N-CSR 1 acaap73123n-csr.htm N-CSR Document

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 number811-21591
AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(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:07-31-2023




ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.





        image8.jpg
Annual Report
July 31, 2023
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
Liquidity Risk Management Program
Proxy Voting Results
Additional Information
















Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



President’s Letter
image223a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended July 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Stocks Rallied Despite Ongoing Challenges

After delivering modest gains early in the fiscal year, global stocks—most notably U.S. stocks—rallied through the first seven months of 2023. This bounce back, which occurred despite ongoing volatility and rising interest rates, led to strong 12-month performance for most broad stock indices. Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign largely fueled the optimism.

Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise rates through period-end.

In June, the Fed bucked the trend of developed markets central banks and paused after 10 consecutive rate hikes. But the break was short-lived. The central bank resumed its tightening campaign in July, raising rates another quarter point to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their tightening options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 21% for the seven months ended July 31, 2023. For the 12-month period, the S&P 500 Index returned 13%. Global and style-focused stock index returns were even stronger. Meanwhile, amid high inflation and central bank tightening, government bond yields surged, and global and U.S. bond returns declined for the period.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

We appreciate your confidence in us during these extraordinary times. American Century Investments has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image224a.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of July 31, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2015 Portfolio
Investor ClassAAAFX2.78%-0.52%3/10/21
S&P Target Date 2015 Index4.17%0.57%
I ClassAAAHX2.87%-0.37%3/10/21
A ClassAAAJX3/10/21
No sales charge2.41%-0.80%
With sales charge-3.48%-3.22%
R ClassAAAKX2.15%-1.07%3/10/21
R6 ClassAAALX3.03%-0.21%3/10/21
Fund returns would have been lower if a portion of the fees had not been waived.

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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2020 Portfolio
Investor ClassAAAMX2.87%-0.33%3/10/21
S&P Target Date To 2020 Index3.53%0.30%
I ClassAAAOX3.08%-0.17%3/10/21
A ClassAABEX3/10/21
No sales charge2.61%-0.61%
With sales charge-3.29%-3.04%
R ClassAABGX2.35%-0.88%3/10/21
R6 ClassAABHX3.23%-0.02%3/10/21
Fund returns would have been lower if a portion of the fees had not been waived.

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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2025 Portfolio
Investor ClassAABJX3.72%-0.37%3/10/21
S&P Target Date To 2025 Index5.16%1.03%
I ClassAABKX3.93%-0.17%3/10/21
A ClassAABQX3/10/21
No sales charge3.58%-0.60%
With sales charge-2.38%-3.03%
R ClassAABRX3.20%-0.88%3/10/21
R6 ClassAABVX4.09%-0.01%3/10/21
Fund returns would have been lower if a portion of the fees had not been waived.

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, 2023
Average Annual Returns
 Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2030 Portfolio
Investor ClassAABWX5.04%-0.12%3/10/21
S&P Target Date To 2030 Index6.68%1.75%
I ClassAAEWX5.14%0.07%3/10/21
A ClassAABZX3/10/21
No sales charge4.78%-0.36%
With sales charge-1.24%-2.79%
R ClassAACHX4.41%-0.63%3/10/21
R6 ClassAACJX5.41%0.23%3/10/21
Fund returns would have been lower if a portion of the fees had not been waived.

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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2035 Portfolio
Investor ClassAACKX6.18%0.00%3/10/21
S&P Target Date To 2035 Index8.22%2.51%
I ClassAACLX6.39%0.19%3/10/21
A ClassAACMX3/10/21
No sales charge6.03%-0.24%
With sales charge-0.06%-2.68%
R ClassAACPX5.66%-0.52%3/10/21
R6 ClassAACQX6.55%0.35%3/10/21
Fund returns would have been lower if a portion of the fees had not been waived.

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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2040 Portfolio
Investor ClassAACSX7.33%0.37%3/10/21
S&P Target Date To 2040 Index9.69%3.14%
I ClassAACUX7.54%0.57%3/10/21
A ClassAACVX3/10/21
No sales charge7.07%0.09%
With sales charge0.91%-2.35%
R ClassAACWX6.80%-0.14%3/10/21
R6 ClassAACZX7.70%0.73%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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2045 Portfolio
Investor ClassAADHX8.47%0.84%3/10/21
S&P Target Date To 2045 Index11.07%3.74%
I ClassAADJX8.69%1.04%3/10/21
A ClassAADKX3/10/21
No sales charge8.10%0.56%
With sales charge1.88%-1.90%
R ClassAADLX7.83%0.32%3/10/21
R6 ClassAADMX8.74%1.15%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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2050 Portfolio
Investor ClassAADNX9.20%1.19%3/10/21
S&P Target Date To 2050 Index11.71%3.97%
I ClassAADOX9.42%1.39%3/10/21
A ClassAADPX3/10/21
No sales charge8.93%0.95%
With sales charge2.67%-1.52%
R ClassAADQX8.67%0.67%3/10/21
R6 ClassAADUX9.58%1.54%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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2055 Portfolio
Investor ClassAADVX9.69%1.40%3/10/21
S&P Target Date To 2055 Index11.80%4.05%
I ClassAADWX9.90%1.59%3/10/21
A ClassAADZX3/10/21
No sales charge9.54%1.16%
With sales charge3.24%-1.31%
R ClassAAEDX9.16%0.88%3/10/21
R6 ClassAAEEX10.17%1.80%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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2060 Portfolio
Investor ClassAAEFX10.08%1.55%3/10/21
S&P Target Date To 2060 Index12.01%4.12%
I ClassAAEGX10.18%1.71%3/10/21
A ClassAAEHX3/10/21
No sales charge9.71%1.23%
With sales charge3.40%-1.25%
R ClassAAEIX9.43%0.99%3/10/21
R6 ClassAAEJX10.46%1.87%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, 2023
Average Annual Returns
Ticker
Symbol
1 yearSince
Inception
Inception
Date
One Choice Blend+ 2065 Portfolio
Investor ClassAAEKX10.06%1.76%3/10/21
S&P Target Date To 2065+ Index12.03%4.44%
I ClassAAELX10.17%1.92%3/10/21
A ClassAAEOX3/10/21
No sales charge9.80%1.48%
With sales charge3.49%-1.00%
R ClassAAEUX9.53%1.24%3/10/21
R6 ClassAAEVX10.33%2.08%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


