,432,024) | (15,862,451) | (246,419,876) | ||||||||||
(4,079,162) | (70,658,117) | (6,068,395) | (93,589,162) | |||||||||||
I Class | ||||||||||||||
Sold | 5,497,456 | 94,511,561 | 4,848,620 | 75,477,238 | ||||||||||
Issued in reinvestment of distributions | 1,813,692 | 30,470,018 | 2,794,124 | 43,923,632 | ||||||||||
Redeemed | (8,175,734) | (139,931,388) | (12,434,650) | (194,596,950) | ||||||||||
(864,586) | (14,949,809) | (4,791,906) | (75,196,080) | |||||||||||
A Class | ||||||||||||||
Sold | 3,516,444 | 59,565,036 | 2,731,046 | 42,603,301 | ||||||||||
Issued in reinvestment of distributions | 795,985 | 13,372,549 | 1,160,518 | 18,231,732 | ||||||||||
Redeemed | (5,019,577) | (85,610,593) | (7,328,268) | (114,605,692) | ||||||||||
(707,148) | (12,673,008) | (3,436,704) | (53,770,659) | |||||||||||
C Class | ||||||||||||||
Sold | 23,831 | 414,447 | 24,408 | 370,790 | ||||||||||
Issued in reinvestment of distributions | 10,075 | 169,162 | 15,346 | 241,089 | ||||||||||
Redeemed | (122,885) | (2,115,862) | (67,355) | (1,028,295) | ||||||||||
(88,979) | (1,532,253) | (27,601) | (416,416) | |||||||||||
R Class | ||||||||||||||
Sold | 3,543,919 | 61,038,054 | 3,734,226 | 58,127,687 | ||||||||||
Issued in reinvestment of distributions | 857,516 | 14,392,234 | 1,059,720 | 16,658,802 | ||||||||||
Redeemed | (2,591,877) | (44,626,488) | (3,922,588) | (60,960,989) | ||||||||||
1,809,558 | 30,803,800 | 871,358 | 13,825,500 | |||||||||||
R6 Class | ||||||||||||||
Sold | 18,696,951 | 224,435,877 | 15,202,879 | 169,241,890 | ||||||||||
Issued in reinvestment of distributions | 3,695,441 | 42,867,117 | 4,321,771 | 48,187,746 | ||||||||||
Redeemed | (13,523,499) | (163,226,132) | (13,076,767) | (145,350,706) | ||||||||||
8,868,893 | 104,076,862 | 6,447,883 | 72,078,930 | |||||||||||
Net increase (decrease) | 4,938,576 | $ | 35,067,475 | (7,005,365) | $ | (137,067,887) |
61
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2040 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 4,860,778 | $ | 70,690,447 | 5,060,924 | $ | 65,484,134 | ||||||||
Issued in reinvestment of distributions | 1,735,948 | 24,648,995 | 2,985,848 | 39,293,757 | ||||||||||
Redeemed | (10,845,076) | (157,661,029) | (16,553,942) | (216,034,644) | ||||||||||
(4,248,350) | (62,321,587) | (8,507,170) | (111,256,753) | |||||||||||
I Class | ||||||||||||||
Sold | 5,282,374 | 77,199,894 | 5,007,760 | 65,194,171 | ||||||||||
Issued in reinvestment of distributions | 1,717,182 | 24,366,818 | 2,789,852 | 36,686,553 | ||||||||||
Redeemed | (7,642,666) | (110,644,487) | (13,500,059) | (177,314,122) | ||||||||||
(643,110) | (9,077,775) | (5,702,447) | (75,433,398) | |||||||||||
A Class | ||||||||||||||
Sold | 2,896,060 | 41,360,439 | 2,590,721 | 33,706,814 | ||||||||||
Issued in reinvestment of distributions | 711,568 | 10,097,077 | 982,910 | 12,935,100 | ||||||||||
Redeemed | (4,231,831) | (61,327,557) | (6,360,480) | (83,473,345) | ||||||||||
(624,203) | (9,870,041) | (2,786,849) | (36,831,431) | |||||||||||
C Class | ||||||||||||||
Sold | 12,715 | 184,700 | 17,224 | 218,498 | ||||||||||
Issued in reinvestment of distributions | 5,937 | 84,182 | 10,890 | 143,210 | ||||||||||
Redeemed | (42,857) | (618,936) | (58,461) | (736,435) | ||||||||||
(24,205) | (350,054) | (30,347) | (374,727) | |||||||||||
R Class | ||||||||||||||
Sold | 4,093,491 | 59,651,598 | 4,083,724 | 52,831,174 | ||||||||||
Issued in reinvestment of distributions | 914,352 | 12,962,296 | 1,101,795 | 14,499,640 | ||||||||||
Redeemed | (2,802,786) | (40,751,647) | (3,702,429) | (47,623,512) | ||||||||||
2,205,057 | 31,862,247 | 1,483,090 | 19,707,302 | |||||||||||
R6 Class | ||||||||||||||
Sold | 12,984,628 | 168,028,487 | 10,345,276 | 119,698,307 | ||||||||||
Issued in reinvestment of distributions | 2,391,954 | 30,019,026 | 3,005,180 | 35,250,758 | ||||||||||
Redeemed | (10,646,504) | (137,989,901) | (11,755,765) | (135,145,035) | ||||||||||
4,730,078 | 60,057,612 | 1,594,691 | 19,804,030 | |||||||||||
Net increase (decrease) | 1,395,267 | $ | 10,300,402 | (13,949,032) | $ | (184,384,977) |
62
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2045 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 3,706,107 | $ | 68,327,496 | 4,199,336 | $ | 67,792,575 | ||||||||
Issued in reinvestment of distributions | 1,781,007 | 32,022,226 | 2,867,633 | 47,229,913 | ||||||||||
Redeemed | (9,174,660) | (168,353,159) | (10,523,498) | (171,848,208) | ||||||||||
(3,687,546) | (68,003,437) | (3,456,529) | (56,825,720) | |||||||||||
I Class | ||||||||||||||
Sold | 4,131,230 | 76,435,089 | 4,044,499 | 65,541,024 | ||||||||||
Issued in reinvestment of distributions | 1,177,058 | 21,175,266 | 1,906,803 | 31,424,115 | ||||||||||
Redeemed | (5,560,059) | (102,224,219) | (8,821,186) | (145,427,575) | ||||||||||
(251,771) | (4,613,864) | (2,869,884) | (48,462,436) | |||||||||||
A Class | ||||||||||||||
Sold | 2,151,745 | 39,156,227 | 2,042,166 | 33,072,863 | ||||||||||
Issued in reinvestment of distributions | 507,114 | 9,112,538 | 839,693 | 13,829,750 | ||||||||||
Redeemed | (3,369,936) | (61,487,778) | (5,230,737) | (85,626,895) | ||||||||||
(711,077) | (13,219,013) | (2,348,878) | (38,724,282) | |||||||||||
C Class | ||||||||||||||
Sold | 10,580 | 192,025 | 19,084 | 316,936 | ||||||||||
Issued in reinvestment of distributions | 6,958 | 124,761 | 11,578 | 190,696 | ||||||||||
Redeemed | (42,466) | (780,895) | (55,778) | (922,080) | ||||||||||
(24,928) | (464,109) | (25,116) | (414,448) | |||||||||||
R Class | ||||||||||||||
Sold | 3,316,436 | 61,433,267 | 3,179,379 | 51,239,233 | ||||||||||
Issued in reinvestment of distributions | 672,893 | 12,084,801 | 897,791 | 14,795,604 | ||||||||||
Redeemed | (2,214,012) | (41,021,700) | (2,792,443) | (45,459,247) | ||||||||||
1,775,317 | 32,496,368 | 1,284,727 | 20,575,590 | |||||||||||
R6 Class | ||||||||||||||
Sold | 14,855,356 | 182,727,025 | 11,456,089 | 128,273,838 | ||||||||||
Issued in reinvestment of distributions | 3,158,664 | 37,430,168 | 3,842,948 | 43,079,443 | ||||||||||
Redeemed | (10,841,624) | (134,478,580) | (10,048,831) | (112,046,707) | ||||||||||
7,172,396 | 85,678,613 | 5,250,206 | 59,306,574 | |||||||||||
Net increase (decrease) | 4,272,391 | $ | 31,874,558 | (2,165,474) | $ | (64,544,722) |
63
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2050 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 3,691,304 | $ | 56,763,402 | 4,157,593 | $ | 54,833,864 | ||||||||
Issued in reinvestment of distributions | 1,127,881 | 16,834,395 | 1,872,725 | 25,450,332 | ||||||||||
Redeemed | (7,242,137) | (110,550,190) | (9,878,452) | (132,729,131) | ||||||||||
(2,422,952) | (36,952,393) | (3,848,134) | (52,444,935) | |||||||||||
I Class | ||||||||||||||
Sold | 4,127,076 | 63,905,633 | 4,426,399 | 58,406,120 | ||||||||||
Issued in reinvestment of distributions | 1,159,593 | 17,335,925 | 1,807,900 | 24,587,435 | ||||||||||
Redeemed | (4,820,979) | (73,593,508) | (8,453,522) | (114,569,116) | ||||||||||
465,690 | 7,648,050 | (2,219,223) | (31,575,561) | |||||||||||
A Class | ||||||||||||||
Sold | 1,921,409 | 29,280,461 | 2,215,552 | 29,614,315 | ||||||||||
Issued in reinvestment of distributions | 410,117 | 6,127,144 | 605,148 | 8,223,956 | ||||||||||
Redeemed | (2,815,065) | (42,770,519) | (4,749,105) | (63,770,304) | ||||||||||
(483,539) | (7,362,914) | (1,928,405) | (25,932,033) | |||||||||||
C Class | ||||||||||||||
Sold | 16,987 | 258,724 | 12,349 | 161,221 | ||||||||||
Issued in reinvestment of distributions | 5,968 | 89,047 | 7,827 | 106,447 | ||||||||||
Redeemed | (37,249) | (568,198) | (27,928) | (362,405) | ||||||||||
(14,294) | (220,427) | (7,752) | (94,737) | |||||||||||
R Class | ||||||||||||||
Sold | 3,386,870 | 52,142,891 | 3,502,427 | 46,437,891 | ||||||||||
Issued in reinvestment of distributions | 639,581 | 9,544,079 | 745,959 | 10,145,028 | ||||||||||
Redeemed | (2,014,616) | (31,001,358) | (2,661,338) | (35,133,823) | ||||||||||
2,011,835 | 30,685,612 | 1,587,048 | 21,449,096 | |||||||||||
R6 Class | ||||||||||||||
Sold | 9,962,707 | 136,492,809 | 8,590,131 | 102,025,788 | ||||||||||
Issued in reinvestment of distributions | 1,803,442 | 23,841,499 | 2,243,924 | 27,218,792 | ||||||||||
Redeemed | (8,578,474) | (117,437,717) | (8,253,207) | (96,915,565) | ||||||||||
3,187,675 | 42,896,591 | 2,580,848 | 32,329,015 | |||||||||||
Net increase (decrease) | 2,744,415 | $ | 36,694,519 | (3,835,618) | $ | (56,269,155) |
64
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2055 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 2,639,835 | $ | 44,697,200 | 3,031,159 | $ | 43,773,463 | ||||||||
Issued in reinvestment of distributions | 477,070 | 7,927,874 | 831,271 | 12,369,313 | ||||||||||
Redeemed | (5,064,319) | (86,283,818) | (4,820,598) | (70,521,237) | ||||||||||
(1,947,414) | (33,658,744) | (958,168) | (14,378,461) | |||||||||||
I Class | ||||||||||||||
Sold | 3,344,464 | 57,223,911 | 3,797,693 | 54,389,084 | ||||||||||
Issued in reinvestment of distributions | 658,728 | 10,941,464 | 1,016,189 | 15,110,733 | ||||||||||
Redeemed | (4,709,484) | (79,760,932) | (5,038,366) | (74,413,536) | ||||||||||
(706,292) | (11,595,557) | (224,484) | (4,913,719) | |||||||||||
A Class | ||||||||||||||
Sold | 1,318,871 | 22,034,267 | 1,527,894 | 22,088,354 | ||||||||||
Issued in reinvestment of distributions | 208,293 | 3,459,751 | 331,638 | 4,931,456 | ||||||||||
Redeemed | (1,917,684) | (32,136,269) | (2,579,471) | (37,583,101) | ||||||||||
(390,520) | (6,642,251) | (719,939) | (10,563,291) | |||||||||||
C Class | ||||||||||||||
Sold | 10,431 | 177,646 | 11,694 | 168,062 | ||||||||||
Issued in reinvestment of distributions | 2,924 | 48,270 | 4,203 | 62,252 | ||||||||||
Redeemed | (18,884) | (324,896) | (11,282) | (164,894) | ||||||||||
(5,529) | (98,980) | 4,615 | 65,420 | |||||||||||
R Class | ||||||||||||||
Sold | 2,341,824 | 39,888,932 | 2,428,300 | 35,015,359 | ||||||||||
Issued in reinvestment of distributions | 297,736 | 4,943,476 | 376,109 | 5,596,507 | ||||||||||
Redeemed | (1,351,828) | (23,086,947) | (1,711,464) | (25,136,316) | ||||||||||
1,287,732 | 21,745,461 | 1,092,945 | 15,475,550 | |||||||||||
R6 Class | ||||||||||||||
Sold | 7,789,508 | 111,436,802 | 6,861,886 | 83,860,128 | ||||||||||
Issued in reinvestment of distributions | 978,072 | 13,614,766 | 1,237,752 | 15,583,299 | ||||||||||
Redeemed | (6,234,932) | (89,892,885) | (5,560,176) | (67,408,451) | ||||||||||
2,532,648 | 35,158,683 | 2,539,462 | 32,034,976 | |||||||||||
Net increase (decrease) | 770,625 | $ | 4,908,612 | 1,734,431 | $ | 17,720,475 |
65
Year ended July 31, 2021 | Year ended July 31, 2020 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
One Choice 2060 Portfolio | ||||||||||||||
Investor Class | ||||||||||||||
Sold | 1,494,181 | $ | 22,825,820 | 1,782,933 | $ | 22,396,199 | ||||||||
Issued in reinvestment of distributions | 102,736 | 1,543,024 | 172,334 | 2,273,084 | ||||||||||
Redeemed | (1,135,484) | (17,223,989) | (1,955,072) | (25,056,776) | ||||||||||
461,433 | 7,144,855 | 195 | (387,493) | |||||||||||
I Class | ||||||||||||||
Sold | 1,720,220 | 26,577,618 | 2,001,082 | 25,000,871 | ||||||||||
Issued in reinvestment of distributions | 141,011 | 2,119,397 | 203,732 | 2,689,262 | ||||||||||
Redeemed | (1,326,991) | (20,052,078) | (1,139,250) | (14,712,154) | ||||||||||
534,240 | 8,644,937 | 1,065,564 | 12,977,979 | |||||||||||
A Class | ||||||||||||||
Sold | 1,048,017 | 15,502,915 | 468,978 | 5,967,040 | ||||||||||
Issued in reinvestment of distributions | 35,957 | 538,866 | 34,750 | 458,347 | ||||||||||
Redeemed | (275,077) | (4,196,285) | (369,060) | (4,774,244) | ||||||||||
808,897 | 11,845,496 | 134,668 | 1,651,143 | |||||||||||
C Class | ||||||||||||||
Sold | 1,104 | 16,553 | 1,065 | 13,284 | ||||||||||
Issued in reinvestment of distributions | 408 | 6,083 | 686 | 8,997 | ||||||||||
Redeemed | (71) | (979) | (84) | (1,059) | ||||||||||
1,441 | 21,657 | 1,667 | 21,222 | |||||||||||
R Class | ||||||||||||||
Sold | 1,539,856 | 23,650,365 | 1,364,176 | 17,257,070 | ||||||||||
Issued in reinvestment of distributions | 78,754 | 1,181,493 | 97,285 | 1,283,190 | ||||||||||
Redeemed | (473,987) | (7,282,812) | (462,482) | (5,861,425) | ||||||||||
1,144,623 | 17,549,046 | 998,979 | 12,678,835 | |||||||||||
R6 Class | ||||||||||||||
Sold | 3,248,143 | 50,280,345 | 2,790,895 | 35,146,205 | ||||||||||
Issued in reinvestment of distributions | 175,133 | 2,637,501 | 206,127 | 2,727,062 | ||||||||||
Redeemed | (1,868,544) | (28,893,635) | (1,366,053) | (17,412,391) | ||||||||||
1,554,732 | 24,024,211 | 1,630,969 | 20,460,876 | |||||||||||
Net increase (decrease) | 4,505,366 | $ | 69,230,202 | 3,832,042 | $ | 47,402,562 |
66
Period ended July 31, 2021(1) | ||||||||
Shares | Amount | |||||||
One Choice 2065 Portfolio | ||||||||
Investor Class | ||||||||
Sold | 200,618 | $ | 2,357,340 | |||||
Issued in reinvestment of distributions | 480 | 5,516 | ||||||
Redeemed | (37,903) | (459,237) | ||||||
163,195 | 1,903,619 | |||||||
I Class | ||||||||
Sold | 151,554 | 1,886,789 | ||||||
Issued in reinvestment of distributions | 24 | 280 | ||||||
Redeemed | (4,271) | (53,902) | ||||||
147,307 | 1,833,167 | |||||||
A Class | ||||||||
Sold | 24,869 | 298,038 | ||||||
Issued in reinvestment of distributions | 17 | 198 | ||||||
Redeemed | (3,820) | (45,252) | ||||||
21,066 | 252,984 | |||||||
C Class | ||||||||
Sold | 2,509 | 25,114 | ||||||
Issued in reinvestment of distributions | 15 | 171 | ||||||
2,524 | 25,285 | |||||||
R Class | ||||||||
Sold | 141,436 | 1,718,574 | ||||||
Issued in reinvestment of distributions | 105 | 1,208 | ||||||
Redeemed | (10,234) | (121,079) | ||||||
131,307 | 1,598,703 | |||||||
R6 Class | ||||||||
Sold | 287,165 | 3,507,414 | ||||||
Issued in reinvestment of distributions | 76 | 875 | ||||||
Redeemed | (37,785) | (476,130) | ||||||
249,456 | 3,032,159 | |||||||
Net increase (decrease) | 714,855 | $ | 8,645,917 |
(1)September 23, 2020 (fund inception) through July 31, 2021.
