# EDGAR Filing Document

**Accession Number:** 0001293210
**File Stem:** 0001293210-23-000073
**Filing Date:** 2023-3
**Character Count:** 688921
**Document Hash:** a485d1659ccf143d8eb3a9e94abb9fd0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001293210-23-000073.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001293210-23-000073

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**EFFECTIVENESS DATE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.
- **CENTRAL INDEX KEY:** 0001293210
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21591
- **FILM NUMBER:** 23780344

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

## Series and Classes Contracts Data

### ONE CHOICE PORTFOLIO: VERY CONSERVATIVE (Series ID: S000005390)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014670 | INVESTOR CLASS | AONIX           |
| C000153102 | R CLASS        | AORHX           |

### ONE CHOICE 2025 PORTFOLIO (Series ID: S000005391)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014671 | INVESTOR CLASS | ARWIX           |
| C000014672 | A CLASS        | ARWAX           |
| C000014673 | I CLASS        | ARWFX           |
| C000014674 | R CLASS        | ARWRX           |
| C000088017 | C CLASS        | ARWCX           |
| C000191055 | R6 CLASS       | ARWDX           |

### ONE CHOICE 2035 PORTFOLIO (Series ID: S000005392)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014675 | INVESTOR CLASS | ARYIX           |
| C000014676 | A CLASS        | ARYAX           |
| C000014677 | I CLASS        | ARLIX           |
| C000014678 | R CLASS        | ARYRX           |
| C000088018 | C CLASS        | ARLCX           |
| C000191056 | R6 CLASS       | ARLDX           |

### ONE CHOICE 2045 PORTFOLIO (Series ID: S000005393)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014679 | INVESTOR CLASS | AROIX           |
| C000014680 | A CLASS        | AROAX           |
| C000014681 | I CLASS        | AOOIX           |
| C000014682 | R CLASS        | ARORX           |
| C000088019 | C CLASS        | AROCX           |
| C000191057 | R6 CLASS       | ARDOX           |

### ONE CHOICE IN RETIREMENT PORTFOLIO (Series ID: S000005394)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014683 | INVESTOR CLASS | ARTOX           |
| C000014684 | A CLASS        | ARTAX           |
| C000014685 | I CLASS        | ATTIX           |
| C000014686 | R CLASS        | ARSRX           |
| C000088020 | C CLASS        | ATTCX           |
| C000191058 | R6 CLASS       | ARDTX           |

### ONE CHOICE PORTFOLIO: VERY AGGRESSIVE (Series ID: S000005395)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014687 | INVESTOR CLASS | AOVIX           |
| C000153103 | R CLASS        | AORVX           |

### ONE CHOICE PORTFOLIO: AGGRESSIVE (Series ID: S000005396)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014688 | INVESTOR CLASS | AOGIX           |
| C000153104 | R CLASS        | AORYX           |

### ONE CHOICE PORTFOLIO: MODERATE (Series ID: S000005397)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014689 | INVESTOR CLASS | AOMIX           |
| C000153105 | R CLASS        | AORMX           |

### ONE CHOICE PORTFOLIO: CONSERVATIVE (Series ID: S000005398)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000014690 | INVESTOR CLASS | AOCIX           |
| C000153106 | R CLASS        | AORSX           |

### ONE CHOICE 2030 PORTFOLIO (Series ID: S000022361)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000064316 | INVESTOR CLASS | ARCVX           |
| C000064317 | I CLASS        | ARCSX           |
| C000064318 | A CLASS        | ARCMX           |
| C000064319 | R CLASS        | ARCRX           |
| C000088022 | C CLASS        | ARWOX           |
| C000191060 | R6 CLASS       | ARCUX           |

### ONE CHOICE 2040 PORTFOLIO (Series ID: S000022362)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000064320 | I CLASS        | ARDSX           |
| C000064321 | A CLASS        | ARDMX           |
| C000064322 | R CLASS        | ARDRX           |
| C000064323 | INVESTOR CLASS | ARDVX           |
| C000088023 | C CLASS        | ARNOX           |
| C000191061 | R6 CLASS       | ARDUX           |

### ONE CHOICE 2050 PORTFOLIO (Series ID: S000022363)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000064324 | INVESTOR CLASS | ARFVX           |
| C000064325 | I CLASS        | ARFSX           |
| C000064326 | A CLASS        | ARFMX           |
| C000064327 | R CLASS        | ARFWX           |
| C000088024 | C CLASS        | ARFDX           |
| C000191062 | R6 CLASS       | ARFEX           |

### ONE CHOICE 2055 PORTFOLIO (Series ID: S000031554)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000098234 | INVESTOR CLASS | AREVX           |
| C000098235 | I CLASS        | ARENX           |
| C000098236 | A CLASS        | AREMX           |
| C000098237 | C CLASS        | AREFX           |
| C000098238 | R CLASS        | AREOX           |
| C000191063 | R6 CLASS       | AREUX           |

### ONE CHOICE 2060 PORTFOLIO (Series ID: S000050745)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000160243 | INVESTOR CLASS | ARGVX           |
| C000160244 | I CLASS        | ARGNX           |
| C000160245 | A CLASS        | ARGMX           |
| C000160246 | C CLASS        | ARGHX           |
| C000160247 | R CLASS        | ARGRX           |
| C000191064 | R6 CLASS       | ARGDX           |

### One Choice 2065 Portfolio (Series ID: S000069540)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000221887 | R6 Class       | ARHSX           |
| C000221888 | R Class        | ARHFX           |
| C000221889 | Investor Class | ARHVX           |
| C000221890 | A Class        | ARHMX           |
| C000221891 | I Class        | ARHUX           |
| C000221892 | C Class        | ARHEX           |

### ONE CHOICE BLEND+ 2015 PORTFOLIO (Series ID: S000071093)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225681 | INVESTOR CLASS | AAAFX           |
| C000225682 | I CLASS        | AAAHX           |
| C000225683 | A CLASS        | AAAJX           |
| C000225684 | R CLASS        | AAAKX           |
| C000225685 | R6 CLASS       | AAALX           |

### ONE CHOICE BLEND+ 2060 PORTFOLIO (Series ID: S000071094)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225686 | I CLASS        | AAEGX           |
| C000225687 | A CLASS        | AAEHX           |
| C000225688 | R CLASS        | AAEIX           |
| C000225689 | INVESTOR CLASS | AAEFX           |
| C000225690 | R6 CLASS       | AAEJX           |

### ONE CHOICE BLEND+ 2065 PORTFOLIO (Series ID: S000071095)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225691 | R6 CLASS       | AAEVX           |
| C000225692 | INVESTOR CLASS | AAEKX           |
| C000225693 | I CLASS        | AAELX           |
| C000225694 | R CLASS        | AAEUX           |
| C000225695 | A CLASS        | AAEOX           |

### ONE CHOICE BLEND+ 2020 PORTFOLIO (Series ID: S000071096)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225696 | I CLASS        | AAAOX           |
| C000225697 | A CLASS        | AABEX           |
| C000225698 | R CLASS        | AABGX           |
| C000225699 | R6 CLASS       | AABHX           |
| C000225700 | INVESTOR CLASS | AAAMX           |

### ONE CHOICE BLEND+ 2025 PORTFOLIO (Series ID: S000071097)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225701 | I CLASS        | AABKX           |
| C000225702 | INVESTOR CLASS | AABJX           |
| C000225703 | A CLASS        | AABQX           |
| C000225704 | R CLASS        | AABRX           |
| C000225705 | R6 CLASS       | AABVX           |

### ONE CHOICE BLEND+ 2030 PORTFOLIO (Series ID: S000071098)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225706 | I CLASS        | AAEWX           |
| C000225707 | A CLASS        | AABZX           |
| C000225708 | R CLASS        | AACHX           |
| C000225709 | R6 CLASS       | AACJX           |
| C000225710 | INVESTOR CLASS | AABWX           |

### ONE CHOICE BLEND+ 2035 PORTFOLIO (Series ID: S000071099)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225711 | R6 CLASS       | AACQX           |
| C000225712 | R CLASS        | AACPX           |
| C000225713 | A CLASS        | AACMX           |
| C000225714 | I CLASS        | AACLX           |
| C000225715 | INVESTOR CLASS | AACKX           |

### ONE CHOICE BLEND+ 2040 PORTFOLIO (Series ID: S000071100)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225716 | INVESTOR CLASS | AACSX           |
| C000225717 | I CLASS        | AACUX           |
| C000225718 | A CLASS        | AACVX           |
| C000225719 | R6 CLASS       | AACZX           |
| C000225720 | R CLASS        | AACWX           |

### ONE CHOICE BLEND+ 2045 PORTFOLIO (Series ID: S000071101)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225721 | INVESTOR CLASS | AADHX           |
| C000225722 | I CLASS        | AADJX           |
| C000225723 | A CLASS        | AADKX           |
| C000225724 | R CLASS        | AADLX           |
| C000225725 | R6 CLASS       | AADMX           |

### ONE CHOICE BLEND+ 2050 PORTFOLIO (Series ID: S000071102)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225726 | INVESTOR CLASS | AADNX           |
| C000225727 | I CLASS        | AADOX           |
| C000225728 | A CLASS        | AADPX           |
| C000225729 | R6 CLASS       | AADUX           |
| C000225730 | R CLASS        | AADQX           |

### ONE CHOICE BLEND+ 2055 PORTFOLIO (Series ID: S000071103)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000225731 | I CLASS        | AADWX           |
| C000225732 | A CLASS        | AADZX           |
| C000225733 | R CLASS        | AAEDX           |
| C000225734 | R6 CLASS       | AAEEX           |
| C000225735 | INVESTOR CLASS | AADVX           |

**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 | Investment Company Act file number | **811-21591** | **811-21591** | **811-21591** |
| **AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.** | **AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.** | **AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.** | **AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.** | **AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **07-31** | **07-31** | **07-31** | **07-31** |
| Date of reporting period: | **01-31-2023** | **01-31-2023** | **01-31-2023** | **01-31-2023** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) Provided under separate cover.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![image4.jpg](image4.jpg)

---

| | |
|:---|:---|
| Semiannual Report |  |
| January 31, 2023 |  |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2015 Portfolio | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2045 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AAAFX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AADHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AAAHX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AADJX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AAAJX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AADKX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AAAKX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AADLX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AAALX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AADMX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2020 Portfolio | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2050 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AAAMX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AADNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AAAOX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AADOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AABEX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AADPX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AABGX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AADQX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AABHX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AADUX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2025 Portfolio | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2055 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AABJX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AADVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AABKX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AADWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AABQX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AADZX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AABRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AAEDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AABVX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AAEEX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2030 Portfolio | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2060 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AABWX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AAEFX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AAEWX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AAEGX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AABZX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AAEHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AACHX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AAEIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AACJX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AAEJX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2035 Portfolio | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2065 Portfolio |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AACKX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AAEKX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AACLX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AAELX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AACMX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AAEOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AACPX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AAEUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AACQX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AAEVX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> Blend+ 2040 Portfolio |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AACSX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AACUX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AACVX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AACWX) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AACZX) |  |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i86dfdc25b2bf495c9842767097c0592b_16) |
| Portfolio Characteristics | [3](#i86dfdc25b2bf495c9842767097c0592b_25) |
| Shareholder Fee Examples | [4](#i86dfdc25b2bf495c9842767097c0592b_28) |
| Schedules of Investments | [9](#i86dfdc25b2bf495c9842767097c0592b_31) |
| Statements of Assets and Liabilities | [20](#i86dfdc25b2bf495c9842767097c0592b_34) |
| Statements of Operations | [26](#i86dfdc25b2bf495c9842767097c0592b_37) |
| Statements of Changes in Net Assets | [32](#i86dfdc25b2bf495c9842767097c0592b_40) |
| Notes to Financial Statements | [38](#i86dfdc25b2bf495c9842767097c0592b_43) |
| Financial Highlights | [60](#i86dfdc25b2bf495c9842767097c0592b_49) |
| Approval of Management Agreement | [82](#i86dfdc25b2bf495c9842767097c0592b_58) |
| Proxy Voting Results | [86](#i86dfdc25b2bf495c9842767097c0592b_1422) |
| Additional Information | [87](#i86dfdc25b2bf495c9842767097c0592b_64) |

---

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<sup>®</sup> 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](image223a.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending January 31, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Inflation, Rate Hikes, Volatility Led to Mixed Performance** 

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

**Remaining Diligent in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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,

![image224a.jpg](image224a.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Portfolio Characteristics

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** |
| | **One Choice<br>Blend+ 2015<br>Portfolio** | **One Choice<br>Blend+ 2020<br>Portfolio** | **One Choice<br>Blend+ 2025<br>Portfolio** | **One Choice<br>Blend+ 2030<br>Portfolio** |
| Domestic Fixed Income Funds | 47.4% | 47.3% | 41.7% | 35.2% |
| Domestic Equity Funds | 28.6% | 28.5% | 32.6% | 37.6% |
| International Fixed Income Funds | 13.3% | 13.6% | 12.8% | 11.5% |
| International Equity Funds | 10.7% | 10.6% | 12.9% | 15.7% |
| Other Assets and Liabilities |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Choice<br>Blend+ 2035<br>Portfolio** | **One Choice<br>Blend+ 2040<br>Portfolio** | **One Choice<br>Blend+ 2045<br>Portfolio** | **One Choice<br>Blend+ 2050<br>Portfolio** |
| Domestic Fixed Income Funds | 28.1% | 21.9% | 16.2% | 11.5% |
| Domestic Equity Funds | 43.0% | 48.0% | 53.4% | 57.8% |
| International Fixed Income Funds | 9.9% | 8.0% | 6.0% | 4.3% |
| International Equity Funds | 19.0% | 22.1% | 24.4% | 26.4% |
| Other Assets and Liabilities |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **One Choice<br>Blend+ 2055<br>Portfolio** | **One Choice<br>Blend+ 2060<br>Portfolio** | **One Choice<br>Blend+ 2065<br>Portfolio** |
| Domestic Fixed Income Funds | 8.8% | 7.2% | 7.2% |
| Domestic Equity Funds | 60.6% | 62.0% | 62.0% |
| International Fixed Income Funds | 3.3% | 2.6% | 2.7% |
| International Equity Funds | 27.3% | 28.2% | 28.1% |
| Other Assets and Liabilities |  |  |  |

---

------

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 August 1, 2022 to January 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending** <br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1002.60 | $2.88 | 0.57% |
| I Class | $1000 | $1003.60 | $1.87 | 0.37% |
| A Class | $1000 | $1001.20 | $4.14 | 0.82% |
| R Class | $1000 | $999.70 | $5.39 | 1.07% |
| R6 Class | $1000 | $1004.00 | $1.11 | 0.22% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.33 | $2.91 | 0.57% |
| I Class | $1000 | $1023.34 | $1.89 | 0.37% |
| A Class | $1000 | $1021.07 | $4.18 | 0.82% |
| R Class | $1000 | $1019.81 | $5.45 | 1.07% |
| R6 Class | $1000 | $1024.10 | $1.12 | 0.22% |
| **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1003.60 | $2.88 | 0.57% |
| I Class | $1000 | $1005.60 | $1.87 | 0.37% |
| A Class | $1000 | $1002.10 | $4.14 | 0.82% |
| R Class | $1000 | $1001.70 | $5.40 | 1.07% |
| R6 Class | $1000 | $1006.10 | $1.11 | 0.22% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.33 | $2.91 | 0.57% |
| I Class | $1000 | $1023.34 | $1.89 | 0.37% |
| A Class | $1000 | $1021.07 | $4.18 | 0.82% |
| R Class | $1000 | $1019.81 | $5.45 | 1.07% |
| R6 Class | $1000 | $1024.10 | $1.12 | 0.22% |
| **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1007.30 | $2.88 | 0.57% |
| I Class | $1000 | $1008.30 | $1.87 | 0.37% |
| A Class | $1000 | $1007.00 | $4.15 | 0.82% |
| R Class | $1000 | $1005.50 | $5.41 | 1.07% |
| R6 Class | $1000 | $1008.70 | $1.11 | 0.22% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.33 | $2.91 | 0.57% |
| I Class | $1000 | $1023.34 | $1.89 | 0.37% |
| A Class | $1000 | $1021.07 | $4.18 | 0.82% |
| R Class | $1000 | $1019.81 | $5.45 | 1.07% |
| R6 Class | $1000 | $1024.10 | $1.12 | 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 184, 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending** <br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized** <br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1013.60 | $2.94 | 0.58% |
| I Class | $1000 | $1013.40 | $1.93 | 0.38% |
| A Class | $1000 | $1012.10 | $4.21 | 0.83% |
| R Class | $1000 | $1010.70 | $5.47 | 1.08% |
| R6 Class | $1000 | $1014.90 | $1.17 | 0.23% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.28 | $2.96 | 0.58% |
| I Class | $1000 | $1023.29 | $1.94 | 0.38% |
| A Class | $1000 | $1021.02 | $4.23 | 0.83% |
| R Class | $1000 | $1019.76 | $5.50 | 1.08% |
| R6 Class | $1000 | $1024.05 | $1.17 | 0.23% |
| **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1018.90 | $2.95 | 0.58% |
| I Class | $1000 | $1019.90 | $1.93 | 0.38% |
| A Class | $1000 | $1018.60 | $4.22 | 0.83% |
| R Class | $1000 | $1017.10 | $5.49 | 1.08% |
| R6 Class | $1000 | $1020.30 | $1.17 | 0.23% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.28 | $2.96 | 0.58% |
| I Class | $1000 | $1023.29 | $1.94 | 0.38% |
| A Class | $1000 | $1021.02 | $4.23 | 0.83% |
| R Class | $1000 | $1019.76 | $5.50 | 1.08% |
| R6 Class | $1000 | $1024.05 | $1.17 | 0.23% |
| **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1024.80 | $2.96 | 0.58% |
| I Class | $1000 | $1025.70 | $1.94 | 0.38% |
| A Class | $1000 | $1024.40 | $4.24 | 0.83% |
| R Class | $1000 | $1023.00 | $5.51 | 1.08% |
| R6 Class | $1000 | $1026.10 | $1.17 | 0.23% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.28 | $2.96 | 0.58% |
| I Class | $1000 | $1023.29 | $1.94 | 0.38% |
| A Class | $1000 | $1021.02 | $4.23 | 0.83% |
| R Class | $1000 | $1019.76 | $5.50 | 1.08% |
| R6 Class | $1000 | $1024.05 | $1.17 | 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 184, 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending** <br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1030.60 | $2.97 | 0.58% |
| I Class | $1000 | $1031.60 | $1.95 | 0.38% |
| A Class | $1000 | $1028.10 | $4.24 | 0.83% |
| R Class | $1000 | $1026.50 | $5.52 | 1.08% |
| R6 Class | $1000 | $1032.00 | $1.18 | 0.23% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.28 | $2.96 | 0.58% |
| I Class | $1000 | $1023.29 | $1.94 | 0.38% |
| A Class | $1000 | $1021.02 | $4.23 | 0.83% |
| R Class | $1000 | $1019.76 | $5.50 | 1.08% |
| R6 Class | $1000 | $1024.05 | $1.17 | 0.23% |
| **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1033.40 | $2.97 | 0.58% |
| I Class | $1000 | $1034.40 | $1.95 | 0.38% |
| A Class | $1000 | $1031.90 | $4.25 | 0.83% |
| R Class | $1000 | $1031.60 | $5.53 | 1.08% |
| R6 Class | $1000 | $1034.80 | $1.18 | 0.23% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.28 | $2.96 | 0.58% |
| I Class | $1000 | $1023.29 | $1.94 | 0.38% |
| A Class | $1000 | $1021.02 | $4.23 | 0.83% |
| R Class | $1000 | $1019.76 | $5.50 | 1.08% |
| R6 Class | $1000 | $1024.05 | $1.17 | 0.23% |
| **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1034.70 | $3.03 | 0.59% |
| I Class | $1000 | $1035.70 | $2.00 | 0.39% |
| A Class | $1000 | $1034.40 | $4.31 | 0.84% |
| R Class | $1000 | $1032.90 | $5.59 | 1.09% |
| R6 Class | $1000 | $1037.20 | $1.23 | 0.24% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.23 | $3.01 | 0.59% |
| I Class | $1000 | $1023.24 | $1.99 | 0.39% |
| A Class | $1000 | $1020.97 | $4.28 | 0.84% |
| R Class | $1000 | $1019.71 | $5.55 | 1.09% |
| R6 Class | $1000 | $1024.00 | $1.22 | 0.24% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending** <br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1036.90 | $3.03 | 0.59% |
| I Class | $1000 | $1036.70 | $2.00 | 0.39% |
| A Class | $1000 | $1035.40 | $4.31 | 0.84% |
| R Class | $1000 | $1033.90 | $5.59 | 1.09% |
| R6 Class | $1000 | $1038.30 | $1.23 | 0.24% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.23 | $3.01 | 0.59% |
| I Class | $1000 | $1023.24 | $1.99 | 0.39% |
| A Class | $1000 | $1020.97 | $4.28 | 0.84% |
| R Class | $1000 | $1019.71 | $5.55 | 1.09% |
| R6 Class | $1000 | $1024.00 | $1.22 | 0.24% |
| **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1037.10 | $3.13 | 0.61% |
| I Class | $1000 | $1037.00 | $2.11 | 0.41% |
| A Class | $1000 | $1035.70 | $4.41 | 0.86% |
| R Class | $1000 | $1034.20 | $5.69 | 1.11% |
| R6 Class | $1000 | $1037.40 | $1.34 | 0.26% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1022.13 | $3.11 | 0.61% |
| I Class | $1000 | $1023.14 | $2.09 | 0.41% |
| A Class | $1000 | $1020.87 | $4.38 | 0.86% |
| R Class | $1000 | $1019.61 | $5.65 | 1.11% |
| R6 Class | $1000 | $1023.90 | $1.33 | 0.26% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

Schedules of Investments

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2015 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 47.4%** | | |
| Avantis Core Fixed Income Fund G Class | 126713 | $1084661 |
| Avantis Short-Term Fixed Income Fund G Class | 25016 | 233652 |
| High Income Fund G Class | 16712 | 139382 |
| Inflation-Adjusted Bond Fund G Class | 17207 | 184806 |
| Short Duration Inflation Protection Bond Fund G Class | 23169 | 234006 |
|  |  | 1876507 |
| **Domestic Equity Funds — 28.6%** |  |  |
| American Century Low Volatility ETF | 4334 | 190333 |
| Avantis U.S. Equity Fund G Class | 23293 | 324007 |
| Avantis U.S. Small Cap Value Fund G Class | 2302 | 33957 |
| Focused Large Cap Value Fund G Class | 25656 | 256043 |
| Growth Fund G Class | 5416 | 215061 |
| Heritage Fund G Class | 752 | 17277 |
| Mid Cap Value Fund G Class | 3941 | 64233 |
| Small Cap Growth Fund G Class | 1755 | 34163 |
|  |  | 1135074 |
| **International Fixed Income Funds — 13.3%** |  |  |
| Emerging Markets Debt Fund G Class | 5276 | 47487 |
| Global Bond Fund G Class | 55762 | 478997 |
|  |  | 526484 |
| **International Equity Funds — 10.7%** |  |  |
| Avantis International Equity Fund G Class | 15945 | 175710 |
| Focused International Growth Fund G Class | 5738 | 94108 |
| Global Real Estate Fund G Class | 3284 | 40496 |
| International Value Fund G Class | 14429 | 113700 |
|  |  | 424014 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $4,149,647) |  | **3962079** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**3962079** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2020 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 47.3%** | | |
| Avantis Core Fixed Income Fund G Class | 384212 | $3288853 |
| Avantis Short-Term Fixed Income Fund G Class | 67333 | 628888 |
| High Income Fund G Class | 60005 | 500445 |
| Inflation-Adjusted Bond Fund G Class | 54256 | 582713 |
| Short Duration Inflation Protection Bond Fund G Class | 67486 | 681605 |
|  |  | 5682504 |
| **Domestic Equity Funds — 28.5%** |  |  |
| American Century Low Volatility ETF | 11894 | 522338 |
| Avantis U.S. Equity Fund G Class | 71133 | 989454 |
| Avantis U.S. Small Cap Value Fund G Class | 7188 | 106025 |
| Focused Large Cap Value Fund G Class | 77553 | 773975 |
| Growth Fund G Class | 16617 | 659866 |
| Heritage Fund G Class | 2965 | 68145 |
| Mid Cap Value Fund G Class | 12039 | 196237 |
| Small Cap Growth Fund G Class | 5493 | 106958 |
|  |  | 3422998 |
| **International Fixed Income Funds — 13.6%** |  |  |
| Emerging Markets Debt Fund G Class | 19522 | 175701 |
| Global Bond Fund G Class | 169360 | 1454800 |
|  |  | 1630501 |
| **International Equity Funds — 10.6%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 2803 | 30183 |
| Avantis International Equity Fund G Class | 45549 | 501953 |
| Focused International Growth Fund G Class | 17191 | 281939 |
| Global Real Estate Fund G Class | 10172 | 125426 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 996 | 9826 |
| International Value Fund G Class | 41164 | 324374 |
|  |  | 1273701 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $12,301,158) |  | **12009704** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**12009704** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2025 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 41.7%** | | |
| Avantis Core Fixed Income Fund G Class | 767019 | $6565687 |
| Avantis Short-Term Fixed Income Fund G Class | 78176 | 730166 |
| High Income Fund G Class | 150230 | 1252915 |
| Inflation-Adjusted Bond Fund G Class | 103159 | 1107925 |
| Short Duration Inflation Protection Bond Fund G Class | 105957 | 1070168 |
|  |  | 10726861 |
| **Domestic Equity Funds — 32.6%** |  |  |
| American Century Low Volatility ETF | 20460 | 898524 |
| Avantis U.S. Equity Fund G Class | 185650 | 2582393 |
| Avantis U.S. Small Cap Value Fund G Class | 17856 | 263380 |
| Focused Large Cap Value Fund G Class | 190336 | 1899550 |
| Growth Fund G Class | 43565 | 1729954 |
| Heritage Fund G Class | 11320 | 260130 |
| Mid Cap Value Fund G Class | 28709 | 467960 |
| Small Cap Growth Fund G Class | 13883 | 270308 |
|  |  | 8372199 |
| **International Equity Funds — 12.9%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 25552 | 275191 |
| Avantis International Equity Fund G Class | 109608 | 1207876 |
| Focused International Growth Fund G Class | 41134 | 674598 |
| Global Real Estate Fund G Class | 26595 | 327920 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 8024 | 79202 |
| International Value Fund G Class | 95753 | 754530 |
|  |  | 3319317 |
| **International Fixed Income Funds — 12.8%** |  |  |
| Emerging Markets Debt Fund G Class | 55865 | 502785 |
| Global Bond Fund G Class | 324380 | 2786421 |
|  |  | 3289206 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $26,331,756) |  | **25707583** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**25707583** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2030 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 37.6%** | | |
| American Century Low Volatility ETF | 16114 | $707664 |
| Avantis U.S. Equity Fund G Class | 257221 | 3577950 |
| Avantis U.S. Small Cap Value Fund G Class | 23223 | 342535 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 10791 | 453645 |
| Focused Large Cap Value Fund G Class | 249073 | 2485752 |
| Growth Fund G Class | 49810 | 1977949 |
| Heritage Fund G Class | 19411 | 446056 |
| Mid Cap Value Fund G Class | 37225 | 606765 |
| Small Cap Growth Fund G Class | 17973 | 349939 |
|  |  | 10948255 |
| **Domestic Fixed Income Funds — 35.2%** |  |  |
| Avantis Core Fixed Income Fund G Class | 785444 | 6723399 |
| Avantis Short-Term Fixed Income Fund G Class | 37344 | 348789 |
| High Income Fund G Class | 176808 | 1474575 |
| Inflation-Adjusted Bond Fund G Class | 92477 | 993204 |
| Short Duration Inflation Protection Bond Fund G Class | 72078 | 727988 |
|  |  | 10267955 |
| **International Equity Funds — 15.7%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 48620 | 523638 |
| Avantis International Equity Fund G Class | 139149 | 1533419 |
| Emerging Markets Fund G Class | 11178 | 120835 |
| Focused International Growth Fund G Class | 51623 | 846613 |
| Global Real Estate Fund G Class | 36049 | 444480 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 18430 | 181902 |
| International Value Fund G Class | 98590 | 776887 |
| Non-U.S. Intrinsic Value Fund G Class | 13993 | 135173 |
|  |  | 4562947 |
| **International Fixed Income Funds — 11.5%** |  |  |
| Emerging Markets Debt Fund G Class | 73570 | 662128 |
| Global Bond Fund G Class | 314107 | 2698183 |
|  |  | 3360311 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $29,952,485) |  | **29139468** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**29139468** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2035 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 43.0%** | | |
| American Century Low Volatility ETF | 6133 | $269337 |
| Avantis U.S. Equity Fund G Class | 283699 | 3946254 |
| Avantis U.S. Small Cap Value Fund G Class | 24713 | 364510 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 36262 | 1524469 |
| Focused Large Cap Value Fund G Class | 260913 | 2603910 |
| Growth Fund G Class | 29827 | 1184441 |
| Heritage Fund G Class | 25555 | 587262 |
| Mid Cap Value Fund G Class | 38329 | 624763 |
| Small Cap Growth Fund G Class | 19228 | 374363 |
|  |  | 11479309 |
| **Domestic Fixed Income Funds — 28.1%** |  |  |
| Avantis Core Fixed Income Fund G Class | 626450 | 5362415 |
| Avantis Short-Term Fixed Income Fund G Class | 10110 | 94431 |
| High Income Fund G Class | 151504 | 1263541 |
| Inflation-Adjusted Bond Fund G Class | 54337 | 583579 |
| Short Duration Inflation Protection Bond Fund G Class | 19766 | 199633 |
|  |  | 7503599 |
| **International Equity Funds — 19.0%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 57746 | 621922 |
| Avantis International Equity Fund G Class | 139674 | 1539202 |
| Emerging Markets Fund G Class | 35953 | 388657 |
| Focused International Growth Fund G Class | 52191 | 855932 |
| Global Real Estate Fund G Class | 40057 | 493904 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 28429 | 280592 |
| International Value Fund G Class | 58928 | 464349 |
| Non-U.S. Intrinsic Value Fund G Class | 43890 | 423973 |
|  |  | 5068531 |
| **International Fixed Income Funds — 9.9%** |  |  |
| Emerging Markets Debt Fund G Class | 70765 | 636882 |
| Global Bond Fund G Class | 232900 | 2000611 |
|  |  | 2637493 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $27,368,119) |  | **26688932** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**26688932** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2040 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 48.0%** | | |
| Avantis U.S. Equity Fund G Class | 311229 | $4329201 |
| Avantis U.S. Small Cap Value Fund G Class | 26916 | 397014 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 58502 | 2459443 |
| Focused Large Cap Value Fund G Class | 277431 | 2768765 |
| Growth Fund G Class | 12760 | 506708 |
| Heritage Fund G Class | 30511 | 701134 |
| Mid Cap Value Fund G Class | 40799 | 665016 |
| Small Cap Growth Fund G Class | 20751 | 404021 |
|  |  | 12231302 |
| **International Equity Funds — 22.1%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 62904 | 677479 |
| Avantis International Equity Fund G Class | 144789 | 1595574 |
| Emerging Markets Fund G Class | 59656 | 644879 |
| Focused International Growth Fund G Class | 54462 | 893169 |
| Global Real Estate Fund G Class | 44516 | 548883 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 36829 | 363501 |
| International Value Fund G Class | 25174 | 198370 |
| Non-U.S. Intrinsic Value Fund G Class | 72456 | 699926 |
|  |  | 5621781 |
| **Domestic Fixed Income Funds — 21.9%** |  |  |
| Avantis Core Fixed Income Fund G Class | 486772 | 4166768 |
| High Income Fund G Class | 122768 | 1023883 |
| Inflation-Adjusted Bond Fund G Class | 34527 | 370821 |
|  |  | 5561472 |
| **International Fixed Income Funds — 8.0%** |  |  |
| Emerging Markets Debt Fund G Class | 61617 | 554549 |
| Global Bond Fund G Class | 173767 | 1492660 |
|  |  | 2047209 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $26,036,893) |  | **25461764** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**25461764** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2045 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 53.4%** | | |
| Avantis U.S. Equity Fund G Class | 384796 | $5352519 |
| Avantis U.S. Small Cap Value Fund G Class | 33255 | 490512 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 84722 | 3561718 |
| Focused Large Cap Value Fund G Class | 351861 | 3511569 |
| Heritage Fund G Class | 37431 | 860165 |
| Mid Cap Value Fund G Class | 51192 | 834434 |
| Small Cap Growth Fund G Class | 25565 | 497753 |
|  |  | 15108670 |
| **International Equity Funds — 24.4%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 60714 | 653886 |
| Avantis International Equity Fund G Class | 178021 | 1961793 |
| Emerging Markets Fund G Class | 88936 | 961394 |
| Focused International Growth Fund G Class | 66846 | 1096268 |
| Global Real Estate Fund G Class | 54477 | 671701 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 45933 | 453357 |
| Non-U.S. Intrinsic Value Fund G Class | 113728 | 1098613 |
|  |  | 6897012 |
| **Domestic Fixed Income Funds — 16.2%** |  |  |
| Avantis Core Fixed Income Fund G Class | 401908 | 3440336 |
| High Income Fund G Class | 101872 | 849613 |
| Inflation-Adjusted Bond Fund G Class | 28530 | 306408 |
|  |  | 4596357 |
| **International Fixed Income Funds — 6.0%** |  |  |
| Emerging Markets Debt Fund G Class | 50714 | 456425 |
| Global Bond Fund G Class | 145802 | 1252436 |
|  |  | 1708861 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $28,652,078) |  | **28310900** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**28310900** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2050 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 57.8%** | | |
| Avantis U.S. Equity Fund G Class | 300128 | $4174783 |
| Avantis U.S. Small Cap Value Fund G Class | 25289 | 373007 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 65855 | 2768542 |
| Focused Large Cap Value Fund G Class | 275189 | 2746391 |
| Heritage Fund G Class | 28849 | 662951 |
| Mid Cap Value Fund G Class | 39774 | 648324 |
| Small Cap Growth Fund G Class | 19367 | 377078 |
|  |  | 11751076 |
| **International Equity Funds — 26.4%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 46767 | 503684 |
| Avantis International Equity Fund G Class | 138476 | 1526000 |
| Emerging Markets Fund G Class | 70016 | 756876 |
| Focused International Growth Fund G Class | 51885 | 850914 |
| Global Real Estate Fund G Class | 41894 | 516558 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 35364 | 349046 |
| Non-U.S. Intrinsic Value Fund G Class | 88657 | 856423 |
|  |  | 5359501 |
| **Domestic Fixed Income Funds — 11.5%** |  |  |
| Avantis Core Fixed Income Fund G Class | 204062 | 1746767 |
| High Income Fund G Class | 52024 | 433878 |
| Inflation-Adjusted Bond Fund G Class | 14730 | 158199 |
|  |  | 2338844 |
| **International Fixed Income Funds — 4.3%** |  |  |
| Emerging Markets Debt Fund G Class | 26015 | 234137 |
| Global Bond Fund G Class | 74203 | 637407 |
|  |  | 871544 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $20,519,503) |  | **20320965** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**20320965** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2055 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 60.6%** | | |
| Avantis U.S. Equity Fund G Class | 181562 | $2525534 |
| Avantis U.S. Small Cap Value Fund G Class | 15357 | 226515 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 40578 | 1705886 |
| Focused Large Cap Value Fund G Class | 166142 | 1658096 |
| Heritage Fund G Class | 17489 | 401903 |
| Mid Cap Value Fund G Class | 24229 | 394926 |
| Small Cap Growth Fund G Class | 11842 | 230569 |
|  |  | 7143429 |
| **International Equity Funds — 27.3%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 28112 | 302765 |
| Avantis International Equity Fund G Class | 83240 | 917301 |
| Emerging Markets Fund G Class | 41842 | 452316 |
| Focused International Growth Fund G Class | 31098 | 510013 |
| Global Real Estate Fund G Class | 25510 | 314533 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 21241 | 209648 |
| Non-U.S. Intrinsic Value Fund G Class | 53053 | 512492 |
|  |  | 3219068 |
| **Domestic Fixed Income Funds — 8.8%** |  |  |
| Avantis Core Fixed Income Fund G Class | 90335 | 773266 |
| High Income Fund G Class | 22925 | 191196 |
| Inflation-Adjusted Bond Fund G Class | 6349 | 68192 |
|  |  | 1032654 |
| **International Fixed Income Funds — 3.3%** |  |  |
| Emerging Markets Debt Fund G Class | 11373 | 102356 |
| Global Bond Fund G Class | 32844 | 282130 |
|  |  | 384486 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $11,735,003) |  | **11779637** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**11779637** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2060 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 62.0%** | | |
| Avantis U.S. Equity Fund G Class | 111964 | $1557418 |
| Avantis U.S. Small Cap Value Fund G Class | 9347 | 137864 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 24702 | 1038452 |
| Focused Large Cap Value Fund G Class | 103053 | 1028464 |
| Heritage Fund G Class | 10705 | 245992 |
| Mid Cap Value Fund G Class | 14992 | 244369 |
| Small Cap Growth Fund G Class | 7182 | 139838 |
|  |  | 4392397 |
| **International Equity Funds — 28.2%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 17375 | 187131 |
| Avantis International Equity Fund G Class | 51512 | 567666 |
| Emerging Markets Fund G Class | 26189 | 283104 |
| Focused International Growth Fund G Class | 19231 | 315395 |
| Global Real Estate Fund G Class | 15700 | 193579 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 13026 | 128566 |
| Non-U.S. Intrinsic Value Fund G Class | 33730 | 325834 |
|  |  | 2001275 |
| **Domestic Fixed Income Funds — 7.2%** |  |  |
| Avantis Core Fixed Income Fund G Class | 44413 | 380178 |
| High Income Fund G Class | 11293 | 94185 |
| Inflation-Adjusted Bond Fund G Class | 3052 | 32782 |
|  |  | 507145 |
| **International Fixed Income Funds — 2.6%** |  |  |
| Emerging Markets Debt Fund G Class | 5513 | 49618 |
| Global Bond Fund G Class | 16107 | 138363 |
|  |  | 187981 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $6,989,757) |  | **7088798** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**7088798** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Blend+ 2065 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 62.0%** | | |
| Avantis U.S. Equity Fund G Class | 41969 | $583788 |
| Avantis U.S. Small Cap Value Fund G Class | 3554 | 52416 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 9238 | 388371 |
| Focused Large Cap Value Fund G Class | 38463 | 383860 |
| Heritage Fund G Class | 4025 | 92493 |
| Mid Cap Value Fund G Class | 5636 | 91862 |
| Small Cap Growth Fund G Class | 2682 | 52216 |
|  |  | 1645006 |
| **International Equity Funds — 28.1%** |  |  |
| Avantis Emerging Markets Equity Fund G Class | 6550 | 70549 |
| Avantis International Equity Fund G Class | 19293 | 212614 |
| Emerging Markets Fund G Class | 9712 | 104983 |
| Focused International Growth Fund G Class | 7201 | 118099 |
| Global Real Estate Fund G Class | 5787 | 71355 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 4903 | 48390 |
| Non-U.S. Intrinsic Value Fund G Class | 12303 | 118846 |
|  |  | 744836 |
| **Domestic Fixed Income Funds — 7.2%** |  |  |
| Avantis Core Fixed Income Fund G Class | 16632 | 142374 |
| High Income Fund G Class | 4298 | 35848 |
| Inflation-Adjusted Bond Fund G Class | 1198 | 12870 |
|  |  | 191092 |
| **International Fixed Income Funds — 2.7%** |  |  |
| Emerging Markets Debt Fund G Class | 2129 | 19163 |
| Global Bond Fund G Class | 6089 | 52306 |
|  |  | 71469 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $2,641,614) |  | **2652403** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2652403** |