Growth of $10,000 Over Life of One Choice Blend+ 2015 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-0243f888d6ad4e3e885a.jpg
Value on July 31, 2023
Investor Class — $9,876
S&P Target Date 2015 Index — $10,138
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 Blend+ 2020 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-48ad98e14a26460d8caa.jpg
Value on July 31, 2023
Investor Class — $9,922
S&P Target Date To 2020 Index — $10,071
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 Life of One Choice Blend+ 2025 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-84e94cfcc83e4c12aeda.jpg
Value on July 31, 2023
Investor Class — $9,913
S&P Target Date To 2025 Index — $10,249
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 Blend+ 2030 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-bb2dc90726094d92aeda.jpg
Value on July 31, 2023
Investor Class — $9,971
S&P Target Date To 2030 Index — $10,423
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 Life of One Choice Blend+ 2035 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-0bd2e8eb25874424915a.jpg
Value on July 31, 2023
Investor Class — $9,999
S&P Target Date To 2035 Index — $10,610
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 Blend+ 2040 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-006309a08e3145d089ba.jpg
Value on July 31, 2023
Investor Class — $10,089
S&P Target Date To 2040 Index — $10,767

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 Blend+ 2045 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-0810f317f121402abc1a.jpg
Value on July 31, 2023
Investor Class — $10,201
S&P Target Date To 2045 Index — $10,918
Growth of $10,000 Over Life of One Choice Blend+ 2050 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-bf2569858c8c43dfb90a.jpg
Value on July 31, 2023
Investor Class — $10,286
S&P Target Date To 2050 Index — $10,976


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


Growth of $10,000 Over Life of One Choice Blend+ 2055 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-4827322fbfd54b82a2fa.jpg
Value on July 31, 2023
Investor Class — $10,337
S&P Target Date To 2055 Index — $10,995
Growth of $10,000 Over Life of One Choice Blend+ 2060 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-64a8bdd7bd6e4f03beda.jpg
Value on July 31, 2023
Investor Class — $10,375
S&P Target Date To 2060 Index — $11,013


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


Growth of $10,000 Over Life of One Choice Blend+ 2065 Portfolio — Investor Class
$10,000 investment made March 10, 2021
Performance for other share classes will vary due to differences in fee structure.
chart-3c95fde074ff4951b91a.jpg
Value on July 31, 2023
Investor Class — $10,426
S&P Target Date To 2065+ Index — $11,094
















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.
19


Total Annual Fund Operating Expenses
Investor ClassI
Class
A
Class
R
Class
R6
Class
One Choice Blend+ 2015 Portfolio0.60%0.40%0.85%1.10%0.25%
One Choice Blend+ 2020 Portfolio0.60%0.40%0.85%1.10%0.25%
One Choice Blend+ 2025 Portfolio0.60%0.40%0.85%1.10%0.25%
One Choice Blend+ 2030 Portfolio0.59%0.39%0.84%1.09%0.24%
One Choice Blend+ 2035 Portfolio0.59%0.39%0.84%1.09%0.24%
One Choice Blend+ 2040 Portfolio0.58%0.38%0.83%1.08%0.23%
One Choice Blend+ 2045 Portfolio0.58%0.38%0.83%1.08%0.23%
One Choice Blend+ 2050 Portfolio0.58%0.38%0.83%1.08%0.23%
One Choice Blend+ 2055 Portfolio0.58%0.38%0.83%1.08%0.23%
One Choice Blend+ 2060 Portfolio0.58%0.38%0.83%1.08%0.23%
One Choice Blend+ 2065 Portfolio0.58%0.38%0.83%1.08%0.23%
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.
20


Portfolio Commentary

Portfolio Managers: Richard Weiss, Scott Wilson, Radu Gabudean, Vidya Rajappa and Brian Garbe

John Donner left the management team and Brian Garbe joined during the reporting period.

Performance Summary

Each of the One Choice® Blend+ Portfolios (the Portfolios) gained in value during the fiscal year ended July 31, 2023, ranging from 2.78%* for the One Choice Blend+ 2015 Portfolio to 10.08% for the One Choice Blend+ 2060 Portfolio. See pages 3-19 for more detailed performance information. The period was characterized by a hawkish approach in U.S. Federal Reserve (Fed) policy that impacted rates, the economy and markets. As interest rates rose and economic growth slowed, global bonds lost value and global equity markets sold off initially before both reversed course later in the period.

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 stocks rose over the past 12 months. After falling sharply in the second half of 2022 due to rising inflation, the Fed’s interest rate increases and the ongoing war in Ukraine, stocks staged a strong rebound from October 2022 through period-end. They benefited as inflation eased, concerns about a possible recession faded and corporate earnings mostly beat consensus expectations. Bonds finished down, having declined substantially early in the 12-month period before rebounding early in 2023. Nevertheless, stronger-than-expected economic data and the debt ceiling crisis weighed on U.S. government bonds in particular.

Portfolio Information

Each One Choice Blend+ Portfolio is a fund of funds that invests in American Century Investments mutual funds and exchange-traded funds 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 short-term investments until reaching its most conservative allocation approximately five years after the target date, when its target asset mix becomes fixed.

Portfolio Performance

The Portfolios gained in value against a shifting backdrop for financial markets. Virtually all equity holdings across the Portfolios delivered positive absolute returns, led by Non-U.S. Intrinsic Value Fund, International Value Fund, Growth Fund and Focused Dynamic Growth Fund. Global Real Estate Fund was the only equity holding with negative returns. On the bond side, several funds detracted on an absolute basis, most notably Inflation-Adjusted Bond Fund and Avantis Core Fixed Income Fund.


*All fund returns referenced in this commentary are for Investor Class shares. Fund returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s benchmark, other share classes may not. See pages 3-13 for returns for all share classes.
21


Conversely, Emerging Markets Debt Fund and High Income Fund posted positive returns. Focused International Growth Fund and International Small-Mid Cap Fund underperformed their benchmarks by the widest margin, while Non-U.S. Intrinsic Value Fund and Avantis U.S. Small Cap Value Fund performed best on a relative basis.

Dynamic Risk Management Process

As of July 31, the long-term strategic glide path weightings in the in- and near-retirement vintages of the One Choice Blend+ Portfolios remained conservatively positioned. Specifically, equity allocations for 2015 through 2045 vintages were moderately underweight equities reflecting concerns over looming recession risks.