6. Fair Value Measurements
The funds’ investment 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.
67
7. Federal Tax Information
The tax character of distributions paid during the years ended July 31, 2021 and July 31, 2020 were as follows:
2021 | 2020 | |||||||||||||
Distributions Paid From: | Distributions Paid From: | |||||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | |||||||||||
One Choice In Retirement Portfolio | $ | 33,561,960 | $ | 63,005,278 | $ | 26,116,481 | $ | 79,488,820 | ||||||
One Choice 2025 Portfolio | $ | 34,416,244 | $ | 120,040,963 | $ | 44,705,888 | $ | 150,802,579 | ||||||
One Choice 2030 Portfolio | $ | 28,544,553 | $ | 91,140,834 | $ | 37,253,311 | $ | 126,635,833 | ||||||
One Choice 2035 Portfolio | $ | 34,999,738 | $ | 115,195,585 | $ | 38,741,933 | $ | 154,020,919 | ||||||
One Choice 2040 Portfolio | $ | 21,975,798 | $ | 82,299,903 | $ | 28,484,175 | $ | 112,240,954 | ||||||
One Choice 2045 Portfolio | $ | 25,134,933 | $ | 90,541,219 | $ | 26,732,686 | $ | 127,134,270 | ||||||
One Choice 2050 Portfolio | $ | 17,475,767 | $ | 58,074,459 | $ | 17,634,108 | $ | 79,647,555 | ||||||
One Choice 2055 Portfolio | $ | 10,766,448 | $ | 31,037,218 | $ | 10,798,459 | $ | 43,504,077 | ||||||
One Choice 2060 Portfolio | $ | 3,032,098 | $ | 5,183,646 | $ | 2,412,677 | $ | 7,072,385 | ||||||
One Choice 2065 Portfolio(1) | $ | 8,248 | — | N/A | N/A |
(1)September 23, 2020 (fund inception) through July 31, 2021.
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 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | |||||||||||||
Federal tax cost of investments | $ | 2,149,532,908 | $ | 2,025,519,940 | $ | 1,762,762,826 | $ | 1,930,953,269 | $ | 1,370,507,627 | |||||||
Gross tax appreciation of investments | $ | 529,711,299 | $ | 541,016,488 | $ | 461,874,469 | $ | 595,334,025 | $ | 420,233,478 | |||||||
Gross tax depreciation of investments | — | — | — | — | — | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | 529,711,299 | $ | 541,016,488 | $ | 461,874,469 | $ | 595,334,025 | $ | 420,233,478 | |||||||
Undistributed ordinary income | $ | 6,099,584 | $ | 10,136,235 | $ | 8,619,537 | $ | 8,451,744 | $ | 5,288,606 | |||||||
Accumulated long-term gains | $ | 70,057,516 | $ | 71,717,106 | $ | 61,807,695 | $ | 70,684,508 | $ | 53,846,462 |
68
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio | |||||||||||||
Federal tax cost of investments | $ | 1,392,734,312 | $ | 984,575,999 | $ | 662,454,510 | $ | 260,276,388 | $ | 8,677,623 | |||||||
Gross tax appreciation of investments | $ | 499,286,943 | $ | 329,376,355 | $ | 204,725,433 | $ | 65,890,032 | $ | 555,781 | |||||||
Gross tax depreciation of investments | — | — | — | — | (14,733) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | 499,286,943 | $ | 329,376,355 | $ | 204,725,433 | $ | 65,890,032 | $ | 541,048 | |||||||
Undistributed ordinary income | $ | 4,320,946 | $ | 2,148,402 | $ | 1,946,439 | $ | 253,373 | $ | 10,166 | |||||||
Accumulated long-term gains | $ | 57,664,533 | $ | 34,345,118 | $ | 23,883,811 | $ | 6,015,632 | $ | 21,538 |
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 March 4, 2020, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of One Choice® 2020 Portfolio, one fund in a series issued by the corporation, were transferred to One Choice In Retirement Portfolio in exchange for shares of One Choice In Retirement Portfolio. One Choice 2020 Portfolio had reached its most conservative planned target asset allocation and its asset mix matched that of One Choice In Retirement Portfolio. The reorganization was executed to combine two funds that had the same target asset allocations, both funds’ investment objectives and strategies were substantially similar and their total expense ratios were expected to be the same. The financial statements and performance history of One Choice In Retirement Portfolio survived after the reorganization. The reorganization was effective at the close of the NYSE on October 2, 2020.
The reorganization was accomplished by a tax-free exchange of shares. On October 2, 2020, One Choice 2020 Portfolio exchanged its shares for shares of One Choice In Retirement Portfolio as follows:
Original Fund/Class | Shares Exchanged | New Fund/Class | Shares Received | ||||||||
One Choice 2020 Portfolio – Investor Class | 26,842,337 | One Choice In Retirement Portfolio – Investor Class | 24,101,171 | ||||||||
One Choice 2020 Portfolio – I Class | 28,664,577 | One Choice In Retirement Portfolio – I Class | 25,737,323 | ||||||||
One Choice 2020 Portfolio – A Class | 8,067,714 | One Choice In Retirement Portfolio – A Class | 7,243,831 | ||||||||
One Choice 2020 Portfolio – C Class | 335,171 | One Choice In Retirement Portfolio – C Class | 302,555 | ||||||||
One Choice 2020 Portfolio – R Class | 10,960,934 | One Choice In Retirement Portfolio – R Class | 9,848,455 | ||||||||
One Choice 2020 Portfolio – R6 Class | 23,743,664 | One Choice In Retirement Portfolio – R6 Class | 23,813,430 |
The net assets of One Choice 2020 Portfolio and One Choice In Retirement Portfolio immediately before the reorganization were $1,098,820,280 and $1,458,288,401, respectively. One Choice 2020 Portfolio's unrealized appreciation of $155,316,946 was combined with that of One Choice In Retirement Portfolio. Immediately after the reorganization, the combined net assets were $2,557,108,681.
69
Assuming the reorganization had been completed on August 1, 2020, the beginning of the annual reporting period, the pro forma results of operations for the period ended July 31, 2021 are as follows:
Net investment income (loss) | $ | 34,151,470 | |||
Net realized and unrealized gain (loss) | 345,172,714 | ||||
Net increase (decrease) in net assets resulting from operations | $ | 379,324,184 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of One Choice 2020 Portfolio that have been included in One Choice In Retirement Portfolio's Statement of Operations since October 2, 2020.
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.
10. Risk Factors
The value of the funds’ shares will go up and down based on the performance of the underlying funds in which they invest. The value of the underlying funds’ shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
70
11. Affiliated Fund Transactions
A summary of transactions for each underlying fund for the period ended July 31, 2021 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 | $ | 41,075 | $ | 9,497 | $ | 5,220 | $ | 7,917 | $ | 85,346 | 6,520 | $ | 74 | $ | 1,499 | |||||||||||
NT Diversified Bond Fund | 269,873 | 115,174 | 48,642 | 12,653 | 564,164 | 49,575 | (772) | 16,881 | ||||||||||||||||||
NT High Income Fund | 46,940 | 13,965 | 9,549 | 5,660 | 98,904 | 9,822 | (207) | 5,331 | ||||||||||||||||||
Short Duration Fund | — | 290,290 | 10,699 | 2,464 | 282,055 | 26,914 | 1 | 3,795 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 93,459 | 31,063 | 14,584 | 15,281 | 204,585 | 18,218 | 185 | 2,821 | ||||||||||||||||||
NT Disciplined Growth Fund | 34,503 | 14,834 | 14,630 | 16,923 | 69,515 | 4,063 | 1,362 | 9,088 | ||||||||||||||||||
NT Equity Growth Fund | 45,682 | 16,393 | 19,366 | 26,063 | 93,849 | 7,078 | 2,598 | 10,292 | ||||||||||||||||||
NT Focused Large Cap Value Fund(4) | 107,655 | 30,654 | 48,533 | 68,810 | 228,206 | 17,158 | 9,077 | 7,187 | ||||||||||||||||||
NT Growth Fund | 50,799 | 24,148 | 27,787 | 39,047 | 103,695 | 4,281 | 5,399 | 11,119 | ||||||||||||||||||
NT Heritage Fund | 23,574 | 8,583 | 12,292 | 17,508 | 47,664 | 2,713 | 3,204 | 4,358 | ||||||||||||||||||
NT Mid Cap Value Fund | 48,715 | 11,939 | 24,361 | 31,244 | 101,022 | 6,771 | 6,328 | 3,287 | ||||||||||||||||||
Small Cap Growth Fund | 12,567 | 2,980 | 6,062 | 6,656 | 23,856 | 853 | 1,243 | 2,376 | ||||||||||||||||||
Small Cap Value Fund | 12,346 | 1,549 | 12,394 | 10,912 | 23,490 | 2,077 | 1,716 | 303 | ||||||||||||||||||
Sustainable Equity Fund | 83,720 | 16,789 | 38,725 | 50,429 | 173,514 | 3,804 | 8,271 | 2,034 | ||||||||||||||||||
Emerging Markets Debt Fund | 15,488 | 3,685 | 2,025 | 868 | 31,143 | 2,938 | 38 | 1,277 | ||||||||||||||||||
Global Bond Fund | 104,420 | 34,604 | 9,696 | 9,477 | 226,344 | 21,213 | (2) | 1,500 | ||||||||||||||||||
International Bond Fund | 30,837 | 7,966 | 4,477 | 4,276 | 61,668 | 4,389 | 171 | 1,422 | ||||||||||||||||||
NT Global Real Estate Fund | 12,745 | 1,824 | 5,159 | 6,849 | 25,442 | 1,930 | 966 | 433 | ||||||||||||||||||
NT International Growth Fund | 49,371 | 10,611 | 15,551 | 34,208 | 104,188 | 6,796 | 4,063 | 3,252 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 6,558 | 468 | 2,283 | 3,941 | 12,352 | 792 | 620 | 467 | ||||||||||||||||||
NT International Value Fund | 55,362 | 20,712 | 33,303 | 26,221 | 118,242 | 11,082 | 3,114 | 3,513 | ||||||||||||||||||
U.S. Government Money Market Fund | 121,711 | 23,263 | 254,803 | — | — | — | — | 57 | ||||||||||||||||||
$ | 1,267,400 | $ | 690,991 | $ | 620,141 | $ | 397,407 | $ | 2,679,244 | 208,987 | $ | 47,449 | $ | 92,292 |
(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.