---

**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.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>Blend+<br>2015 Portfolio** | **One Choice<br>Blend+<br>2020 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $4,149,647 and $12,301,158, respectively) | $3962079 | $12009704 |
| Receivable for investments sold |  | 5866 |
| Receivable for capital shares sold | 2221 |  |
| Distributions receivable from affiliates | 4021 | 12564 |
|  | 3968321 | 12028134 |
| **Liabilities** |  |  |
| Payable for investments purchased | 4561 | 12564 |
| Payable for capital shares redeemed | 842 | 3274 |
| Accrued management fees | 835 | 2584 |
| Distribution and service fees payable | 4 | 8 |
|  | 6242 | 18430 |
| **Net Assets** | $3962079 | $12009704 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $4265854 | $12694385 |
| Distributable earnings (loss) | (303775) | (684681) |
|  | $3962079 | $12009704 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** |
| Investor Class, $0.01 Par Value | $445563 | 48571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 |
| I Class, $0.01 Par Value | $4834 | 527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 |
| A Class, $0.01 Par Value | $4795 | 523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 |
| R Class, $0.01 Par Value | $6753 | 737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.16 |
| R6 Class, $0.01 Par Value | $3500134 | 381623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 |
| **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** |
| Investor Class, $0.01 Par Value | $1385513 | 150624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.20 |
| I Class, $0.01 Par Value | $10667 | 1160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.20 |
| A Class, $0.01 Par Value | $9627 | 1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.19 |
| R Class, $0.01 Par Value | $12405 | 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.19 |
| R6 Class, $0.01 Par Value | $10591492 | 1151226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.20 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.73 and $9.75 (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 Class A.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice <br>Blend+<br>2025 Portfolio** | **One Choice <br>Blend+<br>2030 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $26,331,756 and $29,952,485, respectively) | $25707583 | $29139468 |
| Receivable for investments sold | 4838 |  |
| Receivable for capital shares sold | 3637 | 49993 |
| Distributions receivable from affiliates | 25428 | 26441 |
|  | 25741486 | 29215902 |
| **Liabilities** |  |  |
| Payable for investments purchased | 25428 | 66040 |
| Payable for capital shares redeemed | 2649 | 3718 |
| Accrued management fees | 5817 | 6628 |
| Distribution and service fees payable | 9 | 48 |
|  | 33903 | 76434 |
| **Net Assets** | $25707583 | $29139468 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $27048699 | $31089467 |
| Distributable earnings (loss) | (1341116) | (1949999) |
|  | $25707583 | $29139468 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** |
| Investor Class, $0.01 Par Value | $4169691 | 458532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 |
| I Class, $0.01 Par Value | $4829 | 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 |
| A Class, $0.01 Par Value | $4792 | 527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 |
| R Class, $0.01 Par Value | $18379 | 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 |
| R6 Class, $0.01 Par Value | $21509892 | 2365768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.09 |
| **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** |
| Investor Class, $0.01 Par Value | $4745293 | 523302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |
| I Class, $0.01 Par Value | $4827 | 532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |
| A Class, $0.01 Par Value | $4789 | 528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |
| R Class, $0.01 Par Value | $123425 | 13610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |
| R6 Class, $0.01 Par Value | $24261134 | 2673406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.07 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.64 and $9.62 (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 Class A.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice Blend+<br>2035 Portfolio** | **One Choice Blend+<br>2040 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $27,368,119 and $26,036,893, respectively) | $26688932 | $25461764 |
| Receivable for investments sold | 2303 | 5764 |
| Receivable for capital shares sold | 6426 | 2320 |
| Distributions receivable from affiliates | 21336 | 16781 |
|  | 26718997 | 25486629 |
| **Liabilities** |  |  |
| Payable for investments purchased | 21336 | 16781 |
| Payable for capital shares redeemed | 2640 | 2582 |
| Accrued management fees | 6027 | 5433 |
| Distribution and service fees payable | 62 | 69 |
|  | 30065 | 24865 |
| **Net Assets** | $26688932 | $25461764 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $29045168 | $26849910 |
| Distributable earnings (loss) | (2356236) | (1388146) |
|  | $26688932 | $25461764 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** |
| Investor Class, $0.01 Par Value | $3710800 | 410854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| I Class, $0.01 Par Value | $27930 | 3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| A Class, $0.01 Par Value | $4776 | 529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| R Class, $0.01 Par Value | $146350 | 16210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| R6 Class, $0.01 Par Value | $22799076 | 2523843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.03 |
| **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** |
| Investor Class, $0.01 Par Value | $2113037 | 232759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |
| I Class, $0.01 Par Value | $4833 | 532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |
| A Class, $0.01 Par Value | $31188 | 3436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |
| R Class, $0.01 Par Value | $152150 | 16759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |
| R6 Class, $0.01 Par Value | $23160556 | 2550179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.08 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.58 and $9.63 (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 Class A.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>Blend+<br>2045 Portfolio** | **One Choice<br>Blend+<br>2050 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $28,652,078 and $20,519,503, respectively) | $28310900 | $20320965 |
| Receivable for investments sold | 3366 | 54003 |
| Receivable for capital shares sold | 5516 | 6309 |
| Distributions receivable from affiliates | 13696 | 7010 |
|  | 28333478 | 20388287 |
| **Liabilities** |  |  |
| Payable for investments purchased | 13696 | 7010 |
| Payable for capital shares redeemed | 2858 | 55890 |
| Accrued management fees | 5959 | 4324 |
| Distribution and service fees payable | 65 | 98 |
|  | 22578 | 67322 |
| **Net Assets** | $28310900 | $20320965 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $29789429 | $21209467 |
| Distributable earnings (loss) | (1478529) | (888502) |
|  | $28310900 | $20320965 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** |
| Investor Class, $0.01 Par Value | $2164989 | 236902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| I Class, $0.01 Par Value | $14029 | 1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| A Class, $0.01 Par Value | $4821 | 528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.13 |
| R Class, $0.01 Par Value | $189967 | 20797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.13 |
| R6 Class, $0.01 Par Value | $25937094 | 2838347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** |
| Investor Class, $0.01 Par Value | $1727798 | 188441 | $9.17 |
| I Class, $0.01 Par Value | $4885 | 533 | $9.17 |
| A Class, $0.01 Par Value | $4844 | 528 | $9.17 |
| R Class, $0.01 Par Value | $185592 | 20253 | $9.16 |
| R6 Class, $0.01 Par Value | $18397846 | 2006199 | $9.17 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.69 and $9.73 (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 Class A.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>Blend+<br>2055 Portfolio** | **One Choice<br>Blend+<br>2060 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $11,735,003 and $6,989,757, respectively) | $11779637 | $7088798 |
| Receivable for investments sold |  | 8832 |
| Receivable for capital shares sold | 29045 | 4119 |
| Distributions receivable from affiliates | 3073 | 1515 |
|  | 11811755 | 7103264 |
| **Liabilities** |  |  |
| Payable for investments purchased | 28536 | 1515 |
| Payable for capital shares redeemed | 1035 | 11339 |
| Accrued management fees | 2481 | 1595 |
| Distribution and service fees payable | 66 | 17 |
|  | 32118 | 14466 |
| **Net Assets** | $11779637 | $7088798 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $12584098 | $7268162 |
| Distributable earnings (loss) | (804461) | (179364) |
|  | $11779637 | $7088798 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** |
| Investor Class, $0.01 Par Value | $963676 | 105171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.16 |
| I Class, $0.01 Par Value | $4894 | 534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.16 |
| A Class, $0.01 Par Value | $4855 | 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.16 |
| R Class, $0.01 Par Value | $161345 | 17617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.16 |
| R6 Class, $0.01 Par Value | $10644867 | 1160493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.17 |
| **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** |
| Investor Class, $0.01 Par Value | $951299 | 102883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.25 |
| I Class, $0.01 Par Value | $11403 | 1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.24 |
| A Class, $0.01 Par Value | $5358 | 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.24 |
| R Class, $0.01 Par Value | $38716 | 4191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.24 |
| R6 Class, $0.01 Par Value | $6082022 | 658064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.24 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.72 and $9.80 (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 Class A.

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | |
| | **One Choice<br>Blend+<br>2065 Portfolio** |
| **Assets** | |
| Investment securities in affiliates, at value (cost of $2,641,614) | $2652403 |
| Receivable for capital shares sold | 9714 |
| Distributions receivable from affiliates | 558 |
|  | 2662675 |
| **Liabilities** |  |
| Payable for investments purchased | 9120 |
| Payable for capital shares redeemed | 80 |
| Accrued management fees | 957 |
| Distribution and service fees payable | 115 |
|  | 10272 |
| **Net Assets** | $2652403 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $2880431 |
| Distributable earnings (loss) | (228028) |
|  | $2652403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** |
| Investor Class, $0.01 Par Value | $1421697 | 155419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.15 |
| I Class, $0.01 Par Value | $4926 | 539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| A Class, $0.01 Par Value | $4883 | 534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| R Class, $0.01 Par Value | $282890 | 30965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |
| R6 Class, $0.01 Par Value | $938007 | 102576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.14 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $9.70 (net asset value divided by 0.9425) for One Choice Blend+ 2065 Portfolio. A contingent deferred sales charge may be imposed on redemptions of Class A.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice<br>Blend+<br>2015 Portfolio** | **One Choice<br>Blend+<br>2020 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $96467 | $223497 |
| **Expenses:** |  |  |
| Management fees | 5209 | 12875 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 6 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 16 | 34 |
| Directors' fees and expenses | 63 | 132 |
| Other expenses | 21 | 32 |
|  | 5315 | 13085 |
| Fees waived | (281) | (594) |
|  | 5034 | 12491 |
| **Net investment income (loss)** | 91433 | 211006 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (109952) | (323304) |
| Capital gain distributions received from underlying funds | 20663 | 50688 |
|  | (89289) | (272616) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | (4374) | 254931 |
| **Net realized and unrealized gain (loss) on affiliates** | (93663) | (17685) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(2230) | $193321 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice<br>Blend+<br>2025 Portfolio** | **One Choice<br>Blend+<br>2030 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $529625 | $589559 |
| **Expenses:** |  |  |
| Management fees | 31940 | 35335 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 40 | 228 |
| Directors' fees and expenses | 341 | 391 |
| Other expenses | 108 | 138 |
|  | 32435 | 36098 |
| Fees waived | (1157) | (900) |
|  | 31278 | 35198 |
| **Net investment income (loss)** | 498347 | 554361 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (630870) | (1077842) |
| Capital gain distributions received from underlying funds | 136842 | 176676 |
|  | (494028) | (901166) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 353525 | 826919 |
| **Net realized and unrealized gain (loss) on affiliates** | (140503) | (74247) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $357844 | $480114 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice<br>Blend+<br>2035 Portfolio** | **One Choice<br>Blend+<br>2040 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $518848 | $470678 |
| **Expenses:** |  |  |
| Management fees | 33203 | 28848 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 6 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 298 | 322 |
| Directors' fees and expenses | 376 | 349 |
| Other expenses | 164 | 114 |
|  | 34047 | 29670 |
| Fees waived | (338) |  |
|  | 33709 | 29670 |
| **Net investment income (loss)** | 485139 | 441008 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (1568774) | (866122) |
| Capital gain distributions received from underlying funds | 167451 | 168339 |
|  | (1401323) | (697783) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 1301664 | 952939 |
| **Net realized and unrealized gain (loss) on affiliates** | (99659) | 255156 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $385480 | $696164 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice<br>Blend+<br>2045 Portfolio** | **One Choice<br>Blend+<br>2050 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $480857 | $340471 |
| **Expenses:** |  |  |
| Management fees | 31520 | 23091 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 203 | 517 |
| Directors' fees and expenses | 383 | 275 |
| Other expenses | 126 | 148 |
|  | 32238 | 24037 |
| **Net investment income (loss)** | 448619 | 316434 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (1113761) | (755431) |
| Capital gain distributions received from underlying funds | 188777 | 150553 |
|  | (924984) | (604878) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 1264214 | 953631 |
| **Net realized and unrealized gain (loss) on affiliates** | 339230 | 348753 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $787849 | $665187 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice<br>Blend+<br>2055 Portfolio** | **One Choice<br>Blend+<br>2060 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $190412 | $112286 |
| **Expenses:** |  |  |
| Management fees | 13583 | 8265 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 357 | 212 |
| Directors' fees and expenses | 165 | 89 |
| Other expenses | 184 | 200 |
|  | 14295 | 8772 |
| **Net investment income (loss)** | 176117 | 103514 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (819307) | (268308) |
| Capital gain distributions received from underlying funds | 89395 | 55820 |
|  | (729912) | (212488) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 836611 | 396734 |
| **Net realized and unrealized gain (loss) on affiliates** | 106699 | 184246 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $282816 | $287760 |

---

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | |
| | **One Choice<br>Blend+<br>2065 Portfolio** |
| **Investment Income (Loss)** | |
| **Income from Affiliates:** | |
| Income distributions from underlying funds | $35362 |
| **Expenses:** |  |
| Management fees | 4898 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 591 |
| Directors' fees and expenses | 33 |
| Other expenses | 255 |
|  | 5783 |
| **Net investment income (loss)** | 29579 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |
| **Net realized gain (loss) on:** |  |
| Sales of investments in underlying funds | (188756) |
| Capital gain distributions received from underlying funds | 17131 |
|  | (171625) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 194038 |
| **Net realized and unrealized gain (loss) on affiliates** | 22413 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $51992 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice<br>Blend+<br>2015 Portfolio** | **One Choice<br>Blend+<br>2015 Portfolio** | **One Choice<br>Blend+<br>2020 Portfolio** | **One Choice<br>Blend+<br>2020 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $91433 | $32769 | $211006 | $98821 |
| Net realized gain (loss) | (89289) | (27440) | (272616) | (130635) |
| Change in net unrealized appreciation (depreciation) | (4374) | (185890) | 254931 | (549434) |
| Net increase (decrease) in net assets resulting from operations | (2230) | (180561) | 193321 | (581248) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (11157) | (8642) | (41607) | (33063) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (139) | (119) | (304) | (256) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (117) | (99) | (234) | (217) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (148) | (116) | (328) | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (103090) | (125) | (224312) | (269) |
| Decrease in net assets from distributions | (114651) | (9101) | (266785) | (34001) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (109323) | 4203786 | 4616411 | 8024295 |
| **Net increase (decrease) in net assets** | (226204) | 4014124 | 4542947 | 7409046 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 4188283 | 174159 | 7466757 | 57711 |
| End of period | $3962079 | $4188283 | $12009704 | $7466757 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice<br>Blend+<br>2025 Portfolio** | **One Choice<br>Blend+<br>2025 Portfolio** | **One Choice<br>Blend+<br>2030 Portfolio** | **One Choice<br>Blend+<br>2030 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $498347 | $215105 | $554361 | $232354 |
| Net realized gain (loss) | (494028) | (181383) | (901166) | (66434) |
| Change in net unrealized appreciation (depreciation) | 353525 | (1012713) | 826919 | (1693272) |
| Net increase (decrease) in net assets resulting from operations | 357844 | (978991) | 480114 | (1527352) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (115870) | (79040) | (130061) | (77258) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (145) | (152) | (158) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (124) | (133) | (136) | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (423) | (1127) | (2701) | (1133) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (566153) | (159) | (746796) | (152) |
| Decrease in net assets from distributions | (682715) | (80611) | (879852) | (78814) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 3356624 | 22078009 | 5508872 | 23608775 |
| **Net increase (decrease) in net assets** | 3031753 | 21018407 | 5109134 | 22002609 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 22675830 | 1657423 | 24030334 | 2027725 |
| End of period | $25707583 | $22675830 | $29139468 | $24030334 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice<br>Blend+<br>2035 Portfolio** | **One Choice<br>Blend+<br>2035 Portfolio** | **One Choice<br>Blend+<br>2040 Portfolio** | **One Choice<br>Blend+<br>2040 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $485139 | $216549 | $441008 | $143871 |
| Net realized gain (loss) | (1401323) | (86219) | (697783) | 79389 |
| Change in net unrealized appreciation (depreciation) | 1301664 | (2026724) | 952939 | (1557088) |
| Net increase (decrease) in net assets resulting from operations | 385480 | (1896394) | 696164 | (1333828) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (110586) | (62283) | (45457) | (30962) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (930) | (869) | (146) | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (139) | (130) | (818) | (903) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (3695) | (575) | (3493) | (1900) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (714197) | (156) | (696210) | (165) |
| Decrease in net assets from distributions | (829547) | (64013) | (746124) | (34089) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 3266739 | 24146924 | 4245029 | 21795891 |
| **Net increase (decrease) in net assets** | 2822672 | 22186517 | 4195069 | 20427974 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 23866260 | 1679743 | 21266695 | 838721 |
| End of period | $26688932 | $23866260 | $25461764 | $21266695 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice<br>Blend+<br>2045 Portfolio** | **One Choice<br>Blend+<br>2045 Portfolio** | **One Choice<br>Blend+<br>2050 Portfolio** | **One Choice<br>Blend+<br>2050 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $448619 | $137938 | $316434 | $99287 |
| Net realized gain (loss) | (924984) | 26337 | (604878) | 94957 |
| Change in net unrealized appreciation (depreciation) | 1264214 | (1614496) | 953631 | (1180048) |
| Net increase (decrease) in net assets resulting from operations | 787849 | (1450221) | 665187 | (985804) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (60832) | (23979) | (39876) | (28443) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (425) | (450) | (140) | (171) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (127) | (136) | (119) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (1996) | (562) | (5182) | (3333) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (736554) | (162) | (517760) | (178) |
| Decrease in net assets from distributions | (799934) | (25289) | (563077) | (32276) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 4154342 | 25181867 | 3501526 | 16793129 |
| **Net increase (decrease) in net assets** | 4142257 | 23706357 | 3603636 | 15775049 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 24168643 | 462286 | 16717329 | 942280 |
| End of period | $28310900 | $24168643 | $20320965 | $16717329 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice<br>Blend+<br>2055 Portfolio** | **One Choice<br>Blend+<br>2055 Portfolio** | **One Choice<br>Blend+<br>2060 Portfolio** | **One Choice<br>Blend+<br>2060 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $176117 | $62354 | $103514 | $27300 |
| Net realized gain (loss) | (729912) | 5601 | (212488) | (11708) |
| Change in net unrealized appreciation (depreciation) | 836611 | (805092) | 396734 | (307513) |
| Net increase (decrease) in net assets resulting from operations | 282816 | (737137) | 287760 | (291921) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (26304) | (19309) | (19913) | (11161) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (151) | (174) | (283) | (291) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (130) | (154) | (110) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (3758) | (1760) | (715) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (311208) | (181) | (151110) | (176) |
| Decrease in net assets from distributions | (341551) | (21578) | (172131) | (12574) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 1370093 | 10778001 | 2300916 | 4635724 |
| **Net increase (decrease) in net assets** | 1311358 | 10019286 | 2416545 | 4331229 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 10468279 | 448993 | 4672253 | 341024 |
| End of period | $11779637 | $10468279 | $7088798 | $4672253 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice<br>Blend+<br>2065 Portfolio** | **One Choice<br>Blend+<br>2065 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | |
| Net investment income (loss) | $29579 | $33674 |
| Net realized gain (loss) | (171625) | (26662) |
| Change in net unrealized appreciation (depreciation) | 194038 | (201882) |
| Net increase (decrease) in net assets resulting from operations | 51992 | (194870) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (48349) | (22091) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (190) | (174) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (169) | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (8700) | (5230) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (17451) | (180) |
| Decrease in net assets from distributions | (74859) | (27829) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 393759 | 1897393 |
| **Net increase (decrease) in net assets** | 370892 | 1674694 |
| **Net Assets** |  |  |
| Beginning of period | 2281511 | 606817 |
| End of period | $2652403 | $2281511 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JANUARY 31, 2023 (UNAUDITED)**

**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, fixed-income securities and short-term investments. 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.

**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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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.

------

**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, 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.

The annual management fee for each class of each fund is as follows:

---

| | | |
|:---|:---|:---|
| **Inv*e*stor, 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.

For the period ended January 31, 2023, 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** | **Effective Annual Management Fee After Waiver** | **Effective Annual Management Fee After Waiver** |
| | **Fee Waiver** | **Investor, A and R Classes** | **I Class** | **R6 Class** |
| One Choice Blend+ 2015 Portfolio | 0.01% | 0.57% | 0.37% | 0.22% |
| 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 January 31, 2023 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investor Class** | **I Class\*** | **A Class\*** | **R Class\*** | **R6 Class** |
| One Choice Blend+ 2015 Portfolio | $29 |  |  |  | $252 |
| One Choice Blend+ 2020 Portfolio | $97 |  |  | $1 | $496 |
| One Choice Blend+ 2025 Portfolio | $201 |  |  |  | $956 |
| One Choice Blend+ 2030 Portfolio | $131 |  |  | $3 | $766 |
| One Choice Blend+ 2035 Portfolio | $45 |  |  | $2 | $291 |

---

\*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 January 31, 2023 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.

**Other Expenses —** One Choice Blend+ 2065 Portfolio's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses. The impact of other expenses to the annualized ratio of operating expenses to average net assets was 0.02% for the period ended January 31, 2023.