22


Portfolio Characteristics
Portfolio Composition as a % of net assets as of July 31, 2023
One Choice
Blend+ 2015
Portfolio
One Choice
Blend+ 2020
Portfolio
One Choice
Blend+ 2025
Portfolio
One Choice
Blend+ 2030
Portfolio
Domestic Fixed Income Funds49.1%48.2%43.2%36.2%
Domestic Equity Funds27.3%27.9%31.5%36.8%
International Fixed Income Funds14.0%13.9%13.2%11.9%
International Equity Funds9.6%10.0%12.1%15.1%
Other Assets and Liabilities
One Choice
Blend+ 2035
Portfolio
One Choice
Blend+ 2040
Portfolio
One Choice
Blend+ 2045
Portfolio
One Choice
Blend+ 2050
Portfolio
Domestic Fixed Income Funds28.9%22.5%16.6%11.8%
Domestic Equity Funds42.2%47.2%53.0%57.4%
International Fixed Income Funds10.3%8.5%6.2%4.4%
International Equity Funds18.6%21.8%24.2%26.4%
Other Assets and Liabilities
(1)
One Choice
Blend+ 2055
Portfolio
One Choice
Blend+ 2060
Portfolio
One Choice
Blend+ 2065
Portfolio
Domestic Fixed Income Funds9.1%7.2%7.2%
Domestic Equity Funds59.9%61.8%61.7%
International Fixed Income Funds3.4%2.7%2.7%
International Equity Funds27.6%28.3%28.4%
Other Assets and Liabilities
(1)
(1)Category is less than 0.05% of total net assets.
23


Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from February 1, 2023 to July 31, 2023.

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 mutual 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 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 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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

24


Beginning
Account Value
2/1/23
Ending
Account Value
7/31/23
Expenses Paid
During Period(1)
2/1/23 - 7/31/23
Annualized
Expense Ratio(1)
One Choice Blend+ 2015 Portfolio
Actual
Investor Class$1,000$1,025.10$2.860.57%
I Class$1,000$1,025.10$1.860.37%
A Class$1,000$1,022.90$4.110.82%
R Class$1,000$1,021.80$5.361.07%
R6 Class$1,000$1,026.20$1.110.22%
Hypothetical
Investor Class$1,000$1,021.97$2.860.57%
I Class$1,000$1,022.96$1.860.37%
A Class$1,000$1,020.73$4.110.82%
R Class$1,000$1,019.49$5.361.07%
R6 Class$1,000$1,023.70$1.100.22%
One Choice Blend+ 2020 Portfolio
Actual
Investor Class$1,000$1,025.00$2.860.57%
I Class$1,000$1,025.00$1.860.37%
A Class$1,000$1,023.90$4.110.82%
R Class$1,000$1,021.80$5.361.07%
R6 Class$1,000$1,026.10$1.110.22%
Hypothetical
Investor Class$1,000$1,021.97$2.860.57%
I Class$1,000$1,022.96$1.860.37%
A Class$1,000$1,020.73$4.110.82%
R Class$1,000$1,019.49$5.361.07%
R6 Class$1,000$1,023.70$1.100.22%
One Choice Blend+ 2025 Portfolio
Actual
Investor Class$1,000$1,029.70$2.870.57%
I Class$1,000$1,030.80$1.860.37%
A Class$1,000$1,028.60$4.120.82%
R Class$1,000$1,026.40$5.381.07%
R6 Class$1,000$1,031.90$1.110.22%
Hypothetical
Investor Class$1,000$1,021.97$2.860.57%
I Class$1,000$1,022.96$1.860.37%
A Class$1,000$1,020.73$4.110.82%
R Class$1,000$1,019.49$5.361.07%
R6 Class$1,000$1,023.70$1.100.22%
(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 acquired fund fees and expenses.
25


Beginning
Account Value
2/1/23
Ending
Account Value
7/31/23
Expenses Paid
During Period(1)
2/1/23 - 7/31/23
Annualized
Expense Ratio(1)
One Choice Blend+ 2030 Portfolio
Actual
Investor Class$1,000$1,036.40$2.930.58%
I Class$1,000$1,037.50$1.920.38%
A Class$1,000$1,035.30$4.190.83%
R Class$1,000$1,033.10$5.441.08%
R6 Class$1,000$1,038.60$1.160.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
One Choice Blend+ 2035 Portfolio
Actual
Investor Class$1,000$1,042.10$2.940.58%
I Class$1,000$1,043.20$1.930.38%
A Class$1,000$1,041.00$4.200.83%
R Class$1,000$1,038.80$5.461.08%
R6 Class$1,000$1,044.30$1.170.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
One Choice Blend+ 2040 Portfolio
Actual
Investor Class$1,000$1,047.40$2.940.58%
I Class$1,000$1,048.50$1.930.38%
A Class$1,000$1,045.20$4.210.83%
R Class$1,000$1,044.10$5.471.08%
R6 Class$1,000$1,049.60$1.170.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
(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 acquired fund fees and expenses.
26


Beginning
Account Value
2/1/23
Ending
Account Value
7/31/23
Expenses Paid
During Period(1)
2/1/23 - 7/31/23
Annualized
Expense Ratio(1)
One Choice Blend+ 2045 Portfolio
Actual
Investor Class$1,000$1,052.50$2.950.58%
I Class$1,000$1,053.60$1.930.38%
A Class$1,000$1,051.50$4.220.83%
R Class$1,000$1,050.40$5.491.08%
R6 Class$1,000$1,053.60$1.170.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
One Choice Blend+ 2050 Portfolio
Actual
Investor Class$1,000$1,056.70$2.960.58%
I Class$1,000$1,057.80$1.940.38%
A Class$1,000$1,055.60$4.230.83%
R Class$1,000$1,053.40$5.501.08%
R6 Class$1,000$1,058.90$1.170.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
One Choice Blend+ 2055 Portfolio
Actual
Investor Class$1,000$1,060.00$2.960.58%
I Class$1,000$1,061.10$1.940.38%
A Class$1,000$1,059.00$4.240.83%
R Class$1,000$1,056.80$5.511.08%
R6 Class$1,000$1,062.20$1.180.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
(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 acquired fund fees and expenses.
27


Beginning
Account Value
2/1/23
Ending
Account Value
7/31/23
Expenses Paid
During Period(1)
2/1/23 - 7/31/23
Annualized
Expense Ratio(1)
One Choice Blend+ 2060 Portfolio
Actual
Investor Class$1,000$1,061.60$2.960.58%
I Class$1,000$1,062.80$1.940.38%
A Class$1,000$1,059.50$4.240.83%
R Class$1,000$1,058.40$5.511.08%
R6 Class$1,000$1,063.90$1.180.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
One Choice Blend+ 2065 Portfolio
Actual
Investor Class$1,000$1,061.20$2.960.58%
I Class$1,000$1,062.40$1.940.38%
A Class$1,000$1,060.20$4.240.83%
R Class$1,000$1,059.10$5.511.08%
R6 Class$1,000$1,063.50$1.180.23%
Hypothetical
Investor Class$1,000$1,021.92$2.910.58%
I Class$1,000$1,022.91$1.910.38%
A Class$1,000$1,020.68$4.160.83%
R Class$1,000$1,019.44$5.411.08%
R6 Class$1,000$1,023.65$1.150.23%
(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 acquired fund fees and expenses.
28