(4)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2025 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Inflation-Adjusted Bond Fund | $ | 98,879 | $ | 4,956 | $ | 3,800 | $ | 5,754 | $ | 105,789 | 8,082 | $ | 74 | $ | 1,828 | |||||||||||
NT Diversified Bond Fund | 475,301 | 99,324 | 30,829 | (10,913) | 532,883 | 46,826 | (383) | 16,280 | ||||||||||||||||||
NT High Income Fund | 94,352 | 9,521 | 6,539 | 8,090 | 105,424 | 10,469 | (264) | 6,015 | ||||||||||||||||||
Short Duration Fund | — | 195,391 | 2,600 | 1,616 | 194,407 | 18,550 | 3 | 2,518 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 113,403 | 15,374 | 2,176 | 8,087 | 134,688 | 11,994 | 13 | 1,775 | ||||||||||||||||||
NT Disciplined Growth Fund | 71,805 | 11,702 | 14,855 | 6,499 | 75,151 | 4,392 | 2,739 | 9,436 | ||||||||||||||||||
NT Equity Growth Fund | 88,763 | 10,163 | 17,177 | 12,872 | 94,621 | 7,136 | 3,144 | 10,073 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 205,965 | 12,750 | 41,448 | 45,501 | 222,768 | 16,749 | 7,699 | 7,414 | ||||||||||||||||||
NT Growth Fund | 105,658 | 18,616 | 25,947 | 12,581 | 110,908 | 4,579 | 10,436 | 11,572 | ||||||||||||||||||
NT Heritage Fund | 54,494 | 4,960 | 12,701 | 9,275 | 56,028 | 3,189 | 4,763 | 4,942 | ||||||||||||||||||
NT Mid Cap Value Fund | 105,699 | 4,852 | 25,600 | 25,564 | 110,515 | 7,407 | 5,697 | 3,856 | ||||||||||||||||||
Small Cap Growth Fund | 25,464 | 2,377 | 7,803 | 5,021 | 25,059 | 896 | 1,603 | 2,377 | ||||||||||||||||||
Small Cap Value Fund | 24,696 | 372 | 12,684 | 13,423 | 25,807 | 2,282 | 712 | 373 | ||||||||||||||||||
Sustainable Equity Fund | 162,081 | 6,672 | 38,039 | 42,791 | 173,505 | 3,804 | 7,950 | 1,961 | ||||||||||||||||||
Emerging Markets Debt Fund | 39,446 | 2,758 | 1,530 | 1,078 | 41,752 | 3,939 | 19 | 1,842 | ||||||||||||||||||
Global Bond Fund | 182,469 | 30,799 | 3,376 | 4,212 | 214,104 | 20,066 | 4 | 1,405 | ||||||||||||||||||
International Bond Fund | 53,880 | 2,255 | 4,050 | 405 | 52,490 | 3,736 | 628 | 1,228 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 11,943 | 262 | 4,815 | 3,658 | 11,048 | 1,075 | (476) | 262 | ||||||||||||||||||
NT Emerging Markets Fund | 16,697 | 230 | 3,301 | (918) | 12,708 | 855 | 3,513 | 230 | ||||||||||||||||||
NT Global Real Estate Fund | 28,124 | 564 | 5,760 | 6,668 | 29,596 | 2,246 | 857 | 475 | ||||||||||||||||||
NT International Growth Fund | 100,842 | 4,689 | 15,407 | 18,074 | 108,198 | 7,058 | 6,247 | 3,266 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 20,095 | 695 | 5,487 | 4,630 | 19,933 | 1,279 | 1,198 | 696 | ||||||||||||||||||
NT International Value Fund | 100,048 | 7,552 | 24,429 | 25,983 | 109,154 | 10,230 | 1,325 | 3,159 | ||||||||||||||||||
U.S. Government Money Market Fund | 173,668 | 12,581 | 186,249 | — | — | — | — | 58 | ||||||||||||||||||
$ | 2,353,772 | $ | 459,415 | $ | 496,602 | $ | 249,951 | $ | 2,566,536 | 196,839 | $ | 57,501 | $ | 93,041 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2030 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 13,851 | $ | 64 | $ | 4,434 | $ | 605 | $ | 10,086 | 162 | $ | 2,934 | $ | 64 | |||||||||||
NT Disciplined Growth Fund | 57,610 | 10,379 | 10,882 | 5,272 | 62,379 | 3,646 | 2,350 | 7,680 | ||||||||||||||||||
NT Equity Growth Fund | 78,842 | 8,983 | 16,435 | 12,761 | 84,151 | 6,346 | 1,557 | 8,983 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 181,452 | 13,303 | 37,785 | 43,270 | 200,240 | 15,056 | 3,800 | 6,586 | ||||||||||||||||||
NT Growth Fund | 100,942 | 18,736 | 27,961 | 15,829 | 107,546 | 4,440 | 6,421 | 11,144 | ||||||||||||||||||
NT Heritage Fund | 60,448 | 8,350 | 17,800 | 10,602 | 61,600 | 3,506 | 5,314 | 5,531 | ||||||||||||||||||
NT Mid Cap Value Fund | 102,881 | 5,922 | 24,809 | 27,531 | 111,525 | 7,475 | 3,211 | 3,813 | ||||||||||||||||||
Small Cap Growth Fund | 23,771 | 2,222 | 7,370 | 4,664 | 23,287 | 832 | 1,550 | 2,217 | ||||||||||||||||||
Small Cap Value Fund | 22,417 | 347 | 11,360 | 12,287 | 23,691 | 2,095 | 1,082 | 347 | ||||||||||||||||||
Sustainable Equity Fund | 144,036 | 6,060 | 32,787 | 38,565 | 155,874 | 3,418 | 6,839 | 1,748 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 93,235 | 7,982 | 3,177 | 5,617 | 103,657 | 7,919 | 54 | 1,786 | ||||||||||||||||||
NT Diversified Bond Fund | 375,845 | 107,763 | 31,276 | (8,390) | 443,942 | 39,011 | (498) | 13,200 | ||||||||||||||||||
NT High Income Fund | 84,365 | 11,656 | 5,526 | 7,344 | 97,839 | 9,716 | (220) | 5,539 | ||||||||||||||||||
Short Duration Fund | — | 100,052 | 721 | 799 | 100,130 | 9,554 | 1 | 1,268 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 52,287 | 9,866 | 583 | 3,817 | 65,387 | 5,823 | 4 | 830 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 22,426 | 545 | 8,168 | 6,900 | 21,703 | 2,111 | (505) | 545 | ||||||||||||||||||
NT Emerging Markets Fund | 33,606 | 763 | 7,816 | 2,221 | 28,774 | 1,935 | 3,478 | 527 | ||||||||||||||||||
NT Global Real Estate Fund | 28,225 | 1,081 | 6,339 | 6,650 | 29,617 | 2,247 | 1,037 | 489 | ||||||||||||||||||
NT International Growth Fund | 94,231 | 6,415 | 16,486 | 18,121 | 102,281 | 6,672 | 4,682 | 3,060 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 25,465 | 981 | 7,642 | 5,434 | 24,238 | 1,555 | 2,025 | 907 | ||||||||||||||||||
NT International Value Fund | 80,600 | 7,653 | 19,294 | 21,947 | 90,906 | 8,520 | (33) | 2,553 | ||||||||||||||||||
Emerging Markets Debt Fund | 41,137 | 5,081 | 1,075 | 1,145 | 46,288 | 4,367 | 4 | 2,010 | ||||||||||||||||||
Global Bond Fund | 142,172 | 44,756 | 4,014 | 3,510 | 186,424 | 17,472 | 1 | 1,177 | ||||||||||||||||||
International Bond Fund | 41,959 | 5,076 | 4,222 | 259 | 43,072 | 3,066 | 582 | 933 | ||||||||||||||||||
U.S. Government Money Market Fund | 97,399 | 7,856 | 105,255 | — | — | — | — | 33 | ||||||||||||||||||
$ | 1,999,202 | $ | 391,892 | $ | 413,217 | $ | 246,760 | $ | 2,224,637 | 166,944 | $ | 45,670 | $ | 82,970 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2035 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 33,149 | $ | 179 | $ | 6,733 | $ | 5,438 | $ | 32,033 | 516 | $ | 4,250 | $ | 179 | |||||||||||
NT Disciplined Growth Fund | 55,548 | 7,761 | 5,084 | 5,572 | 63,797 | 3,729 | 1,760 | 7,402 | ||||||||||||||||||
NT Equity Growth Fund | 91,778 | 10,522 | 15,447 | 15,315 | 102,168 | 7,705 | 1,664 | 10,522 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 209,343 | 11,675 | 34,011 | 50,415 | 237,422 | 17,851 | 4,662 | 7,731 | ||||||||||||||||||
NT Growth Fund | 124,868 | 20,187 | 26,681 | 19,620 | 137,994 | 5,698 | 8,143 | 13,880 | ||||||||||||||||||
NT Heritage Fund | 88,088 | 12,686 | 23,201 | 16,947 | 94,520 | 5,380 | 6,645 | 8,156 | ||||||||||||||||||
NT Mid Cap Value Fund | 127,341 | 5,432 | 26,038 | 35,437 | 142,172 | 9,529 | 3,340 | 4,830 | ||||||||||||||||||
Small Cap Growth Fund | 29,224 | 2,728 | 8,611 | 5,807 | 29,148 | 1,042 | 1,910 | 2,728 | ||||||||||||||||||
Small Cap Value Fund | 26,676 | 432 | 11,897 | 15,324 | 30,535 | 2,700 | 1,083 | 432 | ||||||||||||||||||
Sustainable Equity Fund | 167,275 | 2,791 | 29,477 | 46,836 | 187,425 | 4,109 | 6,363 | 2,043 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 87,369 | 13,890 | 792 | 5,668 | 106,135 | 8,108 | 6 | 1,796 | ||||||||||||||||||
NT Diversified Bond Fund | 361,360 | 142,592 | 19,071 | (8,745) | 476,136 | 41,840 | (363) | 13,770 | ||||||||||||||||||
NT High Income Fund | 88,205 | 17,235 | 1,906 | 7,952 | 111,486 | 11,071 | (72) | 6,150 | ||||||||||||||||||
Short Duration Fund | — | 51,976 | 115 | 412 | 52,273 | 4,988 | — | 651 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 20,056 | 10,888 | 185 | 1,819 | 32,578 | 2,901 | 1 | 417 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 39,702 | 1,028 | 11,415 | 12,311 | 41,626 | 4,049 | (474) | 1,029 | ||||||||||||||||||
NT Emerging Markets Fund | 66,517 | 3,775 | 14,081 | 5,985 | 62,196 | 4,183 | 5,794 | 1,106 | ||||||||||||||||||
NT Global Real Estate Fund | 37,154 | 659 | 4,736 | 9,700 | 42,777 | 3,246 | 827 | 659 | ||||||||||||||||||
NT International Growth Fund | 114,075 | 4,397 | 13,398 | 22,677 | 127,751 | 8,333 | 5,069 | 3,736 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 38,143 | 1,404 | 8,814 | 9,612 | 40,345 | 2,588 | 1,982 | 1,404 | ||||||||||||||||||
NT International Value Fund | 83,219 | 4,648 | 15,639 | 22,976 | 95,204 | 8,923 | (378) | 2,638 | ||||||||||||||||||
Emerging Markets Debt Fund | 47,681 | 10,335 | 620 | 1,337 | 58,733 | 5,541 | 6 | 2,485 | ||||||||||||||||||
Global Bond Fund | 140,228 | 53,923 | 1,657 | 3,578 | 196,072 | 18,376 | 4 | 1,221 | ||||||||||||||||||
International Bond Fund | 20,827 | 4,929 | 380 | 385 | 25,761 | 1,833 | 5 | 541 | ||||||||||||||||||
U.S. Government Money Market Fund | 101,598 | 4,884 | 106,482 | — | — | — | — | 33 | ||||||||||||||||||
$ | 2,199,424 | $ | 400,956 | $ | 386,471 | $ | 312,378 | $ | 2,526,287 | 184,239 | $ | 52,227 | $ | 95,539 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2040 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 37,102 | $ | 217 | $ | 6,937 | $ | 6,736 | $ | 37,118 | 598 | $ | 4,697 | $ | 217 | |||||||||||
NT Disciplined Growth Fund | 30,234 | 5,522 | 4,055 | 2,960 | 34,661 | 2,026 | 1,086 | 4,083 | ||||||||||||||||||
NT Equity Growth Fund | 66,750 | 8,093 | 12,056 | 11,444 | 74,231 | 5,598 | 989 | 7,780 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 153,634 | 9,928 | 23,834 | 38,817 | 178,545 | 13,424 | 2,331 | 5,794 | ||||||||||||||||||
NT Growth Fund | 95,617 | 16,303 | 22,390 | 16,867 | 106,397 | 4,393 | 4,474 | 10,753 | ||||||||||||||||||
NT Heritage Fund | 80,530 | 12,486 | 22,977 | 16,534 | 86,573 | 4,927 | 5,356 | 7,663 | ||||||||||||||||||
NT Mid Cap Value Fund | 96,260 | 6,652 | 18,675 | 27,999 | 112,236 | 7,523 | 2,213 | 3,750 | ||||||||||||||||||
Small Cap Growth Fund | 22,372 | 2,267 | 6,938 | 4,502 | 22,203 | 794 | 1,429 | 2,125 | ||||||||||||||||||
Small Cap Value Fund | 20,112 | 329 | 8,905 | 11,576 | 23,112 | 2,043 | 1,190 | 329 | ||||||||||||||||||
Sustainable Equity Fund | 121,738 | 3,011 | 21,998 | 34,264 | 137,015 | 3,004 | 4,916 | 1,512 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 43,372 | 18,049 | 336 | 3,388 | 64,473 | 4,925 | 3 | 1,083 | ||||||||||||||||||
NT Diversified Bond Fund | 218,464 | 122,524 | 23,773 | (5,291) | 311,924 | 27,410 | (439) | 8,928 | ||||||||||||||||||
NT High Income Fund | 54,887 | 17,480 | 1,632 | 5,227 | 75,962 | 7,543 | (26) | 4,082 | ||||||||||||||||||
Short Duration Fund | — | 6,569 | — | 42 | 6,611 | 631 | — | 70 | ||||||||||||||||||
Short Duration Inflation Protection Bond Fund | 622 | 3,182 | 3 | 174 | 3,975 | 354 | — | 41 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 36,421 | 1,707 | 8,074 | 11,445 | 41,499 | 4,037 | (247) | 1,012 | ||||||||||||||||||
NT Emerging Markets Fund | 73,420 | 5,998 | 14,640 | 8,017 | 72,795 | 4,895 | 5,319 | 1,273 | ||||||||||||||||||
NT Global Real Estate Fund | 30,513 | 825 | 4,547 | 7,848 | 34,639 | 2,628 | 881 | 556 | ||||||||||||||||||
NT International Growth Fund | 85,536 | 4,544 | 11,151 | 18,137 | 97,066 | 6,332 | 2,776 | 2,862 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 33,721 | 1,278 | 8,111 | 8,294 | 35,182 | 2,257 | 2,006 | 1,278 | ||||||||||||||||||
NT International Value Fund | 54,072 | 2,909 | 10,072 | 14,570 | 61,479 | 5,762 | 48 | 1,722 | ||||||||||||||||||
Emerging Markets Debt Fund | 32,161 | 11,652 | 398 | 898 | 44,313 | 4,181 | 4 | 1,795 | ||||||||||||||||||
Global Bond Fund | 83,882 | 43,096 | 3,613 | 2,297 | 125,662 | 11,777 | (18) | 776 | ||||||||||||||||||
International Bond Fund | 777 | 2,310 | 21 | 4 | 3,070 | 219 | — | 54 | ||||||||||||||||||
U.S. Government Money Market Fund | 70,406 | 6,250 | 76,656 | — | — | — | — | 24 | ||||||||||||||||||