**4. Investment Transactions**

Investment transactions for the period ended January 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Choice<br>Blend+<br>2015 Portfolio** | **One Choice<br>Blend+<br>2020 Portfolio** | **One Choice<br>Blend+<br>2025 Portfolio** | **One Choice<br>Blend+<br>2030 Portfolio** |
| Purchases | $682316 | $6924199 | $8969135 | $11784617 |
| Sales | $794186 | $2312870 | $5660028 | $6424563 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Choice<br>Blend+<br>2035 Portfolio** | **One Choice<br>Blend+<br>2040 Portfolio** | **One Choice<br>Blend+<br>2045 Portfolio** | **One Choice<br>Blend+<br>2050 Portfolio** |
| Purchases | $9623121 | $7861269 | $8470114 | $6459036 |
| Sales | $6533348 | $3753025 | $4478318 | $3053604 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **One Choice<br>Blend+<br>2055 Portfolio** | **One Choice<br>Blend+<br>2060 Portfolio** | **One Choice<br>Blend+<br>2065 Portfolio** |
| Purchases | $4412028 | $3283039 | $1089989 |
| Sales | $3117975 | $994920 | $724379 |

---

------

**5. Capital Share Transactions** 

The corporation is authorized to issue 6,000,000,000 shares. Transactions in shares of the funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2015 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 8034 | $72407 | 29334 | $307041 |
| Issued in reinvestment of distributions | 1274 | 11157 | 832 | 8642 |
| Redeemed | (1414) | (12541) | (4065) | (40423) |
|  | 7894 | 71023 | 26101 | 275260 |
| **I Class** |  |  |  |  |
| Sold |  |  | 957 | 9950 |
| Issued in reinvestment of distributions | 16 | 139 | 11 | 119 |
| Redeemed |  |  | (957) | (10007) |
|  | 16 | 139 | 11 | 62 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 13 | 117 | 10 | 99 |
| **R Class** |  |  |  |  |
| Sold | 119 | 1063 | 293 | 2976 |
| Issued in reinvestment of distributions | 17 | 148 | 11 | 116 |
| Redeemed | (99) | (890) | (104) | (1020) |
|  | 37 | 321 | 200 | 2072 |
| **R6 Class** |  |  |  |  |
| Sold | 19628 | 177652 | 469331 | 4571586 |
| Issued in reinvestment of distributions | 11768 | 103090 | 12 | 125 |
| Redeemed | (51683) | (461665) | (67933) | (645418) |
|  | (20287) | (180923) | 401410 | 3926293 |
| Net increase (decrease) | (12327) | $(109323) | 427732 | $4203786 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2020 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 50259 | $470873 | 157301 | $1661090 |
| Issued in reinvestment of distributions | 4739 | 41607 | 3164 | 33063 |
| Redeemed | (20975) | (191080) | (45324) | (421011) |
|  | 34023 | 321400 | 115141 | 1273142 |
| **I Class** |  |  |  |  |
| Sold |  |  | 101 | 976 |
| Issued in reinvestment of distributions | 35 | 304 | 24 | 256 |
|  | 35 | 304 | 125 | 1232 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 26 | 234 | 21 | 217 |
| **R Class** |  |  |  |  |
| Sold | 490 | 4293 | 274 | 2537 |
| Issued in reinvestment of distributions | 37 | 328 | 19 | 196 |
| Redeemed | (464) | (4225) | (6) | (57) |
|  | 63 | 396 | 287 | 2676 |
| **R6 Class** |  |  |  |  |
| Sold | 678617 | 6047508 | 792578 | 7916422 |
| Issued in reinvestment of distributions | 25548 | 224312 | 26 | 269 |
| Redeemed | (223781) | (1977743) | (122762) | (1169663) |
|  | 480384 | 4294077 | 669842 | 6747028 |
| Net increase (decrease) | 514531 | $4616411 | 785416 | $8024295 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2025 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 122332 | $1116256 | 273091 | $2786933 |
| Issued in reinvestment of distributions | 13411 | 115870 | 7607 | 79040 |
| Redeemed | (8534) | (75464) | (103721) | (1041359) |
|  | 127209 | 1156662 | 176977 | 1824614 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 16 | 145 | 15 | 152 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 14 | 124 | 13 | 133 |
| **R Class** |  |  |  |  |
| Sold | 327 | 2899 | 5338 | 54840 |
| Issued in reinvestment of distributions | 49 | 423 | 108 | 1127 |
| Redeemed | (44) | (400) | (4961) | (49162) |
|  | 332 | 2922 | 485 | 6805 |
| **R6 Class** |  |  |  |  |
| Sold | 743406 | 6502374 | 2383054 | 22904859 |
| Issued in reinvestment of distributions | 65527 | 566153 | 15 | 159 |
| Redeemed | (544000) | (4871756) | (282734) | (2658713) |
|  | 264933 | 2196771 | 2100335 | 20246305 |
| Net increase (decrease) | 392504 | $3356624 | 2277825 | $22078009 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2030 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 164762 | $1476144 | 275586 | $2802570 |
| Issued in reinvestment of distributions | 15176 | 130061 | 7400 | 77258 |
| Redeemed | (34768) | (308571) | (94183) | (931007) |
|  | 145170 | 1297634 | 188803 | 1948821 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 18 | 158 | 14 | 145 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 16 | 136 | 12 | 126 |
| **R Class** |  |  |  |  |
| Sold | 5694 | 50547 | 7165 | 72518 |
| Issued in reinvestment of distributions | 315 | 2701 | 109 | 1133 |
| Redeemed | (419) | (3736) | (168) | (1658) |
|  | 5590 | 49512 | 7106 | 71993 |
| **R6 Class** |  |  |  |  |
| Sold | 922151 | 8118102 | 2446874 | 23955298 |
| Issued in reinvestment of distributions | 87141 | 746796 | 15 | 152 |
| Redeemed | (540854) | (4703466) | (242421) | (2367760) |
|  | 468438 | 4161432 | 2204468 | 21587690 |
| Net increase (decrease) | 619232 | $5508872 | 2400403 | $23608775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2035 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 80762 | $713743 | 262874 | $2638852 |
| Issued in reinvestment of distributions | 13056 | 110586 | 5949 | 62283 |
| Redeemed | (16348) | (146180) | (88154) | (882461) |
|  | 77470 | 678149 | 180669 | 1818674 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 110 | 930 | 83 | 869 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 17 | 139 | 12 | 130 |
| **R Class** |  |  |  |  |
| Sold | 14288 | 123679 | 8725 | 82957 |
| Issued in reinvestment of distributions | 436 | 3695 | 54 | 575 |
| Redeemed | (8726) | (74802) | (302) | (3038) |
|  | 5998 | 52572 | 8477 | 80494 |
| **R6 Class** |  |  |  |  |
| Sold | 917120 | 7971812 | 2476842 | 24299869 |
| Issued in reinvestment of distributions | 84321 | 714197 | 15 | 156 |
| Redeemed | (729398) | (6151060) | (225557) | (2053268) |
|  | 272043 | 2534949 | 2251300 | 22246757 |
| Net increase (decrease) | 355638 | $3266739 | 2440541 | $24146924 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2040 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 73708 | $636544 | 100859 | $1027733 |
| Issued in reinvestment of distributions | 5373 | 45457 | 2946 | 30962 |
| Redeemed | (6886) | (60188) | (17431) | (177326) |
|  | 72195 | 621813 | 86374 | 881369 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 17 | 146 | 15 | 159 |
| **A Class** |  |  |  |  |
| Sold |  |  | 2753 | 30208 |
| Issued in reinvestment of distributions | 97 | 818 | 86 | 903 |
|  | 97 | 818 | 2839 | 31111 |
| **R Class** |  |  |  |  |
| Sold | 5546 | 48265 | 13729 | 136758 |
| Issued in reinvestment of distributions | 413 | 3493 | 181 | 1900 |
| Redeemed | (1375) | (12261) | (4810) | (45509) |
|  | 4584 | 39497 | 9100 | 93149 |
| **R6 Class** |  |  |  |  |
| Sold | 831509 | 7212182 | 2280688 | 22083742 |
| Issued in reinvestment of distributions | 82294 | 696210 | 16 | 165 |
| Redeemed | (510231) | (4325637) | (134597) | (1293804) |
|  | 403572 | 3582755 | 2146107 | 20790103 |
| Net increase (decrease) | 480465 | $4245029 | 2244435 | $21795891 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2045 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 46838 | $405493 | 164993 | $1633369 |
| Issued in reinvestment of distributions | 7182 | 60832 | 2266 | 23979 |
| Redeemed | (4844) | (43260) | (19864) | (196913) |
|  | 49176 | 423065 | 147395 | 1460435 |
| **I Class** |  |  |  |  |
| Sold |  |  | 942 | 10000 |
| Issued in reinvestment of distributions | 50 | 425 | 43 | 450 |
|  | 50 | 425 | 985 | 10450 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 15 | 127 | 13 | 136 |
| **R Class** |  |  |  |  |
| Sold | 14452 | 127778 | 6620 | 64025 |
| Issued in reinvestment of distributions | 236 | 1996 | 53 | 562 |
| Redeemed | (495) | (4429) | (1510) | (14013) |
|  | 14193 | 125345 | 5163 | 50574 |
| **R6 Class** |  |  |  |  |
| Sold | 973033 | 8442855 | 2567009 | 24836124 |
| Issued in reinvestment of distributions | 87063 | 736554 | 15 | 162 |
| Redeemed | (661191) | (5574029) | (128082) | (1176014) |
|  | 398905 | 3605380 | 2438942 | 23660272 |
| Net increase (decrease) | 462339 | $4154342 | 2592498 | $25181867 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2050 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 55640 | $497709 | 97949 | $941829 |
| Issued in reinvestment of distributions | 4708 | 39876 | 2683 | 28443 |
| Redeemed | (33984) | (304258) | (15321) | (152197) |
|  | 26364 | 233327 | 85311 | 818075 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 17 | 140 | 16 | 171 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 14 | 119 | 14 | 151 |
| **R Class** |  |  |  |  |
| Sold | 5665 | 49385 | 14026 | 133137 |
| Issued in reinvestment of distributions | 612 | 5182 | 315 | 3333 |
| Redeemed | (7384) | (66718) | (2775) | (27366) |
|  | (1107) | (12151) | 11566 | 109104 |
| **R6 Class** |  |  |  |  |
| Sold | 798273 | 6929076 | 1710626 | 16533446 |
| Issued in reinvestment of distributions | 61201 | 517760 | 17 | 178 |
| Redeemed | (494530) | (4166745) | (69888) | (667996) |
|  | 364944 | 3280091 | 1640755 | 15865628 |
| Net increase (decrease) | 390232 | $3501526 | 1737662 | $16793129 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2055 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 32471 | $284978 | 58266 | $585196 |
| Issued in reinvestment of distributions | 3117 | 26304 | 1818 | 19309 |
| Redeemed | (6632) | (57918) | (22416) | (202882) |
|  | 28956 | 253364 | 37668 | 401623 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 18 | 151 | 16 | 174 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 15 | 130 | 15 | 154 |
| **R Class** |  |  |  |  |
| Sold | 7449 | 64618 | 21321 | 211607 |
| Issued in reinvestment of distributions | 445 | 3758 | 166 | 1760 |
| Redeemed | (10557) | (97132) | (3022) | (27561) |
|  | (2663) | (28756) | 18465 | 185806 |
| **R6 Class** |  |  |  |  |
| Sold | 510288 | 4440083 | 1141573 | 11110629 |
| Issued in reinvestment of distributions | 36829 | 311208 | 17 | 181 |
| Redeemed | (432098) | (3606087) | (96616) | (920566) |
|  | 115019 | 1145204 | 1044974 | 10190244 |
| Net increase (decrease) | 141345 | $1370093 | 1101138 | $10778001 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2060 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 36284 | $319877 | 52889 | $524978 |
| Issued in reinvestment of distributions | 2340 | 19913 | 994 | 10577 |
| Redeemed | (10857) | (95662) | (7078) | (70536) |
|  | 27767 | 244128 | 46805 | 465019 |
| **I Class** |  |  |  |  |
| Sold |  |  | 674 | 7130 |
| Issued in reinvestment of distributions | 33 | 283 | 27 | 291 |
|  | 33 | 283 | 701 | 7421 |
| **A Class** |  |  |  |  |
| Sold | 32 | 283 | 16 | 140 |
| Issued in reinvestment of distributions | 13 | 110 | 15 | 150 |
|  | 45 | 393 | 31 | 290 |
| **R Class** |  |  |  |  |
| Sold | 1249 | 10882 | 10884 | 105523 |
| Issued in reinvestment of distributions | 84 | 715 | 75 | 796 |
| Redeemed | (7920) | (70181) | (2153) | (19550) |
|  | (6587) | (58584) | 8806 | 86769 |
| **R6 Class** |  |  |  |  |
| Sold | 390493 | 3413780 | 468475 | 4506850 |
| Issued in reinvestment of distributions | 17778 | 151110 | 17 | 176 |
| Redeemed | (172612) | (1450194) | (46587) | (430801) |
|  | 235659 | 2114696 | 421905 | 4076225 |
| Net increase (decrease) | 256917 | $2300916 | 478248 | $4635724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice Blend+ 2065 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 38873 | $342480 | 83912 | $842382 |
| Issued in reinvestment of distributions | 5742 | 48349 | 2060 | 22019 |
| Redeemed | (13720) | (120299) | (11632) | (120966) |
|  | 30895 | 270530 | 74340 | 743435 |
| **I Class** |  |  |  |  |
| Issued in reinvestment of distributions | 23 | 190 | 16 | 174 |
| **A Class** |  |  |  |  |
| Issued in reinvestment of distributions | 20 | 169 | 14 | 154 |
| **R Class** |  |  |  |  |
| Sold | 9435 | 82477 | 27795 | 288450 |
| Issued in reinvestment of distributions | 1035 | 8700 | 489 | 5230 |
| Redeemed | (1970) | (17353) | (10386) | (103620) |
|  | 8500 | 73824 | 17898 | 190060 |
| **R6 Class** |  |  |  |  |
| Sold | 80454 | 700563 | 102821 | 992817 |
| Issued in reinvestment of distributions | 2075 | 17451 | 17 | 180 |
| Redeemed | (80022) | (668968) | (3269) | (29427) |
|  | 2507 | 49046 | 99569 | 963570 |
| Net increase (decrease) | 41945 | $393759 | 191837 | $1897393 |

---

------

**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.

**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.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Choice<br>Blend+<br>2015 Portfolio** | **One Choice<br>Blend+<br>2020 Portfolio** | **One Choice<br>Blend+<br>2025 Portfolio** | **One Choice<br>Blend+<br>2030 Portfolio** |
| Federal tax cost of investments | $4194856 | $12559673 | $26794936 | $30778142 |
| Gross tax appreciation of investments | $16953 | $37078 | $158011 | $83891 |
| Gross tax depreciation of investments | (249730) | (587047) | (1245364) | (1722565) |
| Net tax appreciation (depreciation) of investments | $(232777) | $(549969) | $(1087353) | $(1638674) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Choice<br>Blend+<br>2035 Portfolio** | **One Choice<br>Blend+<br>2040 Portfolio** | **One Choice<br>Blend+<br>2045 Portfolio** | **One Choice<br>Blend+<br>2050 Portfolio** |
| Federal tax cost of investments | $28736637 | $26892741 | $29904978 | $21346618 |
| Gross tax appreciation of investments |  | $24307 |  |  |
| Gross tax depreciation of investments | $(2047705) | (1455284) | $(1594078) | $(1025653) |
| Net tax appreciation (depreciation) of investments | $(2047705) | $(1430977) | $(1594078) | $(1025653) |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | **One Choice<br>Blend+<br>2055 Portfolio** | **One Choice<br>Blend+<br>2060 Portfolio** | **One Choice<br>Blend+<br>2065 Portfolio** |
| Federal tax cost of investments | $12553288 | $7321949 | $2780343 |
| Gross tax appreciation of investments |  |  |  |
| Gross tax depreciation of investments | $(773651) | $(233151) | $(127940) |
| Net tax appreciation (depreciation) of investments | $(773651) | $(233151) | $(127940) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of July 31, 2022, One Choice Blend+ 2020 Portfolio had accumulated short-term capital losses of $(44,870), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

**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.

**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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

------

**10. Affiliated Fund Transactions**

A summary of transactions for each underlying fund for the period ended January 31, 2023 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2015 Portfolio (Amounts in thousands)** |
| Avantis Core Fixed Income Fund | $1095 | $146 | $136 | $(20) | $1085 | 127 | $(23) | $17 |
| Avantis Short-Term Fixed Income Fund | 245 | 17 | 26 | (2) | 234 | 25 | (2) | 2 |
| High Income Fund | 151 | 6 | 19 | 1 | 139 | 17 | (3) | 5 |
| Inflation-Adjusted Bond Fund | 199 | 15 | 11 | (18) | 185 | 17 | (2) | 9 |
| Short Duration Inflation Protection Bond Fund | 246 | 28 | 22 | (18) | 234 | 23 | (1) | 12 |
| American Century Low Volatility ETF | 211 | 1 | 28 | 6 | 190 | 4 | (3) | 2 |
| Avantis U.S. Equity Fund | 362 | 20 | 72 | 14 | 324 | 23 | (9) | 5 |
| Avantis U.S. Small Cap Value Fund | 37 | 3 | 7 | 1 | 34 | 2 |  | 2 |
| Focused Large Cap Value Fund | 282 | 15 | 46 | 5 | 256 | 26 | (5) | 16 |
| Growth Fund |  | 216 | 1 |  | 215 | 5 |  | 6 |
| Heritage Fund | 20 |  | 5 | 2 | 17 | 1 | (1) |  |
| Mid Cap Value Fund | 70 | 4 | 11 | 1 | 64 | 4 | (2) | 5 |
| Small Cap Growth Fund | 37 |  | 6 | 3 | 34 | 2 | (1) |  |
| Emerging Markets Debt Fund | 50 | 1 | 6 | 2 | 47 | 5 | (1) | 1 |
| Global Bond Fund | 495 | 70 | 52 | (34) | 479 | 56 | (8) | 27 |
| Avantis International Equity Fund | 186 | 7 | 34 | 17 | 176 | 16 | (6) | 4 |
| Focused International Growth Fund | 101 | 4 | 18 | 7 | 94 | 6 | (4) | 1 |
| Global Real Estate Fund | 43 |  | 1 | (1) | 41 | 3 |  |  |
| International Value Fund |  | 108 | 1 | 7 | 114 | 14 |  | 3 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 242 | 20 | 277 | 15 |  |  | (33) |  |
| Non-U.S. Intrinsic Value Fund | 116 | 1 | 125 | 8 |  |  | (6) |  |
|  | $4188 | $682 | $904 | $(4) | $3962 | 376 | $(110) | $117 |

---

(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.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized<br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2020 Portfolio (Amounts in thousands)** |
| Avantis Core Fixed Income Fund | $1899 | $1770 | $387 | $7 | $3289 | 384 | $(55) | $39 |
| Avantis Short-Term Fixed Income Fund | 342 | 356 | 71 | 2 | 629 | 67 | (4) | 4 |
| High Income Fund | 303 | 247 | 58 | 8 | 500 | 60 | (9) | 12 |
| Inflation-Adjusted Bond Fund | 337 | 329 | 52 | (31) | 583 | 54 | (7) | 21 |
| Short Duration Inflation Protection Bond Fund | 382 | 396 | 66 | (30) | 682 | 67 | (4) | 25 |
| American Century Low Volatility ETF | 345 | 223 | 68 | 22 | 522 | 12 | (7) | 3 |
| Avantis U.S. Equity Fund | 708 | 460 | 235 | 57 | 990 | 71 | (23) | 13 |
| Avantis U.S. Small Cap Value Fund | 73 | 48 | 20 | 5 | 106 | 7 | (1) | 6 |
| Focused Large Cap Value Fund | 531 | 351 | 126 | 18 | 774 | 78 | (13) | 38 |
| Growth Fund |  | 726 | 82 | 16 | 660 | 17 | (3) | 14 |
| Heritage Fund | 51 | 25 | 14 | 6 | 68 | 3 | (3) |  |
| Mid Cap Value Fund | 132 | 86 | 27 | 5 | 196 | 12 | (4) | 11 |
| Small Cap Growth Fund | 71 | 42 | 16 | 10 | 107 | 5 | (4) | 1 |
| Emerging Markets Debt Fund | 106 | 83 | 22 | 9 | 176 | 20 | (4) | 3 |
| Global Bond Fund | 836 | 844 | 174 | (51) | 1455 | 169 | (25) | 62 |
| Avantis Emerging Markets Equity Fund | 15 | 15 | 2 | 2 | 30 | 3 |  | 1 |
| Avantis International Equity Fund | 352 | 223 | 129 | 56 | 502 | 46 | (17) | 9 |
| Focused International Growth Fund | 192 | 127 | 70 | 33 | 282 | 17 | (17) | 3 |
| Global Real Estate Fund | 84 | 54 | 19 | 6 | 125 | 10 | (6) | 1 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 9 | 3 | 3 | 1 | 10 | 1 | (1) |  |
| International Value Fund |  | 322 | 17 | 19 | 324 | 41 | 1 | 8 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 471 | 131 | 661 | 59 |  |  | (101) |  |
| Non-U.S. Intrinsic Value Fund | 217 | 62 | 301 | 22 |  |  | (12) |  |
| Emerging Markets Fund | 11 | 1 | 16 | 4 |  |  | (4) |  |
|  | $7467 | $6924 | $2636 | $255 | $12010 | 1144 | $(323) | $274 |

---

(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.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2025 Portfolio (Amounts in thousands)** |
| Avantis Core Fixed Income Fund | $5409 | $1995 | $767 | $(71) | $6566 | 767 | $(94) | $90 |
| Avantis Short-Term Fixed Income Fund | 556 | 228 | 51 | (3) | 730 | 78 | (3) | 5 |
| High Income Fund | 1075 | 310 | 142 | 10 | 1253 | 150 | (18) | 36 |
| Inflation-Adjusted Bond Fund | 924 | 342 | 73 | (85) | 1108 | 103 | (6) | 46 |
| Short Duration Inflation Protection Bond Fund | 862 | 349 | 76 | (65) | 1070 | 106 | (2) | 45 |
| American Century Low Volatility ETF | 822 | 160 | 115 | 32 | 899 | 20 | (8) | 6 |
| Avantis U.S. Equity Fund | 2495 | 544 | 569 | 112 | 2582 | 186 | (40) | 38 |
| Avantis U.S. Small Cap Value Fund | 250 | 69 | 66 | 10 | 263 | 18 | (1) | 16 |
| Focused Large Cap Value Fund | 1802 | 391 | 335 | 42 | 1900 | 190 | (29) | 104 |
| Growth Fund |  | 1803 | 91 | 18 | 1730 | 44 | (5) | 40 |
| Heritage Fund | 258 | 50 | 72 | 24 | 260 | 11 | (11) |  |
| Mid Cap Value Fund | 446 | 99 | 88 | 11 | 468 | 29 | (9) | 29 |
| Small Cap Growth Fund | 244 | 50 | 46 | 22 | 270 | 14 | (8) | 2 |
| Avantis Emerging Markets Equity Fund | 144 | 136 | 19 | 14 | 275 | 26 | (3) | 9 |
| Avantis International Equity Fund | 1156 | 215 | 285 | 122 | 1208 | 110 | (40) | 25 |
| Focused International Growth Fund | 642 | 126 | 156 | 63 | 675 | 41 | (35) | 8 |
| Global Real Estate Fund | 303 | 64 | 40 | 1 | 328 | 27 | (9) | 2 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 81 | 10 | 21 | 9 | 79 | 8 | (6) |  |
| International Value Fund |  | 712 | 1 | 44 | 755 | 96 |  | 21 |
| Emerging Markets Debt Fund | 426 | 108 | 55 | 24 | 503 | 56 | (8) | 9 |
| Global Bond Fund | 2296 | 921 | 277 | (154) | 2786 | 324 | (30) | 135 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 1665 | 226 | 1985 | 94 |  |  | (205) |  |
| Non-U.S. Intrinsic Value Fund | 691 | 52 | 795 | 52 |  |  | (30) |  |
| Emerging Markets Fund | 129 | 9 | 166 | 28 |  |  | (31) |  |
|  | $22676 | $8969 | $6291 | $354 | $25708 | 2404 | $(631) | $666 |

---

(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.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2030 Portfolio (Amounts in thousands)** |
| American Century Low Volatility ETF | $578 | $163 | $55 | $22 | $708 | 16 | $(7) | $5 |
| Avantis U.S. Equity Fund | 3165 | 894 | 639 | 158 | 3578 | 257 | (78) | 53 |
| Avantis U.S. Small Cap Value Fund | 302 | 89 | 61 | 12 | 342 | 23 | (4) | 22 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 2130 | 542 | 2455 | 237 | 454 | 11 | (384) |  |
| Focused Large Cap Value Fund | 2161 | 677 | 404 | 52 | 2486 | 249 | (51) | 141 |
| Growth Fund |  | 2008 | 43 | 13 | 1978 | 50 | (1) | 46 |
| Heritage Fund | 407 | 99 | 93 | 33 | 446 | 19 | (16) |  |
| Mid Cap Value Fund | 528 | 148 | 78 | 9 | 607 | 37 | (11) | 40 |
| Small Cap Growth Fund | 294 | 70 | 36 | 22 | 350 | 18 | (7) | 2 |
| Avantis Core Fixed Income Fund | 5182 | 2509 | 933 | (35) | 6723 | 785 | (133) | 92 |
| Avantis Short-Term Fixed Income Fund | 250 | 143 | 44 |  | 349 | 37 | (3) | 2 |
| High Income Fund | 1171 | 476 | 190 | 17 | 1474 | 177 | (31) | 42 |
| Inflation-Adjusted Bond Fund | 760 | 405 | 98 | (74) | 993 | 92 | (11) | 43 |
| Short Duration Inflation Protection Bond Fund | 525 | 325 | 78 | (44) | 728 | 72 | (3) | 32 |
| Avantis Emerging Markets Equity Fund | 272 | 262 | 37 | 27 | 524 | 49 | (8) | 17 |
| Avantis International Equity Fund | 1328 | 350 | 300 | 155 | 1533 | 139 | (55) | 32 |
| Emerging Markets Fund | 298 | 51 | 308 | 80 | 121 | 11 | (80) | 3 |
| Focused International Growth Fund | 739 | 217 | 192 | 83 | 847 | 52 | (48) | 11 |
| Global Real Estate Fund | 383 | 119 | 68 | 10 | 444 | 36 | (21) | 3 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 170 | 26 | 27 | 13 | 182 | 18 | (8) |  |
| International Value Fund |  | 732 | 1 | 46 | 777 | 99 |  | 23 |
| Non-U.S. Intrinsic Value Fund | 775 | 172 | 907 | 95 | 135 | 14 | (56) | 7 |
| Emerging Markets Debt Fund | 522 | 193 | 88 | 35 | 662 | 74 | (15) | 13 |
| Global Bond Fund | 2090 | 1115 | 368 | (139) | 2698 | 314 | (47) | 137 |
|  | $24030 | $11785 | $7503 | $827 | $29139 | 2649 | $(1078) | $766 |

---

(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.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2035 Portfolio (Amounts in thousands)** |
| American Century Low Volatility ETF | $210 | $89 | $41 | $11 | $269 | 6 | $(7) | $2 |
| Avantis U.S. Equity Fund | 3699 | 931 | 882 | 198 | 3946 | 284 | (149) | 59 |
| Avantis U.S. Small Cap Value Fund | 343 | 89 | 80 | 13 | 365 | 25 | (10) | 23 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 2503 | 699 | 1991 | 313 | 1524 | 36 | (451) |  |
| Focused Large Cap Value Fund | 2437 | 712 | 622 | 77 | 2604 | 261 | (98) | 149 |
| Growth Fund |  | 1178 | 2 | 8 | 1184 | 30 |  | 27 |
| Heritage Fund | 556 | 109 | 127 | 49 | 587 | 26 | (32) |  |
| Mid Cap Value Fund | 589 | 153 | 133 | 16 | 625 | 38 | (25) | 42 |
| Small Cap Growth Fund | 333 | 84 | 79 | 36 | 374 | 19 | (23) | 2 |
| Avantis Core Fixed Income Fund | 4475 | 2055 | 1180 | 12 | 5362 | 626 | (176) | 77 |
| Avantis Short-Term Fixed Income Fund | 68 | 44 | 18 |  | 94 | 10 | (1) | 1 |
| High Income Fund | 1093 | 406 | 262 | 27 | 1264 | 152 | (46) | 38 |
| Inflation-Adjusted Bond Fund | 489 | 236 | 100 | (41) | 584 | 54 | (13) | 26 |
| Short Duration Inflation Protection Bond Fund | 140 | 104 | 32 | (12) | 200 | 20 | (2) | 9 |
| Avantis Emerging Markets Equity Fund | 405 | 260 | 83 | 40 | 622 | 58 | (21) | 21 |
| Avantis International Equity Fund | 1415 | 361 | 409 | 172 | 1539 | 140 | (91) | 32 |
| Emerging Markets Fund | 548 | 106 | 389 | 124 | 389 | 36 | (121) | 10 |
| Focused International Growth Fund | 795 | 221 | 259 | 99 | 856 | 52 | (74) | 10 |
| Global Real Estate Fund | 450 | 125 | 95 | 14 | 494 | 40 | (32) | 4 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 273 | 52 | 75 | 31 | 281 | 28 | (25) |  |
| International Value Fund |  | 437 |  | 27 | 464 | 59 |  | 14 |
| Non-U.S. Intrinsic Value Fund | 798 | 194 | 712 | 144 | 424 | 44 | (94) | 21 |
| Emerging Markets Debt Fund | 552 | 175 | 131 | 41 | 637 | 71 | (24) | 13 |
| Global Bond Fund | 1695 | 803 | 400 | (97) | 2001 | 233 | (54) | 106 |
|  | $23866 | $9623 | $8102 | $1302 | $26689 | 2348 | $(1569) | $686 |