Schedules of Investments

JULY 31, 2023

One Choice Blend+ 2015 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Fixed Income Funds — 49.1%
Avantis Core Fixed Income Fund G Class151,016 $1,257,963 
Avantis Short-Term Fixed Income Fund G Class30,852 286,926 
High Income Fund G Class21,216 176,730 
Inflation-Adjusted Bond Fund G Class21,491 226,944 
Short Duration Inflation Protection Bond Fund G Class28,287 285,980 
2,234,543 
Domestic Equity Funds — 27.3%
American Century Low Volatility ETF4,483 205,860 
Avantis U.S. Equity Fund G Class23,641 356,508 
Avantis U.S. Small Cap Value Fund G Class2,558 39,364 
Focused Large Cap Value Fund G Class27,810 280,046 
Growth Fund G Class4,752 233,137 
Heritage Fund G Class(2)
748 18,798 
Mid Cap Value Fund G Class4,275 68,952 
Small Cap Growth Fund G Class1,783 36,694 
1,239,359 
International Fixed Income Funds — 14.0%
Emerging Markets Debt Fund G Class6,614 59,458 
Global Bond Fund G Class66,985 576,073 
635,531 
International Equity Funds — 9.6%
Avantis International Equity Fund G Class15,688 181,826 
Focused International Growth Fund G Class5,686 95,294 
Global Real Estate Fund G Class3,446 41,183 
International Value Fund G Class13,912 117,970 
436,273 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $4,577,910)
4,545,706 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$4,545,706 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
29


JULY 31, 2023

One Choice Blend+ 2020 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Fixed Income Funds — 48.2%
Avantis Core Fixed Income Fund G Class424,709 $3,537,826 
Avantis Short-Term Fixed Income Fund G Class75,349 700,742 
High Income Fund G Class65,911 549,034 
Inflation-Adjusted Bond Fund G Class58,777 620,685 
Short Duration Inflation Protection Bond Fund G Class73,456 742,639 
6,150,926 
Domestic Equity Funds — 27.9%
American Century Low Volatility ETF11,772 540,572 
Avantis U.S. Equity Fund G Class69,143 1,042,672 
Avantis U.S. Small Cap Value Fund G Class7,597 116,921 
Focused Large Cap Value Fund G Class79,727 802,852 
Growth Fund G Class13,845 679,226 
Heritage Fund G Class(2)
2,747 69,022 
Mid Cap Value Fund G Class12,370 199,536 
Small Cap Growth Fund G Class5,189 106,782 
3,557,583 
International Fixed Income Funds — 13.9%
Emerging Markets Debt Fund G Class21,460 192,929 
Global Bond Fund G Class184,336 1,585,292 
1,778,221 
International Equity Funds — 10.0%
Avantis Emerging Markets Equity Fund G Class2,526 28,622 
Avantis International Equity Fund G Class44,541 516,232 
Focused International Growth Fund G Class16,128 270,300 
Global Real Estate Fund G Class10,056 120,168 
International Small-Mid Cap Fund G Class901 8,751 
International Value Fund G Class39,005 330,766 
1,274,839 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $12,781,313)
12,761,569 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$12,761,569 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
30


JULY 31, 2023

One Choice Blend+ 2025 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Fixed Income Funds — 43.2%
Avantis Core Fixed Income Fund G Class851,363 $7,091,857 
Avantis Short-Term Fixed Income Fund G Class96,017 892,955 
High Income Fund G Class167,317 1,393,753 
Inflation-Adjusted Bond Fund G Class119,609 1,263,073 
Short Duration Inflation Protection Bond Fund G Class123,918 1,252,808 
11,894,446 
Domestic Equity Funds — 31.5%
American Century Low Volatility ETF20,787 954,541 
Avantis U.S. Equity Fund G Class180,084 2,715,662 
Avantis U.S. Small Cap Value Fund G Class17,437 268,352 
Focused Large Cap Value Fund G Class198,168 1,995,557 
Growth Fund G Class36,223 1,777,079 
Heritage Fund G Class(2)
9,812 246,583 
Mid Cap Value Fund G Class29,597 477,397 
Small Cap Growth Fund G Class12,476 256,762 
8,691,933 
International Fixed Income Funds — 13.2%
Emerging Markets Debt Fund G Class62,138 558,622 
Global Bond Fund G Class359,082 3,088,106 
3,646,728 
International Equity Funds — 12.1%
Avantis Emerging Markets Equity Fund G Class23,454 265,729 
Avantis International Equity Fund G Class107,162 1,242,007 
Focused International Growth Fund G Class39,923 669,106 
Global Real Estate Fund G Class26,470 316,319 
International Small-Mid Cap Fund G Class7,522 73,037 
International Value Fund G Class90,687 769,026 
3,335,224 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $27,268,205)
27,568,331 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$27,568,331 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
31


JULY 31, 2023

One Choice Blend+ 2030 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 36.8%
American Century Low Volatility ETF17,747 $814,944 
Avantis U.S. Equity Fund G Class260,118 3,922,577 
Avantis U.S. Small Cap Value Fund G Class24,620 378,908 
Focused Dynamic Growth Fund G Class(2)
7,228 361,638 
Focused Large Cap Value Fund G Class271,567 2,734,675 
Growth Fund G Class45,077 2,211,500 
Heritage Fund G Class(2)
18,436 463,294 
Mid Cap Value Fund G Class40,962 660,723 
Small Cap Growth Fund G Class17,770 365,704 
11,913,963 
Domestic Fixed Income Funds — 36.2%
Avantis Core Fixed Income Fund G Class901,762 7,511,678 
Avantis Short-Term Fixed Income Fund G Class46,953 436,666 
High Income Fund G Class200,750 1,672,247 
Inflation-Adjusted Bond Fund G Class111,468 1,177,099 
Short Duration Inflation Protection Bond Fund G Class89,037 900,164 
11,697,854 
International Equity Funds — 15.1%
Avantis Emerging Markets Equity Fund G Class51,268 580,869 
Avantis International Equity Fund G Class143,690 1,665,367 
Emerging Markets Fund G Class9,373 101,321 
Focused International Growth Fund G Class53,460 895,986 
Global Real Estate Fund G Class39,008 466,149 
International Small-Mid Cap Fund G Class18,652 181,113 
International Value Fund G Class104,913 889,658 
Non-U.S. Intrinsic Value Fund G Class10,434 111,016 
4,891,479 
International Fixed Income Funds — 11.9%
Emerging Markets Debt Fund G Class83,235 748,282 
Global Bond Fund G Class361,183 3,106,172 
3,854,454 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $31,908,107)
32,357,750 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$32,357,750 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
32