$ | 1,542,603 | $ | 313,181 | $ | 311,792 | $ | 246,749 | $ | 1,790,741 | 127,281 | $ | 38,988 | $ | 69,562 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2045 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 55,802 | $ | 842 | $ | 9,248 | $ | 11,850 | $ | 59,246 | 954 | $ | 5,870 | $ | 336 | |||||||||||
NT Disciplined Growth Fund | 19,265 | 2,775 | 676 | 2,528 | 23,892 | 1,396 | 169 | 2,726 | ||||||||||||||||||
NT Equity Growth Fund | 75,332 | 8,812 | 11,617 | 13,011 | 85,538 | 6,451 | 1,153 | 8,812 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 173,067 | 11,004 | 23,218 | 44,245 | 205,098 | 15,421 | 2,682 | 6,617 | ||||||||||||||||||
NT Growth Fund | 109,095 | 14,612 | 19,670 | 19,411 | 123,448 | 5,097 | 4,919 | 12,256 | ||||||||||||||||||
NT Heritage Fund | 93,138 | 16,740 | 23,495 | 20,559 | 106,942 | 6,087 | 5,701 | 9,063 | ||||||||||||||||||
NT Mid Cap Value Fund | 109,107 | 5,736 | 17,691 | 31,998 | 129,150 | 8,656 | 2,359 | 4,310 | ||||||||||||||||||
Small Cap Growth Fund | 25,426 | 2,412 | 7,344 | 5,195 | 25,689 | 918 | 1,617 | 2,411 | ||||||||||||||||||
Small Cap Value Fund | 22,120 | 376 | 8,468 | 13,322 | 27,350 | 2,418 | 1,022 | 376 | ||||||||||||||||||
Sustainable Equity Fund | 137,851 | 1,935 | 21,967 | 39,554 | 157,373 | 3,450 | 4,986 | 1,706 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 44,820 | 2,056 | 8,363 | 14,145 | 52,658 | 5,122 | (256) | 1,268 | ||||||||||||||||||
NT Emerging Markets Fund | 86,226 | 11,370 | 14,280 | 10,546 | 93,862 | 6,312 | 5,196 | 1,560 | ||||||||||||||||||
NT Global Real Estate Fund | 33,987 | 1,864 | 3,195 | 9,542 | 42,198 | 3,202 | 717 | 649 | ||||||||||||||||||
NT International Growth Fund | 96,886 | 4,129 | 9,239 | 20,801 | 112,577 | 7,344 | 3,114 | 3,259 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 38,860 | 1,505 | 7,600 | 10,518 | 43,283 | 2,776 | 1,698 | 1,505 | ||||||||||||||||||
NT International Value Fund | 55,189 | 2,031 | 7,651 | 15,388 | 64,957 | 6,088 | (111) | 1,807 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 37,124 | 13,504 | 71 | 2,805 | 53,362 | 4,077 | 1 | 900 | ||||||||||||||||||
NT Diversified Bond Fund | 189,873 | 98,908 | 12,116 | (4,606) | 272,059 | 23,907 | (254) | 7,665 | ||||||||||||||||||
NT High Income Fund | 47,076 | 15,589 | 482 | 4,470 | 66,653 | 6,619 | (11) | 3,513 | ||||||||||||||||||
Emerging Markets Debt Fund | 27,685 | 10,685 | 229 | 769 | 38,910 | 3,671 | 2 | 1,553 | ||||||||||||||||||
Global Bond Fund | 72,412 | 33,528 | 109 | 1,945 | 107,776 | 10,101 | — | 657 | ||||||||||||||||||
U.S. Government Money Market Fund | 38,287 | 5,054 | 43,341 | — | — | — | — | 13 | ||||||||||||||||||
$ | 1,588,628 | $ | 265,467 | $ | 250,070 | $ | 287,996 | $ | 1,892,021 | 130,067 | $ | 40,574 | $ | 72,962 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2050 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 51,050 | $ | 4,319 | $ | 11,020 | $ | 11,863 | $ | 56,212 | 905 | $ | 4,854 | $ | 314 | |||||||||||
NT Disciplined Growth Fund | 2,820 | 2,444 | 112 | 539 | 5,691 | 333 | (9) | 578 | ||||||||||||||||||
NT Equity Growth Fund | 55,108 | 6,817 | 7,658 | 10,046 | 64,313 | 4,850 | 458 | 6,526 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 126,844 | 13,880 | 18,308 | 33,806 | 156,222 | 11,746 | 758 | 4,922 | ||||||||||||||||||
NT Growth Fund | 80,319 | 16,949 | 19,058 | 14,897 | 93,107 | 3,844 | 3,523 | 9,081 | ||||||||||||||||||
NT Heritage Fund | 68,623 | 14,389 | 18,572 | 16,072 | 80,512 | 4,582 | 3,362 | 6,715 | ||||||||||||||||||
NT Mid Cap Value Fund | 79,465 | 7,997 | 13,389 | 24,604 | 98,677 | 6,614 | 738 | 3,189 | ||||||||||||||||||
Small Cap Growth Fund | 18,788 | 2,595 | 5,570 | 3,834 | 19,647 | 702 | 1,175 | 1,783 | ||||||||||||||||||
Small Cap Value Fund | 16,205 | 276 | 6,226 | 9,751 | 20,006 | 1,769 | 843 | 276 | ||||||||||||||||||
Sustainable Equity Fund | 101,340 | 2,601 | 15,086 | 30,085 | 118,940 | 2,608 | 2,928 | 1,262 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 36,289 | 3,273 | 6,867 | 11,592 | 44,287 | 4,308 | (362) | 1,032 | ||||||||||||||||||
NT Emerging Markets Fund | 63,401 | 12,421 | 10,373 | 8,037 | 73,486 | 4,942 | 3,435 | 1,154 | ||||||||||||||||||
NT Global Real Estate Fund | 24,515 | 2,074 | 2,477 | 7,073 | 31,185 | 2,366 | 480 | 480 | ||||||||||||||||||
NT International Growth Fund | 71,369 | 5,823 | 8,200 | 15,896 | 84,888 | 5,537 | 1,777 | 2,411 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 28,659 | 1,117 | 5,421 | 7,829 | 32,184 | 2,064 | 1,137 | 1,117 | ||||||||||||||||||
NT International Value Fund | 36,948 | 2,800 | 4,493 | 10,291 | 45,546 | 4,269 | 25 | 1,232 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 19,682 | 7,971 | 53 | 1,501 | 29,101 | 2,223 | 1 | 479 | ||||||||||||||||||
NT Diversified Bond Fund | 105,887 | 52,170 | 10,598 | (2,267) | 145,192 | 12,759 | (214) | 4,027 | ||||||||||||||||||
NT High Income Fund | 25,585 | 8,105 | 462 | 2,389 | 35,617 | 3,537 | (7) | 1,866 | ||||||||||||||||||
Emerging Markets Debt Fund | 14,878 | 5,975 | 135 | 420 | 21,138 | 1,994 | 1 | 827 | ||||||||||||||||||
Global Bond Fund | 39,875 | 18,092 | 1,067 | 1,101 | 58,001 | 5,436 | (10) | 337 | ||||||||||||||||||
U.S. Government Money Market Fund | 1,171 | 2,011 | 3,182 | — | — | — | — | 1 | ||||||||||||||||||
$ | 1,068,821 | $ | 194,099 | $ | 168,327 | $ | 219,359 | $ | 1,313,952 | 87,388 | $ | 24,893 | $ | 49,609 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2055 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 37,358 | $ | 4,989 | $ | 9,001 | $ | 9,597 | $ | 42,943 | 692 | $ | 3,115 | $ | 240 | |||||||||||
NT Equity Growth Fund | 36,235 | 5,163 | 3,981 | 7,013 | 44,430 | 3,351 | 182 | 4,568 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 86,822 | 14,760 | 17,339 | 23,820 | 108,063 | 8,125 | 272 | 3,440 | ||||||||||||||||||
NT Growth Fund | 54,795 | 12,379 | 13,640 | 10,746 | 64,280 | 2,654 | 2,055 | 6,399 | ||||||||||||||||||
NT Heritage Fund | 47,337 | 11,830 | 15,278 | 11,846 | 55,735 | 3,172 | 1,791 | 4,758 | ||||||||||||||||||
NT Mid Cap Value Fund | 54,245 | 9,053 | 12,326 | 17,272 | 68,244 | 4,574 | 381 | 2,230 | ||||||||||||||||||
Small Cap Growth Fund | 12,763 | 1,988 | 3,820 | 2,764 | 13,695 | 489 | 707 | 1,261 | ||||||||||||||||||
Small Cap Value Fund | 11,079 | 240 | 4,310 | 6,646 | 13,655 | 1,207 | 675 | 190 | ||||||||||||||||||
Sustainable Equity Fund | 68,809 | 2,286 | 9,712 | 20,919 | 82,302 | 1,804 | 2,047 | 891 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 25,651 | 4,260 | 6,109 | 8,534 | 32,336 | 3,146 | (362) | 751 | ||||||||||||||||||
NT Emerging Markets Fund | 43,790 | 7,777 | 7,185 | 6,083 | 50,465 | 3,394 | 1,907 | 808 | ||||||||||||||||||
NT Global Real Estate Fund | 16,532 | 2,428 | 2,243 | 4,893 | 21,610 | 1,640 | 404 | 338 | ||||||||||||||||||
NT International Growth Fund | 49,177 | 4,839 | 6,736 | 11,510 | 58,790 | 3,835 | 836 | 1,690 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 19,819 | 788 | 3,883 | 5,448 | 22,172 | 1,422 | 788 | 781 | ||||||||||||||||||
NT International Value Fund | 23,672 | 3,753 | 3,858 | 6,707 | 30,274 | 2,837 | 197 | 828 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 11,068 | 4,350 | 376 | 835 | 15,877 | 1,213 | (2) | 267 | ||||||||||||||||||
NT Diversified Bond Fund | 61,616 | 28,091 | 8,905 | (1,290) | 79,512 | 6,987 | (171) | 2,296 | ||||||||||||||||||
NT High Income Fund | 14,281 | 4,602 | 747 | 1,375 | 19,511 | 1,938 | (10) | 1,059 | ||||||||||||||||||
Emerging Markets Debt Fund | 8,135 | 3,269 | 187 | 248 | 11,465 | 1,082 | 1 | 468 | ||||||||||||||||||
Global Bond Fund | 23,600 | 9,017 | 1,424 | 628 | 31,821 | 2,982 | (12) | 192 | ||||||||||||||||||
$ | 706,784 | $ | 135,862 | $ | 131,060 | $ | 155,594 | $ | 867,180 | 56,544 | $ | 14,801 | $ | 33,455 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2060 Portfolio (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | $ | 10,697 | $ | 4,463 | $ | 2,355 | $ | 3,931 | $ | 16,736 | 270 | $ | 289 | $ | 77 | |||||||||||
NT Equity Growth Fund | 10,532 | 4,221 | 53 | 2,496 | 17,196 | 1,297 | (6) | 1,479 | ||||||||||||||||||
NT Focused Large Cap Value Fund(3) | 25,660 | 12,131 | 4,013 | 8,174 | 41,952 | 3,154 | (107) | 1,164 | ||||||||||||||||||
NT Growth Fund | 15,569 | 7,976 | 2,945 | 4,356 | 24,956 | 1,030 | 175 | 2,048 | ||||||||||||||||||
NT Heritage Fund | 13,600 | 7,183 | 3,562 | 4,425 | 21,646 | 1,232 | 203 | 1,521 | ||||||||||||||||||
NT Mid Cap Value Fund | 16,273 | 6,837 | 2,600 | 6,004 | 26,514 | 1,777 | (135) | 749 | ||||||||||||||||||
Small Cap Growth Fund | 3,471 | 1,293 | 380 | 1,004 | 5,388 | 193 | 74 | 402 | ||||||||||||||||||
Small Cap Value Fund | 3,185 | 687 | 799 | 2,265 | 5,338 | 472 | 102 | 63 | ||||||||||||||||||
Sustainable Equity Fund | 19,666 | 5,273 | 730 | 7,757 | 31,966 | 701 | 19 | 285 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | 7,658 | 3,409 | 1,113 | 2,825 | 12,779 | 1,243 | (121) | 253 | ||||||||||||||||||
NT Emerging Markets Fund | 12,535 | 7,103 | 2,120 | 2,230 | 19,748 | 1,328 | 172 | 262 | ||||||||||||||||||
NT Global Real Estate Fund | 5,093 | 1,378 | 79 | 1,821 | 8,213 | 623 | (5) | 108 | ||||||||||||||||||
NT International Growth Fund | 13,999 | 5,361 | 516 | 3,982 | 22,826 | 1,489 | 8 | 548 | ||||||||||||||||||
NT International Small-Mid Cap Fund | 5,432 | 1,454 | 289 | 2,027 | 8,624 | 553 | (11) | 255 | ||||||||||||||||||
NT International Value Fund | 6,663 | 2,981 | 514 | 2,197 | 11,327 | 1,062 | (14) | 263 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | 2,926 | 1,918 | — | 251 | 5,095 | 389 | — | 82 | ||||||||||||||||||
NT Diversified Bond Fund | 15,191 | 11,474 | 688 | (328) | 25,649 | 2,254 | (9) | 640 | ||||||||||||||||||
NT High Income Fund | 3,715 | 2,230 | — | 376 | 6,321 | 628 | — | 304 | ||||||||||||||||||
Emerging Markets Debt Fund | 2,145 | 1,512 | — | 62 | 3,719 | 351 | — | 136 | ||||||||||||||||||
Global Bond Fund | 5,977 | 4,008 | — | 188 | 10,173 | 953 | — | 52 | ||||||||||||||||||
$ | 199,987 | $ | 92,892 | $ | 22,756 | $ | 56,043 | $ | 326,166 | 20,999 | $ | 634 | $ | 10,691 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 2065 Portfolio(3) (Amounts in thousands) | ||||||||||||||||||||||||||
Focused Dynamic Growth Fund | — | $ | 469 | $ | 35 | $ | 38 | $ | 472 | 8 | $ | (2) | — | |||||||||||||
NT Equity Growth Fund | — | 486 | 35 | 39 | 490 | 37 | — | $ | 7 | |||||||||||||||||
NT Focused Large Cap Value Fund(4) | — | 1,205 | 89 | 78 | 1,194 | 90 | — | 12 | ||||||||||||||||||
NT Growth Fund | — | 689 | 55 | 76 | 710 | 29 | (2) | 8 | ||||||||||||||||||
NT Heritage Fund | — | 601 | 40 | 53 | 614 | 35 | (3) | 6 | ||||||||||||||||||
NT Mid Cap Value Fund | — | 762 | 57 | 48 | 753 | 50 | — | 7 | ||||||||||||||||||
Small Cap Growth Fund | — | 160 | 10 | 4 | 154 | 6 | (1) | 1 | ||||||||||||||||||
Small Cap Value Fund | — | 152 | 11 | 14 | 155 | 14 | — | 1 | ||||||||||||||||||
Sustainable Equity Fund | — | 880 | 66 | 93 | 907 | 20 | — | 1 | ||||||||||||||||||
Non-U.S. Intrinsic Value Fund | — | 384 | 27 | 12 | 369 | 36 | 1 | 1 | ||||||||||||||||||
NT Emerging Markets Fund | — | 633 | 55 | (14) | 564 | 38 | (2) | 1 | ||||||||||||||||||
NT Global Real Estate Fund | — | 228 | 20 | 27 | 235 | 18 | 1 | — | ||||||||||||||||||
NT International Growth Fund | — | 664 | 48 | 33 | 649 | 42 | 1 | 2 | ||||||||||||||||||
NT International Small-Mid Cap Fund | — | 243 | 18 | 19 | 244 | 16 | — | 1 | ||||||||||||||||||
NT International Value Fund | — | 333 | 25 | 14 | 322 | 30 | — | 1 | ||||||||||||||||||
Inflation-Adjusted Bond Fund | — | 142 | 9 | 5 | 138 | 11 | — | 1 | ||||||||||||||||||
NT Diversified Bond Fund | — | 726 | 40 | 7 | 693 | 61 | (1) | 6 | ||||||||||||||||||
NT High Income Fund | — | 180 | 9 | 3 | 174 | 17 | — | 3 | ||||||||||||||||||
Emerging Markets Debt Fund | — | 110 | 5 | — | 105 | 10 | — | 2 | ||||||||||||||||||
Global Bond Fund | — | 288 | 15 | 4 | 277 | 26 | — | — | ||||||||||||||||||
— | $ | 9,335 | $ | 669 | $ | 553 | $ | 9,219 | 594 | $ | (8) | $ | 61 |
(1)Underlying fund investments represent G Class.