---

(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.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2040 Portfolio (Amounts in thousands)** |
| Avantis U.S. Equity Fund | $3726 | $938 | $507 | $172 | $4329 | 311 | $(80) | $66 |
| Avantis U.S. Small Cap Value Fund | 340 | 101 | 58 | 14 | 397 | 27 | (5) | 26 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 2509 | 725 | 923 | 148 | 2459 | 59 | (232) |  |
| Focused Large Cap Value Fund | 2415 | 669 | 368 | 53 | 2769 | 277 | (54) | 160 |
| Growth Fund |  | 509 | 6 | 3 | 506 | 13 | (1) | 12 |
| Heritage Fund | 611 | 139 | 93 | 44 | 701 | 31 | (19) |  |
| Mid Cap Value Fund | 579 | 163 | 88 | 11 | 665 | 41 | (14) | 43 |
| Small Cap Growth Fund | 333 | 79 | 33 | 25 | 404 | 21 | (8) | 3 |
| Avantis Emerging Markets Equity Fund | 440 | 263 | 64 | 38 | 677 | 63 | (13) | 23 |
| Avantis International Equity Fund | 1360 | 357 | 275 | 154 | 1596 | 145 | (50) | 34 |
| Emerging Markets Fund | 656 | 178 | 297 | 108 | 645 | 60 | (88) | 17 |
| Focused International Growth Fund | 766 | 220 | 176 | 83 | 893 | 54 | (45) | 11 |
| Global Real Estate Fund | 461 | 137 | 51 | 2 | 549 | 45 | (16) | 4 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 319 | 66 | 46 | 25 | 364 | 37 | (13) |  |
| International Value Fund |  | 191 | 5 | 12 | 198 | 25 |  | 6 |
| Non-U.S. Intrinsic Value Fund | 744 | 220 | 399 | 135 | 700 | 72 | (52) | 35 |
| Avantis Core Fixed Income Fund | 3262 | 1620 | 703 | (12) | 4167 | 487 | (98) | 59 |
| High Income Fund | 818 | 345 | 154 | 15 | 1024 | 123 | (25) | 30 |
| Inflation-Adjusted Bond Fund | 298 | 146 | 45 | (28) | 371 | 35 | (6) | 17 |
| Emerging Markets Debt Fund | 432 | 174 | 81 | 30 | 555 | 62 | (14) | 12 |
| Global Bond Fund | 1198 | 621 | 247 | (79) | 1493 | 174 | (33) | 81 |
|  | $21267 | $7861 | $4619 | $953 | $25462 | 2162 | $(866) | $639 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2045 Portfolio (Amounts in thousands)** |
| Avantis U.S. Equity Fund | $4656 | $1390 | $938 | $245 | $5353 | 385 | $(154) | $77 |
| Avantis U.S. Small Cap Value Fund | 419 | 139 | 86 | 19 | 491 | 33 | (10) | 30 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 3128 | 1228 | 958 | 164 | 3562 | 85 | (226) |  |
| Focused Large Cap Value Fund | 3043 | 949 | 556 | 76 | 3512 | 352 | (91) | 189 |
| Heritage Fund | 753 | 204 | 155 | 58 | 860 | 37 | (31) |  |
| Mid Cap Value Fund | 729 | 226 | 140 | 19 | 834 | 51 | (26) | 53 |
| Small Cap Growth Fund | 416 | 127 | 82 | 37 | 498 | 26 | (19) | 3 |
| Avantis Emerging Markets Equity Fund | 557 | 151 | 101 | 47 | 654 | 61 | (25) | 21 |
| Avantis International Equity Fund | 1702 | 479 | 419 | 200 | 1962 | 178 | (89) | 40 |
| Emerging Markets Fund | 833 | 242 | 216 | 102 | 961 | 89 | (71) | 25 |
| Focused International Growth Fund | 957 | 295 | 265 | 109 | 1096 | 67 | (73) | 13 |
| Global Real Estate Fund | 575 | 204 | 128 | 21 | 672 | 54 | (41) | 5 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 393 | 103 | 80 | 37 | 453 | 46 | (26) |  |
| Non-U.S. Intrinsic Value Fund | 941 | 257 | 262 | 163 | 1099 | 114 | (55) | 53 |
| Avantis Core Fixed Income Fund | 2744 | 1399 | 711 | 8 | 3440 | 402 | (102) | 48 |
| High Income Fund | 693 | 290 | 148 | 15 | 850 | 102 | (25) | 25 |
| Inflation-Adjusted Bond Fund | 251 | 125 | 48 | (22) | 306 | 29 | (6) | 14 |
| Emerging Markets Debt Fund | 368 | 141 | 80 | 27 | 456 | 51 | (15) | 9 |
| Global Bond Fund | 1011 | 521 | 219 | (61) | 1252 | 146 | (29) | 65 |
|  | $24169 | $8470 | $5592 | $1264 | $28311 | 2308 | $(1114) | $670 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2050 Portfolio (Amounts in thousands)** |
| Avantis U.S. Equity Fund | $3445 | $1170 | $612 | $172 | $4175 | 300 | $(96) | $62 |
| Avantis U.S. Small Cap Value Fund | 312 | 114 | 66 | 13 | 373 | 25 | (7) | 24 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 2315 | 1088 | 752 | 118 | 2769 | 66 | (175) |  |
| Focused Large Cap Value Fund | 2254 | 858 | 424 | 58 | 2746 | 275 | (65) | 150 |
| Heritage Fund | 561 | 189 | 137 | 50 | 663 | 29 | (28) |  |
| Mid Cap Value Fund | 539 | 186 | 89 | 12 | 648 | 40 | (16) | 42 |
| Small Cap Growth Fund | 307 | 113 | 75 | 32 | 377 | 19 | (18) | 2 |
| Avantis Emerging Markets Equity Fund | 412 | 128 | 72 | 36 | 504 | 47 | (17) | 17 |
| Avantis International Equity Fund | 1260 | 402 | 290 | 154 | 1526 | 138 | (61) | 32 |
| Emerging Markets Fund | 619 | 212 | 151 | 77 | 757 | 70 | (49) | 20 |
| Focused International Growth Fund | 709 | 250 | 194 | 86 | 851 | 52 | (52) | 10 |
| Global Real Estate Fund | 425 | 155 | 73 | 10 | 517 | 42 | (24) | 4 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 293 | 84 | 58 | 30 | 349 | 35 | (19) |  |
| Non-U.S. Intrinsic Value Fund | 698 | 241 | 212 | 129 | 856 | 89 | (41) | 43 |
| Avantis Core Fixed Income Fund | 1395 | 708 | 357 | 1 | 1747 | 204 | (50) | 25 |
| High Income Fund | 350 | 152 | 76 | 8 | 434 | 52 | (12) | 13 |
| Inflation-Adjusted Bond Fund | 125 | 66 | 21 | (12) | 158 | 15 | (3) | 7 |
| Emerging Markets Debt Fund | 186 | 72 | 37 | 13 | 234 | 26 | (7) | 5 |
| Global Bond Fund | 512 | 271 | 113 | (33) | 637 | 74 | (15) | 35 |
|  | $16717 | $6459 | $3809 | $954 | $20321 | 1598 | $(755) | $491 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2055 Portfolio (Amounts in thousands)** |
| Avantis U.S. Equity Fund | $2254 | $896 | $769 | $145 | $2526 | 182 | $(122) | $38 |
| Avantis U.S. Small Cap Value Fund | 202 | 78 | 63 | 10 | 227 | 15 | (8) | 14 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 1498 | 753 | 659 | 114 | 1706 | 41 | (163) |  |
| Focused Large Cap Value Fund | 1476 | 624 | 502 | 60 | 1658 | 166 | (79) | 90 |
| Heritage Fund | 361 | 133 | 127 | 35 | 402 | 17 | (24) |  |
| Mid Cap Value Fund | 354 | 135 | 108 | 14 | 395 | 24 | (21) | 25 |
| Small Cap Growth Fund | 200 | 77 | 67 | 21 | 231 | 12 | (14) | 2 |
| Avantis Emerging Markets Equity Fund | 271 | 99 | 101 | 34 | 303 | 28 | (25) | 10 |
| Avantis International Equity Fund | 827 | 301 | 329 | 118 | 917 | 83 | (76) | 19 |
| Emerging Markets Fund | 407 | 148 | 173 | 70 | 452 | 42 | (59) | 12 |
| Focused International Growth Fund | 461 | 179 | 198 | 68 | 510 | 31 | (57) | 6 |
| Global Real Estate Fund | 280 | 114 | 101 | 22 | 315 | 26 | (34) | 2 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 191 | 63 | 69 | 25 | 210 | 21 | (22) |  |
| Non-U.S. Intrinsic Value Fund | 458 | 159 | 195 | 90 | 512 | 53 | (46) | 25 |
| Avantis Core Fixed Income Fund | 665 | 366 | 269 | 11 | 773 | 90 | (38) | 11 |
| High Income Fund | 168 | 79 | 63 | 7 | 191 | 23 | (11) | 6 |
| Inflation-Adjusted Bond Fund | 60 | 32 | 19 | (5) | 68 | 6 | (2) | 3 |
| Emerging Markets Debt Fund | 90 | 38 | 34 | 8 | 102 | 11 | (6) | 2 |
| Global Bond Fund | 245 | 138 | 91 | (10) | 282 | 33 | (12) | 15 |
|  | $10468 | $4412 | $3937 | $837 | $11780 | 904 | $(819) | $280 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2060 Portfolio (Amounts in thousands)** |
| Avantis U.S. Equity Fund | $1028 | $702 | $247 | $74 | $1557 | 112 | $(41) | $23 |
| Avantis U.S. Small Cap Value Fund | 92 | 63 | 22 | 5 | 138 | 9 | (3) | 9 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 680 | 534 | 212 | 37 | 1039 | 25 | (52) |  |
| Focused Large Cap Value Fund | 673 | 494 | 165 | 26 | 1028 | 103 | (26) | 55 |
| Heritage Fund | 165 | 104 | 40 | 17 | 246 | 11 | (9) |  |
| Mid Cap Value Fund | 162 | 109 | 32 | 5 | 244 | 15 | (6) | 16 |
| Small Cap Growth Fund | 91 | 60 | 22 | 11 | 140 | 7 | (6) | 1 |
| Avantis Emerging Markets Equity Fund | 124 | 82 | 36 | 17 | 187 | 17 | (9) | 6 |
| Avantis International Equity Fund | 377 | 232 | 104 | 63 | 568 | 52 | (24) | 12 |
| Emerging Markets Fund | 185 | 128 | 64 | 34 | 283 | 26 | (21) | 7 |
| Focused International Growth Fund | 210 | 134 | 64 | 35 | 315 | 19 | (19) | 4 |
| Global Real Estate Fund | 127 | 91 | 33 | 9 | 194 | 16 | (11) | 1 |
| International Small-Mid Cap Fund<sup>(3)</sup> | 87 | 49 | 19 | 12 | 129 | 13 | (7) |  |
| Non-U.S. Intrinsic Value Fund | 209 | 135 | 70 | 52 | 326 | 34 | (15) | 16 |
| Avantis Core Fixed Income Fund | 249 | 206 | 78 | 3 | 380 | 44 | (11) | 5 |
| High Income Fund | 64 | 44 | 16 | 2 | 94 | 11 | (3) | 3 |
| Inflation-Adjusted Bond Fund | 23 | 17 | 5 | (2) | 33 | 3 | (1) | 2 |
| Emerging Markets Debt Fund | 34 | 21 | 8 | 3 | 50 | 6 | (1) | 1 |
| Global Bond Fund | 92 | 78 | 26 | (6) | 138 | 16 | (3) | 7 |
|  | $4672 | $3283 | $1263 | $397 | $7089 | 539 | $(268) | $168 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning <br>Value** | **Purchase <br>Cost** | **Sales <br>Cost** | **Change in Net Unrealized Appreciation (Depreciation)** | **Ending <br>Value** | **Ending <br>Shares** | **Net Realized <br>Gain (Loss)** | **Distributions** <br>**Received**<sup>(2)</sup> |
| **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** | **One Choice Blend+ 2065 Portfolio (Amounts in thousands)** |
| Avantis U.S. Equity Fund | $502 | $228 | $176 | $30 | $584 | 42 | $(25) | $7 |
| Avantis U.S. Small Cap Value Fund | 45 | 21 | 16 | 2 | 52 | 4 | (2) | 3 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 333 | 160 | 134 | 29 | 388 | 9 | (36) |  |
| Focused Large Cap Value Fund | 329 | 165 | 123 | 13 | 384 | 38 | (19) | 17 |
| Heritage Fund | 81 | 33 | 32 | 10 | 92 | 4 | (8) |  |
| Mid Cap Value Fund | 79 | 38 | 28 | 3 | 92 | 6 | (5) | 5 |
| Small Cap Growth Fund | 44 | 19 | 17 | 6 | 52 | 3 | (4) |  |
| Avantis Emerging Markets Equity Fund | 60 | 29 | 26 | 8 | 71 | 7 | (6) | 2 |
| Avantis International Equity Fund | 184 | 78 | 74 | 25 | 213 | 19 | (16) | 4 |
| Emerging Markets Fund | 90 | 43 | 47 | 19 | 105 | 10 | (16) | 2 |
| Focused International Growth Fund | 103 | 46 | 44 | 13 | 118 | 7 | (12) | 1 |
| Global Real Estate Fund | 61 | 32 | 28 | 6 | 71 | 6 | (9) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 43 | 18 | 20 | 7 | 48 | 5 | (8) |  |
| Non-U.S. Intrinsic Value Fund | 102 | 45 | 46 | 18 | 119 | 12 | (10) | 5 |
| Avantis Core Fixed Income Fund | 122 | 76 | 58 | 2 | 142 | 17 | (7) | 2 |
| High Income Fund | 31 | 17 | 13 | 1 | 36 | 4 | (2) | 1 |
| Inflation-Adjusted Bond Fund | 11 | 6 | 4 | 1 | 14 | 1 |  | 1 |
| Emerging Markets Debt Fund | 17 | 8 | 8 | 2 | 19 | 2 | (2) |  |
| Global Bond Fund | 45 | 28 | 20 | (1) | 52 | 6 | (2) | 2 |
|  | $2282 | $1090 | $914 | $194 | $2652 | 202 | $(189) | $52 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | **One Choice Blend+ 2015 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.41 | 0.20 | (0.18) | 0.02 | (0.25) | (0.01) | (0.26) | $9.17 | 0.26% | 0.57%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 4.36%<sup>(3)</sup> | 4.35%<sup>(3)</sup> | 17% | $446 |
| 2022 | $10.51 | 0.29 | (1.17) | (0.88) | (0.22) |  | (0.22) | $9.41 | (8.57)% | 0.57% | 0.58% | 1.58% | 1.57% | 29% | $383 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.50 | 0.51 |  |  |  | $10.51 | 5.10% | 0.56%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 0.52%<sup>(3)</sup> | 0.50%<sup>(3)</sup> |  | $153 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.42 | 0.21 | (0.19) | 0.02 | (0.26) | (0.01) | (0.27) | $9.17 | 0.36% | 0.37%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 4.56%<sup>(3)</sup> | 4.55%<sup>(3)</sup> | 17% | $5 |
| 2022 | $10.51 | 0.32 | (1.17) | (0.85) | (0.24) |  | (0.24) | $9.42 | (8.32)% | 0.37% | 0.38% | 1.78% | 1.77% | 29% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.47 | 0.51 |  |  |  | $10.51 | 5.10% | 0.36%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 0.72%<sup>(3)</sup> | 0.70%<sup>(3)</sup> |  | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.40 | 0.19 | (0.19) | —<sup>(6)</sup> | (0.22) | (0.01) | (0.23) | $9.17 | 0.12% | 0.82%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 4.11%<sup>(3)</sup> | 4.10%<sup>(3)</sup> | 17% | $5 |
| 2022 | $10.49 | 0.26 | (1.15) | (0.89) | (0.20) |  | (0.20) | $9.40 | (8.68)% | 0.82% | 0.83% | 1.33% | 1.32% | 29% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.47 | 0.49 |  |  |  | $10.49 | 4.90% | 0.81%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 0.27%<sup>(3)</sup> | 0.25%<sup>(3)</sup> |  | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.38 | 0.19 | (0.20) | (0.01) | (0.20) | (0.01) | (0.21) | $9.16 | (0.03)% | 1.07%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 3.86%<sup>(3)</sup> | 3.85%<sup>(3)</sup> | 17% | $7 |
| 2022 | $10.48 | 0.23 | (1.15) | (0.92) | (0.18) |  | (0.18) | $9.38 | (8.97)% | 1.07% | 1.08% | 1.08% | 1.07% | 29% | $7 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.47 | 0.48 |  |  |  | $10.48 | 4.80% | 1.06%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 0.02%<sup>(3)</sup> | 0.00%<sup>(3)(7)</sup> |  | $5 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **R6 Class** | | | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.43 | 0.24 | (0.21) | 0.03 | (0.28) | (0.01) | (0.29) | $9.17 | 0.40% | 0.22%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 4.71%<sup>(3)</sup> | 4.70%<sup>(3)</sup> | 17% | $3500 |
| 2022 | $10.52 | 0.26 | (1.10) | (0.84) | (0.25) |  | (0.25) | $9.43 | (8.20)% | 0.22% | 0.23% | 1.93% | 1.92% | 29% | $3789 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.48 | 0.52 |  |  |  | $10.52 | 5.20% | 0.21%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 0.87%<sup>(3)</sup> | 0.85%<sup>(3)</sup> |  | $5 |

---

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

(7)Ratio was less than 0.005%.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | **One Choice Blend+ 2020 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.43 | 0.18 | (0.16) | 0.02 | (0.25) |  | (0.25) | $9.20 | 0.36% | 0.57%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 4.42%<sup>(3)</sup> | 4.41%<sup>(3)</sup> | 26% | $1386 |
| 2022 | $10.57 | 0.27 | (1.17) | (0.90) | (0.23) | (0.01) | (0.24) | $9.43 | (8.32)% | 0.57% | 0.58% | 2.01% | 2.00% | 36% | $1099 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.55 | 0.57 |  |  |  | $10.57 | 5.20% | 0.57%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 0.66%<sup>(3)</sup> | 0.65%<sup>(3)</sup> | 137% | $15 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.43 | 0.22 | (0.18) | 0.04 | (0.27) |  | (0.27) | $9.20 | 0.56% | 0.37%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 4.62%<sup>(3)</sup> | 4.61%<sup>(3)</sup> | 26% | $11 |
| 2022 | $10.58 | 0.32 | (1.21) | (0.89) | (0.25) | (0.01) | (0.26) | $9.43 | (8.25)% | 0.37% | 0.38% | 2.21% | 2.20% | 36% | $11 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.54 | 0.58 |  |  |  | $10.58 | 5.30% | 0.37%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 0.86%<sup>(3)</sup> | 0.85%<sup>(3)</sup> | 137% | $11 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.41 | 0.19 | (0.18) | 0.01 | (0.23) |  | (0.23) | $9.19 | 0.21% | 0.82%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 4.17%<sup>(3)</sup> | 4.16%<sup>(3)</sup> | 26% | $10 |
| 2022 | $10.56 | 0.28 | (1.21) | (0.93) | (0.21) | (0.01) | (0.22) | $9.41 | (8.61)% | 0.82% | 0.83% | 1.76% | 1.75% | 36% | $10 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.54 | 0.56 |  |  |  | $10.56 | 5.10% | 0.82%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 0.41%<sup>(3)</sup> | 0.40%<sup>(3)</sup> | 137% | $11 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.39 | 0.17 | (0.16) | 0.01 | (0.21) |  | (0.21) | $9.19 | 0.17% | 1.07%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 3.92%<sup>(3)</sup> | 3.91%<sup>(3)</sup> | 26% | $12 |
| 2022 | $10.55 | 0.24 | (1.20) | (0.96) | (0.19) | (0.01) | (0.20) | $9.39 | (8.90)% | 1.07% | 1.08% | 1.51% | 1.50% | 36% | $12 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.54 | 0.55 |  |  |  | $10.55 | 5.00% | 1.07%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 0.16%<sup>(3)</sup> | 0.15%<sup>(3)</sup> | 137% | $11 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **R6 Class** | | | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.44 | 0.21 | (0.17) | 0.04 | (0.28) |  | (0.28) | $9.20 | 0.61% | 0.22%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 4.77%<sup>(3)</sup> | 4.76%<sup>(3)</sup> | 26% | $10591 |
| 2022 | $10.59 | 0.30 | (1.18) | (0.88) | (0.26) | (0.01) | (0.27) | $9.44 | (8.13)% | 0.22% | 0.23% | 2.36% | 2.35% | 36% | $6335 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.55 | 0.59 |  |  |  | $10.59 | 5.40% | 0.22%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 1.01%<sup>(3)</sup> | 1.00%<sup>(3)</sup> | 137% | $11 |

---

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | **One Choice Blend+ 2025 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.30 | 0.19 | (0.13) | 0.06 | (0.24) | (0.03) | (0.27) | $9.09 | 0.73% | 0.57%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 4.26%<sup>(3)</sup> | 4.25%<sup>(3)</sup> | 26% | $4170 |
| 2022 | $10.55 | 0.30 | (1.27) | (0.97) | (0.26) | (0.02) | (0.28) | $9.30 | (9.41)% | 0.57% | 0.58% | 1.93% | 1.92% | 32% | $3081 |
| 2021<sup>(4)</sup> | $10.00 | 0.03<sup>(5)</sup> | 0.52 | 0.55 |  |  |  | $10.55 | 5.50% | 0.57%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 0.85%<sup>(3)</sup> | 0.84%<sup>(3)</sup> | 24% | $1629 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.31 | 0.21 | (0.14) | 0.07 | (0.26) | (0.03) | (0.29) | $9.09 | 0.83% | 0.37%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 4.46%<sup>(3)</sup> | 4.45%<sup>(3)</sup> | 26% | $5 |
| 2022 | $10.56 | 0.33 | (1.28) | (0.95) | (0.28) | (0.02) | (0.30) | $9.31 | (9.25)% | 0.37% | 0.38% | 2.13% | 2.12% | 32% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.52 | 0.56 |  |  |  | $10.56 | 5.60% | 0.37%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 1.05%<sup>(3)</sup> | 1.04%<sup>(3)</sup> | 24% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.28 | 0.19 | (0.13) | 0.06 | (0.22) | (0.03) | (0.25) | $9.09 | 0.70% | 0.82%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 4.01%<sup>(3)</sup> | 4.00%<sup>(3)</sup> | 26% | $5 |
| 2022 | $10.54 | 0.28 | (1.28) | (1.00) | (0.24) | (0.02) | (0.26) | $9.28 | (9.70)% | 0.82% | 0.83% | 1.68% | 1.67% | 32% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.52 | 0.54 |  |  |  | $10.54 | 5.40% | 0.82%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 0.60%<sup>(3)</sup> | 0.59%<sup>(3)</sup> | 24% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.27 | 0.17 | (0.13) | 0.04 | (0.19) | (0.03) | (0.22) | $9.09 | 0.55% | 1.07%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 3.76%<sup>(3)</sup> | 3.75%<sup>(3)</sup> | 26% | $18 |
| 2022 | $10.53 | 0.20 | (1.22) | (1.02) | (0.22) | (0.02) | (0.24) | $9.27 | (9.90)% | 1.07% | 1.08% | 1.43% | 1.42% | 32% | $16 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.52 | 0.53 |  |  |  | $10.53 | 5.30% | 1.07%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 0.35%<sup>(3)</sup> | 0.34%<sup>(3)</sup> | 24% | $13 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **R6 Class** | | | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.32 | 0.22 | (0.15) | 0.07 | (0.27) | (0.03) | (0.30) | $9.09 | 0.87% | 0.22%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 4.61%<sup>(3)</sup> | 4.60%<sup>(3)</sup> | 26% | $21510 |
| 2022 | $10.57 | 0.32 | (1.25) | (0.93) | (0.30) | (0.02) | (0.32) | $9.32 | (9.13)% | 0.22% | 0.23% | 2.28% | 2.27% | 32% | $19569 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.53 | 0.57 |  |  |  | $10.57 | 5.70% | 0.22%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 1.20%<sup>(3)</sup> | 1.19%<sup>(3)</sup> | 24% | $5 |

---

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | **One Choice Blend+ 2030 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.25 | 0.16 | (0.05) | 0.11 | (0.22) | (0.07) | (0.29) | $9.07 | 1.36% | 0.58%<sup>(3)</sup> | 0.59%<sup>(3)</sup> | 4.13%<sup>(3)</sup> | 4.12%<sup>(3)</sup> | 26% | $4745 |
| 2022 | $10.58 | 0.31 | (1.37) | (1.06) | (0.27) |  | (0.27) | $9.25 | (10.28)% | 0.57% | 0.58% | 1.75% | 1.74% | 26% | $3498 |
| 2021<sup>(4)</sup> | $10.00 | 0.03<sup>(5)</sup> | 0.55 | 0.58 |  |  |  | $10.58 | 5.80% | 0.57%<sup>(3)</sup> | 0.58%<sup>(3)</sup> | 0.68%<sup>(3)</sup> | 0.67%<sup>(3)</sup> | 3% | $2002 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.27 | 0.19 | (0.08) | 0.11 | (0.24) | (0.07) | (0.31) | $9.07 | 1.34% | 0.38%<sup>(3)</sup> | 0.39%<sup>(3)</sup> | 4.33%<sup>(3)</sup> | 4.32%<sup>(3)</sup> | 26% | $5 |
| 2022 | $10.59 | 0.34 | (1.37) | (1.03) | (0.29) |  | (0.29) | $9.27 | (10.03)% | 0.37% | 0.38% | 1.95% | 1.94% | 26% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.55 | 0.59 |  |  |  | $10.59 | 5.90% | 0.37%<sup>(3)</sup> | 0.38%<sup>(3)</sup> | 0.88%<sup>(3)</sup> | 0.87%<sup>(3)</sup> | 3% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.24 | 0.17 | (0.07) | 0.10 | (0.20) | (0.07) | (0.27) | $9.07 | 1.21% | 0.83%<sup>(3)</sup> | 0.84%<sup>(3)</sup> | 3.88%<sup>(3)</sup> | 3.87%<sup>(3)</sup> | 26% | $5 |
| 2022 | $10.57 | 0.30 | (1.38) | (1.08) | (0.25) |  | (0.25) | $9.24 | (10.48)% | 0.82% | 0.83% | 1.50% | 1.49% | 26% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.55 | 0.57 |  |  |  | $10.57 | 5.70% | 0.82%<sup>(3)</sup> | 0.83%<sup>(3)</sup> | 0.43%<sup>(3)</sup> | 0.42%<sup>(3)</sup> | 3% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.23 | 0.16 | (0.07) | 0.09 | (0.18) | (0.07) | (0.25) | $9.07 | 1.07% | 1.08%<sup>(3)</sup> | 1.09%<sup>(3)</sup> | 3.63%<sup>(3)</sup> | 3.62%<sup>(3)</sup> | 26% | $123 |
| 2022 | $10.56 | 0.26 | (1.36) | (1.10) | (0.23) |  | (0.23) | $9.23 | (10.67)% | 1.07% | 1.08% | 1.25% | 1.24% | 26% | $74 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.56 | 0.56 |  |  |  | $10.56 | 5.60% | 1.07%<sup>(3)</sup> | 1.08%<sup>(3)</sup> | 0.18%<sup>(3)</sup> | 0.17%<sup>(3)</sup> | 3% | $10 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **R6 Class** | | | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.27 | 0.20 | (0.08) | 0.12 | (0.25) | (0.07) | (0.32) | $9.07 | 1.49% | 0.23%<sup>(3)</sup> | 0.24%<sup>(3)</sup> | 4.48%<sup>(3)</sup> | 4.47%<sup>(3)</sup> | 26% | $24261 |
| 2022 | $10.59 | 0.32 | (1.34) | (1.02) | (0.30) |  | (0.30) | $9.27 | (9.92)% | 0.22% | 0.23% | 2.10% | 2.09% | 26% | $20448 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.55 | 0.59 |  |  |  | $10.59 | 5.90% | 0.22%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 1.03%<sup>(3)</sup> | 1.02%<sup>(3)</sup> | 3% | $5 |

---

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | **One Choice Blend+ 2035 Portfolio** | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.17 | 0.16 | (0.01) | 0.15 | (0.21) | (0.08) | (0.29) | $9.03 | 1.89% | 0.58%<sup>(3)</sup> | 3.78%<sup>(3)</sup> | 27% | $3711 |
| 2022 | $10.61 | 0.32 | (1.48) | (1.16) | (0.28) |  | (0.28) | $9.17 | (11.24)% | 0.58% | 1.54% | 20% | $3056 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.59 | 0.61 |  |  |  | $10.61 | 6.10% | 0.58%<sup>(3)</sup> | 0.54%<sup>(3)</sup> | 2% | $1620 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.18 | 0.18 | (0.02) | 0.16 | (0.23) | (0.08) | (0.31) | $9.03 | 1.99% | 0.38%<sup>(3)</sup> | 3.98%<sup>(3)</sup> | 27% | $28 |
| 2022 | $10.62 | 0.35 | (1.49) | (1.14) | (0.30) |  | (0.30) | $9.18 | (11.08)% | 0.38% | 1.74% | 20% | $27 |
| 2021<sup>(4)</sup> | $10.00 | 0.03<sup>(5)</sup> | 0.59 | 0.62 |  |  |  | $10.62 | 6.20% | 0.38%<sup>(3)</sup> | 0.74%<sup>(3)</sup> | 2% | $31 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.15 | 0.16 | (0.01) | 0.15 | (0.19) | (0.08) | (0.27) | $9.03 | 1.86% | 0.83%<sup>(3)</sup> | 3.53%<sup>(3)</sup> | 27% | $5 |
| 2022 | $10.60 | 0.30 | (1.49) | (1.19) | (0.26) |  | (0.26) | $9.15 | (11.53)% | 0.83% | 1.29% | 20% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.59 | 0.60 |  |  |  | $10.60 | 6.00% | 0.83%<sup>(3)</sup> | 0.29%<sup>(3)</sup> | 2% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.14 | 0.14 | —<sup>(6)</sup> | 0.14 | (0.17) | (0.08) | (0.25) | $9.03 | 1.71% | 1.08%<sup>(3)</sup> | 3.28%<sup>(3)</sup> | 27% | $146 |
| 2022 | $10.59 | 0.26 | (1.47) | (1.21) | (0.24) |  | (0.24) | $9.14 | (11.72)% | 1.08% | 1.04% | 20% | $93 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.59 | 0.59 |  |  |  | $10.59 | 5.90% | 1.08%<sup>(3)</sup> | 0.04%<sup>(3)</sup> | 2% | $18 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net Investment Income** | **Net** <br>**Realized Gains** | **Total** <br>**Distributions** | **Net <br>Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating** <br>**Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income <br>(Loss) <br>(before <br>expense <br>waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in <br>thousands)** |
| **R6 Class** | | | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.19 | 0.20 | (0.03) | 0.17 | (0.25) | (0.08) | (0.33) | $9.03 | 2.03% | 0.23%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 4.13%<sup>(3)</sup> | 4.13%<sup>(3)</sup> | 27% | $22799 |
| 2022 | $10.62 | 0.33 | (1.45) | (1.12) | (0.31) |  | (0.31) | $9.19 | (10.88)% | 0.23% | 0.23% | 1.89% | 1.89% | 20% | $20684 |
| 2021<sup>(4)</sup> | $10.00 | 0.04<sup>(5)</sup> | 0.58 | 0.62 |  |  |  | $10.62 | 6.20% | 0.23%<sup>(3)</sup> | 0.23%<sup>(3)</sup> | 0.89%<sup>(3)</sup> | 0.89%<sup>(3)</sup> | 2% | $5 |

---

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating**<br>**Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | **One Choice Blend+ 2040 Portfolio** | | | | | | | | | |
| **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.14 | 0.16 | 0.05 | 0.21 | (0.19) | (0.08) | (0.27) | $9.08 | 2.48% | 0.58%<sup>(3)</sup> | 3.62%<sup>(3)</sup> | 17% | $2113 |
| 2022 | $10.65 | 0.31 | (1.52) | (1.21) | (0.28) | (0.02) | (0.30) | $9.14 | (11.73)% | 0.58% | 1.29% | 13% | $1467 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.64 | 0.65 |  |  |  | $10.65 | 6.50% | 0.58%<sup>(3)</sup> | 0.37%<sup>(3)</sup> | 2% | $790 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.15 | 0.17 | 0.04 | 0.21 | (0.20) | (0.08) | (0.28) | $9.08 | 2.57% | 0.38%<sup>(3)</sup> | 3.82%<sup>(3)</sup> | 17% | $5 |
| 2022 | $10.66 | 0.36 | (1.55) | (1.19) | (0.30) | (0.02) | (0.32) | $9.15 | (11.58)% | 0.38% | 1.49% | 13% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.64 | 0.66 |  |  |  | $10.66 | 6.60% | 0.38%<sup>(3)</sup> | 0.57%<sup>(3)</sup> | 2% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.12 | 0.14 | 0.06 | 0.20 | (0.16) | (0.08) | (0.24) | $9.08 | 2.44% | 0.83%<sup>(3)</sup> | 3.37%<sup>(3)</sup> | 17% | $31 |
| 2022 | $10.64 | 0.30 | (1.54) | (1.24) | (0.26) | (0.02) | (0.28) | $9.12 | (12.02)% | 0.83% | 1.04% | 13% | $30 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.63 | 0.64 |  |  |  | $10.64 | 6.40% | 0.83%<sup>(3)</sup> | 0.12%<sup>(3)</sup> | 2% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.11 | 0.13 | 0.06 | 0.19 | (0.14) | (0.08) | (0.22) | $9.08 | 2.30% | 1.08%<sup>(3)</sup> | 3.12%<sup>(3)</sup> | 17% | $152 |
| 2022 | $10.63 | 0.27 | (1.53) | (1.26) | (0.24) | (0.02) | (0.26) | $9.11 | (12.22)% | 1.08% | 0.79% | 13% | $111 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.63 | 0.63 |  |  |  | $10.63 | 6.30% | 1.08%<sup>(3)</sup> | (0.13)%<sup>(3)</sup> | 2% | $33 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.17 | 0.05 | 0.22 | (0.22) | (0.08) | (0.30) | $9.08 | 2.61% | 0.23%<sup>(3)</sup> | 3.97%<sup>(3)</sup> | 17% | $23161 |
| 2022 | $10.66 | 0.33 | (1.50) | (1.17) | (0.31) | (0.02) | (0.33) | $9.16 | (11.37)% | 0.23% | 1.64% | 13% | $19654 |
| 2021<sup>(4)</sup> | $10.00 | 0.03<sup>(5)</sup> | 0.63 | 0.66 |  |  |  | $10.66 | 6.60% | 0.23%<sup>(3)</sup> | 0.72%<sup>(3)</sup> | 2% | $5 |