JULY 31, 2023

One Choice Blend+ 2035 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 42.2%
American Century Low Volatility ETF8,228 $377,831 
Avantis U.S. Equity Fund G Class314,355 4,740,480 
Avantis U.S. Small Cap Value Fund G Class28,192 433,880 
Focused Dynamic Growth Fund G Class(2)
33,025 1,652,230 
Focused Large Cap Value Fund G Class318,065 3,202,915 
Growth Fund G Class30,168 1,480,022 
Heritage Fund G Class(2)
26,518 666,409 
Mid Cap Value Fund G Class47,214 761,555 
Small Cap Growth Fund G Class20,889 429,900 
13,745,222 
Domestic Fixed Income Funds — 28.9%
Avantis Core Fixed Income Fund G Class788,087 6,564,761 
Avantis Short-Term Fixed Income Fund G Class15,652 145,563 
High Income Fund G Class193,578 1,612,503 
Inflation-Adjusted Bond Fund G Class73,133 772,284 
Short Duration Inflation Protection Bond Fund G Class30,060 303,909 
9,399,020 
International Equity Funds — 18.6%
Avantis Emerging Markets Equity Fund G Class66,430 752,657 
Avantis International Equity Fund G Class159,984 1,854,212 
Emerging Markets Fund G Class41,348 446,968 
Focused International Growth Fund G Class61,485 1,030,481 
Global Real Estate Fund G Class47,655 569,473 
International Small-Mid Cap Fund G Class32,577 316,327 
International Value Fund G Class69,297 587,640 
Non-U.S. Intrinsic Value Fund G Class45,026 479,081 
6,036,839 
International Fixed Income Funds — 10.3%
Emerging Markets Debt Fund G Class89,744 806,801 
Global Bond Fund G Class297,529 2,558,750 
3,365,551 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $31,800,852)
32,546,632 
OTHER ASSETS AND LIABILITIES
2,437 
TOTAL NET ASSETS — 100.0%$32,549,069 

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.
(2)Non-income producing.


See Notes to Financial Statements.
33


JULY 31, 2023

One Choice Blend+ 2040 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 47.2%
Avantis U.S. Equity Fund G Class337,746 $5,093,212 
Avantis U.S. Small Cap Value Fund G Class30,021 462,029 
Focused Dynamic Growth Fund G Class(2)
54,354 2,719,337 
Focused Large Cap Value Fund G Class331,175 3,334,931 
Growth Fund G Class13,542 664,374 
Heritage Fund G Class(2)
31,869 800,880 
Mid Cap Value Fund G Class49,219 793,907 
Small Cap Growth Fund G Class22,263 458,173 
14,326,843 
Domestic Fixed Income Funds — 22.5%
Avantis Core Fixed Income Fund G Class608,821 5,071,475 
High Income Fund G Class154,428 1,286,387 
Inflation-Adjusted Bond Fund G Class43,985 464,486 
6,822,348 
International Equity Funds — 21.8%
Avantis Emerging Markets Equity Fund G Class74,603 845,258 
Avantis International Equity Fund G Class161,496 1,871,738 
Emerging Markets Fund G Class69,936 756,012 
Focused International Growth Fund G Class62,225 1,042,897 
Global Real Estate Fund G Class51,822 619,278 
International Small-Mid Cap Fund G Class43,161 419,094 
International Value Fund G Class31,244 264,951 
Non-U.S. Intrinsic Value Fund G Class73,801 785,248 
6,604,476 
International Fixed Income Funds — 8.5%
Emerging Markets Debt Fund G Class76,929 691,591 
Global Bond Fund G Class217,774 1,872,853 
2,564,444 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $29,453,176)
30,318,111 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$30,318,111 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
34


JULY 31, 2023

One Choice Blend+ 2045 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 53.0%
Avantis U.S. Equity Fund G Class421,128 $6,350,615 
Avantis U.S. Small Cap Value Fund G Class39,905 614,133 
Focused Dynamic Growth Fund G Class(2)
83,809 4,192,961 
Focused Large Cap Value Fund G Class409,628 4,124,955 
Heritage Fund G Class(2)
39,780 999,663 
Mid Cap Value Fund G Class61,999 1,000,044 
Small Cap Growth Fund G Class27,984 575,914 
17,858,285 
International Equity Funds — 24.2%
Avantis Emerging Markets Equity Fund G Class69,638 788,997 
Avantis International Equity Fund G Class199,497 2,312,169 
Emerging Markets Fund G Class109,020 1,178,511 
Focused International Growth Fund G Class76,865 1,288,257 
Global Real Estate Fund G Class63,867 763,206 
International Small-Mid Cap Fund G Class53,152 516,103 
Non-U.S. Intrinsic Value Fund G Class123,471 1,313,732 
8,160,975 
Domestic Fixed Income Funds — 16.6%
Avantis Core Fixed Income Fund G Class501,001 4,173,342 
High Income Fund G Class125,905 1,048,786 
Inflation-Adjusted Bond Fund G Class35,584 375,763 
5,597,891 
International Fixed Income Funds — 6.2%
Emerging Markets Debt Fund G Class62,127 558,522 
Global Bond Fund G Class177,999 1,530,791 
2,089,313 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $32,181,218)
33,706,464 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$33,706,464 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
35