(2)Distributions received includes distributions from net investment income and from capital gains, if any.
(3)September 23, 2020 (fund inception) through July 31, 2021.
(4)Effective December 10, 2020, the name of NT Large Company Value Fund was changed to NT Focused Large Cap Value Fund.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.15 | 0.18 | 1.78 | 1.96 | (0.16) | (0.56) | (0.72) | $14.39 | 15.64% | 0.74% | 0.77% | 1.34% | 1.31% | 29% | $991,945 | ||||||||||||||||||||||||||||||||
2020 | $13.23 | 0.23 | 0.64 | 0.87 | (0.23) | (0.72) | (0.95) | $13.15 | 6.67% | 0.74% | 0.77% | 1.80% | 1.77% | 24% | $607,393 | ||||||||||||||||||||||||||||||||
2019 | $13.47 | 0.33 | 0.20 | 0.53 | (0.33) | (0.44) | (0.77) | $13.23 | 4.55% | 0.74% | 0.77% | 2.58% | 2.55% | 19% | $735,213 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.15 | 0.21 | 1.78 | 1.99 | (0.19) | (0.56) | (0.75) | $14.39 | 15.78% | 0.54% | 0.59% | 1.54% | 1.49% | 29% | $537,817 | ||||||||||||||||||||||||||||||||
2020 | $13.24 | 0.26 | 0.62 | 0.88 | (0.25) | (0.72) | (0.97) | $13.15 | 6.88% | 0.54% | 0.60% | 2.00% | 1.94% | 24% | $191,356 | ||||||||||||||||||||||||||||||||
2019 | $13.47 | 0.37 | 0.20 | 0.57 | (0.36) | (0.44) | (0.80) | $13.24 | 4.84% | 0.54% | 0.59% | 2.78% | 2.73% | 19% | $254,459 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.58% | 1.58% | 12% | $481,066 |
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) | |||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.15 | 0.15 | 1.78 | 1.93 | (0.13) | (0.56) | (0.69) | $14.39 | 15.28% | 0.99% | 1.02% | 1.09% | 1.06% | 29% | $267,135 | ||||||||||||||||||||||||||||||||
2020 | $13.24 | 0.19 | 0.63 | 0.82 | (0.19) | (0.72) | (0.91) | $13.15 | 6.40% | 0.99% | 1.02% | 1.55% | 1.52% | 24% | $114,462 | ||||||||||||||||||||||||||||||||
2019 | $13.47 | 0.31 | 0.20 | 0.51 | (0.30) | (0.44) | (0.74) | $13.24 | 4.36% | 0.99% | 1.02% | 2.33% | 2.30% | 19% | $153,056 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.08 | 0.06 | 1.75 | 1.81 | (0.08) | (0.56) | (0.64) | $14.25 | 14.40% | 1.74% | 1.77% | 0.34% | 0.31% | 29% | $4,636 | ||||||||||||||||||||||||||||||||
2020 | $13.18 | 0.10 | 0.63 | 0.73 | (0.11) | (0.72) | (0.83) | $13.08 | 5.65% | 1.74% | 1.77% | 0.80% | 0.77% | 24% | $3,020 | ||||||||||||||||||||||||||||||||
2019 | $13.43 | 0.22 | 0.18 | 0.40 | (0.21) | (0.44) | (0.65) | $13.18 | 3.50% | 1.74% | 1.77% | 1.58% | 1.55% | 19% | $4,077 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.13 | 0.12 | 1.77 | 1.89 | (0.11) | (0.56) | (0.67) | $14.35 | 15.00% | 1.24% | 1.27% | 0.84% | 0.81% | 29% | $268,946 | ||||||||||||||||||||||||||||||||
2020 | $13.22 | 0.16 | 0.63 | 0.79 | (0.16) | (0.72) | (0.88) | $13.13 | 6.15% | 1.24% | 1.27% | 1.30% | 1.27% | 24% | $129,338 | ||||||||||||||||||||||||||||||||
2019 | $13.45 | 0.27 | 0.21 | 0.48 | (0.27) | (0.44) | (0.71) | $13.22 | 4.11% | 1.24% | 1.27% | 2.08% | 2.05% | 19% | $139,359 | ||||||||||||||||||||||||||||||||
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 |
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) | |||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $10.66 | 0.18 | 1.43 | 1.61 | (0.21) | (0.56) | (0.77) | $11.50 | 15.94% | 0.39% | 0.50% | 1.69% | 1.58% | 29% | $608,763 | ||||||||||||||||||||||||||||||||
2020 | $10.91 | 0.22 | 0.52 | 0.74 | (0.27) | (0.72) | (0.99) | $10.66 | 7.08% | 0.39% | 0.51% | 2.15% | 2.03% | 24% | $221,796 | ||||||||||||||||||||||||||||||||
2019 | $11.25 | 0.32 | 0.16 | 0.48 | (0.38) | (0.44) | (0.82) | $10.91 | 5.00% | 0.39% | 0.52% | 2.93% | 2.80% | 19% | $225,207 | ||||||||||||||||||||||||||||||||
2018(4) | $11.10 | 0.21 | 0.20 | 0.41 | (0.25) | (0.01) | (0.26) | $11.25 | 3.70% | 0.39%(5) | 0.51%(5) | 2.49%(5) | 2.37%(5) | 13%(6) | $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)Ratio was less than 0.005%.
(4)October 23, 2017 (commencement of sale) through July 31, 2018.
(5)Annualized.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $14.70 | 0.20 | 2.21 | 2.41 | (0.17) | (0.77) | (0.94) | $16.17 | 16.85% | 0.76% | 0.79% | 1.27% | 1.24% | 19% | $879,425 | ||||||||||||||||||||||||||||||||
2020 | $14.78 | 0.26 | 0.75 | 1.01 | (0.22) | (0.87) | (1.09) | $14.70 | 6.99% | 0.76% | 0.80% | 1.82% | 1.78% | 26% | $867,457 | ||||||||||||||||||||||||||||||||
2019 | $15.15 | 0.38 | 0.18 | 0.56 | (0.37) | (0.56) | (0.93) | $14.78 | 4.47% | 0.76% | 0.80% | 2.61% | 2.57% | 18% | $1,003,059 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $14.72 | 0.22 | 2.22 | 2.44 | (0.20) | (0.77) | (0.97) | $16.19 | 17.15% | 0.56% | 0.61% | 1.47% | 1.42% | 19% | $541,299 | ||||||||||||||||||||||||||||||||
2020 | $14.80 | 0.30 | 0.74 | 1.04 | (0.25) | (0.87) | (1.12) | $14.72 | 7.13% | 0.56% | 0.62% | 2.02% | 1.96% | 26% | $512,042 | ||||||||||||||||||||||||||||||||
2019 | $15.16 | 0.41 | 0.19 | 0.60 | (0.40) | (0.56) | (0.96) | $14.80 | 4.75% | 0.56% | 0.62% | 2.81% | 2.75% | 18% | $624,560 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.63% | 1.63% | 16% | $963,919 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $14.68 | 0.16 | 2.21 | 2.37 | (0.13) | (0.77) | (0.90) | $16.15 | 16.57% | 1.01% | 1.04% | 1.02% | 0.99% | 19% | $243,677 | ||||||||||||||||||||||||||||||||
2020 | $14.76 | 0.22 | 0.75 | 0.97 | (0.18) | (0.87) | (1.05) | $14.68 | 6.72% | 1.01% | 1.05% | 1.57% | 1.53% | 26% | $231,738 | ||||||||||||||||||||||||||||||||
2019 | $15.13 | 0.34 | 0.19 | 0.53 | (0.34) | (0.56) | (0.90) | $14.76 | 4.21% | 1.01% | 1.05% | 2.36% | 2.32% | 18% | $297,582 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $14.65 | 0.05 | 2.20 | 2.25 | (0.01) | (0.77) | (0.78) | $16.12 | 15.70% | 1.76% | 1.79% | 0.27% | 0.24% | 19% | $3,256 | ||||||||||||||||||||||||||||||||
2020 | $14.73 | 0.11 | 0.75 | 0.86 | (0.07) | (0.87) | (0.94) | $14.65 | 5.90% | 1.76% | 1.80% | 0.82% | 0.78% | 26% | $4,332 | ||||||||||||||||||||||||||||||||
2019 | $15.09 | 0.23 | 0.20 | 0.43 | (0.23) | (0.56) | (0.79) | $14.73 | 3.48% | 1.76% | 1.80% | 1.61% | 1.57% | 18% | $4,562 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $14.66 | 0.12 | 2.21 | 2.33 | (0.09) | (0.77) | (0.86) | $16.13 | 16.29% | 1.26% | 1.29% | 0.77% | 0.74% | 19% | $255,643 | ||||||||||||||||||||||||||||||||
2020 | $14.74 | 0.18 | 0.75 | 0.93 | (0.14) | (0.87) | (1.01) | $14.66 | 6.45% | 1.26% | 1.30% | 1.32% | 1.28% | 26% | $211,271 | ||||||||||||||||||||||||||||||||
2019 | $15.11 | 0.30 | 0.19 | 0.49 | (0.30) | (0.56) | (0.86) | $14.74 | 3.94% | 1.26% | 1.30% | 2.11% | 2.07% | 18% | $210,971 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $11.20 | 0.18 | 1.68 | 1.86 | (0.22) | (0.77) | (0.99) | $12.07 | 17.32% | 0.41% | 0.51% | 1.62% | 1.52% | 19% | $643,218 | ||||||||||||||||||||||||||||||||
2020 | $11.53 | 0.24 | 0.58 | 0.82 | (0.28) | (0.87) | (1.15) | $11.20 | 7.29% | 0.41% | 0.53% | 2.17% | 2.05% | 26% | $526,937 | ||||||||||||||||||||||||||||||||
2019 | $12.05 | 0.33 | 0.13 | 0.46 | (0.42) | (0.56) | (0.98) | $11.53 | 4.86% | 0.41% | 0.54% | 2.96% | 2.83% | 18% | $489,170 | ||||||||||||||||||||||||||||||||
2018(4) | $11.74 | 0.23 | 0.26 | 0.49 | (0.17) | (0.01) | (0.18) | $12.05 | 4.19% | 0.41%(5) | 0.53%(5) | 2.53%(5) | 2.41%(5) | 14%(6) | $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)Ratio was less than 0.005%.
(4)October 23, 2017 (commencement of sale) through July 31, 2018.