---

------

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating**<br>**Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | **One Choice Blend+ 2045 Portfolio** | | | | | | | | | |
| **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.15 | 0.14 | 0.12 | 0.26 | (0.18) | (0.09) | (0.27) | $9.14 | 3.06% | 0.58%<sup>(3)</sup> | 3.35%<sup>(3)</sup> | 18% | $2165 |
| 2022 | $10.68 | 0.32 | (1.56) | (1.24) | (0.29) |  | (0.29) | $9.15 | (11.94)% | 0.58% | 1.08% | 12% | $1719 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.67 | 0.68 |  |  |  | $10.68 | 6.80% | 0.58%<sup>(3)</sup> | 0.24%<sup>(3)</sup> | 10% | $431 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.16 | 0.10 | 0.26 | (0.19) | (0.09) | (0.28) | $9.14 | 3.16% | 0.38%<sup>(3)</sup> | 3.55%<sup>(3)</sup> | 18% | $14 |
| 2022 | $10.69 | 0.34 | (1.56) | (1.22) | (0.31) |  | (0.31) | $9.16 | (11.79)% | 0.38% | 1.28% | 12% | $14 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.67 | 0.69 |  |  |  | $10.69 | 6.90% | 0.38%<sup>(3)</sup> | 0.44%<sup>(3)</sup> | 10% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.14 | 0.15 | 0.09 | 0.24 | (0.16) | (0.09) | (0.25) | $9.13 | 2.81% | 0.83%<sup>(3)</sup> | 3.10%<sup>(3)</sup> | 18% | $5 |
| 2022 | $10.67 | 0.31 | (1.57) | (1.26) | (0.27) |  | (0.27) | $9.14 | (12.14)% | 0.83% | 0.83% | 12% | $5 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.67 | 0.67 |  |  |  | $10.67 | 6.70% | 0.83%<sup>(3)</sup> | (0.01)%<sup>(3)</sup> | 10% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.13 | 0.12 | 0.10 | 0.22 | (0.13) | (0.09) | (0.22) | $9.13 | 2.65% | 1.08%<sup>(3)</sup> | 2.85%<sup>(3)</sup> | 18% | $190 |
| 2022 | $10.66 | 0.26 | (1.54) | (1.28) | (0.25) |  | (0.25) | $9.13 | (12.33)% | 1.08% | 0.58% | 12% | $60 |
| 2021<sup>(4)</sup> | $10.00 | (0.01)<sup>(5)</sup> | 0.67 | 0.66 |  |  |  | $10.66 | 6.60% | 1.08%<sup>(3)</sup> | (0.26)%<sup>(3)</sup> | 10% | $15 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.17 | 0.17 | 0.10 | 0.27 | (0.21) | (0.09) | (0.30) | $9.14 | 3.20% | 0.23%<sup>(3)</sup> | 3.70%<sup>(3)</sup> | 18% | $25937 |
| 2022 | $10.70 | 0.34 | (1.54) | (1.20) | (0.33) |  | (0.33) | $9.17 | (11.67)% | 0.23% | 1.43% | 12% | $22372 |
| 2021<sup>(4)</sup> | $10.00 | 0.03<sup>(5)</sup> | 0.67 | 0.70 |  |  |  | $10.70 | 7.00% | 0.23%<sup>(3)</sup> | 0.59%<sup>(3)</sup> | 10% | $5 |

---

------

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating**<br>**Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | **One Choice Blend+ 2050 Portfolio** | | | | | | | | | |
| **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.14 | 0.14 | 0.14 | 0.28 | (0.16) | (0.09) | (0.25) | $9.17 | 3.34% | 0.58%<sup>(3)</sup> | 3.28%<sup>(3)</sup> | 17% | $1728 |
| 2022 | $10.70 | 0.35 | (1.59) | (1.24) | (0.32) |  | (0.32) | $9.14 | (12.05)% | 0.58% | 1.15% | 10% | $1482 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.69 | 0.70 |  |  |  | $10.70 | 7.10% | 0.58%<sup>(3)</sup> | 0.14%<sup>(3)</sup> | 12% | $822 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.15 | 0.15 | 0.14 | 0.29 | (0.18) | (0.09) | (0.27) | $9.17 | 3.44% | 0.38%<sup>(3)</sup> | 3.48%<sup>(3)</sup> | 17% | $5 |
| 2022 | $10.72 | 0.37 | (1.60) | (1.23) | (0.34) |  | (0.34) | $9.15 | (11.89)% | 0.38% | 1.35% | 10% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.70 | 0.72 |  |  |  | $10.72 | 7.20% | 0.38%<sup>(3)</sup> | 0.34%<sup>(3)</sup> | 12% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.13 | 0.13 | 0.14 | 0.27 | (0.14) | (0.09) | (0.23) | $9.17 | 3.19% | 0.83%<sup>(3)</sup> | 3.03%<sup>(3)</sup> | 17% | $5 |
| 2022 | $10.70 | 0.33 | (1.60) | (1.27) | (0.30) |  | (0.30) | $9.13 | (12.24)% | 0.83% | 0.90% | 10% | $5 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.70 | 0.70 |  |  |  | $10.70 | 7.00% | 0.83%<sup>(3)</sup> | (0.11)%<sup>(3)</sup> | 12% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.11 | 0.12 | 0.14 | 0.26 | (0.12) | (0.09) | (0.21) | $9.16 | 3.16% | 1.08%<sup>(3)</sup> | 2.78%<sup>(3)</sup> | 17% | $186 |
| 2022 | $10.68 | 0.29 | (1.58) | (1.29) | (0.28) |  | (0.28) | $9.11 | (12.45)% | 1.08% | 0.65% | 10% | $195 |
| 2021<sup>(4)</sup> | $10.00 | (0.01)<sup>(5)</sup> | 0.69 | 0.68 |  |  |  | $10.68 | 6.80% | 1.08%<sup>(3)</sup> | (0.36)%<sup>(3)</sup> | 12% | $105 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.15 | 0.14 | 0.29 | (0.19) | (0.09) | (0.28) | $9.17 | 3.48% | 0.23%<sup>(3)</sup> | 3.63%<sup>(3)</sup> | 17% | $18398 |
| 2022 | $10.72 | 0.37 | (1.57) | (1.20) | (0.36) |  | (0.36) | $9.16 | (11.69)% | 0.23% | 1.50% | 10% | $15032 |
| 2021<sup>(4)</sup> | $10.00 | 0.03<sup>(5)</sup> | 0.69 | 0.72 |  |  |  | $10.72 | 7.20% | 0.23%<sup>(3)</sup> | 0.49%<sup>(3)</sup> | 12% | $5 |

---

------

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating**<br>**Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | **One Choice Blend+ 2055 Portfolio** | | | | | | | | | |
| **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.14 | 0.12 | 0.17 | 0.29 | (0.16) | (0.11) | (0.27) | $9.16 | 3.47% | 0.59%<sup>(3)</sup> | 3.08%<sup>(3)</sup> | 30% | $964 |
| 2022 | $10.73 | 0.36 | (1.62) | (1.26) | (0.33) |  | (0.33) | $9.14 | (12.17)% | 0.58% | 1.09% | 20% | $696 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.73 | 0.73 |  |  |  | $10.73 | 7.30% | 0.58%<sup>(3)</sup> | 0.12%<sup>(3)</sup> | 10% | $413 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.15 | 0.14 | 0.16 | 0.30 | (0.18) | (0.11) | (0.29) | $9.16 | 3.57% | 0.39%<sup>(3)</sup> | 3.28%<sup>(3)</sup> | 30% | $5 |
| 2022 | $10.73 | 0.38 | (1.61) | (1.23) | (0.35) |  | (0.35) | $9.15 | (11.93)% | 0.38% | 1.29% | 20% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.71 | 0.73 |  |  |  | $10.73 | 7.30% | 0.38%<sup>(3)</sup> | 0.32%<sup>(3)</sup> | 10% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.12 | 0.12 | 0.17 | 0.29 | (0.14) | (0.11) | (0.25) | $9.16 | 3.44% | 0.84%<sup>(3)</sup> | 2.83%<sup>(3)</sup> | 30% | $5 |
| 2022 | $10.71 | 0.33 | (1.61) | (1.28) | (0.31) |  | (0.31) | $9.12 | (12.38)% | 0.83% | 0.84% | 20% | $5 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.71 | 0.71 |  |  |  | $10.71 | 7.10% | 0.83%<sup>(3)</sup> | (0.13)%<sup>(3)</sup> | 10% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.11 | 0.12 | 0.16 | 0.28 | (0.12) | (0.11) | (0.23) | $9.16 | 3.29% | 1.09%<sup>(3)</sup> | 2.58%<sup>(3)</sup> | 30% | $161 |
| 2022 | $10.70 | 0.31 | (1.61) | (1.30) | (0.29) |  | (0.29) | $9.11 | (12.57)% | 1.08% | 0.59% | 20% | $185 |
| 2021<sup>(4)</sup> | $10.00 | (0.01)<sup>(5)</sup> | 0.71 | 0.70 |  |  |  | $10.70 | 7.00% | 1.08%<sup>(3)</sup> | (0.38)%<sup>(3)</sup> | 10% | $19 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.15 | 0.16 | 0.31 | (0.19) | (0.11) | (0.30) | $9.17 | 3.72% | 0.24%<sup>(3)</sup> | 3.43%<sup>(3)</sup> | 30% | $10645 |
| 2022 | $10.74 | 0.38 | (1.60) | (1.22) | (0.36) |  | (0.36) | $9.16 | (11.81)% | 0.23% | 1.44% | 20% | $9578 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.72 | 0.74 |  |  |  | $10.74 | 7.40% | 0.23%<sup>(3)</sup> | 0.47%<sup>(3)</sup> | 10% | $5 |

---

------

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating**<br>**Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | **One Choice Blend+ 2060 Portfolio** | | | | | | | | | |
| **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.15 | 0.13 | 0.19 | 0.32 | (0.14) | (0.08) | (0.22) | $9.25 | 3.69% | 0.59%<sup>(3)</sup> | 3.25%<sup>(3)</sup> | 17% | $951 |
| 2022 | $10.73 | 0.33 | (1.59) | (1.26) | (0.31) | (0.01) | (0.32) | $9.15 | (12.16)% | 0.58% | 1.17% | 19% | $687 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.72 | 0.73 |  |  |  | $10.73 | 7.30% | 0.58%<sup>(3)</sup> | 0.19%<sup>(3)</sup> | 13% | $304 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.15 | 0.17 | 0.32 | (0.16) | (0.08) | (0.24) | $9.24 | 3.67% | 0.39%<sup>(3)</sup> | 3.45%<sup>(3)</sup> | 17% | $11 |
| 2022 | $10.73 | 0.27 | (1.50) | (1.23) | (0.33) | (0.01) | (0.34) | $9.16 | (11.92)% | 0.38% | 1.37% | 19% | $11 |
| 2021<sup>(4)</sup> | $10.00 | 0.01<sup>(5)</sup> | 0.72 | 0.73 |  |  |  | $10.73 | 7.30% | 0.38%<sup>(3)</sup> | 0.39%<sup>(3)</sup> | 13% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.13 | 0.12 | 0.19 | 0.31 | (0.12) | (0.08) | (0.20) | $9.24 | 3.54% | 0.84%<sup>(3)</sup> | 3.00%<sup>(3)</sup> | 17% | $5 |
| 2022 | $10.71 | 0.33 | (1.61) | (1.28) | (0.29) | (0.01) | (0.30) | $9.13 | (12.37)% | 0.83% | 0.92% | 19% | $5 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.71 | 0.71 |  |  |  | $10.71 | 7.10% | 0.83%<sup>(3)</sup> | (0.06)%<sup>(3)</sup> | 13% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.12 | 0.33 | (0.03) | 0.30 | (0.10) | (0.08) | (0.18) | $9.24 | 3.39% | 1.09%<sup>(3)</sup> | 2.75%<sup>(3)</sup> | 17% | $39 |
| 2022 | $10.70 | 0.27 | (1.57) | (1.30) | (0.27) | (0.01) | (0.28) | $9.12 | (12.56)% | 1.08% | 0.67% | 19% | $98 |
| 2021<sup>(4)</sup> | $10.00 | (0.01)<sup>(5)</sup> | 0.71 | 0.70 |  |  |  | $10.70 | 7.00% | 1.08%<sup>(3)</sup> | (0.31)%<sup>(3)</sup> | 13% | $21 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.14 | 0.19 | 0.33 | (0.17) | (0.08) | (0.25) | $9.24 | 3.83% | 0.24%<sup>(3)</sup> | 3.60%<sup>(3)</sup> | 17% | $6082 |
| 2022 | $10.74 | 0.36 | (1.58) | (1.22) | (0.35) | (0.01) | (0.36) | $9.16 | (11.90)% | 0.23% | 1.52% | 19% | $3871 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.72 | 0.74 |  |  |  | $10.74 | 7.40% | 0.23%<sup>(3)</sup> | 0.54%<sup>(3)</sup> | 13% | $5 |

---

------

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)** | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Total** <br>**Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total** <br>**Return**<sup>(1)</sup> | **Operating**<br>**Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net Assets, <br>End of Period <br>(in thousands)** |
| **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | **One Choice Blend+ 2065 Portfolio** | | | | | | | | | |
| **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(2)</sup> | $9.19 | 0.13 | 0.18 | 0.31 | (0.17) | (0.18) | (0.35) | $9.15 | 3.71% | 0.61%<sup>(3)</sup> | 2.78%<sup>(3)</sup> | 34% | $1422 |
| 2022 | $10.79 | 0.36 | (1.63) | (1.27) | (0.33) |  | (0.33) | $9.19 | (12.20)% | 0.58% | 2.57% | 45% | $1145 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.79 | 0.79 |  |  |  | $10.79 | 7.90% | 0.58%<sup>(3)</sup> | 0.13%<sup>(3)</sup> | 19% | $541 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.20 | 0.15 | 0.16 | 0.31 | (0.19) | (0.18) | (0.37) | $9.14 | 3.70% | 0.41%<sup>(3)</sup> | 2.98%<sup>(3)</sup> | 34% | $5 |
| 2022 | $10.80 | 0.38 | (1.63) | (1.25) | (0.35) |  | (0.35) | $9.20 | (12.05)% | 0.38% | 2.77% | 45% | $5 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.78 | 0.80 |  |  |  | $10.80 | 8.00% | 0.38%<sup>(3)</sup> | 0.33%<sup>(3)</sup> | 19% | $5 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.17 | 0.13 | 0.17 | 0.30 | (0.15) | (0.18) | (0.33) | $9.14 | 3.57% | 0.86%<sup>(3)</sup> | 2.53%<sup>(3)</sup> | 34% | $5 |
| 2022 | $10.78 | 0.33 | (1.63) | (1.30) | (0.31) |  | (0.31) | $9.17 | (12.49)% | 0.83% | 2.32% | 45% | $5 |
| 2021<sup>(4)</sup> | $10.00 | —<sup>(5)(6)</sup> | 0.78 | 0.78 |  |  |  | $10.78 | 7.80% | 0.83%<sup>(3)</sup> | (0.12)%<sup>(3)</sup> | 19% | $5 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.16 | 0.12 | 0.16 | 0.28 | (0.12) | (0.18) | (0.30) | $9.14 | 3.42% | 1.11%<sup>(3)</sup> | 2.28%<sup>(3)</sup> | 34% | $283 |
| 2022 | $10.77 | 0.26 | (1.59) | (1.33) | (0.28) |  | (0.28) | $9.16 | (12.68)% | 1.08% | 2.07% | 45% | $206 |
| 2021<sup>(4)</sup> | $10.00 | (0.01)<sup>(5)</sup> | 0.78 | 0.77 |  |  |  | $10.77 | 7.70% | 1.08%<sup>(3)</sup> | (0.37)%<sup>(3)</sup> | 19% | $49 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(2)</sup> | $9.21 | 0.19 | 0.12 | 0.31 | (0.20) | (0.18) | (0.38) | $9.14 | 3.74% | 0.26%<sup>(3)</sup> | 3.13%<sup>(3)</sup> | 34% | $938 |
| 2022 | $10.80 | 0.37 | (1.60) | (1.23) | (0.36) |  | (0.36) | $9.21 | (11.84)% | 0.23% | 2.92% | 45% | $921 |
| 2021<sup>(4)</sup> | $10.00 | 0.02<sup>(5)</sup> | 0.78 | 0.80 |  |  |  | $10.80 | 8.00% | 0.23%<sup>(3)</sup> | 0.48%<sup>(3)</sup> | 19% | $5 |

---

------

**Notes to Financial Highlights**

(1)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.

(2)Six months ended January 31, 2023 (unaudited).

(3)Annualized.

(4)March 10, 2021 (fund inception) through July 31, 2021.

(5)Computed using average shares outstanding throughout the period.

(6)Per-share amount was less than $0.005.

See Notes to Financial Statements.

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Approval of Management Agreement

At a meeting held on September 7, 2022, 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 of the Investment Company Act of 1940 (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, including a majority of the independent Directors, each year.

Prior to its consideration of the renewal of the Funds' management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Funds. 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 information that the Board and its committees receive and consider throughout the year.

In connection with its consideration of the renewal of the Funds' 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance policies, procedures, and regulatory experience of the Advisor and the Funds' service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and cyber security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of the Funds and other accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Funds and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Funds.

The independent Directors met in private session to review and discuss the information provided by the Advisor and certain independent data providers concerning the Funds. The independent Directors also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

------

**Factors Considered**

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the 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, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including cyber security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Directors' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 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 principal investment 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 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 Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. Each Fund's performance was below its benchmark for the one-year period 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.

------

**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 each 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 fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded content and services.

**Comparison to Other Funds' Fees.** Under the management agreement, the Advisor is paid a single, all-inclusive (or unified) management fee by each Fund. Separately, the Advisor has agreed to waive all management fees associated with the Funds' investments in the underlying American Century Investments funds in which each Fund invests. Under the unified fee structure, the Advisor provides all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's independent Directors (including their independent legal counsel) and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule12b-1 under the Investment Company Act. The Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund's unified fee to the total expense ratios of its peer expense universe and a narrower set of its expense group peers. In those instances where the fee level exceeds that of industry peers, the Board discussed with the Adviser the factors that impacted the level of the Fund's fee in relation to its peers. The unified fee charged to each Fund under the agreement was below the median of the total expense ratios of the fund's peer expense universe. The Board concluded that the management fee paid by

------

each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the 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 Board 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 such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**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 terms of the management agreement are fair and reasonable in light of the services provided and that the management agreement between the Funds and the Advisor should be renewed for an additional one-year period.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century Asset Allocation

Portfolios, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $8582345051 | $563235224 |
| Chris H. Cheesman | $8707646938 | $437933337 |
| Rajesh K. Gupta | $8679529882 | $466050393 |
| Lynn M. Jenkins | $8621650078 | $523930197 |
| Gary C. Meltzer | $8661710317 | $483869958 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* 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.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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 according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*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**.**

------

Notes

------

------

---

| | |
|:---|:---|
| ![image4.jpg](image4.jpg) | ![image4.jpg](image4.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>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.** | **American Century Asset Allocation Portfolios, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97415 2303** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-97415 2303** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image4.jpg](image4.jpg)

---

| |
|:---|
| Semiannual Report |
| January 31, 2023 |
| One Choice<sup>®</sup> Portfolio: Very Conservative |
| &nbsp;&nbsp;&nbsp;Investor Class (AONIX) |
| &nbsp;&nbsp;&nbsp;R Class (AORHX) |
| One Choice<sup>®</sup> Portfolio: Conservative |
| &nbsp;&nbsp;&nbsp;Investor Class (AOCIX) |
| &nbsp;&nbsp;&nbsp;R Class (AORSX) |
| One Choice<sup>®</sup> Portfolio: Moderate |
| &nbsp;&nbsp;&nbsp;Investor Class (AOMIX) |
| &nbsp;&nbsp;&nbsp;R Class (AORMX) |
| One Choice<sup>®</sup> Portfolio: Aggressive |
| &nbsp;&nbsp;&nbsp;Investor Class (AOGIX) |
| &nbsp;&nbsp;&nbsp;R Class (AORYX) |
| One Choice<sup>®</sup> Portfolio: Very Aggressive |
| &nbsp;&nbsp;&nbsp;Investor Class (AOVIX) |
| &nbsp;&nbsp;&nbsp;R Class (AORVX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i86dfdc25b2bf495c9842767097c0592b_79) |
| Portfolio Characteristics | [3](#i86dfdc25b2bf495c9842767097c0592b_88) |
| Shareholder Fee Examples | [4](#i86dfdc25b2bf495c9842767097c0592b_91) |
| Schedules of Investments | [6](#i86dfdc25b2bf495c9842767097c0592b_94) |
| Statements of Assets and Liabilities | [11](#i86dfdc25b2bf495c9842767097c0592b_97) |
| Statements of Operations | [13](#i86dfdc25b2bf495c9842767097c0592b_100) |
| Statements of Changes in Net Assets | [15](#i86dfdc25b2bf495c9842767097c0592b_103) |
| Notes to Financial Statements | [18](#i86dfdc25b2bf495c9842767097c0592b_106) |
| Financial Highlights | [28](#i86dfdc25b2bf495c9842767097c0592b_112) |
| Proxy Voting Results | [34](#i86dfdc25b2bf495c9842767097c0592b_127) |
| Additional Information | [35](#i86dfdc25b2bf495c9842767097c0592b_130) |

---

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<sup>®</sup> 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](image223a.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending January 31, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Inflation, Rate Hikes, Volatility Led to Mixed Performance** 

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

**Remaining Diligent in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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,

![image224a.jpg](image224a.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Portfolio Characteristics

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** |
| | **One<br>Choice<br>Portfolio:<br>Very<br>Conservative** | **One<br>Choice<br>Portfolio:<br>Conservative** | **One<br>Choice<br>Portfolio:<br>Moderate** | **One Choice**<br>**Portfolio:**<br>**Aggressive** | **One Choice**<br>**Portfolio:**<br>**Very**<br>**Aggressive** |
| Domestic Fixed Income Funds | 57.3% | 39.6% | 26.9% | 16.4% |  |
| Domestic Equity Funds | 24.3% | 31.4% | 42.3% | 53.4% | 63.7% |
| International Fixed Income Funds | 18.4% | 15.7% | 9.0% | 4.5% |  |
| International Equity Funds |  | 13.3% | 21.8% | 25.7% | 36.3% |
| Other Assets and Liabilities | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> |  |

---

(1)Category is less than 0.05% of total net assets.

------

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 August 1, 2022 to January 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | | |
| **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23**<br> | **Annualized**<br>**Expense Ratio**<sup>(1)</sup><br> |
| **Actual** | | | | |
| Investor Class | $1000 | $989.70 | $0.05 | 0.01% |
| R Class | $1000 | $987.20 | $2.55 | 0.51% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1025.16 | $0.05 | 0.01% |
| R Class | $1000 | $1022.64 | $2.60 | 0.51% |
| **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** |  |  |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1004.60 | $0.05 | 0.01% |
| R Class | $1000 | $1002.10 | $2.57 | 0.51% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1025.16 | $0.05 | 0.01% |
| R Class | $1000 | $1022.64 | $2.60 | 0.51% |
| **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** |  |  |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1016.10 | $0.05 | 0.01% |
| R Class | $1000 | $1013.50 | $2.59 | 0.51% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1025.16 | $0.05 | 0.01% |
| R Class | $1000 | $1022.64 | $2.60 | 0.51% |
| **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** |  |  |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1026.10 | $0.05 | 0.01% |
| R Class | $1000 | $1023.50 | $2.60 | 0.51% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1025.16 | $0.05 | 0.01% |
| R Class | $1000 | $1022.64 | $2.60 | 0.51% |
| **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** |  |  |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1037.20 | $0.05 | 0.01% |
| R Class | $1000 | $1035.40 | $2.62 | 0.51% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1025.16 | $0.05 | 0.01% |
| R Class | $1000 | $1022.64 | $2.60 | 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 184, 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.

------

Schedules of Investments

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Portfolio: Very Conservative**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 57.3%** | | |
| Diversified Bond Fund Investor Class | 9064880 | $86116357 |
| High Income Fund Investor Class | 577106 | 4818832 |
| Inflation-Adjusted Bond Fund Investor Class | 4776621 | 51348674 |
| Short Duration Fund Investor Class | 6321196 | 61884510 |
| Short Duration Inflation Protection Bond Fund Investor Class | 6067652 | 60676516 |
|  |  | 264844889 |
| **Domestic Equity Funds — 24.3%** |  |  |
| Disciplined Growth Fund Investor Class<sup>(2)</sup> | 257117 | 4712960 |
| Focused Large Cap Value Fund Investor Class | 3577169 | 35628601 |
| Growth Fund Investor Class | 184304 | 7095702 |
| Heritage Fund Investor Class | 545861 | 10813508 |
| Mid Cap Value Fund Investor Class | 960801 | 15632233 |
| Real Estate Fund Investor Class | 198895 | 4984312 |
| Small Cap Growth Fund Investor Class<sup>(2)</sup> | 138368 | 2435282 |
| Small Cap Value Fund Investor Class | 243203 | 2436899 |
| Sustainable Equity Fund Investor Class | 694035 | 28427677 |
|  |  | 112167174 |
| **International Fixed Income Funds — 18.4%** |  |  |
| Emerging Markets Debt Fund Investor Class | 1087745 | 9778823 |
| Global Bond Fund Investor Class | 4943020 | 42262825 |
| International Bond Fund Investor Class<sup>(2)</sup> | 3049126 | 33083012 |
|  |  | 85124660 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $462,528,925) |  | **462136723** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(62)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**462136661** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Portfolio: Conservative**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 39.6%** | | |
| Diversified Bond Fund Investor Class | 23669181 | $224857221 |
| High Income Fund Investor Class | 1456111 | 12158527 |
| Inflation-Adjusted Bond Fund Investor Class | 9320427 | 100194586 |
| Short Duration Fund Investor Class | 7517713 | 73598407 |
| Short Duration Inflation Protection Bond Fund Investor Class | 5917392 | 59173921 |
|  |  | 469982662 |
| **Domestic Equity Funds — 31.4%** |  |  |
| Disciplined Growth Fund Investor Class<sup>(2)</sup> | 1135735 | 20818020 |
| Focused Large Cap Value Fund Investor Class | 9589727 | 95513684 |
| Growth Fund Investor Class | 931630 | 35867771 |
| Heritage Fund Investor Class | 2289476 | 45354526 |
| Mid Cap Value Fund Investor Class | 3352822 | 54550407 |
| Small Cap Growth Fund Investor Class<sup>(2)</sup> | 521688 | 9181712 |
| Small Cap Value Fund Investor Class | 916311 | 9181436 |
| Sustainable Equity Fund Investor Class | 2483560 | 101726605 |
|  |  | 372194161 |
| **International Fixed Income Funds — 15.7%** |  |  |
| Emerging Markets Debt Fund Investor Class | 2737883 | 24613566 |
| Global Bond Fund Investor Class | 11080197 | 94735681 |
| International Bond Fund Investor Class<sup>(2)</sup> | 6135278 | 66567766 |
|  |  | 185917013 |
| **International Equity Funds — 13.3%** |  |  |
| Global Real Estate Fund Investor Class | 1029865 | 12698231 |
| International Growth Fund Investor Class | 5564986 | 65945080 |
| International Small-Mid Cap Fund Investor Class<sup>(2)</sup> | 1286936 | 12367456 |
| International Value Fund Investor Class | 8483263 | 67017774 |
|  |  | 158028541 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,161,844,764) |  | **1186122377** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(3605)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1186118772** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Portfolio: Moderate**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 42.3%** | | |
| Disciplined Growth Fund Investor Class<sup>(2)</sup> | 1466085 | $26873341 |
| Focused Dynamic Growth Fund Investor Class<sup>(2)</sup> | 692545 | 27528661 |
| Focused Large Cap Value Fund Investor Class | 17213975 | 171451194 |
| Growth Fund Investor Class | 1888456 | 72705537 |
| Heritage Fund Investor Class | 5093109 | 100894498 |
| Mid Cap Value Fund Investor Class | 6208340 | 101009685 |
| Small Cap Growth Fund Investor Class<sup>(2)</sup> | 1327647 | 23366580 |
| Small Cap Value Fund Investor Class | 2324056 | 23287045 |
| Sustainable Equity Fund Investor Class | 5285845 | 216508193 |
|  |  | 763624734 |
| **Domestic Fixed Income Funds — 26.9%** |  |  |
| Core Plus Fund Investor Class | 28263410 | 269350302 |
| High Income Fund Investor Class | 2191746 | 18301081 |
| Inflation-Adjusted Bond Fund Investor Class | 9911768 | 106551510 |
| Short Duration Fund Investor Class | 7419356 | 72635498 |
| Short Duration Inflation Protection Bond Fund Investor Class | 1787556 | 17875560 |
|  |  | 484713951 |
| **International Equity Funds — 21.8%** |  |  |
| Emerging Markets Fund Investor Class | 7323472 | 76896456 |
| Global Real Estate Fund Investor Class | 1548674 | 19095154 |
| International Growth Fund Investor Class | 10814543 | 128152334 |
| International Small-Mid Cap Fund Investor Class<sup>(2)</sup> | 3875996 | 37248319 |
| International Value Fund Investor Class | 11038875 | 87207113 |
| Non-U.S. Intrinsic Value Fund Investor Class | 4686477 | 45083907 |
|  |  | 393683283 |
| **International Fixed Income Funds — 9.0%** |  |  |
| Emerging Markets Debt Fund Investor Class | 4131525 | 37142412 |
| Global Bond Fund Investor Class | 10481361 | 89615634 |
| International Bond Fund Investor Class<sup>(2)</sup> | 3371124 | 36576700 |
|  |  | 163334746 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,704,718,439) |  | **1805356714** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(1121)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1805355593** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Portfolio: Aggressive**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 53.4%** | | |
| Focused Dynamic Growth Fund Investor Class<sup>(2)</sup> | 923560 | $36711497 |
| Focused Large Cap Value Fund Investor Class | 11351621 | 113062149 |
| Growth Fund Investor Class | 1471956 | 56670298 |
| Heritage Fund Investor Class | 3243865 | 64260961 |
| Mid Cap Value Fund Investor Class | 3927122 | 63894282 |
| Small Cap Growth Fund Investor Class<sup>(2)</sup> | 802624 | 14126181 |
| Small Cap Value Fund Investor Class | 1395413 | 13982039 |
| Sustainable Equity Fund Investor Class | 2818122 | 115430277 |
|  |  | 478137684 |
| **International Equity Funds — 25.7%** |  |  |
| Emerging Markets Fund Investor Class | 4874461 | 51181843 |
| Global Real Estate Fund Investor Class | 767855 | 9467653 |
| International Growth Fund Investor Class | 6085571 | 72114020 |
| International Small-Mid Cap Fund Investor Class<sup>(2)</sup> | 2406908 | 23130391 |
| International Value Fund Investor Class | 5107141 | 40346414 |
| Non-U.S. Intrinsic Value Fund Investor Class | 3508673 | 33753431 |
|  |  | 229993752 |
| **Domestic Fixed Income Funds — 16.4%** |  |  |
| Core Plus Fund Investor Class | 7642746 | 72835371 |
| High Income Fund Investor Class | 3241014 | 27062471 |
| Inflation-Adjusted Bond Fund Investor Class | 2453450 | 26374592 |
| Short Duration Fund Investor Class | 1146442 | 11223669 |
| Short Duration Inflation Protection Bond Fund Investor Class | 888001 | 8880007 |
|  |  | 146376110 |
| **International Fixed Income Funds — 4.5%** |  |  |
| Emerging Markets Debt Fund Investor Class | 1530952 | 13763257 |
| Global Bond Fund Investor Class | 3111805 | 26605932 |
|  |  | 40369189 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $788,307,788) |  | **894876735** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(5022)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**894871713** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice Portfolio: Very Aggressive**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 63.7%** | | |
| Focused Dynamic Growth Fund Investor Class<sup>(2)</sup> | 487085 | $19361638 |
| Focused Large Cap Value Fund Investor Class | 4495117 | 44771364 |
| Growth Fund Investor Class | 742550 | 28588192 |
| Heritage Fund Investor Class | 1456849 | 28860172 |
| Mid Cap Value Fund Investor Class | 1622475 | 26397676 |
| Small Cap Growth Fund Investor Class<sup>(2)</sup> | 486172 | 8556627 |
| Small Cap Value Fund Investor Class | 846101 | 8477929 |
| Sustainable Equity Fund Investor Class | 1170393 | 47939296 |
|  |  | 212952894 |
| **International Equity Funds — 36.3%** |  |  |
| Emerging Markets Fund Investor Class | 2799992 | 29399912 |
| Global Real Estate Fund Investor Class | 548089 | 6757940 |
| International Growth Fund Investor Class | 3039131 | 36013706 |
| International Small-Mid Cap Fund Investor Class<sup>(2)</sup> | 1752967 | 16846015 |
| International Value Fund Investor Class | 1892921 | 14954077 |
| Non-U.S. Intrinsic Value Fund Investor Class | 1819839 | 17506850 |
|  |  | 121478500 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $281,669,823) |  | **334431394** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**334431394** |