JULY 31, 2023

One Choice Blend+ 2050 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 57.4%
Avantis U.S. Equity Fund G Class342,511 $5,165,070 
Avantis U.S. Small Cap Value Fund G Class31,393 483,133 
Focused Dynamic Growth Fund G Class(2)
68,030 3,403,547 
Focused Large Cap Value Fund G Class336,114 3,384,670 
Heritage Fund G Class(2)
32,092 806,482 
Mid Cap Value Fund G Class49,638 800,655 
Small Cap Growth Fund G Class22,545 463,970 
14,507,527 
International Equity Funds — 26.4%
Avantis Emerging Markets Equity Fund G Class56,719 642,624 
Avantis International Equity Fund G Class162,880 1,887,780 
Emerging Markets Fund G Class89,098 963,153 
Focused International Growth Fund G Class62,172 1,042,005 
Global Real Estate Fund G Class52,567 628,178 
International Small-Mid Cap Fund G Class43,401 421,420 
Non-U.S. Intrinsic Value Fund G Class101,306 1,077,896 
6,663,056 
Domestic Fixed Income Funds — 11.8%
Avantis Core Fixed Income Fund G Class268,191 2,234,027 
High Income Fund G Class66,500 553,947 
Inflation-Adjusted Bond Fund G Class18,474 195,081 
2,983,055 
International Fixed Income Funds — 4.4%
Emerging Markets Debt Fund G Class32,801 294,882 
Global Bond Fund G Class95,143 818,231 
1,113,113 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $24,001,644)
25,266,751 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$25,266,751 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
36


JULY 31, 2023

One Choice Blend+ 2055 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 59.9%
Avantis U.S. Equity Fund G Class203,546 $3,069,476 
Avantis U.S. Small Cap Value Fund G Class18,417 283,430 
Focused Dynamic Growth Fund G Class(2)
40,679 2,035,180 
Focused Large Cap Value Fund G Class199,432 2,008,281 
Heritage Fund G Class(2)
19,114 480,333 
Mid Cap Value Fund G Class29,639 478,071 
Small Cap Growth Fund G Class13,281 273,321 
8,628,092 
International Equity Funds — 27.6%
Avantis Emerging Markets Equity Fund G Class33,635 381,090 
Avantis International Equity Fund G Class96,700 1,120,752 
Emerging Markets Fund G Class53,139 574,433 
Focused International Growth Fund G Class37,410 626,989 
Global Real Estate Fund G Class31,369 374,857 
International Small-Mid Cap Fund G Class26,021 252,663 
Non-U.S. Intrinsic Value Fund G Class59,997 638,367 
3,969,151 
Domestic Fixed Income Funds — 9.1%
Avantis Core Fixed Income Fund G Class117,132 975,712 
High Income Fund G Class29,242 243,590 
Inflation-Adjusted Bond Fund G Class8,250 87,124 
1,306,426 
International Fixed Income Funds — 3.4%
Emerging Markets Debt Fund G Class14,454 129,942 
Global Bond Fund G Class41,747 359,025 
488,967 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $13,456,111)
14,392,636 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$14,392,636 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
37


JULY 31, 2023

One Choice Blend+ 2060 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 61.8%
Avantis U.S. Equity Fund G Class145,517 $2,194,392 
Avantis U.S. Small Cap Value Fund G Class13,163 202,584 
Focused Dynamic Growth Fund G Class(2)
29,041 1,452,914 
Focused Large Cap Value Fund G Class143,102 1,441,033 
Heritage Fund G Class(2)
13,773 346,109 
Mid Cap Value Fund G Class21,402 345,222 
Small Cap Growth Fund G Class9,573 197,020 
6,179,274 
International Equity Funds — 28.3%
Avantis Emerging Markets Equity Fund G Class23,944 271,286 
Avantis International Equity Fund G Class69,419 804,564 
Emerging Markets Fund G Class37,670 407,212 
Focused International Growth Fund G Class26,789 448,975 
Global Real Estate Fund G Class22,570 269,714 
International Small-Mid Cap Fund G Class18,794 182,490 
Non-U.S. Intrinsic Value Fund G Class42,274 449,796 
2,834,037 
Domestic Fixed Income Funds — 7.2%
Avantis Core Fixed Income Fund G Class64,502 537,305 
High Income Fund G Class16,292 135,713 
Inflation-Adjusted Bond Fund G Class4,649 49,090 
722,108 
International Fixed Income Funds — 2.7%
Emerging Markets Debt Fund G Class8,101 72,827 
Global Bond Fund G Class23,082 198,503 
271,330 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $9,225,202)
10,006,749 
OTHER ASSETS AND LIABILITIES 
TOTAL NET ASSETS — 100.0%$10,006,749 

NOTES TO SCHEDULE OF INVESTMENTS
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
(2)Non-income producing.


See Notes to Financial Statements.
38


JULY 31, 2023

One Choice Blend+ 2065 Portfolio
SharesValue
UNDERLYING FUNDS(1) — 100.0%
Domestic Equity Funds — 61.7%
Avantis U.S. Equity Fund G Class53,542 $807,409 
Avantis U.S. Small Cap Value Fund G Class4,793 73,769 
Focused Dynamic Growth Fund G Class(2)
10,719 536,280 
Focused Large Cap Value Fund G Class52,662 530,307 
Heritage Fund G Class(2)
5,062 127,196 
Mid Cap Value Fund G Class7,851 126,630 
Small Cap Growth Fund G Class3,519 72,413 
2,274,004 
International Equity Funds — 28.4%
Avantis Emerging Markets Equity Fund G Class8,875 100,555 
Avantis International Equity Fund G Class25,517 295,738 
Emerging Markets Fund G Class14,035 151,713 
Focused International Growth Fund G Class9,882 165,628 
Global Real Estate Fund G Class8,270 98,831 
International Small-Mid Cap Fund G Class6,870 66,712 
Non-U.S. Intrinsic Value Fund G Class15,658 166,605 
1,045,782 
Domestic Fixed Income Funds — 7.2%
Avantis Core Fixed Income Fund G Class23,691 197,345 
High Income Fund G Class5,993 49,918 
Inflation-Adjusted Bond Fund G Class1,683 17,776 
265,039 
International Fixed Income Funds — 2.7%
Emerging Markets Debt Fund G Class2,952 26,537 
Global Bond Fund G Class8,444 72,616 
99,153 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $3,337,710)
3,683,978 
OTHER ASSETS AND LIABILITIES
9 
TOTAL NET ASSETS — 100.0%$3,683,987 

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.
(2)Non-income producing.