(5)Annualized.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.89 | 0.18 | 2.15 | 2.33 | (0.15) | (0.63) | (0.78) | $14.44 | 18.62% | 0.78% | 0.82% | 1.25% | 1.21% | 19% | $491,652 | ||||||||||||||||||||||||||||||||
2020 | $12.90 | 0.24 | 0.70 | 0.94 | (0.20) | (0.75) | (0.95) | $12.89 | 7.47% | 0.78% | 0.83% | 1.86% | 1.81% | 27% | $503,229 | ||||||||||||||||||||||||||||||||
2019 | $13.28 | 0.31 | 0.16 | 0.47 | (0.33) | (0.52) | (0.85) | $12.90 | 4.38% | 0.78% | 0.83% | 2.56% | 2.51% | 20% | $664,953 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.89 | 0.20 | 2.17 | 2.37 | (0.18) | (0.63) | (0.81) | $14.45 | 18.94% | 0.58% | 0.63% | 1.45% | 1.40% | 19% | $582,440 | ||||||||||||||||||||||||||||||||
2020 | $12.90 | 0.26 | 0.71 | 0.97 | (0.23) | (0.75) | (0.98) | $12.89 | 7.69% | 0.58% | 0.64% | 2.06% | 2.00% | 27% | $524,709 | ||||||||||||||||||||||||||||||||
2019 | $13.28 | 0.36 | 0.13 | 0.49 | (0.35) | (0.52) | (0.87) | $12.90 | 4.59% | 0.58% | 0.64% | 2.76% | 2.70% | 20% | $625,840 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.63% | 1.63% | 14% | $882,331 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.85 | 0.14 | 2.16 | 2.30 | (0.12) | (0.63) | (0.75) | $14.40 | 18.37% | 1.03% | 1.07% | 1.00% | 0.96% | 19% | $223,936 | ||||||||||||||||||||||||||||||||
2020 | $12.86 | 0.19 | 0.72 | 0.91 | (0.17) | (0.75) | (0.92) | $12.85 | 7.21% | 1.03% | 1.08% | 1.61% | 1.56% | 27% | $218,597 | ||||||||||||||||||||||||||||||||
2019 | $13.24 | 0.29 | 0.15 | 0.44 | (0.30) | (0.52) | (0.82) | $12.86 | 4.12% | 1.03% | 1.08% | 2.31% | 2.26% | 20% | $271,679 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.83 | 0.04 | 2.15 | 2.19 | (0.01) | (0.63) | (0.64) | $14.38 | 17.48% | 1.78% | 1.82% | 0.25% | 0.21% | 19% | $3,547 | ||||||||||||||||||||||||||||||||
2020 | $12.84 | 0.10 | 0.71 | 0.81 | (0.07) | (0.75) | (0.82) | $12.83 | 6.38% | 1.78% | 1.83% | 0.86% | 0.81% | 27% | $3,540 | ||||||||||||||||||||||||||||||||
2019 | $13.22 | 0.20 | 0.15 | 0.35 | (0.21) | (0.52) | (0.73) | $12.84 | 3.31% | 1.78% | 1.83% | 1.56% | 1.51% | 20% | $4,387 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.84 | 0.10 | 2.16 | 2.26 | (0.08) | (0.63) | (0.71) | $14.39 | 18.08% | 1.28% | 1.32% | 0.75% | 0.71% | 19% | $300,569 | ||||||||||||||||||||||||||||||||
2020 | $12.85 | 0.16 | 0.72 | 0.88 | (0.14) | (0.75) | (0.89) | $12.84 | 6.93% | 1.28% | 1.33% | 1.36% | 1.31% | 27% | $245,796 | ||||||||||||||||||||||||||||||||
2019 | $13.23 | 0.26 | 0.15 | 0.41 | (0.27) | (0.52) | (0.79) | $12.85 | 3.85% | 1.28% | 1.33% | 2.06% | 2.01% | 20% | $233,886 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $11.75 | 0.20 | 1.97 | 2.17 | (0.20) | (0.63) | (0.83) | $13.09 | 19.11% | 0.43% | 0.53% | 1.60% | 1.50% | 19% | $622,491 | ||||||||||||||||||||||||||||||||
2020 | $11.85 | 0.25 | 0.65 | 0.90 | (0.25) | (0.75) | (1.00) | $11.75 | 7.79% | 0.43% | 0.55% | 2.21% | 2.09% | 27% | $503,360 | ||||||||||||||||||||||||||||||||
2019 | $12.28 | 0.34 | 0.12 | 0.46 | (0.37) | (0.52) | (0.89) | $11.85 | 4.74% | 0.43% | 0.56% | 2.91% | 2.78% | 20% | $465,684 | ||||||||||||||||||||||||||||||||
2018(4) | $11.90 | 0.24 | 0.31 | 0.55 | (0.16) | (0.01) | (0.17) | $12.28 | 4.59% | 0.43%(5) | 0.56%(5) | 2.55%(5) | 2.42%(5) | 16%(6) | $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)Ratio was less than 0.005%.
(4)October 23, 2017 (commencement of sale) through July 31, 2018.
(5)Annualized.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.09 | 0.21 | 3.04 | 3.25 | (0.17) | (0.88) | (1.05) | $18.29 | 20.75% | 0.81% | 0.85% | 1.19% | 1.15% | 17% | $743,664 | ||||||||||||||||||||||||||||||||
2020 | $16.12 | 0.28 | 0.97 | 1.25 | (0.24) | (1.04) | (1.28) | $16.09 | 7.91% | 0.81% | 0.85% | 1.81% | 1.77% | 27% | $719,718 | ||||||||||||||||||||||||||||||||
2019 | $16.64 | 0.40 | 0.12 | 0.52 | (0.38) | (0.66) | (1.04) | $16.12 | 4.06% | 0.81% | 0.86% | 2.51% | 2.46% | 17% | $819,274 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.12 | 0.24 | 3.04 | 3.28 | (0.20) | (0.88) | (1.08) | $18.32 | 20.96% | 0.61% | 0.66% | 1.39% | 1.34% | 17% | $575,410 | ||||||||||||||||||||||||||||||||
2020 | $16.15 | 0.32 | 0.96 | 1.28 | (0.27) | (1.04) | (1.31) | $16.12 | 8.12% | 0.61% | 0.67% | 2.01% | 1.95% | 27% | $520,022 | ||||||||||||||||||||||||||||||||
2019 | $16.66 | 0.43 | 0.13 | 0.56 | (0.41) | (0.66) | (1.07) | $16.15 | 4.33% | 0.61% | 0.67% | 2.71% | 2.65% | 17% | $598,639 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.62% | 1.62% | 17% | $815,036 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.07 | 0.16 | 3.04 | 3.20 | (0.12) | (0.88) | (1.00) | $18.27 | 20.47% | 1.06% | 1.10% | 0.94% | 0.90% | 17% | $254,130 | ||||||||||||||||||||||||||||||||
2020 | $16.11 | 0.24 | 0.96 | 1.20 | (0.20) | (1.04) | (1.24) | $16.07 | 7.57% | 1.06% | 1.10% | 1.56% | 1.52% | 27% | $234,875 | ||||||||||||||||||||||||||||||||
2019 | $16.61 | 0.36 | 0.14 | 0.50 | (0.34) | (0.66) | (1.00) | $16.11 | 3.92% | 1.06% | 1.11% | 2.26% | 2.21% | 17% | $290,779 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.00 | 0.05 | 3.01 | 3.06 | — | (0.88) | (0.88) | $18.18 | 19.56% | 1.81% | 1.85% | 0.19% | 0.15% | 17% | $2,048 | ||||||||||||||||||||||||||||||||
2020 | $16.04 | 0.12 | 0.95 | 1.07 | (0.07) | (1.04) | (1.11) | $16.00 | 6.76% | 1.81% | 1.85% | 0.81% | 0.77% | 27% | $3,226 | ||||||||||||||||||||||||||||||||
2019 | $16.54 | 0.24 | 0.15 | 0.39 | (0.23) | (0.66) | (0.89) | $16.04 | 3.13% | 1.81% | 1.86% | 1.51% | 1.46% | 17% | $3,676 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.05 | 0.12 | 3.04 | 3.16 | (0.08) | (0.88) | (0.96) | $18.25 | 20.18% | 1.31% | 1.35% | 0.69% | 0.65% | 17% | $307,513 | ||||||||||||||||||||||||||||||||
2020 | $16.09 | 0.20 | 0.95 | 1.15 | (0.15) | (1.04) | (1.19) | $16.05 | 7.29% | 1.31% | 1.35% | 1.31% | 1.27% | 27% | $241,416 | ||||||||||||||||||||||||||||||||
2019 | $16.60 | 0.31 | 0.14 | 0.45 | (0.30) | (0.66) | (0.96) | $16.09 | 3.60% | 1.31% | 1.36% | 2.01% | 1.96% | 17% | $227,954 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $11.44 | 0.18 | 2.15 | 2.33 | (0.23) | (0.88) | (1.11) | $12.66 | 21.24% | 0.46% | 0.56% | 1.54% | 1.44% | 17% | $643,520 | ||||||||||||||||||||||||||||||||
2020 | $11.84 | 0.24 | 0.70 | 0.94 | (0.30) | (1.04) | (1.34) | $11.44 | 8.18% | 0.46% | 0.57% | 2.16% | 2.05% | 27% | $480,172 | ||||||||||||||||||||||||||||||||
2019 | $12.54 | 0.33 | 0.06 | 0.39 | (0.43) | (0.66) | (1.09) | $11.84 | 4.46% | 0.46% | 0.58% | 2.86% | 2.74% | 17% | $420,380 | ||||||||||||||||||||||||||||||||
2018(4) | $12.12 | 0.24 | 0.38 | 0.62 | (0.20) | —(5) | (0.20) | $12.54 | 5.17% | 0.46%(6) | 0.58%(6) | 2.48%(6) | 2.36%(6) | 16%(7) | $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)Ratio was less than 0.005%.
(4)October 23, 2017 (commencement of sale) through July 31, 2018.
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.47 | 0.17 | 2.83 | 3.00 | (0.14) | (0.77) | (0.91) | $15.56 | 22.90% | 0.83% | 0.88% | 1.12% | 1.07% | 19% | $383,921 | ||||||||||||||||||||||||||||||||
2020 | $13.50 | 0.24 | 0.84 | 1.08 | (0.21) | (0.90) | (1.11) | $13.47 | 8.19% | 0.83% | 0.88% | 1.78% | 1.73% | 28% | $389,734 | ||||||||||||||||||||||||||||||||
2019 | $14.10 | 0.31 | 0.09 | 0.40 | (0.33) | (0.67) | (1.00) | $13.50 | 3.92% | 0.83% | 0.89% | 2.41% | 2.35% | 23% | $505,459 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.49 | 0.19 | 2.83 | 3.02 | (0.17) | (0.77) | (0.94) | $15.57 | 23.14% | 0.63% | 0.69% | 1.32% | 1.26% | 19% | $431,522 | ||||||||||||||||||||||||||||||||
2020 | $13.51 | 0.26 | 0.85 | 1.11 | (0.23) | (0.90) | (1.13) | $13.49 | 8.42% | 0.63% | 0.70% | 1.98% | 1.91% | 28% | $382,370 | ||||||||||||||||||||||||||||||||
2019 | $14.11 | 0.35 | 0.08 | 0.43 | (0.36) | (0.67) | (1.03) | $13.51 | 4.13% | 0.63% | 0.70% | 2.61% | 2.54% | 23% | $460,260 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.59% | 1.59% | 17% | $656,227 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.45 | 0.13 | 2.82 | 2.95 | (0.10) | (0.77) | (0.87) | $15.53 | 22.54% | 1.08% | 1.13% | 0.87% | 0.82% | 19% | $181,238 | ||||||||||||||||||||||||||||||||
2020 | $13.48 | 0.19 | 0.85 | 1.04 | (0.17) | (0.90) | (1.07) | $13.45 | 7.92% | 1.08% | 1.13% | 1.53% | 1.48% | 28% | $165,350 | ||||||||||||||||||||||||||||||||
2019 | $14.07 | 0.29 | 0.09 | 0.38 | (0.30) | (0.67) | (0.97) | $13.48 | 3.73% | 1.08% | 1.14% | 2.16% | 2.10% | 23% | $203,271 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.39 | 0.02 | 2.81 | 2.83 | — | (0.77) | (0.77) | $15.45 | 21.64% | 1.83% | 1.88% | 0.12% | 0.07% | 19% | $1,478 | ||||||||||||||||||||||||||||||||
2020 | $13.42 | 0.10 | 0.83 | 0.93 | (0.06) | (0.90) | (0.96) | $13.39 | 7.11% | 1.83% | 1.88% | 0.78% | 0.73% | 28% | $1,605 | ||||||||||||||||||||||||||||||||
2019 | $14.01 | 0.19 | 0.09 | 0.28 | (0.20) | (0.67) | (0.87) | $13.42 | 2.94% | 1.83% | 1.89% | 1.41% | 1.35% | 23% | $2,015 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.43 | 0.09 | 2.82 | 2.91 | (0.06) | (0.77) | (0.83) | $15.51 | 22.26% | 1.33% | 1.38% | 0.62% | 0.57% | 19% | $273,869 | ||||||||||||||||||||||||||||||||
2020 | $13.46 | 0.16 | 0.84 | 1.00 | (0.13) | (0.90) | (1.03) | $13.43 | 7.65% | 1.33% | 1.38% | 1.28% | 1.23% | 28% | $207,548 | ||||||||||||||||||||||||||||||||
2019 | $14.05 | 0.25 | 0.10 | 0.35 | (0.27) | (0.67) | (0.94) | $13.46 | 3.47% | 1.33% | 1.39% | 1.91% | 1.85% | 23% | $188,023 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.03 | 0.19 | 2.52 | 2.71 | (0.19) | (0.77) | (0.96) | $13.78 | 23.31% | 0.48% | 0.58% | 1.47% | 1.37% | 19% | $518,709 | ||||||||||||||||||||||||||||||||
2020 | $12.18 | 0.24 | 0.77 | 1.01 | (0.26) | (0.90) | (1.16) | $12.03 | 8.54% | 0.48% | 0.60% | 2.13% | 2.01% | 28% | $395,998 | ||||||||||||||||||||||||||||||||
2019 | $12.83 | 0.33 | 0.06 | 0.39 | (0.37) | (0.67) | (1.04) | $12.18 | 4.35% | 0.48% | 0.61% | 2.76% | 2.63% | 23% | $381,349 | ||||||||||||||||||||||||||||||||
2018(4) | $12.31 | 0.24 | 0.47 | 0.71 | (0.18) | (0.01) | (0.19) | $12.83 | 5.78% | 0.48%(5) | 0.60%(5) | 2.44%(5) | 2.32%(5) | 17%(6) | $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)Ratio was less than 0.005%.
(4)October 23, 2017 (commencement of sale) through July 31, 2018.
(5)Annualized.