---

**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.

------

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | | |
| | **One Choice**<br>**Portfolio: Very Conservative** | **One Choice**<br>**Portfolio:**<br>**Conservative** | **One Choice**<br>**Portfolio:**<br>**Moderate** |
| **Assets** | | | |
| Investment securities in affiliates, at value (cost of $462,528,925, $1,161,844,764 and $1,704,718,439, respectively) | $462136723 | $1186122377 | $1805356714 |
| Receivable for investments sold | 781585 | 30970 |  |
| Receivable for capital shares sold | 103561 | 752632 | 482020 |
| Distributions receivable from affiliates | 410700 | 839557 | 1127399 |
|  | 463432569 | 1187745536 | 1806966133 |
| **Liabilities** |  |  |  |
| Payable for investments purchased | 410700 | 839557 | 1216400 |
| Payable for capital shares redeemed | 884263 | 786302 | 391924 |
| Distribution and service fees payable | 945 | 905 | 2216 |
|  | 1295908 | 1626764 | 1610540 |
| **Net Assets** | $462136661 | $1186118772 | $1805355593 |
| **Net Assets Consist of:** |  |  |  |
| Capital (par value and paid-in surplus) | $473322539 | $1180386789 | $1730132359 |
| Distributable earnings (loss) | (11185878) | 5731983 | 75223234 |
|  | $462136661 | $1186118772 | $1805355593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** |
| Investor Class, $0.01 Par Value | $459863216 | 41761870 | $11.01 |
| R Class, $0.01 Par Value | $2273445 | 206299 | $11.02 |
| **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** |
| Investor Class, $0.01 Par Value | $1183965530 | 97453651 | $12.15 |
| R Class, $0.01 Par Value | $2153242 | 177250 | $12.15 |
| **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** |
| Investor Class, $0.01 Par Value | $1800006661 | 132265215 | $13.61 |
| R Class, $0.01 Par Value | $5348932 | 393146 | $13.61 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice**<br>**Portfolio:**<br>**Aggressive** | **One Choice**<br>**Portfolio:**<br>**Very Aggressive** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $788,307,788 and $281,669,823, respectively) | $894876735 | $334431394 |
| Receivable for investments sold | 490753 |  |
| Receivable for capital shares sold | 149457 | 293710 |
| Distributions receivable from affiliates | 386524 |  |
|  | 895903469 | 334725104 |
| **Liabilities** |  |  |
| Payable for investments purchased | 386524 | 268855 |
| Payable for capital shares redeemed | 643147 | 22588 |
| Distribution and service fees payable | 2085 | 2267 |
|  | 1031756 | 293710 |
| **Net Assets** | $894871713 | $334431394 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $806652722 | $293583044 |
| Distributable earnings (loss) | 88218991 | 40848350 |
|  | $894871713 | $334431394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share** |
| **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** |
| Investor Class, $0.01 Par Value | $889815805 | 63793863 | $13.95 |
| R Class, $0.01 Par Value | $5055908 | 361827 | $13.97 |
| **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** |
| Investor Class, $0.01 Par Value | $328890207 | 20396791 | $16.12 |
| R Class, $0.01 Par Value | $5541187 | 342971 | $16.16 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice**<br>**Portfolio: Very Conservative** | **One Choice**<br>**Portfolio:**<br>**Conservative** | **One Choice**<br>**Portfolio:**<br>**Moderate** |
| **Investment Income (Loss)** | | | |
| **Income from Affiliates:** | | | |
| Income distributions from underlying funds | $11255355 | $22992655 | $29094456 |
| **Expenses:** |  |  |  |
| Distribution and service fees - R Class | 5360 | 5161 | 12575 |
| Directors' fees and expenses | 7583 | 18992 | 28115 |
| Proxy solicitation expenses | 9880 | 18905 | 27472 |
| Other expenses | 31 | 130 | 276 |
|  | 22854 | 43188 | 68438 |
| **Net investment income (loss)** | 11232501 | 22949467 | 29026018 |
| **Realized and Unrealized Gain (Loss) on Affiliates** | **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |  |
| Sales of investments in underlying funds | (5492724) | (9824207) | (5824102) |
| Capital gain distributions received from underlying funds | 3777905 | 10387433 | 19356484 |
|  | (1714819) | 563226 | 13532382 |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | (15692363) | (22218118) | (17193749) |
| **Net realized and unrealized gain (loss) on affiliates** | (17407182) | (21654892) | (3661367) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(6174681) | $1294575 | $25364651 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice**<br>**Portfolio:**<br>**Aggressive** | **One Choice<br>Portfolio:<br>Very Aggressive** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $12562583 | $3179643 |
| **Expenses:** |  |  |
| Distribution and service fees - R Class | 11622 | 12368 |
| Directors' fees and expenses | 13862 | 5125 |
| Proxy solicitation expenses | 20504 | 9320 |
| Other expenses | 156 | 64 |
|  | 46144 | 26877 |
| **Net investment income (loss)** | 12516439 | 3152766 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (6440385) | (4873178) |
| Capital gain distributions received from underlying funds | 12293197 | 5107454 |
|  | 5852812 | 234276 |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 2892527 | 8427488 |
| **Net realized and unrealized gain (loss) on affiliates** | 8745339 | 8661764 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $21261778 | $11814530 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice Portfolio: <br>Very Conservative** | **One Choice Portfolio: <br>Very Conservative** | **One Choice Portfolio: <br>Conservative** | **One Choice Portfolio: <br>Conservative** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $11232501 | $18325385 | $22949467 | $54351423 |
| Net realized gain (loss) | (1714819) | 16599138 | 563226 | 73079318 |
| Change in net unrealized appreciation (depreciation) | (15692363) | (70214396) | (22218118) | (257262446) |
| Net increase (decrease) in net assets resulting from operations | (6174681) | (35289873) | 1294575 | (129831705) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (26809611) | (33825632) | (91660948) | (115551570) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (121267) | (103325) | (158127) | (136670) |
| Decrease in net assets from distributions | (26930878) | (33928957) | (91819075) | (115688240) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (3397109) | 41327920 | 21746697 | 46423731 |
| **Net increase (decrease) in net assets** | (36502668) | (27890910) | (68777803) | (199096214) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 498639329 | 526530239 | 1254896575 | 1453992789 |
| End of period | $462136661 | $498639329 | $1186118772 | $1254896575 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice Portfolio: <br>Moderate** | **One Choice Portfolio: <br>Moderate** | **One Choice Portfolio: <br>Aggressive** | **One Choice Portfolio: <br>Aggressive** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $29026018 | $86479167 | $12516439 | $45523292 |
| Net realized gain (loss) | 13532382 | 139051972 | 5852812 | 81141763 |
| Change in net unrealized appreciation (depreciation) | (17193749) | (462386161) | 2892527 | (254398292) |
| Net increase (decrease) in net assets resulting from operations | 25364651 | (236855022) | 21261778 | (127733237) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (150043111) | (197569118) | (89027672) | (102997622) |
| &nbsp;&nbsp;&nbsp;R Class | (424585) | (471737) | (470701) | (471804) |
| Decrease in net assets from distributions | (150467696) | (198040855) | (89498373) | (103469426) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 85715034 | 94545565 | 52169751 | 58711106 |
| **Net increase (decrease) in net assets** | (39388011) | (340350312) | (16066844) | (172491557) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1844743604 | 2185093916 | 910938557 | 1083430114 |
| End of period | $1805355593 | $1844743604 | $894871713 | $910938557 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice Portfolio:<br>Very Aggressive** | **One Choice Portfolio:<br>Very Aggressive** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | |
| Net investment income (loss) | $3152766 | $17070266 |
| Net realized gain (loss) | 234276 | 35147596 |
| Change in net unrealized appreciation (depreciation) | 8427488 | (110188438) |
| Net increase (decrease) in net assets resulting from operations | 11814530 | (57970576) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;Investor Class | (34957786) | (37268908) |
| &nbsp;&nbsp;R Class | (546284) | (487089) |
| Decrease in net assets from distributions | (35504070) | (37755997) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 21526759 | 30385890 |
| **Net increase (decrease) in net assets** | (2162781) | (65340683) |
| **Net Assets** |  |  |
| Beginning of period | 336594175 | 401934858 |
| End of period | $334431394 | $336594175 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JANUARY 31, 2023 (UNAUDITED)**

**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, fixed-income securities and short-term investments. 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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually. 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.

------

**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. 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, 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 January 31, 2023 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 January 31, 2023 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One Choice Portfolio: <br>Very Conservative** | **One Choice Portfolio:<br>Conservative** | **One Choice Portfolio:<br>Moderate** | **One Choice Portfolio:<br>Aggressive** | **One Choice Portfolio: <br>Very Aggressive** |
| Purchases | $51932742 | $131204830 | $196537122 | $111326811 | $38633522 |
| Sales | $67249483 | $167937191 | $212905962 | $123845938 | $44350613 |

---

------

**5. Capital Share Transactions** 

The corporation is authorized to issue 6,000,000,000 shares. Transactions in shares of the funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**January 31, 2023** | **Six months ended**<br>**January 31, 2023** | **Year ended <br>July 31, 2022** | **Year ended <br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | | | |
| **Investor Class** | | | | |
| Sold | 2914468 | $32801813 | 9195049 | $116475915 |
| Issued in reinvestment of distributions | 2475253 | 26372151 | 2610214 | 33338231 |
| Redeemed | (5618634) | (62852969) | (8705748) | (109185414) |
|  | (228913) | (3679005) | 3099515 | 40628732 |
| **R Class** |  |  |  |  |
| Sold | 22108 | 248485 | 97854 | 1219846 |
| Issued in reinvestment of distributions | 11349 | 120967 | 8080 | 103273 |
| Redeemed | (7850) | (87556) | (48405) | (623931) |
|  | 25607 | 281896 | 57529 | 699188 |
| Net increase (decrease) | (203306) | $(3397109) | 3157044 | $41327920 |
| **One Choice Portfolio: Conservative** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Sold | 3697738 | $46085431 | 9930542 | $144300959 |
| Issued in reinvestment of distributions | 7744400 | 89622554 | 7711112 | 113181297 |
| Redeemed | (9240661) | (114308686) | (14810876) | (211560900) |
|  | 2201477 | 21399299 | 2830778 | 45921356 |
| **R Class** |  |  |  |  |
| Sold | 55259 | 677029 | 45443 | 631654 |
| Issued in reinvestment of distributions | 13671 | 158127 | 9310 | 136670 |
| Redeemed | (38858) | (487758) | (18548) | (265949) |
|  | 30072 | 347398 | 36205 | 502375 |
| Net increase (decrease) | 2231549 | $21746697 | 2866983 | $46423731 |
| **One Choice Portfolio: Moderate** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Sold | 4439696 | $62045433 | 10046556 | $167344960 |
| Issued in reinvestment of distributions | 11487883 | 146936497 | 11522336 | 193977295 |
| Redeemed | (8962081) | (123868653) | (16482090) | (267919049) |
|  | 6965498 | 85113277 | 5086802 | 93403206 |
| **R Class** |  |  |  |  |
| Sold | 45736 | 640264 | 103457 | 1674330 |
| Issued in reinvestment of distributions | 33208 | 424585 | 27986 | 471737 |
| Redeemed | (32334) | (463092) | (63653) | (1003708) |
|  | 46610 | 601757 | 67790 | 1142359 |
| Net increase (decrease) | 7012108 | $85715034 | 5154592 | $94545565 |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**January 31, 2023** | **Six months ended**<br>**January 31, 2023** | **Year ended <br>July 31, 2022** | **Year ended <br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | | | |
| **Investor Class** | | | | |
| Sold | 2528922 | $36360158 | 5096871 | $88581600 |
| Issued in reinvestment of distributions | 6734541 | 87414349 | 5714023 | 101138208 |
| Redeemed | (5104923) | (72459610) | (7793154) | (131881555) |
|  | 4158540 | 51314897 | 3017740 | 57838253 |
| **R Class** |  |  |  |  |
| Sold | 50378 | 719225 | 87841 | 1509889 |
| Issued in reinvestment of distributions | 36180 | 470700 | 26610 | 471804 |
| Redeemed | (23498) | (335071) | (66621) | (1108840) |
|  | 63060 | 854854 | 47830 | 872853 |
| Net increase (decrease) | 4221600 | $52169751 | 3065570 | $58711106 |
| **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** |  |  |  |
| **Investor Class** |  |  |  |  |
| Sold | 841742 | $13721810 | 2491609 | $52236426 |
| Issued in reinvestment of distributions | 2310744 | 34152790 | 1725501 | 36218274 |
| Redeemed | (1685986) | (27389171) | (2968382) | (59161740) |
|  | 1466500 | 20485429 | 1248728 | 29292960 |
| **R Class** |  |  |  |  |
| Sold | 58038 | 959427 | 109944 | 2209794 |
| Issued in reinvestment of distributions | 36807 | 545476 | 23128 | 486618 |
| Redeemed | (27881) | (463573) | (81467) | (1603482) |
|  | 66964 | 1041330 | 51605 | 1092930 |
| Net increase (decrease) | 1533464 | $21526759 | 1300333 | $30385890 |

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**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.

**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.

------

As of period end, the components of investments for federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **One Choice Portfolio:<br>Very Conservative** | **One Choice Portfolio:<br>Conservative** | **One Choice Portfolio:<br>Moderate** |
| Federal tax cost of investments | $472175896 | $1180830029 | $1736106845 |
| Gross tax appreciation of investments | $22909467 | $77891910 | $169994048 |
| Gross tax depreciation of investments | (32948640) | (72599562) | (100744179) |
| Net tax appreciation (depreciation) of investments | $(10039173) | $5292348 | $69249869 |

---

---

| | | |
|:---|:---|:---|
| | **One Choice Portfolio:<br>Aggressive** | **One Choice Portfolio:<br>Very Aggressive** |
| Federal tax cost of investments | $811776645 | $293288685 |
| Gross tax appreciation of investments | $109694044 | $44304536 |
| Gross tax depreciation of investments | (26593954) | (3161827) |
| Net tax appreciation (depreciation) of investments | $83100090 | $41142709 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

**8. Investments in Underlying Funds**

The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds' net assets. As of period end, One Choice Portfolio: Moderate owned 60% 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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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**10. Affiliated Fund Transactions**

A summary of transactions for each underlying fund for the period ended January 31, 2023 follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** | **One Choice Portfolio: Very Conservative (Amounts in thousands)** |
| Diversified Bond Fund | $111059 | $5594 | $30475 | $(62) | $86116 | 9065 | $(4565) | $1569 |
| High Income Fund | 5409 | 150 | 776 | 36 | 4819 | 577 | (122) | 150 |
| Inflation-Adjusted Bond Fund | 49948 | 6900 | 307 | (5192) | 51349 | 4777 | (39) | 2487 |
| Short Duration Fund | 63153 | 3427 | 4116 | (580) | 61884 | 6321 | (305) | 858 |
| Short Duration Inflation Protection Bond Fund | 63900 | 4619 | 2928 | (4914) | 60677 | 6068 | (56) | 2991 |
| Disciplined Growth Fund<sup>(3)</sup> | 5421 |  | 417 | (291) | 4713 | 257 | (17) |  |
| Focused Large Cap Value Fund | 39353 | 2269 | 6444 | 451 | 35629 | 3577 | (367) | 2022 |
| Growth Fund | 8061 | 129 | 725 | (369) | 7096 | 184 | (208) | 130 |
| Heritage Fund | 5927 | 4566 |  | 320 | 10813 | 546 |  |  |
| Mid Cap Value Fund | 21001 | 1174 | 5809 | (734) | 15632 | 961 | 685 | 1038 |
| Real Estate Fund | 2917 | 2652 | 64 | (521) | 4984 | 199 | 82 | 412 |
| Small Cap Growth Fund<sup>(3)</sup> | 4689 |  | 3363 | 1109 | 2435 | 138 | (1039) |  |
| Small Cap Value Fund | 4870 | 66 | 2688 | 189 | 2437 | 243 | (240) | 66 |
| Sustainable Equity Fund | 21446 | 8546 | 1852 | 288 | 28428 | 694 | (144) | 167 |
| Emerging Markets Debt Fund | 6977 | 2507 |  | 295 | 9779 | 1088 |  | 162 |
| Global Bond Fund | 39696 | 7114 | 1269 | (3278) | 42263 | 4943 | (195) | 2343 |
| International Bond Fund<sup>(3)</sup> | 34122 | 1582 | 2806 | 185 | 33083 | 3049 | (627) |  |
| Equity Growth Fund | 10690 | 638 | 8704 | (2624) |  |  | 1664 | 638 |
|  | $498639 | $51933 | $72743 | $(15692) | $462137 | 42687 | $(5493) | $15033 |

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(1)Underlying fund investments represent Investor Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** | **One Choice Portfolio: Conservative (Amounts in thousands)** |
| Diversified Bond Fund | $269992 | $12116 | $55289 | $(1962) | $224857 | 23669 | $(8881) | $3870 |
| High Income Fund | 16283 | 433 | 5040 | 482 | 12158 | 1456 | (817) | 434 |
| Inflation-Adjusted Bond Fund | 91358 | 21423 | 3012 | (9575) | 100194 | 9320 | (380) | 4852 |
| Short Duration Fund | 77248 | 4015 | 7012 | (653) | 73598 | 7518 | (448) | 1020 |
| Short Duration Inflation Protection Bond Fund | 65709 | 2899 | 4480 | (4954) | 59174 | 5917 | (15) | 2899 |
| Disciplined Growth Fund<sup>(3)</sup> | 23392 |  | 1510 | (1064) | 20818 | 1136 | (263) |  |
| Focused Large Cap Value Fund | 94648 | 5371 | 4947 | 442 | 95514 | 9590 | (146) | 5371 |
| Growth Fund | 38666 | 686 | 978 | (2506) | 35868 | 932 | (283) | 655 |
| Heritage Fund | 30143 | 13912 |  | 1300 | 45355 | 2289 |  |  |
| Mid Cap Value Fund | 71490 | 3682 | 18168 | (2454) | 54550 | 3353 | 2039 | 3615 |
| Small Cap Growth Fund<sup>(3)</sup> | 18824 |  | 14387 | 4745 | 9182 | 522 | (4550) |  |
| Small Cap Value Fund | 18806 | 258 | 9933 | 50 | 9181 | 916 | (381) | 258 |
| Sustainable Equity Fund | 78627 | 31860 | 7689 | (1071) | 101727 | 2484 | 1430 | 599 |
| Emerging Markets Debt Fund | 25113 | 431 | 2097 | 1167 | 24614 | 2738 | (355) | 431 |
| Global Bond Fund | 90396 | 16309 | 4864 | (7105) | 94736 | 11080 | (761) | 5240 |
| International Bond Fund<sup>(3)</sup> | 66638 | 1095 | 275 | (890) | 66568 | 6135 | (53) |  |
| Global Real Estate Fund | 9884 | 3798 | 1064 | 80 | 12698 | 1030 | (221) |  |
| International Growth Fund | 54269 | 7767 |  | 3909 | 65945 | 5565 |  |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 11047 | 1014 |  | 306 | 12367 | 1287 |  |  |
| International Value Fund | 62348 | 1550 | 3429 | 6549 | 67018 | 8483 | (702) | 1550 |
| Equity Growth Fund | 40016 | 2586 | 33588 | (9014) |  |  | 4963 | 2586 |
|  | $1254897 | $131205 | $177762 | $(22218) | $1186122 | 105420 | $(9824) | $33380 |

---

(1)Underlying fund investments represent Investor Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** | **One Choice Portfolio: Moderate (Amounts in thousands)** |
| Disciplined Growth Fund<sup>(3)</sup> | $30195 | $4 | $2147 | $(1179) | $26873 | 1466 | $(534) |  |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 27123 | 1533 |  | (1127) | 27529 | 693 |  |  |
| Focused Large Cap Value Fund | 166856 | 9745 | 5705 | 555 | 171451 | 17214 | (116) | $9624 |
| Growth Fund | 72407 | 5489 |  | (5190) | 72706 | 1888 |  | 1327 |
| Heritage Fund | 84259 | 13855 |  | 2780 | 100894 | 5093 |  |  |
| Mid Cap Value Fund | 116872 | 7087 | 21654 | (1295) | 101010 | 6208 | 393 | 6618 |
| Small Cap Growth Fund<sup>(3)</sup> | 39196 | 319 | 24593 | 8445 | 23367 | 1328 | (8155) |  |
| Small Cap Value Fund | 44994 | 906 | 22877 | 264 | 23287 | 2324 | (1069) | 656 |
| Sustainable Equity Fund | 161500 | 64333 | 8379 | (946) | 216508 | 5286 | 1879 | 1278 |
| Core Plus Fund | 289477 | 22061 | 35962 | (6226) | 269350 | 28263 | (6053) | 4772 |
| High Income Fund | 23945 | 662 | 7010 | 704 | 18301 | 2192 | (1089) | 662 |
| Inflation-Adjusted Bond Fund | 96072 | 20913 |  | (10433) | 106552 | 9912 |  | 5160 |
| Short Duration Fund | 76205 | 1443 | 4195 | (818) | 72635 | 7419 | (282) | 1035 |
| Short Duration Inflation Protection Bond Fund | 21717 | 876 | 3212 | (1505) | 17876 | 1788 | (50) | 876 |
| Emerging Markets Fund | 66244 | 7769 |  | 2884 | 76897 | 7323 |  | 1536 |
| Global Real Estate Fund | 15188 | 4171 |  | (264) | 19095 | 1549 |  |  |
| International Growth Fund | 104827 | 15894 |  | 7431 | 128152 | 10815 |  |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 33152 | 3170 |  | 926 | 37248 | 3876 |  |  |
| International Value Fund | 77057 | 2678 |  | 7472 | 87207 | 11039 |  | 2002 |
| Non-U.S. Intrinsic Value Fund | 49987 | 1810 | 13082 | 6369 | 45084 | 4686 | (1434) | 1810 |
| Emerging Markets Debt Fund | 37681 | 649 | 2905 | 1717 | 37142 | 4132 | (493) | 650 |
| Global Bond Fund | 94908 | 4997 | 2927 | (7362) | 89616 | 10481 | (395) | 4997 |
| International Bond Fund<sup>(3)</sup> | 36359 | 725 |  | (507) | 36577 | 3371 |  |  |
| Equity Growth Fund | 78522 | 5448 | 64081 | (19889) |  |  | 11574 | 5448 |
|  | $1844743 | $196537 | $218729 | $(17194) | $1805357 | 148346 | $(5824) | $48451 |

---

(1)Underlying fund investments represent Investor Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** | **One Choice Portfolio: Aggressive (Amounts in thousands)** |
| Focused Dynamic Growth Fund<sup>(3)</sup> | $35033 | $3302 | $324 | $(1299) | $36712 | 924 | $(101) |  |
| Focused Large Cap Value Fund | 113629 | 6588 | 7702 | 547 | 113062 | 11352 | (321) | $6434 |
| Growth Fund | 55954 | 4729 |  | (4013) | 56670 | 1472 |  | 1034 |
| Heritage Fund | 58088 | 4461 | 21 | 1733 | 64261 | 3244 | (5) |  |
| Mid Cap Value Fund | 67925 | 4700 | 8439 | (292) | 63894 | 3927 | (439) | 4157 |
| Small Cap Growth Fund<sup>(3)</sup> | 21443 | 390 | 12033 | 4326 | 14126 | 803 | (4013) |  |
| Small Cap Value Fund | 24552 | 649 | 11477 | 258 | 13982 | 1395 | (544) | 391 |
| Sustainable Equity Fund | 85241 | 35979 | 5506 | (284) | 115430 | 2818 | 928 | 689 |
| Emerging Markets Fund | 45322 | 5277 | 1936 | 2519 | 51182 | 4874 | (595) | 1046 |
| Global Real Estate Fund | 8737 | 993 |  | (262) | 9468 | 768 |  |  |
| International Growth Fund | 61592 | 7101 | 993 | 4414 | 72114 | 6086 | (277) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 20532 | 2021 |  | 577 | 23130 | 2407 |  |  |
| International Value Fund | 36269 | 1135 | 690 | 3632 | 40346 | 5107 | (132) | 939 |
| Non-U.S. Intrinsic Value Fund | 37149 | 1400 | 9528 | 4733 | 33754 | 3509 | (967) | 1400 |
| Core Plus Fund | 69971 | 22844 | 20675 | 695 | 72835 | 7643 | (3523) | 1240 |
| High Income Fund | 30857 | 879 | 5009 | 336 | 27063 | 3241 | (808) | 878 |
| Inflation-Adjusted Bond Fund | 30496 | 1277 | 2731 | (2667) | 26375 | 2453 | (286) | 1277 |
| Short Duration Fund | 10372 | 2372 | 1471 | (49) | 11224 | 1146 | (101) | 141 |
| Short Duration Inflation Protection Bond Fund | 10760 | 435 | 1580 | (735) | 8880 | 888 | (36) | 435 |
| Emerging Markets Debt Fund | 14002 | 241 | 1126 | 646 | 13763 | 1531 | (193) | 241 |
| Global Bond Fund | 29536 | 1489 | 2404 | (2015) | 26606 | 3112 | (344) | 1489 |
| Equity Growth Fund | 43484 | 3065 | 36642 | (9907) |  |  | 5317 | 3065 |
|  | $910944 | $111327 | $130287 | $2893 | $894877 | 68700 | $(6440) | $24856 |

---

(1)Underlying fund investments represent Investor Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net Unrealized <br>Appreciation (Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** | **One Choice Portfolio: Very Aggressive (Amounts in thousands)** |
| Focused Dynamic Growth Fund<sup>(3)</sup> | $17797 | $2553 | $551 | $(437) | $19362 | 487 | $(167) |  |
| Focused Large Cap Value Fund | 44429 | 2550 | 2413 | 205 | 44771 | 4495 | (144) | $2550 |
| Growth Fund | 28364 | 2525 | 366 | (1935) | 28588 | 743 | (80) | 521 |
| Heritage Fund | 28395 | 251 | 729 | 943 | 28860 | 1457 | (187) |  |
| Mid Cap Value Fund | 28005 | 2083 | 3741 | 51 | 26398 | 1622 | (338) | 1759 |
| Small Cap Growth Fund<sup>(3)</sup> | 11475 | 43 | 4764 | 1803 | 8557 | 486 | (1583) |  |
| Small Cap Value Fund | 12328 | 243 | 4228 | 135 | 8478 | 846 | (269) | 238 |
| Sustainable Equity Fund | 33191 | 16043 | 1599 | 304 | 47939 | 1170 | 32 | 285 |
| Emerging Markets Fund | 28400 | 3193 | 4686 | 2493 | 29400 | 2800 | (1500) | 595 |
| Global Real Estate Fund | 4403 | 2698 | 450 | 106 | 6757 | 548 | (82) |  |
| International Growth Fund | 33293 | 2356 | 2722 | 3087 | 36014 | 3039 | (902) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 15642 | 1298 | 801 | 707 | 16846 | 1753 | (308) |  |
| International Value Fund | 14051 | 828 | 1597 | 1672 | 14954 | 1893 | (338) | 367 |
| Non-U.S. Intrinsic Value Fund | 20500 | 772 | 6418 | 2653 | 17507 | 1820 | (615) | 774 |
| Equity Growth Fund | 16321 | 1198 | 14159 | (3360) |  |  | 1608 | 1198 |
|  | $336594 | $38634 | $49224 | $8427 | $334431 | 23159 | $(4873) | $8287 |

---

(1)Underlying fund investments represent Investor Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