See Notes to Financial Statements.
39


Statements of Assets and Liabilities
JULY 31, 2023
One Choice
Blend+
2015 Portfolio
One Choice
Blend+
2020 Portfolio
Assets
Investment securities in affiliates, at value (cost of $4,577,910 and $12,781,313, respectively)$4,545,706 $12,761,569 
Cash1,443 — 
Receivable for investments sold20,082 13,825 
Receivable for capital shares sold735 3,088 
Distributions receivable from affiliates5,706 15,985 
4,573,672 12,794,467 
Liabilities
Payable for investments purchased7,136 15,985 
Payable for capital shares redeemed19,798 14,173 
Accrued management fees1,029 2,732 
Distribution and service fees payable
27,966 32,898 
Net Assets$4,545,706 $12,761,569 
Net Assets Consist of:
Capital (par value and paid-in surplus)$4,732,375 $13,112,979 
Distributable earnings (loss)(186,669)(351,410)
$4,545,706 $12,761,569 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share*
One Choice Blend+ 2015 Portfolio
Investor Class, $0.01 Par Value$512,35554,532$9.40
I Class, $0.01 Par Value$340,61136,231$9.40
A Class, $0.01 Par Value$4,905523$9.38
R Class, $0.01 Par Value$5,047539$9.36
R6 Class, $0.01 Par Value$3,682,788391,311$9.41
One Choice Blend+ 2020 Portfolio
Investor Class, $0.01 Par Value$1,309,662138,954$9.43
I Class, $0.01 Par Value$10,9371,160$9.43
A Class, $0.01 Par Value$9,8541,047$9.41
R Class, $0.01 Par Value$13,0831,393$9.39
R6 Class, $0.01 Par Value$11,418,0331,209,025$9.44
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $9.95 and $9.98 (net asset value divided by 0.9425) for One Choice Blend+ 2015 Portfolio and One Choice Blend+ 2020 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of A Class.


See Notes to Financial Statements.
40


JULY 31, 2023
One Choice
Blend+
2025 Portfolio
One Choice
Blend+
2030 Portfolio
Assets
Investment securities in affiliates, at value (cost of $27,268,205 and $31,908,107, respectively)$27,568,331 $32,357,750 
Receivable for investments sold— 165,552 
Receivable for capital shares sold14,119 175,397 
Distributions receivable from affiliates33,417 35,499 
27,615,867 32,734,198 
Liabilities
Payable for investments purchased38,278 35,499 
Payable for capital shares redeemed2,816 333,572 
Accrued management fees6,429 7,313 
Distribution and service fees payable13 64 
47,536 376,448 
Net Assets$27,568,331 $32,357,750 
Net Assets Consist of:
Capital (par value and paid-in surplus)$28,085,232 $33,127,280 
Distributable earnings (loss)(516,901)(769,530)
$27,568,331 $32,357,750 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share*
One Choice Blend+ 2025 Portfolio
Investor Class, $0.01 Par Value$4,323,223461,814$9.36
I Class, $0.01 Par Value$5,051539$9.37
A Class, $0.01 Par Value$4,927527$9.35
R Class, $0.01 Par Value$28,3073,033$9.33
R6 Class, $0.01 Par Value$23,206,8232,474,871$9.38
One Choice Blend+ 2030 Portfolio
Investor Class, $0.01 Par Value$4,126,033439,121$9.40
I Class, $0.01 Par Value$5,008532$9.41
A Class, $0.01 Par Value$6,453687$9.39
R Class, $0.01 Par Value$159,89017,056$9.37
R6 Class, $0.01 Par Value$28,060,3662,978,710$9.42
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $9.92 and $9.96 (net asset value divided by 0.9425) for One Choice Blend+ 2025 Portfolio and One Choice Blend+ 2030 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of A Class.


See Notes to Financial Statements.
41


JULY 31, 2023
One Choice
Blend+
2035 Portfolio
One Choice
Blend+
2040 Portfolio
Assets
Investment securities in affiliates, at value (cost of $31,800,852 and $29,453,176, respectively)$32,546,632 $30,318,111 
Cash453 — 
Receivable for capital shares sold37,592 47,616 
Distributions receivable from affiliates30,563 23,857 
32,615,240 30,389,584 
Liabilities
Payable for investments purchased55,855 62,137 
Payable for capital shares redeemed2,738 2,497 
Accrued management fees7,485 6,726 
Distribution and service fees payable93 113 
66,171 71,473 
Net Assets$32,549,069 $30,318,111 
Net Assets Consist of:
Capital (par value and paid-in surplus)$33,594,709 $30,260,314 
Distributable earnings (loss)(1,045,640)57,797 
$32,549,069 $30,318,111 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share*
One Choice Blend+ 2035 Portfolio
Investor Class, $0.01 Par Value$4,817,366511,848$9.41
I Class, $0.01 Par Value$29,1323,092$9.42
A Class, $0.01 Par Value$5,718608$9.40
R Class, $0.01 Par Value$222,58323,721$9.38
R6 Class, $0.01 Par Value$27,474,2702,913,757$9.43
One Choice Blend+ 2040 Portfolio
Investor Class, $0.01 Par Value$2,875,609302,445$9.51
I Class, $0.01 Par Value$5,067532$9.52
A Class, $0.01 Par Value$32,6223,436$9.49
R Class, $0.01 Par Value$250,73426,436$9.48
R6 Class, $0.01 Par Value$27,154,0792,849,838$9.53
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $9.97 and $10.07 (net asset value divided by 0.9425) for One Choice Blend+ 2035 Portfolio and One Choice Blend+ 2040 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of A Class.


See Notes to Financial Statements.
42


JULY 31, 2023
One Choice
Blend+
2045 Portfolio
One Choice
Blend+
2050 Portfolio
Assets
Investment securities in affiliates, at value (cost of $32,181,218 and $24,001,644, respectively)$33,706,464 $25,266,751 
Receivable for capital shares sold12,181 38,228 
Distributions receivable from affiliates19,303 10,167 
33,737,948 25,315,146 
Liabilities
Payable for investments purchased20,560 31,963 
Payable for capital shares redeemed3,483 10,931 
Accrued management fees7,329 5,407 
Distribution and service fees payable112 94 
31,484 48,395 
Net Assets$33,706,464 $25,266,751 
Net Assets Consist of:
Capital (par value and paid-in surplus)$33,434,053 $24,713,468 
Distributable earnings (loss)272,411 553,283 
$33,706,464 $25,266,751 

Fund/ClassNet AssetsShares Outstanding
Net Asset Value Per Share*
One Choice Blend+ 2045 Portfolio
Investor Class, $0.01 Par Value$2,792,097290,298$9.62
I Class, $0.01 Par Value$14,7801,535$9.63
A Class, $0.01 Par Value$5,068528$9.60
R Class, $0.01 Par Value$268,76728,026$9.59
R6 Class, $0.01 Par Value$30,625,7523,178,946$9.63
One Choice Blend+ 2050 Portfolio
Investor Class, $0.01 Par Value$1,859,236191,813$9.69
I Class, $0.01 Par Value$5,169533$9.70
A Class, $0.01 Par Value$5,113528$9.68
R Class, $0.01 Par Value$230,61523,867$9.66
R6 Class, $0.01 Par Value$23,166,6182,385,755$9.71
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $10.19 and $10.27 (net asset value divided by 0.9425) for One Choice Blend+ 2045 Portfolio and One Choice Blend+ 2050 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of A Class.