(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.86 | 0.19 | 3.92 | 4.11 | (0.14) | (0.99) | (1.13) | $19.84 | 25.08% | 0.86% | 0.90% | 1.01% | 0.97% | 15% | $521,474 | ||||||||||||||||||||||||||||||||
2020 | $16.93 | 0.28 | 1.14 | 1.42 | (0.23) | (1.26) | (1.49) | $16.86 | 8.59% | 0.86% | 0.91% | 1.69% | 1.64% | 30% | $505,365 | ||||||||||||||||||||||||||||||||
2019 | $17.75 | 0.39 | 0.07 | 0.46 | (0.38) | (0.90) | (1.28) | $16.93 | 3.78% | 0.86% | 0.91% | 2.36% | 2.31% | 21% | $565,928 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.90 | 0.22 | 3.93 | 4.15 | (0.18) | (0.99) | (1.17) | $19.88 | 25.35% | 0.66% | 0.71% | 1.21% | 1.16% | 15% | $406,955 | ||||||||||||||||||||||||||||||||
2020 | $16.96 | 0.31 | 1.16 | 1.47 | (0.27) | (1.26) | (1.53) | $16.90 | 8.80% | 0.66% | 0.72% | 1.89% | 1.83% | 30% | $350,086 | ||||||||||||||||||||||||||||||||
2019 | $17.78 | 0.43 | 0.06 | 0.49 | (0.41) | (0.90) | (1.31) | $16.96 | 3.99% | 0.66% | 0.72% | 2.56% | 2.50% | 21% | $400,165 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.56% | 1.56% | 16% | $623,736 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.83 | 0.14 | 3.93 | 4.07 | (0.10) | (0.99) | (1.09) | $19.81 | 24.80% | 1.11% | 1.15% | 0.76% | 0.72% | 15% | $173,756 | ||||||||||||||||||||||||||||||||
2020 | $16.90 | 0.23 | 1.14 | 1.37 | (0.18) | (1.26) | (1.44) | $16.83 | 8.31% | 1.11% | 1.16% | 1.44% | 1.39% | 30% | $159,638 | ||||||||||||||||||||||||||||||||
2019 | $17.72 | 0.35 | 0.07 | 0.42 | (0.34) | (0.90) | (1.24) | $16.90 | 3.51% | 1.11% | 1.16% | 2.11% | 2.06% | 21% | $199,985 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.76 | 0.01 | 3.90 | 3.91 | — | (0.99) | (0.99) | $19.68 | 23.89% | 1.86% | 1.90% | 0.01% | (0.03)% | 15% | $1,974 | ||||||||||||||||||||||||||||||||
2020 | $16.83 | 0.12 | 1.12 | 1.24 | (0.05) | (1.26) | (1.31) | $16.76 | 7.49% | 1.86% | 1.91% | 0.69% | 0.64% | 30% | $2,100 | ||||||||||||||||||||||||||||||||
2019 | $17.64 | 0.23 | 0.08 | 0.31 | (0.22) | (0.90) | (1.12) | $16.83 | 2.77% | 1.86% | 1.91% | 1.36% | 1.31% | 21% | $2,531 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $16.83 | 0.09 | 3.92 | 4.01 | (0.05) | (0.99) | (1.04) | $19.80 | 24.49% | 1.36% | 1.40% | 0.51% | 0.47% | 15% | $267,304 | ||||||||||||||||||||||||||||||||
2020 | $16.89 | 0.19 | 1.15 | 1.34 | (0.14) | (1.26) | (1.40) | $16.83 | 8.03% | 1.36% | 1.41% | 1.19% | 1.14% | 30% | $197,275 | ||||||||||||||||||||||||||||||||
2019 | $17.70 | 0.30 | 0.09 | 0.39 | (0.30) | (0.90) | (1.20) | $16.89 | 3.30% | 1.36% | 1.41% | 1.86% | 1.81% | 21% | $176,355 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $11.50 | 0.16 | 2.65 | 2.81 | (0.21) | (0.99) | (1.20) | $13.11 | 25.53% | 0.51% | 0.59% | 1.36% | 1.28% | 15% | $520,523 | ||||||||||||||||||||||||||||||||
2020 | $12.01 | 0.22 | 0.82 | 1.04 | (0.29) | (1.26) | (1.55) | $11.50 | 9.01% | 0.51% | 0.61% | 2.04% | 1.94% | 30% | $374,167 | ||||||||||||||||||||||||||||||||
2019 | $13.03 | 0.31 | 0.01 | 0.32 | (0.44) | (0.90) | (1.34) | $12.01 | 4.13% | 0.51% | 0.62% | 2.71% | 2.60% | 21% | $327,799 | ||||||||||||||||||||||||||||||||
2018(4) | $12.48 | 0.23 | 0.55 | 0.78 | (0.23) | —(5) | (0.23) | $13.03 | 6.29% | 0.51%(6) | 0.61%(6) | 2.35%(6) | 2.25%(6) | 16%(7) | $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)Ratio was less than 0.005%.
(4)October 23, 2017 (commencement of sale) through July 31, 2018.
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.90 | 0.15 | 3.54 | 3.69 | (0.13) | (0.85) | (0.98) | $16.61 | 27.33% | 0.88% | 0.92% | 0.90% | 0.86% | 16% | $269,509 | ||||||||||||||||||||||||||||||||
2020 | $13.87 | 0.23 | 0.98 | 1.21 | (0.20) | (0.98) | (1.18) | $13.90 | 8.91% | 0.88% | 0.93% | 1.66% | 1.61% | 34% | $259,196 | ||||||||||||||||||||||||||||||||
2019 | $14.51 | 0.30 | 0.06 | 0.36 | (0.31) | (0.69) | (1.00) | $13.87 | 3.66% | 0.88% | 0.94% | 2.26% | 2.20% | 27% | $312,038 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.93 | 0.17 | 3.56 | 3.73 | (0.16) | (0.85) | (1.01) | $16.65 | 27.61% | 0.68% | 0.73% | 1.10% | 1.05% | 16% | $315,079 | ||||||||||||||||||||||||||||||||
2020 | $13.90 | 0.26 | 0.98 | 1.24 | (0.23) | (0.98) | (1.21) | $13.93 | 9.13% | 0.68% | 0.74% | 1.86% | 1.80% | 34% | $257,140 | ||||||||||||||||||||||||||||||||
2019 | $14.53 | 0.34 | 0.05 | 0.39 | (0.33) | (0.69) | (1.02) | $13.90 | 3.94% | 0.68% | 0.74% | 2.46% | 2.40% | 27% | $287,434 | ||||||||||||||||||||||||||||||||
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%(3) | 0.00%(3) | 1.52% | 1.52% | 19% | $411,319 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.88 | 0.11 | 3.54 | 3.65 | (0.09) | (0.85) | (0.94) | $16.59 | 27.04% | 1.13% | 1.17% | 0.65% | 0.61% | 16% | $115,318 | ||||||||||||||||||||||||||||||||
2020 | $13.85 | 0.18 | 0.99 | 1.17 | (0.16) | (0.98) | (1.14) | $13.88 | 8.64% | 1.13% | 1.18% | 1.41% | 1.36% | 34% | $103,188 | ||||||||||||||||||||||||||||||||
2019 | $14.48 | 0.28 | 0.06 | 0.34 | (0.28) | (0.69) | (0.97) | $13.85 | 3.47% | 1.13% | 1.19% | 2.01% | 1.95% | 27% | $129,680 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.83 | —(4) | 3.52 | 3.52 | — | (0.85) | (0.85) | $16.50 | 26.11% | 1.88% | 1.92% | (0.10)% | (0.14)% | 16% | $1,434 | ||||||||||||||||||||||||||||||||
2020 | $13.80 | 0.08 | 0.98 | 1.06 | (0.05) | (0.98) | (1.03) | $13.83 | 7.82% | 1.88% | 1.93% | 0.66% | 0.61% | 34% | $1,400 | ||||||||||||||||||||||||||||||||
2019 | $14.43 | 0.17 | 0.07 | 0.24 | (0.18) | (0.69) | (0.87) | $13.80 | 2.67% | 1.88% | 1.94% | 1.26% | 1.20% | 27% | $1,503 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.87 | 0.06 | 3.55 | 3.61 | (0.05) | (0.85) | (0.90) | $16.58 | 26.73% | 1.38% | 1.42% | 0.40% | 0.36% | 16% | $207,018 | ||||||||||||||||||||||||||||||||
2020 | $13.84 | 0.14 | 0.99 | 1.13 | (0.12) | (0.98) | (1.10) | $13.87 | 8.36% | 1.38% | 1.43% | 1.16% | 1.11% | 34% | $145,300 | ||||||||||||||||||||||||||||||||
2019 | $14.47 | 0.23 | 0.07 | 0.30 | (0.24) | (0.69) | (0.93) | $13.84 | 3.20% | 1.38% | 1.44% | 1.76% | 1.70% | 27% | $123,006 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.43 | 0.17 | 3.16 | 3.33 | (0.18) | (0.85) | (1.03) | $14.73 | 27.78% | 0.53% | 0.61% | 1.25% | 1.17% | 16% | $405,593 | ||||||||||||||||||||||||||||||||
2020 | $12.53 | 0.23 | 0.90 | 1.13 | (0.25) | (0.98) | (1.23) | $12.43 | 9.27% | 0.53% | 0.63% | 2.01% | 1.91% | 34% | $302,601 | ||||||||||||||||||||||||||||||||
2019 | $13.22 | 0.32 | 0.03 | 0.35 | (0.35) | (0.69) | (1.04) | $12.53 | 4.06% | 0.53% | 0.64% | 2.61% | 2.50% | 27% | $272,649 | ||||||||||||||||||||||||||||||||
2018(5) | $12.59 | 0.23 | 0.59 | 0.82 | (0.19) | —(4) | (0.19) | $13.22 | 6.61% | 0.53%(6) | 0.63%(6) | 2.28%(6) | 2.18%(6) | 21%(7) | $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)Ratio was less than 0.005%.
(4)Per-share amount was less than $0.005.
(5)October 23, 2017 (commencement of sale) through July 31, 2018.
(6)Annualized.
(7)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $15.21 | 0.16 | 4.07 | 4.23 | (0.14) | (0.73) | (0.87) | $18.57 | 28.45% | 0.88% | 0.93% | 0.86% | 0.81% | 17% | $145,510 | ||||||||||||||||||||||||||||||||
2020 | $15.02 | 0.25 | 1.08 | 1.33 | (0.21) | (0.93) | (1.14) | $15.21 | 9.03% | 0.88% | 0.94% | 1.61% | 1.55% | 40% | $148,797 | ||||||||||||||||||||||||||||||||
2019 | $15.55 | 0.33 | 0.06 | 0.39 | (0.32) | (0.60) | (0.92) | $15.02 | 3.51% | 0.88% | 0.95% | 2.24% | 2.17% | 27% | $161,378 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $15.22 | 0.18 | 4.08 | 4.26 | (0.17) | (0.73) | (0.90) | $18.58 | 28.69% | 0.68% | 0.74% | 1.06% | 1.00% | 17% | $231,400 | ||||||||||||||||||||||||||||||||
2020 | $15.03 | 0.26 | 1.10 | 1.36 | (0.24) | (0.93) | (1.17) | $15.22 | 9.25% | 0.68% | 0.75% | 1.81% | 1.74% | 40% | $200,296 | ||||||||||||||||||||||||||||||||
2019 | $15.56 | 0.37 | 0.05 | 0.42 | (0.35) | (0.60) | (0.95) | $15.03 | 3.73% | 0.68% | 0.75% | 2.44% | 2.37% | 27% | $201,236 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $15.17 | 0.11 | 4.06 | 4.17 | (0.09) | (0.73) | (0.82) | $18.52 | 28.12% | 1.13% | 1.18% | 0.61% | 0.56% | 17% | $77,870 | ||||||||||||||||||||||||||||||||
2020 | $14.99 | 0.19 | 1.09 | 1.28 | (0.17) | (0.93) | (1.10) | $15.17 | 8.69% | 1.13% | 1.19% | 1.36% | 1.30% | 40% | $69,721 | ||||||||||||||||||||||||||||||||
2019 | $15.52 | 0.28 | 0.07 | 0.35 | (0.28) | (0.60) | (0.88) | $14.99 | 3.25% | 1.13% | 1.20% | 1.99% | 1.92% | 27% | $79,664 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $15.06 | (0.01) | 4.02 | 4.01 | — | (0.73) | (0.73) | $18.34 | 27.24% | 1.88% | 1.93% | (0.14)% | (0.19)% | 17% | $1,069 | ||||||||||||||||||||||||||||||||
2020 | $14.87 | 0.09 | 1.08 | 1.17 | (0.05) | (0.93) | (0.98) | $15.06 | 7.90% | 1.88% | 1.94% | 0.61% | 0.55% | 40% | $961 | ||||||||||||||||||||||||||||||||
2019 | $15.40 | 0.19 | 0.06 | 0.25 | (0.18) | (0.60) | (0.78) | $14.87 | 2.47% | 1.88% | 1.95% | 1.24% | 1.17% | 27% | $881 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $15.17 | 0.06 | 4.07 | 4.13 | (0.05) | (0.73) | (0.78) | $18.52 | 27.79% | 1.38% | 1.43% | 0.36% | 0.31% | 17% | $138,104 | ||||||||||||||||||||||||||||||||
2020 | $14.98 | 0.15 | 1.10 | 1.25 | (0.13) | (0.93) | (1.06) | $15.17 | 8.48% | 1.38% | 1.44% | 1.11% | 1.05% | 40% | $93,577 | ||||||||||||||||||||||||||||||||
2019 | $15.51 | 0.25 | 0.07 | 0.32 | (0.25) | (0.60) | (0.85) | $14.98 | 2.99% | 1.38% | 1.45% | 1.74% | 1.67% | 27% | $76,052 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $12.89 | 0.17 | 3.45 | 3.62 | (0.20) | (0.73) | (0.93) | $15.58 | 28.91% | 0.53% | 0.61% | 1.21% | 1.13% | 17% | $273,227 | ||||||||||||||||||||||||||||||||
2020 | $12.91 | 0.23 | 0.94 | 1.17 | (0.26) | (0.93) | (1.19) | $12.89 | 9.34% | 0.53% | 0.64% | 1.96% | 1.85% | 40% | $193,435 | ||||||||||||||||||||||||||||||||
2019 | $13.52 | 0.32 | 0.04 | 0.36 | (0.37) | (0.60) | (0.97) | $12.91 | 3.88% | 0.53% | 0.65% | 2.59% | 2.47% | 27% | $160,881 | ||||||||||||||||||||||||||||||||
2018(3) | $12.87 | 0.23 | 0.63 | 0.86 | (0.21) | — | (0.21) | $13.52 | 6.70% | 0.53%(4) | 0.64%(4) | 2.22%(4) | 2.11%(4) | 18%(5) | $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)October 23, 2017 (commencement of sale) through July 31, 2018.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.46 | 0.13 | 3.75 | 3.88 | (0.13) | (0.37) | (0.50) | $16.84 | 29.28% | 0.88% | 0.94% | 0.80% | 0.74% | 9% | $55,757 | ||||||||||||||||||||||||||||||||
2020 | $13.06 | 0.21 | 0.95 | 1.16 | (0.19) | (0.57) | (0.76) | $13.46 | 8.94% | 0.88% | 0.95% | 1.53% | 1.46% | 34% | $38,347 | ||||||||||||||||||||||||||||||||
2019 | $13.25 | 0.25 | 0.11 | 0.36 | (0.27) | (0.28) | (0.55) | $13.06 | 3.50% | 0.88% | 0.95% | 2.07% | 2.00% | 21% | $37,219 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.47 | 0.15 | 3.77 | 3.92 | (0.16) | (0.37) | (0.53) | $16.86 | 29.59% | 0.68% | 0.74% | 1.00% | 0.94% | 9% | $78,572 | ||||||||||||||||||||||||||||||||
2020 | $13.08 | 0.22 | 0.95 | 1.17 | (0.21) | (0.57) | (0.78) | $13.47 | 9.07% | 0.68% | 0.75% | 1.73% | 1.66% | 34% | $55,590 | ||||||||||||||||||||||||||||||||
2019 | $13.27 | 0.29 | 0.10 | 0.39 | (0.30) | (0.28) | (0.58) | $13.08 | 3.70% | 0.68% | 0.75% | 2.27% | 2.20% | 21% | $40,025 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.43 | 0.09 | 3.75 | 3.84 | (0.09) | (0.37) | (0.46) | $16.81 | 29.01% | 1.13% | 1.19% | 0.55% | 0.49% | 9% | $26,722 | ||||||||||||||||||||||||||||||||
2020 | $13.04 | 0.16 | 0.95 | 1.11 | (0.15) | (0.57) | (0.72) | $13.43 | 8.59% | 1.13% | 1.20% | 1.28% | 1.21% | 34% | $10,488 | ||||||||||||||||||||||||||||||||
2019 | $13.23 | 0.23 | 0.10 | 0.33 | (0.24) | (0.28) | (0.52) | $13.04 | 3.24% | 1.13% | 1.20% | 1.82% | 1.75% | 21% | $8,425 | ||||||||||||||||||||||||||||||||
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 |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.31 | (0.03) | 3.71 | 3.68 | — | (0.37) | (0.37) | $16.62 | 27.97% | 1.88% | 1.94% | (0.20)% | (0.26)% | 9% | $290 | ||||||||||||||||||||||||||||||||
2020 | $12.92 | 0.07 | 0.93 | 1.00 | (0.04) | (0.57) | (0.61) | $13.31 | 7.83% | 1.88% | 1.95% | 0.53% | 0.46% | 34% | $213 | ||||||||||||||||||||||||||||||||