Financial Highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Net<br>Investment Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | **One Choice Portfolio: Very Conservative** | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2023<sup>(4)</sup> | $11.82 | 0.27 | (0.42) | (0.15) | (0.27) | (0.39) | (0.66) | $11.01 | (1.03)% | 0.01%<sup>(5)</sup> | 4.76%<sup>(5)</sup> | 11% | $459863 |
| 2022 | $13.50 | 0.45 | (1.28) | (0.83) | (0.46) | (0.39) | (0.85) | $11.82 | (6.57)% | 0.00%<sup>(6)</sup> | 3.52% | 9% | $496501 |
| 2021 | $12.54 | 0.20 | 1.20 | 1.40 | (0.19) | (0.25) | (0.44) | $13.50 | 11.39% | 0.00%<sup>(6)</sup> | 1.55% | 18% | $524867 |
| 2020 | $12.19 | 0.21 | 0.57 | 0.78 | (0.21) | (0.22) | (0.43) | $12.54 | 6.56% | 0.00%<sup>(6)</sup> | 1.73% | 22% | $459434 |
| 2019 | $12.05 | 0.29 | 0.32 | 0.61 | (0.29) | (0.18) | (0.47) | $12.19 | 5.31% | 0.00%<sup>(6)</sup> | 2.48% | 11% | $425814 |
| 2018 | $12.07 | 0.24 | 0.14 | 0.38 | (0.24) | (0.16) | (0.40) | $12.05 | 3.13% | 0.01% | 2.01% | 14% | $439590 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |
| 2023<sup>(4)</sup> | $11.83 | 0.25 | (0.43) | (0.18) | (0.24) | (0.39) | (0.63) | $11.02 | (1.28)% | 0.51%<sup>(5)</sup> | 4.26%<sup>(5)</sup> | 11% | $2273 |
| 2022 | $13.50 | 0.37 | (1.26) | (0.89) | (0.39) | (0.39) | (0.78) | $11.83 | (6.96)% | 0.50% | 3.02% | 9% | $2138 |
| 2021 | $12.55 | 0.14 | 1.19 | 1.33 | (0.13) | (0.25) | (0.38) | $13.50 | 10.73% | 0.50% | 1.05% | 18% | $1663 |
| 2020 | $12.19 | 0.14 | 0.59 | 0.73 | (0.15) | (0.22) | (0.37) | $12.55 | 6.11% | 0.50% | 1.23% | 22% | $1265 |
| 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 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Net<br>Investment Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | **One Choice Portfolio: Conservative** | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2023<sup>(4)</sup> | $13.15 | 0.24 | (0.24) |  | (0.24) | (0.76) | (1.00) | $12.15 | 0.46% | 0.01%<sup>(5)</sup> | 3.87%<sup>(5)</sup> | 11% | $1183966 |
| 2022 | $15.71 | 0.57 | (1.87) | (1.30) | (0.59) | (0.67) | (1.26) | $13.15 | (9.08)% | 0.00%<sup>(6)</sup> | 3.94% | 10% | $1252961 |
| 2021 | $14.16 | 0.22 | 2.11 | 2.33 | (0.22) | (0.56) | (0.78) | $15.71 | 16.82% | 0.00%<sup>(6)</sup> | 1.46% | 18% | $1452250 |
| 2020 | $13.75 | 0.22 | 0.84 | 1.06 | (0.22) | (0.43) | (0.65) | $14.16 | 7.95% | 0.00%<sup>(6)</sup> | 1.64% | 24% | $1245493 |
| 2019 | $13.90 | 0.33 | 0.19 | 0.52 | (0.33) | (0.34) | (0.67) | $13.75 | 4.25% | 0.00%<sup>(6)</sup> | 2.45% | 11% | $1240425 |
| 2018 | $13.62 | 0.28 | 0.46 | 0.74 | (0.28) | (0.18) | (0.46) | $13.90 | 5.43% | 0.01% | 2.01% | 8% | $1301374 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |
| 2023<sup>(4)</sup> | $13.15 | 0.21 | (0.24) | (0.03) | (0.21) | (0.76) | (0.97) | $12.15 | 0.21% | 0.51%<sup>(5)</sup> | 3.37%<sup>(5)</sup> | 11% | $2153 |
| 2022 | $15.71 | 0.49 | (1.87) | (1.38) | (0.51) | (0.67) | (1.18) | $13.15 | (9.54)% | 0.50% | 3.44% | 10% | $1936 |
| 2021 | $14.15 | 0.14 | 2.12 | 2.26 | (0.14) | (0.56) | (0.70) | $15.71 | 16.30% | 0.50% | 0.96% | 18% | $1743 |
| 2020 | $13.74 | 0.15 | 0.85 | 1.00 | (0.16) | (0.43) | (0.59) | $14.15 | 7.42% | 0.50% | 1.14% | 24% | $1403 |
| 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 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Net<br>Investment Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | **One Choice Portfolio: Moderate** | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2023<sup>(4)</sup> | $14.68 | 0.23 | (0.07) | 0.16 | (0.23) | (1.00) | (1.23) | $13.61 | 1.61% | 0.01%<sup>(5)</sup> | 3.29%<sup>(5)</sup> | 11% | $1800007 |
| 2022 | $18.13 | 0.69 | (2.49) | (1.80) | (0.72) | (0.93) | (1.65) | $14.68 | (11.03)% | 0.00%<sup>(6)</sup> | 4.21% | 11% | $1839658 |
| 2021 | $16.01 | 0.20 | 3.36 | 3.56 | (0.20) | (1.24) | (1.44) | $18.13 | 23.09% | 0.00%<sup>(6)</sup> | 1.18% | 30% | $2180041 |
| 2020 | $15.67 | 0.24 | 1.10 | 1.34 | (0.24) | (0.76) | (1.00) | $16.01 | 8.86% | 0.00%<sup>(6)</sup> | 1.59% | 28% | $1833678 |
| 2019 | $16.11 | 0.35 | 0.14 | 0.49 | (0.35) | (0.58) | (0.93) | $15.67 | 3.81% | 0.00%<sup>(6)</sup> | 2.28% | 14% | $1881575 |
| 2018 | $15.41 | 0.32 | 0.89 | 1.21 | (0.32) | (0.19) | (0.51) | $16.11 | 7.95% | 0.01% | 2.02% | 8% | $1953345 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |
| 2023<sup>(4)</sup> | $14.68 | 0.20 | (0.08) | 0.12 | (0.19) | (1.00) | (1.19) | $13.61 | 1.35% | 0.51%<sup>(5)</sup> | 2.79%<sup>(5)</sup> | 11% | $5349 |
| 2022 | $18.13 | 0.60 | (2.48) | (1.88) | (0.64) | (0.93) | (1.57) | $14.68 | (11.48)% | 0.50% | 3.71% | 11% | $5086 |
| 2021 | $16.00 | 0.11 | 3.37 | 3.48 | (0.11) | (1.24) | (1.35) | $18.13 | 22.54% | 0.50% | 0.68% | 30% | $5053 |
| 2020 | $15.66 | 0.16 | 1.11 | 1.27 | (0.17) | (0.76) | (0.93) | $16.00 | 8.32% | 0.50% | 1.09% | 28% | $4226 |
| 2019 | $16.10 | 0.26 | 0.16 | 0.42 | (0.28) | (0.58) | (0.86) | $15.66 | 3.29% | 0.50% | 1.78% | 14% | $3770 |
| 2018 | $15.41 | 0.24 | 0.88 | 1.12 | (0.24) | (0.19) | (0.43) | $16.10 | 7.34% | 0.51% | 1.52% | 8% | $2804 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Net<br>Investment Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | **One Choice Portfolio: Aggressive** | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2023<sup>(4)</sup> | $15.20 | 0.21 | 0.08 | 0.29 | (0.30) | (1.24) | (1.54) | $13.95 | 2.61% | 0.01%<sup>(5)</sup> | 2.87%<sup>(5)</sup> | 13% | $889816 |
| 2022 | $19.05 | 0.77 | (2.79) | (2.02) | (0.76) | (1.07) | (1.83) | $15.20 | (11.96)% | 0.00%<sup>(6)</sup> | 4.47% | 11% | $906402 |
| 2021 | $16.24 | 0.19 | 4.23 | 4.42 | (0.17) | (1.44) | (1.61) | $19.05 | 28.36% | 0.00%<sup>(6)</sup> | 1.07% | 21% | $1078655 |
| 2020 | $16.82 | 0.25 | 1.23 | 1.48 | (0.26) | (1.80) | (2.06) | $16.24 | 9.12% | 0.00%<sup>(6)</sup> | 1.56% | 27% | $882822 |
| 2019 | $17.44 | 0.36 | 0.07 | 0.43 | (0.36) | (0.69) | (1.05) | $16.82 | 3.53% | 0.00%<sup>(6)</sup> | 2.17% | 23% | $1333116 |
| 2018 | $16.39 | 0.34 | 1.27 | 1.61 | (0.32) | (0.24) | (0.56) | $17.44 | 9.97% | 0.01% | 1.99% | 11% | $1357007 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |
| 2023<sup>(4)</sup> | $15.18 | 0.18 | 0.07 | 0.25 | (0.22) | (1.24) | (1.46) | $13.97 | 2.35% | 0.51%<sup>(5)</sup> | 2.37%<sup>(5)</sup> | 13% | $5056 |
| 2022 | $19.03 | 0.68 | (2.80) | (2.12) | (0.66) | (1.07) | (1.73) | $15.18 | (12.44)% | 0.50% | 3.97% | 11% | $4537 |
| 2021 | $16.21 | 0.10 | 4.23 | 4.33 | (0.07) | (1.44) | (1.51) | $19.03 | 27.80% | 0.50% | 0.57% | 21% | $4775 |
| 2020 | $16.78 | 0.17 | 1.23 | 1.40 | (0.17) | (1.80) | (1.97) | $16.21 | 8.60% | 0.50% | 1.06% | 27% | $3552 |
| 2019 | $17.41 | 0.26 | 0.08 | 0.34 | (0.28) | (0.69) | (0.97) | $16.78 | 2.94% | 0.50% | 1.67% | 23% | $2898 |
| 2018 | $16.36 | 0.26 | 1.27 | 1.53 | (0.24) | (0.24) | (0.48) | $17.41 | 9.43% | 0.51% | 1.49% | 11% | $2237 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset Value, Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized and Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net<br>Investment<br>Income** | **Net<br>Realized<br>Gains** | **Total<br>Distributions** | **Net Asset<br>Value, <br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating**<br>**Expenses**<sup>(3)</sup> | **Net<br>Investment Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of<br>Period <br>(in thousands)** |
| **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | **One Choice Portfolio: Very Aggressive** | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | |
| 2023<sup>(4)</sup> | $17.53 | 0.16 | 0.32 | 0.48 | (0.20) | (1.69) | (1.89) | $16.12 | 3.72% | 0.01%<sup>(5)</sup> | 1.96%<sup>(5)</sup> | 12% | $328890 |
| 2022 | $22.45 | 0.90 | (3.75) | (2.85) | (0.88) | (1.19) | (2.07) | $17.53 | (14.22)% | 0.00%<sup>(6)</sup> | 4.48% | 11% | $331761 |
| 2021 | $18.07 | 0.14 | 5.90 | 6.04 | (0.13) | (1.53) | (1.66) | $22.45 | 34.63% | 0.00%<sup>(6)</sup> | 0.67% | 15% | $396903 |
| 2020 | $17.99 | 0.21 | 1.49 | 1.70 | (0.22) | (1.40) | (1.62) | $18.07 | 9.61% | 0.00%<sup>(6)</sup> | 1.21% | 33% | $304714 |
| 2019 | $19.07 | 0.30 | (0.14) | 0.16 | (0.31) | (0.93) | (1.24) | $17.99 | 2.10% | 0.00%<sup>(6)</sup> | 1.70% | 19% | $305967 |
| 2018 | $17.53 | 0.32 | 1.88 | 2.20 | (0.33) | (0.33) | (0.66) | $19.07 | 12.68% | 0.01% | 1.70% | 8% | $321525 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |  |
| 2023<sup>(4)</sup> | $17.51 | 0.13 | 0.33 | 0.46 | (0.12) | (1.69) | (1.81) | $16.16 | 3.54% | 0.51%<sup>(5)</sup> | 1.46%<sup>(5)</sup> | 12% | $5541 |
| 2022 | $22.42 | 0.80 | (3.76) | (2.96) | (0.76) | (1.19) | (1.95) | $17.51 | (14.65)% | 0.50% | 3.98% | 11% | $4833 |
| 2021 | $18.05 | 0.03 | 5.89 | 5.92 | (0.02) | (1.53) | (1.55) | $22.42 | 33.90% | 0.50% | 0.17% | 15% | $5032 |
| 2020 | $17.96 | 0.12 | 1.49 | 1.61 | (0.12) | (1.40) | (1.52) | $18.05 | 9.11% | 0.50% | 0.71% | 33% | $2952 |
| 2019 | $19.04 | 0.20 | (0.12) | 0.08 | (0.23) | (0.93) | (1.16) | $17.96 | 1.58% | 0.50% | 1.20% | 19% | $2184 |
| 2018 | $17.50 | 0.20 | 1.90 | 2.10 | (0.23) | (0.33) | (0.56) | $19.04 | 12.13% | 0.51% | 1.20% | 8% | $1376 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(5)Annualized.

(6)Ratio was less than 0.005%.

See Notes to Financial Statements.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century Asset Allocation

Portfolios, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $8582345051 | $563235224 |
| Chris H. Cheesman | $8707646938 | $437933337 |
| Rajesh K. Gupta | $8679529882 | $466050393 |
| Lynn M. Jenkins | $8621650078 | $523930197 |
| Gary C. Meltzer | $8661710317 | $483869958 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* 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.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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 according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*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**.** 

------

Notes

------

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---

| | |
|:---|:---|
| ![image4.jpg](image4.jpg) | ![image4.jpg](image4.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>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.** | **American Century Asset Allocation Portfolios, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91634 2303** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91634 2303** |

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------

&nbsp;&nbsp;&nbsp;&nbsp;

![image4.jpg](image4.jpg)

---

| | |
|:---|:---|
| Semiannual Report |  |
| January 31, 2023 |  |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> In Retirement Portfolio | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2045 Portfolio  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARTOX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AROIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ATTIX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (AOOIX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARTAX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AROAX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ATTCX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (AROCX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARSRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARORX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARDTX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARDOX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2025 Portfolio  | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2050 Portfolio  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARWIX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARFVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARWFX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARFSX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARWAX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARFMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARWCX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARFDX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARWRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARFWX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARWDX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARFEX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2030 Portfolio  | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2055 Portfolio  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARCVX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (AREVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARCSX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARENX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARCMX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (AREMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARWOX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (AREFX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARCRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (AREOX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARCUX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (AREUX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2035 Portfolio  | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2060 Portfolio  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARYIX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARGVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARLIX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARGNX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARYAX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARGMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARLCX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARGHX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARYRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARGRX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARLDX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARGDX) |
| &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2040 Portfolio  | &nbsp;&nbsp;&nbsp;One Choice<sup>®</sup> 2065 Portfolio  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARDVX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class (ARHVX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARDSX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Class (ARHUX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARDMX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Class (ARHMX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARNOX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C Class (ARHEX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARDRX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Class (ARHFX) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARDUX) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R6 Class (ARHSX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i86dfdc25b2bf495c9842767097c0592b_145) |
| Portfolio Characteristics | [3](#i86dfdc25b2bf495c9842767097c0592b_154) |
| Shareholder Fee Examples | [4](#i86dfdc25b2bf495c9842767097c0592b_157) |
| Schedules of Investments | [10](#i86dfdc25b2bf495c9842767097c0592b_160) |
| Statements of Assets and Liabilities | [20](#i86dfdc25b2bf495c9842767097c0592b_163) |
| Statements of Operations | [25](#i86dfdc25b2bf495c9842767097c0592b_166) |
| Statements of Changes in Net Assets | [30](#i86dfdc25b2bf495c9842767097c0592b_169) |
| Notes to Financial Statements | [35](#i86dfdc25b2bf495c9842767097c0592b_172) |
| Financial Highlights | [60](#i86dfdc25b2bf495c9842767097c0592b_178) |
| Approval of Management Agreement | [98](#i86dfdc25b2bf495c9842767097c0592b_187) |
| Proxy Voting Results | [103](#i86dfdc25b2bf495c9842767097c0592b_193) |
| Additional Information | [104](#i86dfdc25b2bf495c9842767097c0592b_196) |

---

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<sup>®</sup> 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.

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President's Letter

![image223a.jpg](image223a.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending January 31, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Inflation, Rate Hikes, Volatility Led to Mixed Performance** 

Raging inflation, escalating market volatility and slowing growth weighed on financial markets early in the reporting period. For more than a year, the effects of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war further pressured energy markets, particularly in Europe, and global supply chains.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes. And those efforts finally started yielding results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased to 6.4% in January. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

By the second half of the reporting period, moderating inflation and mounting recession risk triggered expectations for central banks to change course. This sentiment fueled a rally across asset classes. However, with inflation still much higher than central bank targets, policymakers indicated a near-term course change was unlikely, and markets remained volatile.

Robust second-half performance left most non-U.S. stock indices with solid gains for the six-month period. The S&P 500 Index declined slightly, and other U.S. stock indices were mixed. Small-cap stocks outpaced large caps, and the value style outperformed growth. Rising yields left most U.S. and global bond indices with declines for the six-month period.

**Remaining Diligent in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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,

![image224a.jpg](image224a.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Portfolio Characteristics

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** | **Portfolio Composition as a % of net assets as of January 31, 2023** |
| | **One<br>Choice In<br>Retirement<br>Portfolio** | **One<br>Choice<br>2025<br>Portfolio** | **One<br>Choice<br>2030<br>Portfolio** | **One<br>Choice<br>2035<br>Portfolio** | **One<br>Choice<br>2040<br>Portfolio** |
| Domestic Fixed Income Funds | 42.4% | 40.7% | 35.8% | 31.1% | 26.6% |
| Domestic Equity Funds | 32.3% | 33.3% | 36.3% | 39.7% | 43.6% |
| International Fixed Income Funds | 13.3% | 13.3% | 12.9% | 11.9% | 10.1% |
| International Equity Funds | 12.0% | 12.7% | 15.0% | 17.3% | 19.7% |
| Other Assets and Liabilities | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One<br>Choice<br>2045<br>Portfolio** | **One<br>Choice<br>2050<br>Portfolio** | **One<br>Choice<br>2055<br>Portfolio** | **One<br>Choice<br>2060<br>Portfolio** | **One<br>Choice<br>2065<br>Portfolio** |
| Domestic Fixed Income Funds | 22.0% | 17.2% | 13.5% | 11.8% | 10.8% |
| Domestic Equity Funds | 47.9% | 52.5% | 55.9% | 57.9% | 58.9% |
| International Fixed Income Funds | 8.2% | 6.4% | 5.2% | 4.4% | 4.1% |
| International Equity Funds | 21.9% | 23.9% | 25.4% | 25.9% | 26.2% |
| Other Assets and Liabilities | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> |  |

---

(1)Category is less than 0.05% of total net assets.

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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 August 1, 2022 to January 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1004.70 | $3.79 | 0.75% |
| I Class | $1000 | $1005.80 | $2.78 | 0.55% |
| A Class | $1000 | $1003.50 | $5.05 | 1.00% |
| C Class | $1000 | $999.60 | $8.82 | 1.75% |
| R Class | $1000 | $1002.20 | $6.31 | 1.25% |
| R6 Class | $1000 | $1006.30 | $2.02 | 0.40% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.43 | $3.82 | 0.75% |
| I Class | $1000 | $1022.43 | $2.80 | 0.55% |
| A Class | $1000 | $1020.16 | $5.09 | 1.00% |
| C Class | $1000 | $1016.38 | $8.89 | 1.75% |
| R Class | $1000 | $1018.90 | $6.36 | 1.25% |
| R6 Class | $1000 | $1023.19 | $2.04 | 0.40% |
| **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1005.50 | $3.89 | 0.77% |
| I Class | $1000 | $1006.80 | $2.88 | 0.57% |
| A Class | $1000 | $1004.40 | $5.15 | 1.02% |
| C Class | $1000 | $999.70 | $8.92 | 1.77% |
| R Class | $1000 | $1003.40 | $6.41 | 1.27% |
| R6 Class | $1000 | $1007.40 | $2.13 | 0.42% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.32 | $3.92 | 0.77% |
| I Class | $1000 | $1022.33 | $2.91 | 0.57% |
| A Class | $1000 | $1020.06 | $5.19 | 1.02% |
| C Class | $1000 | $1016.28 | $9.00 | 1.77% |
| R Class | $1000 | $1018.80 | $6.46 | 1.27% |
| R6 Class | $1000 | $1023.09 | $2.14 | 0.42% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1008.30 | $4.00 | 0.79% |
| I Class | $1000 | $1009.50 | $2.99 | 0.59% |
| A Class | $1000 | $1006.60 | $5.26 | 1.04% |
| C Class | $1000 | $1003.00 | $9.04 | 1.79% |
| R Class | $1000 | $1004.80 | $6.52 | 1.29% |
| R6 Class | $1000 | $1009.50 | $2.23 | 0.44% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.22 | $4.02 | 0.79% |
| I Class | $1000 | $1022.23 | $3.01 | 0.59% |
| A Class | $1000 | $1019.96 | $5.30 | 1.04% |
| C Class | $1000 | $1016.18 | $9.10 | 1.79% |
| R Class | $1000 | $1018.70 | $6.56 | 1.29% |
| R6 Class | $1000 | $1022.99 | $2.24 | 0.44% |
| **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1010.60 | $4.16 | 0.82% |
| I Class | $1000 | $1012.00 | $3.14 | 0.62% |
| A Class | $1000 | $1010.00 | $5.42 | 1.07% |
| C Class | $1000 | $1005.60 | $9.20 | 1.82% |
| R Class | $1000 | $1008.10 | $6.68 | 1.32% |
| R6 Class | $1000 | $1013.40 | $2.39 | 0.47% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.07 | $4.18 | 0.82% |
| I Class | $1000 | $1022.08 | $3.16 | 0.62% |
| A Class | $1000 | $1019.81 | $5.45 | 1.07% |
| C Class | $1000 | $1016.03 | $9.25 | 1.82% |
| R Class | $1000 | $1018.55 | $6.72 | 1.32% |
| R6 Class | $1000 | $1022.84 | $2.40 | 0.47% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1015.20 | $4.27 | 0.84% |
| I Class | $1000 | $1015.60 | $3.25 | 0.64% |
| A Class | $1000 | $1013.40 | $5.53 | 1.09% |
| C Class | $1000 | $1009.60 | $9.32 | 1.84% |
| R Class | $1000 | $1012.40 | $6.80 | 1.34% |
| R6 Class | $1000 | $1017.00 | $2.49 | 0.49% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.97 | $4.28 | 0.84% |
| I Class | $1000 | $1021.98 | $3.26 | 0.64% |
| A Class | $1000 | $1019.71 | $5.55 | 1.09% |
| C Class | $1000 | $1015.93 | $9.35 | 1.84% |
| R Class | $1000 | $1018.45 | $6.82 | 1.34% |
| R6 Class | $1000 | $1022.74 | $2.50 | 0.49% |
| **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1018.60 | $4.43 | 0.87% |
| I Class | $1000 | $1018.70 | $3.41 | 0.67% |
| A Class | $1000 | $1016.60 | $5.69 | 1.12% |
| C Class | $1000 | $1012.60 | $9.49 | 1.87% |
| R Class | $1000 | $1015.20 | $6.96 | 1.37% |
| R6 Class | $1000 | $1019.50 | $2.65 | 0.52% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.82 | $4.43 | 0.87% |
| I Class | $1000 | $1021.83 | $3.41 | 0.67% |
| A Class | $1000 | $1019.56 | $5.70 | 1.12% |
| C Class | $1000 | $1015.78 | $9.50 | 1.87% |
| R Class | $1000 | $1018.30 | $6.97 | 1.37% |
| R6 Class | $1000 | $1022.58 | $2.65 | 0.52% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1022.20 | $4.54 | 0.89% |
| I Class | $1000 | $1022.70 | $3.52 | 0.69% |
| A Class | $1000 | $1020.30 | $5.81 | 1.14% |
| C Class | $1000 | $1016.30 | $9.61 | 1.89% |
| R Class | $1000 | $1019.20 | $7.07 | 1.39% |
| R6 Class | $1000 | $1023.60 | $2.75 | 0.54% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.72 | $4.53 | 0.89% |
| I Class | $1000 | $1021.73 | $3.52 | 0.69% |
| A Class | $1000 | $1019.46 | $5.80 | 1.14% |
| C Class | $1000 | $1015.68 | $9.60 | 1.89% |
| R Class | $1000 | $1018.20 | $7.07 | 1.39% |
| R6 Class | $1000 | $1022.48 | $2.75 | 0.54% |
| **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1024.30 | $4.54 | 0.89% |
| I Class | $1000 | $1025.00 | $3.52 | 0.69% |
| A Class | $1000 | $1023.10 | $5.81 | 1.14% |
| C Class | $1000 | $1019.40 | $9.62 | 1.89% |
| R Class | $1000 | $1021.80 | $7.08 | 1.39% |
| R6 Class | $1000 | $1025.90 | $2.76 | 0.54% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.72 | $4.53 | 0.89% |
| I Class | $1000 | $1021.73 | $3.52 | 0.69% |
| A Class | $1000 | $1019.46 | $5.80 | 1.14% |
| C Class | $1000 | $1015.68 | $9.60 | 1.89% |
| R Class | $1000 | $1018.20 | $7.07 | 1.39% |
| R6 Class | $1000 | $1022.48 | $2.75 | 0.54% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**8/1/22** | **Ending**<br>**Account Value**<br>**1/31/23** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**8/1/22 - 1/31/23** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** |
| **Actual** | | | | |
| Investor Class | $1000 | $1025.30 | $4.59 | 0.90% |
| I Class | $1000 | $1026.60 | $3.58 | 0.70% |
| A Class | $1000 | $1024.20 | $5.87 | 1.15% |
| C Class | $1000 | $1021.00 | $9.68 | 1.90% |
| R Class | $1000 | $1023.10 | $7.14 | 1.40% |
| R6 Class | $1000 | $1027.40 | $2.81 | 0.55% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.67 | $4.58 | 0.90% |
| I Class | $1000 | $1021.68 | $3.57 | 0.70% |
| A Class | $1000 | $1019.41 | $5.85 | 1.15% |
| C Class | $1000 | $1015.63 | $9.65 | 1.90% |
| R Class | $1000 | $1018.15 | $7.12 | 1.40% |
| R6 Class | $1000 | $1022.43 | $2.80 | 0.55% |
| **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** |
| **Actual** |  |  |  |  |
| Investor Class | $1000 | $1026.60 | $4.80 | 0.94% |
| I Class | $1000 | $1027.80 | $3.78 | 0.74% |
| A Class | $1000 | $1024.90 | $6.07 | 1.19% |
| C Class | $1000 | $1020.90 | $9.88 | 1.94% |
| R Class | $1000 | $1024.20 | $7.35 | 1.44% |
| R6 Class | $1000 | $1028.30 | $3.02 | 0.59% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.47 | $4.79 | 0.94% |
| I Class | $1000 | $1021.48 | $3.77 | 0.74% |
| A Class | $1000 | $1019.21 | $6.06 | 1.19% |
| C Class | $1000 | $1015.43 | $9.86 | 1.94% |
| R Class | $1000 | $1017.95 | $7.32 | 1.44% |
| R6 Class | $1000 | $1022.23 | $3.01 | 0.59% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 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.