See Notes to Financial Statements.
43


JULY 31, 2023
One Choice
Blend+
2055 Portfolio
One Choice
Blend+
2060 Portfolio
Assets
Investment securities in affiliates, at value (cost of $13,456,111 and $9,225,202, respectively)$14,392,636 $10,006,749 
Receivable for capital shares sold11,372 41,302 
Distributions receivable from affiliates4,419 2,402 
14,408,427 10,050,453 
Liabilities
Payable for investments purchased11,115 39,945 
Payable for capital shares redeemed1,416 1,414 
Accrued management fees3,173 2,310 
Distribution and service fees payable87 35 
15,791 43,704 
Net Assets$14,392,636 $10,006,749 
Net Assets Consist of:
Capital (par value and paid-in surplus)$14,364,890 $9,572,559 
Distributable earnings (loss)27,746 434,190 
$14,392,636 $10,006,749 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share*
One Choice Blend+ 2055 Portfolio
Investor Class, $0.01 Par Value$1,296,098133,500$9.71
I Class, $0.01 Par Value$5,193534$9.72
A Class, $0.01 Par Value$5,139530$9.70
R Class, $0.01 Par Value$211,55621,854$9.68
R6 Class, $0.01 Par Value$12,874,6501,322,306$9.74
One Choice Blend+ 2060 Portfolio
Investor Class, $0.01 Par Value$1,534,948156,377$9.82
I Class, $0.01 Par Value$12,1181,234$9.82
A Class, $0.01 Par Value$5,983611$9.79
R Class, $0.01 Par Value$87,2618,921$9.78
R6 Class, $0.01 Par Value$8,366,439851,212$9.83
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $10.29 and $10.39 (net asset value divided by 0.9425) for One Choice Blend+ 2055 Portfolio and One Choice Blend+ 2060 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of A Class.


See Notes to Financial Statements.
44


JULY 31, 2023
One Choice
Blend+
2065 Portfolio
Assets
Investment securities in affiliates, at value (cost of $3,337,710)$3,683,978 
Receivable for capital shares sold3,701 
Distributions receivable from affiliates890 
3,688,569 
Liabilities
Payable for investments purchased2,992 
Payable for capital shares redeemed113 
Accrued management fees1,356 
Distribution and service fees payable121 
4,582 
Net Assets$3,683,987 
Net Assets Consist of:
Capital (par value and paid-in surplus)$3,665,706 
Distributable earnings (loss)18,281 
$3,683,987 

Fund/ClassNet AssetsShares OutstandingNet Asset Value Per Share*
One Choice Blend+ 2065 Portfolio
Investor Class, $0.01 Par Value$2,032,080209,265$9.71
I Class, $0.01 Par Value$5,234539$9.71
A Class, $0.01 Par Value$5,177534$9.69
R Class, $0.01 Par Value$296,97730,695$9.68
R6 Class, $0.01 Par Value$1,344,519138,266$9.72
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $10.28 (net asset value divided by 0.9425) for One Choice Blend+ 2065 Portfolio. A contingent deferred sales charge may be imposed on redemptions of A Class.


See Notes to Financial Statements.
45


Statements of Operations
YEAR ENDED JULY 31, 2023
One Choice
Blend+
2015 Portfolio
One Choice
Blend+
2020 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds$141,587 $350,878 
Expenses:
Management fees11,235 29,385 
Distribution and service fees:
A Class11 24 
R Class32 65 
Directors' fees and expenses132 329 
Other expenses22 33 
11,432 29,836 
Fees waived(557)(1,334)
10,875 28,502 
Net investment income (loss)130,712 322,376 
Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sales of investments in underlying funds(187,489)(373,113)
Capital gain distributions received from underlying funds20,663 50,688 
(166,826)(322,425)
Change in net unrealized appreciation (depreciation) on investments in underlying funds150,990 526,641 
Net realized and unrealized gain (loss) on affiliates(15,836)204,216 
Net Increase (Decrease) in Net Assets Resulting from Operations$114,876 $526,592 


See Notes to Financial Statements.
46


YEAR ENDED JULY 31, 2023
One Choice
Blend+
2025 Portfolio
One Choice
Blend+
2030 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds$800,264 $882,993 
Expenses:
Management fees69,472 78,150 
Distribution and service fees:
A Class11 12 
R Class94 560 
Directors' fees and expenses765 875 
Other expenses107 139 
70,449 79,736 
Fees waived(2,462)(1,972)
67,987 77,764 
Net investment income (loss)732,277 805,229 
Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sales of investments in underlying funds(964,886)(1,410,901)
Capital gain distributions received from underlying funds136,844 176,676 
(828,042)(1,234,225)
Change in net unrealized appreciation (depreciation) on investments in underlying funds1,277,824 2,089,579 
Net realized and unrealized gain (loss) on affiliates449,782 855,354 
Net Increase (Decrease) in Net Assets Resulting from Operations$1,182,059 $1,660,583 


See Notes to Financial Statements.
47


YEAR ENDED JULY 31, 2023
One Choice
Blend+
2035 Portfolio
One Choice
Blend+
2040 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds$763,348 $678,694 
Expenses:
Management fees72,445 64,664 
Distribution and service fees:
A Class11 75 
R Class771 813 
Directors' fees and expenses822 781 
Other expenses164 115 
74,213 66,448 
Fees waived(780)— 
73,433 66,448 
Net investment income (loss)689,915 612,246 
Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sales of investments in underlying funds(1,887,921)(1,031,481)
Capital gain distributions received from underlying funds167,451 168,339 
(1,720,470)(863,142)
Change in net unrealized appreciation (depreciation) on investments in underlying funds2,726,631 2,393,003 
Net realized and unrealized gain (loss) on affiliates1,006,161 1,529,861 
Net Increase (Decrease) in Net Assets Resulting from Operations$1,696,076 $2,142,107 


See Notes to Financial Statements.
48


YEAR ENDED JULY 31, 2023
One Choice
Blend+
2045 Portfolio
One Choice
Blend+
2050 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds$669,968 $455,923 
Expenses:
Management fees70,466 51,507 
Distribution and service fees:
A Class11 11 
R Class747 1,001 
Directors' fees and expenses858 623 
Other expenses127 148 
72,209 53,290 
Net investment income (loss)597,759 402,633 
Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sales of investments in underlying funds(1,378,385)(863,489)
Capital gain distributions received from underlying funds188,777 150,552