2019 | $13.11 | 0.15 | 0.10 | 0.25 | (0.16) | (0.28) | (0.44) | $12.92 | 2.47% | 1.88% | 1.95% | 1.07% | 1.00% | 21% | $185 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.41 | 0.05 | 3.74 | 3.79 | (0.05) | (0.37) | (0.42) | $16.78 | 28.65% | 1.38% | 1.44% | 0.30% | 0.24% | 9% | $62,456 | ||||||||||||||||||||||||||||||||
2020 | $13.02 | 0.12 | 0.96 | 1.08 | (0.12) | (0.57) | (0.69) | $13.41 | 8.32% | 1.38% | 1.45% | 1.03% | 0.96% | 34% | $34,558 | ||||||||||||||||||||||||||||||||
2019 | $13.21 | 0.19 | 0.11 | 0.30 | (0.21) | (0.28) | (0.49) | $13.02 | 2.98% | 1.38% | 1.45% | 1.57% | 1.50% | 21% | $20,542 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | $13.52 | 0.17 | 3.78 | 3.95 | (0.18) | (0.37) | (0.55) | $16.92 | 29.76% | 0.53% | 0.62% | 1.15% | 1.06% | 9% | $102,371 | ||||||||||||||||||||||||||||||||
2020 | $13.12 | 0.23 | 0.97 | 1.20 | (0.23) | (0.57) | (0.80) | $13.52 | 9.29% | 0.53% | 0.64% | 1.88% | 1.77% | 34% | $60,786 | ||||||||||||||||||||||||||||||||
2019 | $13.31 | 0.31 | 0.09 | 0.40 | (0.31) | (0.28) | (0.59) | $13.12 | 3.85% | 0.53% | 0.65% | 2.42% | 2.30% | 21% | $37,601 | ||||||||||||||||||||||||||||||||
2018(3) | $12.63 | 0.21 | 0.65 | 0.86 | (0.18) | — | (0.18) | $13.31 | 6.83% | 0.53%(4) | 0.64%(4) | 2.11%(4) | 2.00%(4) | 12%(5) | $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)October 23, 2017 (commencement of sale) through July 31, 2018.
(4)Annualized.
(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2018.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 | Distributions From Net Investment Income | 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 2065 Portfolio | |||||||||||||||||||||||||||||||||||||||||
Investor Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.06 | 2.93 | 2.99 | (0.10) | $12.89 | 30.02% | 0.88%(4) | 0.94%(4) | 0.33%(4) | 0.27%(4) | 17% | $2,103 | ||||||||||||||||||||||||||||
I Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 2.98 | 3.01 | (0.11) | $12.90 | 30.19% | 0.68%(4) | 0.75%(4) | 0.53%(4) | 0.46%(4) | 17% | $1,901 | ||||||||||||||||||||||||||||
A Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.03 | 2.92 | 2.95 | (0.09) | $12.86 | 29.63% | 1.13%(4) | 1.19%(4) | 0.08%(4) | 0.02%(4) | 17% | $271 | ||||||||||||||||||||||||||||
C Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.01) | 2.89 | 2.88 | (0.07) | $12.81 | 28.86% | 1.88%(4) | 1.94%(4) | (0.67)%(4) | (0.73)%(4) | 17% | $32 | ||||||||||||||||||||||||||||
R Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | (0.02) | 2.95 | 2.93 | (0.08) | $12.85 | 29.44% | 1.38%(4) | 1.44%(4) | (0.17)%(4) | (0.23)%(4) | 17% | $1,688 | ||||||||||||||||||||||||||||
R6 Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | 0.06 | 2.97 | 3.03 | (0.11) | $12.92 | 30.44% | 0.53%(4) | 0.61%(4) | 0.68%(4) | 0.60%(4) | 17% | $3,224 |
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)September 23, 2020 (fund inception) through July 31, 2021.
(4)Annualized.
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, including the schedules of investments, of One Choice® In Retirement 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, One Choice® 2060 Portfolio, and One Choice® 2065 Portfolio, ten of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Funds”), as of July 31, 2021, the related statements of operations for the year then ended (as to One Choice® 2065 Portfolio, for the period September 23, 2020 (commencement of operations) through July 31, 2021), the statements of changes in net assets for each of the two years in the period then ended (as to One Choice® 2065 Portfolio, for the period September 23, 2020 (commencement of operations) through July 31, 2021), the financial highlights for each of the five years in the period then ended (as to One Choice® 2065 Portfolio, for the period September 23, 2020 (commencement of operations) through July 31, 2021), 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 of the American Century Asset Allocation Portfolios, Inc. as of July 31, 2021, and the results of their operations for the year then ended (as to One Choice® 2065 Portfolio, for the period September 23, 2020 (commencement of operations) through July 31, 2021), the changes in their net assets for each of the two years in the period then ended (as to One Choice® 2065 Portfolio, for the period September 23, 2020 (commencement of operations) through July 31, 2021), and the financial highlights for each of the five years in the period then ended (as to One Choice® 2065 Portfolio, for the period September 23, 2020 (commencement of operations) through July 31, 2021), 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, 2021, 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 15, 2021
We have served as the auditor of one or more American Century investment companies since 1997.
109
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 | 72 | SquareTwo Financial; Barings (formerly Babson Capital Funds Trust) (2013 to 2016) | ||||||||||||
Chris H. Cheesman (1962) | Director | Since 2019 | Retired. Senior Vice President & Chief Audit Executive, AllianceBernstein (1999 to 2018) | 72 | None | ||||||||||||
Barry Fink (1955) | Director | Since 2012 (independent since 2016) | Retired | 72 | None | ||||||||||||
Rajesh K. Gupta (1960) | Director | Since 2019 | Partner Emeritus, SeaCrest Investment Management and SeaCrest Wealth Management (2019 to Present); Chief Executive Officer and Chief Investment Officer, SeaCrest Investment Management (2006 to 2019); Chief Executive Officer and Chief Investment Officer, SeaCrest Wealth Management (2008 to 2019) | 72 | None |
110
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 | |||||||||||||||||
Lynn Jenkins (1963) | Director | Since 2019 | Consultant, LJ Strategies (2019 to present); United States Representative, U.S. House of Representatives (2009 to 2018) | 72 | MGP Ingredients, Inc. (2019 to 2021) | ||||||||||||
Jan M. Lewis (1957) | Director | Since 2011 | Retired | 72 | None | ||||||||||||
John R. Whitten (1946) | Director | Since 2008 | Retired | 72 | Onto Innovation Inc. (2019 to 2020); Rudolph Technologies, Inc. (2006 to 2019) | ||||||||||||
Stephen E. Yates (1948) | Director and Chairman of the Board | Since 2012 (Chairman since 2018) | Retired | 103 | None | ||||||||||||
Interested Director | |||||||||||||||||
Jonathan S. Thomas (1963) | Director | Since 2007 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 141 | None |
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.
111
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 | ||||||
Patrick Bannigan (1965) | President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R. Wes Campbell (1974) | Chief Financial Officer and Treasurer since 2018 | Vice President, ACS, (2020 to present); 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). 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) |
112
Liquidity Risk Management Program |
The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Directors (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.
Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.
The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2020 through December 31, 2020. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.
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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 American Century Investments’ website at americancentury.com/proxy 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 americancentury.com/proxy. 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 as an exhibit to their reports on Form N-PORT. These portfolio holdings are available on the funds' website at
americancentury.com and, upon request, by calling 1-800-345-2021. The funds' Form N-PORT
reports are available on the SEC’s website at sec.gov.
114
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, 2021.
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, 2021 as qualified for the corporate dividends received deduction.
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | ||||||||||
$ | 9,397,770 | $ | 10,097,684 | $ | 9,240,994 | $ | 11,062,420 | $ | 8,309,498 |
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio | ||||||||||
$ | 9,418,116 | $ | 6,907,697 | $ | 4,810,167 | $ | 1,609,686 | $ | 8,508 |
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, 2021.
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | ||||||||||
$ | 68,902,176 | $ | 127,295,128 | $ | 97,178,114 | $ | 122,203,226 | $ | 87,793,415 |
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio | ||||||||||
$ | 96,703,466 | $ | 64,173,903 | $ | 34,158,173 | $ | 5,730,513 | — |
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, 2021.
One Choice In Retirement Portfolio | One Choice 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | ||||||||||
$ | 3,668,417 | $ | 6,192,433 | $ | 4,805,291 | $ | 10,187,471 | $ | 5,840,313 |
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio | ||||||||||
$ | 9,922,760 | $ | 7,946,198 | $ | 4,674,249 | $ | 1,048,167 | — |
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For the fiscal year ended July 31, 2021, 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 | $ | 268,674 | $0.0014 | $ | 4,584,061 | $0.0233 | ||||||||
One Choice 2025 Portfolio | $ | 292,253 | $0.0017 | $ | 4,788,168 | $0.0278 | ||||||||
One Choice 2030 Portfolio | $ | 303,281 | $0.0019 | $ | 4,764,155 | $0.0300 | ||||||||
One Choice 2035 Portfolio | $ | 411,943 | $0.0027 | $ | 6,257,181 | $0.0407 | ||||||||
One Choice 2040 Portfolio | $ | 350,275 | $0.0029 | $ | 5,213,635 | $0.0436 | ||||||||
One Choice 2045 Portfolio | $ | 408,934 | $0.0038 | $ | 6,028,065 | $0.0554 | ||||||||
One Choice 2050 Portfolio | $ | 305,424 | $0.0037 | $ | 4,452,647 | $0.0542 | ||||||||
One Choice 2055 Portfolio | $ | 214,605 | $0.0043 | $ | 3,112,688 | $0.0628 | ||||||||
One Choice 2060 Portfolio | $ | 70,095 | $0.0036 | $ | 1,013,228 | $0.0524 | ||||||||
One Choice 2065 Portfolio | $ | 260 | $0.0004 | $ | 3,751 | $0.0052 |
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 2025 Portfolio | One Choice 2030 Portfolio | One Choice 2035 Portfolio | One Choice 2040 Portfolio | ||||||||||
$ | 9,090,998 | $ | 10,284,784 | $ | 8,734,258 | $ | 9,921,141 | $ | 7,659,296 |
One Choice 2045 Portfolio | One Choice 2050 Portfolio | One Choice 2055 Portfolio | One Choice 2060 Portfolio | One Choice 2065 Portfolio | ||||||||||
$ | 8,432,814 | $ | 7,934,729 | $ | 4,366,491 | $ | 795,626 | — |
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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. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-93179 2109 |
(b) None.
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, Chris H. Cheesman, Lynn M. Jenkins and Barry Fink 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 2020: $144,850
FY 2021: $216,645
(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 2020: $0
FY 2021: $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 2020: $0
FY 2021: $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 2020: $0
FY 2021: $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 2020: $0
FY 2021: $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 2020: $0
FY 2021: $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 2020: $0
FY 2021: $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 2020: $0
FY 2021: $546,515
(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/ Patrick Bannigan | |||||||||||||
Name: | Patrick Bannigan | |||||||||||||
Title: | President | |||||||||||||
Date: | September 23, 2021 | |||||||||||||
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/ Patrick Bannigan | ||||||||||
Name: | Patrick Bannigan | ||||||||||
Title: | President | ||||||||||
(principal executive officer) | |||||||||||
Date: | September 23, 2021 |
By: | /s/ R. Wes Campbell | ||||||||||
Name: | R. Wes Campbell | ||||||||||
Title: | Treasurer and | ||||||||||
Chief Financial Officer | |||||||||||
(principal financial officer) | |||||||||||
Date: | September 23, 2021 |