------

Schedules of Investments

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice In Retirement Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 42.4%** | | |
| Diversified Bond Fund G Class | 41461539 | $393884618 |
| High Income Fund G Class | 8241688 | 68735680 |
| Inflation-Adjusted Bond Fund G Class | 5848402 | 62811843 |
| Short Duration Fund G Class | 15257125 | 149367258 |
| Short Duration Inflation Protection Bond Fund G Class | 13688503 | 138253882 |
|  |  | 813053281 |
| **Domestic Equity Funds — 32.3%** |  |  |
| Disciplined Growth Fund G Class | 2792564 | 51774128 |
| Focused Large Cap Value Fund G Class | 16253969 | 162214612 |
| Growth Fund G Class | 1960051 | 77833633 |
| Heritage Fund G Class | 1593780 | 36625060 |
| Mid Cap Value Fund G Class | 3812922 | 62150636 |
| Small Cap Growth Fund G Class | 991720 | 19308781 |
| Small Cap Value Fund G Class | 1897207 | 19313571 |
| Sustainable Equity Fund G Class | 4597494 | 189186865 |
|  |  | 618407286 |
| **International Fixed Income Funds — 13.3%** |  |  |
| Emerging Markets Debt Fund G Class | 2439313 | 21953817 |
| Global Bond Fund G Class | 22130983 | 190105145 |
| International Bond Fund G Class<sup>(2)</sup> | 3878229 | 43125905 |
|  |  | 255184867 |
| **International Equity Funds — 12.0%** |  |  |
| Global Real Estate Fund G Class | 1674239 | 20643369 |
| International Growth Fund G Class | 7824650 | 92722106 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 1134901 | 11201471 |
| International Value Fund G Class | 13257563 | 104469596 |
|  |  | 229036542 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,780,151,128) |  | **1915681976** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(1322)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1915680654** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2025 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Fixed Income Funds — 40.7%** | | |
| Diversified Bond Fund G Class | 40407627 | $383872459 |
| High Income Fund G Class | 8459717 | 70554040 |
| Inflation-Adjusted Bond Fund G Class | 6357935 | 68284227 |
| Short Duration Fund G Class | 12518519 | 122556299 |
| Short Duration Inflation Protection Bond Fund G Class | 11011014 | 111211238 |
|  |  | 756478263 |
| **Domestic Equity Funds — 33.3%** |  |  |
| Disciplined Growth Fund G Class | 2880509 | 53404635 |
| Focused Large Cap Value Fund G Class | 15854102 | 158223940 |
| Growth Fund G Class | 2018668 | 80161302 |
| Heritage Fund G Class | 1700847 | 39085470 |
| Mid Cap Value Fund G Class | 3890752 | 63419253 |
| Small Cap Growth Fund G Class | 991873 | 19311769 |
| Small Cap Value Fund G Class | 1897544 | 19317002 |
| Sustainable Equity Fund G Class | 4540188 | 186828757 |
|  |  | 619752128 |
| **International Fixed Income Funds — 13.3%** |  |  |
| Emerging Markets Debt Fund G Class | 2903772 | 26133949 |
| Global Bond Fund G Class | 21106584 | 181305559 |
| International Bond Fund G Class<sup>(2)</sup> | 3625406 | 40314518 |
|  |  | 247754026 |
| **International Equity Funds — 12.7%** |  |  |
| Emerging Markets Fund G Class | 498337 | 5387024 |
| Global Real Estate Fund G Class | 1752598 | 21609538 |
| International Growth Fund G Class | 7763033 | 91991940 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 1434281 | 14156357 |
| International Value Fund G Class | 12603695 | 99317114 |
| Non-U.S. Intrinsic Value Fund G Class | 474966 | 4588170 |
|  |  | 237050143 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,723,672,505) |  | **1861034560** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(15188)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1861019372** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2030 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 36.3%** | | |
| Disciplined Growth Fund G Class | 2792717 | $51776981 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 104357 | 4387176 |
| Focused Large Cap Value Fund G Class | 15270004 | 152394639 |
| Growth Fund G Class | 2132524 | 84682529 |
| Heritage Fund G Class | 2025824 | 46553429 |
| Mid Cap Value Fund G Class | 4240890 | 69126499 |
| Small Cap Growth Fund G Class | 997131 | 19414143 |
| Small Cap Value Fund G Class | 1907712 | 19420505 |
| Sustainable Equity Fund G Class | 4449064 | 183078985 |
|  |  | 630834886 |
| **Domestic Fixed Income Funds — 35.8%** |  |  |
| Diversified Bond Fund G Class | 36461921 | 346388246 |
| High Income Fund G Class | 8700684 | 72563706 |
| Inflation-Adjusted Bond Fund G Class | 6952533 | 74670200 |
| Short Duration Fund G Class | 7077844 | 69292094 |
| Short Duration Inflation Protection Bond Fund G Class | 5851652 | 59101682 |
|  |  | 622015928 |
| **International Equity Funds — 15.0%** |  |  |
| Emerging Markets Fund G Class | 1905960 | 20603430 |
| Global Real Estate Fund G Class | 1960340 | 24170992 |
| International Growth Fund G Class | 7693166 | 91164020 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 2084369 | 20572724 |
| International Value Fund G Class | 11095189 | 87430092 |
| Non-U.S. Intrinsic Value Fund G Class | 1651479 | 15953284 |
|  |  | 259894542 |
| **International Fixed Income Funds — 12.9%** |  |  |
| Emerging Markets Debt Fund G Class | 3762531 | 33862778 |
| Global Bond Fund G Class | 18277903 | 157007188 |
| International Bond Fund G Class<sup>(2)</sup> | 3055565 | 33977888 |
|  |  | 224847854 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,645,755,046) |  | **1737593210** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **657** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1737593867** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2035 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 39.7%** | | |
| Disciplined Growth Fund G Class | 2820977 | $52300918 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 471944 | 19840520 |
| Focused Large Cap Value Fund G Class | 18362625 | 183258998 |
| Growth Fund G Class | 2707267 | 107505582 |
| Heritage Fund G Class | 3024796 | 69509813 |
| Mid Cap Value Fund G Class | 5778889 | 94195888 |
| Small Cap Growth Fund G Class | 1240844 | 24159224 |
| Small Cap Value Fund G Class | 2373824 | 24165527 |
| Sustainable Equity Fund G Class | 5454561 | 224455170 |
|  |  | 799391640 |
| **Domestic Fixed Income Funds — 31.1%** |  |  |
| Diversified Bond Fund G Class | 39985788 | 379864982 |
| High Income Fund G Class | 10429417 | 86981334 |
| Inflation-Adjusted Bond Fund G Class | 7841667 | 84219502 |
| Short Duration Fund G Class | 4240410 | 41513610 |
| Short Duration Inflation Protection Bond Fund G Class | 3351129 | 33846400 |
|  |  | 626425828 |
| **International Equity Funds — 17.3%** |  |  |
| Emerging Markets Fund G Class | 4284972 | 46320549 |
| Global Real Estate Fund G Class | 2662962 | 32834316 |
| International Growth Fund G Class | 9452110 | 112007501 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 3275589 | 32330065 |
| International Value Fund G Class | 11797893 | 92967393 |
| Non-U.S. Intrinsic Value Fund G Class | 3309594 | 31970681 |
|  |  | 348430505 |
| **International Fixed Income Funds — 11.9%** |  |  |
| Emerging Markets Debt Fund G Class | 5173059 | 46557531 |
| Global Bond Fund G Class | 19309149 | 165865586 |
| International Bond Fund G Class<sup>(2)</sup> | 2487515 | 27661163 |
|  |  | 240084280 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,873,630,987) |  | **2014332253** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **638** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2014332891** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2040 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 43.6%** | | |
| Disciplined Growth Fund G Class | 1614588 | $29934467 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 623355 | 26205831 |
| Focused Large Cap Value Fund G Class | 13651073 | 136237707 |
| Growth Fund G Class | 2121045 | 84226701 |
| Heritage Fund G Class | 2824589 | 64909060 |
| Mid Cap Value Fund G Class | 4783959 | 77978524 |
| Small Cap Growth Fund G Class | 957181 | 18636323 |
| Small Cap Value Fund G Class | 1837867 | 18709486 |
| Sustainable Equity Fund G Class | 4042305 | 166340834 |
|  |  | 623178933 |
| **Domestic Fixed Income Funds — 26.6%** |  |  |
| Diversified Bond Fund G Class | 26492669 | 251680356 |
| High Income Fund G Class | 7250038 | 60465318 |
| Inflation-Adjusted Bond Fund G Class | 4775347 | 51287229 |
| Short Duration Fund G Class | 965537 | 9452608 |
| Short Duration Inflation Protection Bond Fund G Class | 757002 | 7645718 |
|  |  | 380531229 |
| **International Equity Funds — 19.7%** |  |  |
| Emerging Markets Fund G Class | 4971528 | 53742214 |
| Global Real Estate Fund G Class | 2240249 | 27622276 |
| International Growth Fund G Class | 6834539 | 80989282 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 2922258 | 28842691 |
| International Value Fund G Class | 7195770 | 56702667 |
| Non-U.S. Intrinsic Value Fund G Class | 3389992 | 32747321 |
|  |  | 280646451 |
| **International Fixed Income Funds — 10.1%** |  |  |
| Emerging Markets Debt Fund G Class | 3947186 | 35524672 |
| Global Bond Fund G Class | 11934859 | 102520436 |
| International Bond Fund G Class<sup>(2)</sup> | 572475 | 6365919 |
|  |  | 144411027 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,337,806,296) |  | **1428767640** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(30550)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1428737090** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2045 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 47.9%** | | |
| Disciplined Growth Fund G Class | 1176990 | $21821397 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 1014002 | 42628649 |
| Focused Large Cap Value Fund G Class | 15427650 | 153967943 |
| Growth Fund G Class | 2430250 | 96505219 |
| Heritage Fund G Class | 3608397 | 82920957 |
| Mid Cap Value Fund G Class | 5755407 | 93813140 |
| Small Cap Growth Fund G Class | 1078807 | 21004380 |
| Small Cap Value Fund G Class | 2063635 | 21007801 |
| Sustainable Equity Fund G Class | 4526004 | 186245079 |
|  |  | 719914565 |
| **Domestic Fixed Income Funds — 22.0%** |  |  |
| Diversified Bond Fund G Class | 24273301 | 230596359 |
| High Income Fund G Class | 6769853 | 56460573 |
| Inflation-Adjusted Bond Fund G Class | 4091578 | 43943552 |
|  |  | 331000484 |
| **International Equity Funds — 21.9%** |  |  |
| Emerging Markets Fund G Class | 6971294 | 75359693 |
| Global Real Estate Fund G Class | 2672011 | 32945897 |
| International Growth Fund G Class | 7533590 | 89273043 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 3507197 | 34616036 |
| International Value Fund G Class | 7114714 | 56063944 |
| Non-U.S. Intrinsic Value Fund G Class | 4332214 | 41849188 |
|  |  | 330107801 |
| **International Fixed Income Funds — 8.2%** |  |  |
| Emerging Markets Debt Fund G Class | 3840743 | 34566684 |
| Global Bond Fund G Class | 10385481 | 89211283 |
|  |  | 123777967 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,374,811,420) |  | **1504800817** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **19228** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1504820045** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2050 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 52.5%** | | |
| Disciplined Growth Fund G Class | 412477 | $7647325 |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 1043321 | 43861196 |
| Focused Large Cap Value Fund G Class | 12332391 | 123077257 |
| Growth Fund G Class | 1932588 | 76743077 |
| Heritage Fund G Class | 2865307 | 65844748 |
| Mid Cap Value Fund G Class | 4517864 | 73641185 |
| Small Cap Growth Fund G Class | 850828 | 16565627 |
| Small Cap Value Fund G Class | 1627261 | 16565514 |
| Sustainable Equity Fund G Class | 3595138 | 147939931 |
|  |  | 571885860 |
| **International Equity Funds — 23.9%** |  |  |
| Emerging Markets Fund G Class | 5526880 | 59745573 |
| Global Real Estate Fund G Class | 2094283 | 25822512 |
| International Growth Fund G Class | 5970727 | 70753121 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 2752696 | 27169106 |
| International Value Fund G Class | 5163732 | 40690211 |
| Non-U.S. Intrinsic Value Fund G Class | 3741502 | 36142914 |
|  |  | 260323437 |
| **Domestic Fixed Income Funds — 17.2%** |  |  |
| Diversified Bond Fund G Class | 13688941 | 130044937 |
| High Income Fund G Class | 3874013 | 32309265 |
| Inflation-Adjusted Bond Fund G Class | 2352663 | 25267599 |
|  |  | 187621801 |
| **International Fixed Income Funds — 6.4%** |  |  |
| Emerging Markets Debt Fund G Class | 2177439 | 19596950 |
| Global Bond Fund G Class | 5908783 | 50756448 |
|  |  | 70353398 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $1,010,887,277) |  | **1090184496** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **557** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1090185053** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2055 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 55.9%** | | |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 904472 | $38024000 |
| Focused Large Cap Value Fund G Class | 9216360 | 91979273 |
| Growth Fund G Class | 1427476 | 56685060 |
| Heritage Fund G Class | 2103967 | 48349159 |
| Mid Cap Value Fund G Class | 3330922 | 54294025 |
| Small Cap Growth Fund G Class | 620262 | 12076495 |
| Small Cap Value Fund G Class | 1186708 | 12080686 |
| Sustainable Equity Fund G Class | 2648070 | 108968077 |
|  |  | 422456775 |
| **International Equity Funds — 25.4%** |  |  |
| Emerging Markets Fund G Class | 4055065 | 43835252 |
| Global Real Estate Fund G Class | 1536373 | 18943484 |
| International Growth Fund G Class | 4419843 | 52375138 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 2018325 | 19920864 |
| International Value Fund G Class | 3609059 | 28439384 |
| Non-U.S. Intrinsic Value Fund G Class | 2933632 | 28338885 |
|  |  | 191853007 |
| **Domestic Fixed Income Funds — 13.5%** |  |  |
| Diversified Bond Fund G Class | 7425310 | 70540449 |
| High Income Fund G Class | 2133953 | 17797171 |
| Inflation-Adjusted Bond Fund G Class | 1290381 | 13858694 |
|  |  | 102196314 |
| **International Fixed Income Funds — 5.2%** |  |  |
| Emerging Markets Debt Fund G Class | 1212183 | 10909643 |
| Global Bond Fund G Class | 3240789 | 27838381 |
|  |  | 38748024 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $711,832,683) |  | **755254120** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **250312** |
| **TOTAL NET ASSETS — 100.0%** |  | $**755504432** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2060 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 57.9%** | | |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 425976 | $17908034 |
| Focused Large Cap Value Fund G Class | 4398268 | 43894718 |
| Growth Fund G Class | 671328 | 26658445 |
| Heritage Fund G Class | 991816 | 22791941 |
| Mid Cap Value Fund G Class | 1589768 | 25913224 |
| Small Cap Growth Fund G Class | 287005 | 5587983 |
| Small Cap Value Fund G Class | 549076 | 5589591 |
| Sustainable Equity Fund G Class | 1256521 | 51705830 |
|  |  | 200049766 |
| **International Equity Funds — 25.9%** |  |  |
| Emerging Markets Fund G Class | 1917354 | 20726596 |
| Global Real Estate Fund G Class | 706617 | 8712584 |
| International Growth Fund G Class | 2066180 | 24484238 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 926970 | 9149194 |
| International Value Fund G Class | 1640798 | 12929486 |
| Non-U.S. Intrinsic Value Fund G Class | 1417274 | 13690869 |
|  |  | 89692967 |
| **Domestic Fixed Income Funds — 11.8%** |  |  |
| Diversified Bond Fund G Class | 2986461 | 28371376 |
| High Income Fund G Class | 829724 | 6919899 |
| Inflation-Adjusted Bond Fund G Class | 507523 | 5450798 |
|  |  | 40742073 |
| **International Fixed Income Funds — 4.4%** |  |  |
| Emerging Markets Debt Fund G Class | 465240 | 4187160 |
| Global Bond Fund G Class | 1295443 | 11127853 |
|  |  | 15315013 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $339,623,818) |  | **345799819** |
| **OTHER ASSETS AND LIABILITIES**<sup>†</sup> |  | **(116)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**345799703** |

---

**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.

------

**JANUARY 31, 2023 (UNAUDITED)**

**One Choice 2065 Portfolio**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 100.0%** | **Shares** | **Value** |
| **Domestic Equity Funds — 58.9%** | | |
| Focused Dynamic Growth Fund G Class<sup>(2)</sup> | 49886 | $2097198 |
| Focused Large Cap Value Fund G Class | 518926 | 5178883 |
| Growth Fund G Class | 78827 | 3130224 |
| Heritage Fund G Class | 116304 | 2672676 |
| Mid Cap Value Fund G Class | 187336 | 3053579 |
| Small Cap Growth Fund G Class | 34342 | 668644 |
| Small Cap Value Fund G Class | 65978 | 671651 |
| Sustainable Equity Fund G Class | 147832 | 6083302 |
|  |  | 23556157 |
| **International Equity Funds — 26.2%** |  |  |
| Emerging Markets Fund G Class | 222823 | 2408721 |
| Global Real Estate Fund G Class | 82850 | 1021538 |
| International Growth Fund G Class | 242355 | 2871911 |
| International Small-Mid Cap Fund G Class<sup>(2)</sup> | 109655 | 1082292 |
| International Value Fund G Class | 187500 | 1477504 |
| Non-U.S. Intrinsic Value Fund G Class | 166411 | 1607530 |
|  |  | 10469496 |
| **Domestic Fixed Income Funds — 10.8%** |  |  |
| Diversified Bond Fund G Class | 314925 | 2991787 |
| High Income Fund G Class | 89363 | 745285 |
| Inflation-Adjusted Bond Fund G Class | 54685 | 587318 |
|  |  | 4324390 |
| **International Fixed Income Funds — 4.1%** |  |  |
| Emerging Markets Debt Fund G Class | 49039 | 441350 |
| Global Bond Fund G Class | 138335 | 1188297 |
|  |  | 1629647 |
| **TOTAL INVESTMENT SECURITIES—100.0%**<br>(Cost $42,189,231) |  | **39979690** |
| **OTHER ASSETS AND LIABILITIES** |  | **—** |
| **TOTAL NET ASSETS — 100.0%** |  | $**39979690** |

---

**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.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice In <br>Retirement <br>Portfolio** | **One Choice <br>2025 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $1,780,151,128 and $1,723,672,505, respectively) | $1915681976 | $1861034560 |
| Receivable for investments sold | 2859945 | 1490174 |
| Receivable for capital shares sold | 2990645 | 3271639 |
| Distributions receivable from affiliates | 2021592 | 1921278 |
|  | 1923554158 | 1867717651 |
| **Liabilities** |  |  |
| Payable for investments purchased | 2021194 | 1920784 |
| Payable for capital shares redeemed | 4700706 | 3651176 |
| Accrued management fees | 1012393 | 989856 |
| Distribution and service fees payable | 139211 | 136463 |
|  | 7873504 | 6698279 |
| **Net Assets** | $1915680654 | $1861019372 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1784546033 | $1717768605 |
| Distributable earnings (loss) | 131134621 | 143250767 |
|  | $1915680654 | $1861019372 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share**\* |
| **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** |
| Investor Class, $0.01 Par Value | $772829018 | 65796387 | $11.75 |
| I Class, $0.01 Par Value | $266387100 | 22673859 | $11.75 |
| A Class, $0.01 Par Value | $195206790 | 16615653 | $11.75 |
| C Class, $0.01 Par Value | $2187169 | 188333 | $11.61 |
| R Class, $0.01 Par Value | $230964351 | 19719892 | $11.71 |
| R6 Class, $0.01 Par Value | $448106226 | 49396329 | $9.07 |
| **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** |
| Investor Class, $0.01 Par Value | $669532569 | 50845983 | $13.17 |
| I Class, $0.01 Par Value | $279783551 | 21248045 | $13.17 |
| A Class, $0.01 Par Value | $168693339 | 12809166 | $13.17 |
| C Class, $0.01 Par Value | $1882088 | 142637 | $13.19 |
| R Class, $0.01 Par Value | $239454791 | 18187813 | $13.17 |
| R6 Class, $0.01 Par Value | $501673034 | 53657832 | $9.35 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $12.47 and $13.97 (net asset value divided by 0.9425) for One Choice In Retirement Portfolio and One Choice 2025 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>2030 Portfolio** | **One Choice<br>2035 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $1,645,755,046 and $1,873,630,987, respectively) | $1737593210 | $2014332253 |
| Receivable for investments sold | 2323830 | 1835416 |
| Receivable for capital shares sold | 6180475 | 3315923 |
| Distributions receivable from affiliates | 1659275 | 1755516 |
|  | 1747756790 | 2021239108 |
| **Liabilities** |  |  |
| Payable for investments purchased | 1658546 | 1754879 |
| Payable for capital shares redeemed | 7424872 | 3842768 |
| Accrued management fees | 918293 | 1135883 |
| Distribution and service fees payable | 161212 | 172687 |
|  | 10162923 | 6906217 |
| **Net Assets** | $1737593867 | $2014332891 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1650387494 | $1870981957 |
| Distributable earnings (loss) | 87206373 | 143350934 |
|  | $1737593867 | $2014332891 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share**\* |
| **One Choice 2030 Portfolio** | | | |
| Investor Class, $0.01 Par Value | $405879886 | 35124445 | $11.56 |
| I Class, $0.01 Par Value | $309991708 | 26847812 | $11.55 |
| A Class, $0.01 Par Value | $154172716 | 13364043 | $11.54 |
| C Class, $0.01 Par Value | $2108637 | 182282 | $11.57 |
| R Class, $0.01 Par Value | $305880057 | 26498303 | $11.54 |
| R6 Class, $0.01 Par Value | $559560863 | 54369383 | $10.29 |
| **One Choice 2035 Portfolio** |  |  |  |
| Investor Class, $0.01 Par Value | $599053438 | 40797392 | $14.68 |
| I Class, $0.01 Par Value | $337655507 | 22970862 | $14.70 |
| A Class, $0.01 Par Value | $183600942 | 12501806 | $14.69 |
| C Class, $0.01 Par Value | $1175918 | 80148 | $14.67 |
| R Class, $0.01 Par Value | $321469803 | 21885448 | $14.69 |
| R6 Class, $0.01 Par Value | $571377283 | 60037727 | $9.52 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $12.24 and $15.59 (net asset value divided by 0.9425) for One Choice 2030 Portfolio and One Choice 2035 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>2040 Portfolio** | **One Choice<br>2045 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $1,337,806,296 and $1,374,811,420, respectively) | $1428767640 | $1504800817 |
| Receivable for investments sold | 2606016 | 2411901 |
| Receivable for capital shares sold | 3181763 | 3513203 |
| Distributions receivable from affiliates | 1123932 | 1004499 |
|  | 1435679351 | 1511730420 |
| **Liabilities** |  |  |
| Payable for investments purchased | 1123360 | 1003986 |
| Payable for capital shares redeemed | 4848331 | 4853363 |
| Accrued management fees | 820562 | 908816 |
| Distribution and service fees payable | 150008 | 144210 |
|  | 6942261 | 6910375 |
| **Net Assets** | $1428737090 | $1504820045 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1344323373 | $1374589329 |
| Distributable earnings (loss) | 84413717 | 130230716 |
|  | $1428737090 | $1504820045 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice 2040 Portfolio** | | | |
| Investor Class, $0.01 Par Value | $317281447 | 25971667 | $12.22 |
| I Class, $0.01 Par Value | $265897475 | 21766800 | $12.22 |
| A Class, $0.01 Par Value | $130406397 | 10676928 | $12.21 |
| C Class, $0.01 Par Value | $1084459 | 88943 | $12.19 |
| R Class, $0.01 Par Value | $294535633 | 24123650 | $12.21 |
| R6 Class, $0.01 Par Value | $419531679 | 39663146 | $10.58 |
| **One Choice 2045 Portfolio** |  |  |  |
| Investor Class, $0.01 Par Value | $418392198 | 26671696 | $15.69 |
| I Class, $0.01 Par Value | $257832362 | 16420563 | $15.70 |
| A Class, $0.01 Par Value | $127163125 | 8110834 | $15.68 |
| C Class, $0.01 Par Value | $1430198 | 91501 | $15.63 |
| R Class, $0.01 Par Value | $282608988 | 18007773 | $15.69 |
| R6 Class, $0.01 Par Value | $417393174 | 43663202 | $9.56 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $12.95 and $16.64 (net asset value divided by 0.9425) for One Choice 2040 Portfolio and One Choice 2045 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>2050 Portfolio** | **One Choice<br>2055 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $1,010,887,277 and $711,832,683, respectively) | $1090184496 | $755254120 |
| Receivable for investments sold | 1266581 | 640186 |
| Receivable for capital shares sold | 1932729 | 1637019 |
| Distributions receivable from affiliates | 569085 | 311401 |
|  | 1093952891 | 757842726 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash |  | 966 |
| Payable for investments purchased | 568529 | 311009 |
| Payable for capital shares redeemed | 2419273 | 1490207 |
| Accrued management fees | 663766 | 453137 |
| Distribution and service fees payable | 116270 | 82975 |
|  | 3767838 | 2338294 |
| **Net Assets** | $1090185053 | $755504432 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $1018637520 | $722534283 |
| Distributable earnings (loss) | 71547533 | 32970149 |
|  | $1090185053 | $755504432 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice 2050 Portfolio** | | | |
| Investor Class, $0.01 Par Value | $223800029 | 17179717 | $13.03 |
| I Class, $0.01 Par Value | $215203236 | 16499607 | $13.04 |
| A Class, $0.01 Par Value | $92375704 | 7090946 | $13.03 |
| C Class, $0.01 Par Value | $1136817 | 87449 | $13.00 |
| R Class, $0.01 Par Value | $233080360 | 17880659 | $13.04 |
| R6 Class, $0.01 Par Value | $324588907 | 28726098 | $11.30 |
| **One Choice 2055 Portfolio** |  |  |  |
| Investor Class, $0.01 Par Value | $119469272 | 8156241 | $14.65 |
| I Class, $0.01 Par Value | $167959668 | 11471783 | $14.64 |
| A Class, $0.01 Par Value | $65873411 | 4502638 | $14.63 |
| C Class, $0.01 Par Value | $806474 | 55507 | $14.53 |
| R Class, $0.01 Par Value | $167466570 | 11430629 | $14.65 |
| R6 Class, $0.01 Par Value | $233929037 | 19634684 | $11.91 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $13.82 and $15.52 (net asset value divided by 0.9425) for One Choice 2050 Portfolio and One Choice 2055 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>2060 Portfolio** | **One Choice<br>2065 Portfolio** |
| **Assets** | | |
| Investment securities in affiliates, at value (cost of $339,623,818 and $42,189,231, respectively) | $345799819 | $39979690 |
| Receivable for investments sold | 528812 |  |
| Receivable for capital shares sold | 513407 | 79336 |
| Distributions receivable from affiliates | 122085 | 12651 |
|  | 346964123 | 40071677 |
| **Liabilities** |  |  |
| Payable for investments purchased | 121986 | 55389 |
| Payable for capital shares redeemed | 790202 | 8584 |
| Accrued management fees | 207927 | 22909 |
| Distribution and service fees payable | 44305 | 5105 |
|  | 1164420 | 91987 |
| **Net Assets** | $345799703 | $39979690 |
| **Net Assets Consist of:** |  |  |
| Capital (par value and paid-in surplus) | $349750734 | $42633741 |
| Distributable earnings (loss) | (3951031) | (2654051) |
|  | $345799703 | $39979690 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Class** | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| **One Choice 2060 Portfolio** | | | |
| Investor Class, $0.01 Par Value | $60287768 | 4548511 | $13.25 |
| I Class, $0.01 Par Value | $57422746 | 4330009 | $13.26 |
| A Class, $0.01 Par Value | $25019841 | 1888534 | $13.25 |
| C Class, $0.01 Par Value | $263680 | 20059 | $13.15 |
| R Class, $0.01 Par Value | $95322925 | 7198020 | $13.24 |
| R6 Class, $0.01 Par Value | $107482743 | 8081507 | $13.30 |
| **One Choice 2065 Portfolio** |  |  |  |
| Investor Class, $0.01 Par Value | $4854032 | 454016 | $10.69 |
| I Class, $0.01 Par Value | $6734661 | 630138 | $10.69 |
| A Class, $0.01 Par Value | $1626510 | 152226 | $10.68 |
| C Class, $0.01 Par Value | $43642 | 4086 | $10.68 |
| R Class, $0.01 Par Value | $11915541 | 1114808 | $10.69 |
| R6 Class, $0.01 Par Value | $14805304 | 1383878 | $10.70 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $14.06 and $11.33 (net asset value divided by 0.9425) for One Choice 2060 Portfolio and One Choice 2065 Portfolio, respectively. A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice In<br>Retirement <br>Portfolio** | **One Choice <br>2025 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $46134693 | $44091700 |
| **Expenses:** |  |  |
| Management fees | 6500173 | 6251310 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 242118 | 210849 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 11798 | 9432 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 558027 | 572844 |
| Directors' fees and expenses | 30579 | 29517 |
| Proxy solicitation expenses | 28032 | 27017 |
|  | 7370727 | 7100969 |
| Fees waived | (474270) | (383732) |
|  | 6896457 | 6717237 |
| **Net investment income (loss)** | 39238236 | 37374463 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | 6706500 | 2223812 |
| Capital gain distributions received from underlying funds | 17862336 | 17623420 |
|  | 24568836 | 19847232 |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | (58121005) | (49798927) |
| **Net realized and unrealized gain (loss) on affiliates** | (33552169) | (29951695) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5686067 | $7422768 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice <br>2030 Portfolio** | **One Choice <br>2035 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $39587939 | $43769643 |
| **Expenses:** |  |  |
| Management fees | 5799554 | 7059739 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 192292 | 227552 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 10476 | 5708 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 720598 | 750082 |
| Directors' fees and expenses | 27118 | 31088 |
| Proxy solicitation expenses | 27452 | 35540 |
|  | 6777490 | 8109709 |
| Fees waived | (413310) | (434848) |
|  | 6364180 | 7674861 |
| **Net investment income (loss)** | 33223759 | 36094782 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (13308634) | (12017118) |
| Capital gain distributions received from underlying funds | 17163837 | 20902940 |
|  | 3855203 | 8885822 |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | (24051134) | (23948388) |
| **Net realized and unrealized gain (loss) on affiliates** | (20195931) | (15062566) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $13027828 | $21032216 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | | |
| | **One Choice<br>2040 Portfolio** | **One Choice<br>2045 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $29657869 | $29486448 |
| **Expenses:** |  |  |
| Management fees | 5096541 | 5580111 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 156662 | 154129 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 5505 | 6873 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 684639 | 652250 |
| Directors' fees and expenses | 21957 | 23006 |
| Proxy solicitation expenses | 30978 | 39296 |
|  | 5996282 | 6455665 |
| Fees waived | (332933) | (300357) |
|  | 5663349 | 6155308 |
| **Net investment income (loss)** | 23994520 | 23331140 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (17462665) | (13706793) |
| Capital gain distributions received from underlying funds | 15919921 | 18009795 |
|  | (1542744) | 4303002 |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | (1691024) | (1603553) |
| **Net realized and unrealized gain (loss) on affiliates** | (3233768) | 2699449 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $20760752 | $26030589 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice <br>2050 Portfolio** | **One Choice <br>2055 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $20164245 | $13259901 |
| **Expenses:** |  |  |
| Management fees | 4017142 | 2757427 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 109901 | 77005 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 5299 | 3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 529047 | 373779 |
| Directors' fees and expenses | 16457 | 11238 |
| Proxy solicitation expenses | 34968 | 33537 |
|  | 4712814 | 3256912 |
| Fees waived | (191325) | (170499) |
|  | 4521489 | 3086413 |
| **Net investment income (loss)** | 15642756 | 10173488 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (18642140) | (16257063) |
| Capital gain distributions received from underlying funds | 14205450 | 10371192 |
|  | (4436690) | (5885871) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 12669037 | 14392465 |
| **Net realized and unrealized gain (loss) on affiliates** | 8232347 | 8506594 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $23875103 | $18680082 |

---

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED)** |
| | **One Choice <br>2060 Portfolio** | **One Choice <br>2065 Portfolio** |
| **Investment Income (Loss)** | | |
| **Income from Affiliates:** | | |
| Income distributions from underlying funds | $5716674 | $597521 |
| **Expenses:** |  |  |
| Management fees | 1235225 | 120714 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 28566 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 1226 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 208582 | 22416 |
| Directors' fees and expenses | 4882 | 469 |
| Proxy solicitation expenses | 24444 | 8949 |
|  | 1502925 | 154158 |
| Fees waived | (89175) | (9759) |
|  | 1413750 | 144399 |
| **Net investment income (loss)** | 4302924 | 453122 |
| **Realized and Unrealized Gain (Loss) on Affiliates** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Sales of investments in underlying funds | (7510519) | (614538) |
| Capital gain distributions received from underlying funds | 4733253 | 524697 |
|  | (2777266) | (89841) |
| **Change in net unrealized appreciation (depreciation) on investments in underlying funds** | 8112411 | 1279524 |
| **Net realized and unrealized gain (loss) on affiliates** | 5335145 | 1189683 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $9638069 | $1642805 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice <br>In Retirement Portfolio** | **One Choice <br>In Retirement Portfolio** | **One Choice<br>2025 Portfolio** | **One Choice<br>2025 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $39238236 | $101892413 | $37374463 | $101678037 |
| Net realized gain (loss) | 24568836 | 86793657 | 19847232 | 96493756 |
| Change in net unrealized appreciation (depreciation) | (58121005) | (374658155) | (49798927) | (393012926) |
| Net increase (decrease) in net assets resulting from operations | 5686067 | (185972085) | 7422768 | (194841133) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (31738083) | (75268652) | (28548007) | (64627237) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (11225878) | (29384549) | (12295260) | (29947885) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (7733006) | (17895445) | (6790381) | (15704904) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (81474) | (281897) | (62011) | (196368) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (8733709) | (19032312) | (8848900) | (17832838) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (23879344) | (59897904) | (31237545) | (69708018) |
| Decrease in net assets from distributions | (83391494) | (201760759) | (87782104) | (198017250) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (40190676) | (257932454) | (26050439) | (206231189) |
| **Net increase (decrease) in net assets** | (117896103) | (645665298) | (106409775) | (599089572) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 2033576757 | 2679242055 | 1967429147 | 2566518719 |
| End of period | $1915680654 | $2033576757 | $1861019372 | $1967429147 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $33223759 | $92086452 | $36094782 | $106741100 |
| Net realized gain (loss) | 3855203 | 89447244 | 8885822 | 116421542 |
| Change in net unrealized appreciation (depreciation) | (24051134) | (371678686) | (23948388) | (461836590) |
| Net increase (decrease) in net assets resulting from operations | 13027828 | (190144990) | 21032216 | (238673948) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (21133455) | (37930472) | (29113709) | (51528323) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (16495579) | (31137808) | (16646206) | (30293457) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (7666919) | (14421414) | (8617225) | (14980120) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (86646) | (213331) | (44753) | (110066) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (13976666) | (22222744) | (13741440) | (20697138) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (33248073) | (62185446) | (43393558) | (76638766) |
| Decrease in net assets from distributions | (92607338) | (168111215) | (111556891) | (194247870) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 26782701 | (75988669) | 56455997 | (44962079) |
| **Net increase (decrease) in net assets** | (52796809) | (434244874) | (34068678) | (477883897) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1790390676 | 2224635550 | 2048401569 | 2526285466 |
| End of period | $1737593867 | $1790390676 | $2014332891 | $2048401569 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $23994520 | $77283729 | $23331140 | $82103763 |
| Net realized gain (loss) | (1542744) | 87032892 | 4303002 | 106102880 |
| Change in net unrealized appreciation (depreciation) | (1691024) | (347238092) | (1603553) | (392020651) |
| Net increase (decrease) in net assets resulting from operations | 20760752 | (182921471) | 26030589 | (203814008) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (18460729) | (30078810) | (22157540) | (37296784) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (15362725) | (26312273) | (13900939) | (23437359) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (7090840) | (11766510) | (6426727) | (10768562) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (52271) | (92512) | (61618) | (116970) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (14991024) | (20928000) | (13199074) | (18546575) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (28404492) | (52115518) | (36216085) | (63298641) |
| Decrease in net assets from distributions | (84362081) | (141293623) | (91961983) | (153464891) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 46824730 | (21007985) | 59382552 | (23338616) |
| **Net increase (decrease) in net assets** | (16776599) | (345223079) | (6548842) | (380617515) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1445513689 | 1790736768 | 1511368887 | 1891986402 |
| End of period | $1428737090 | $1445513689 | $1504820045 | $1511368887 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $15642756 | $59213403 | $10173488 | $40139800 |
| Net realized gain (loss) | (4436690) | 73548421 | (5885871) | 47032034 |
| Change in net unrealized appreciation (depreciation) | 12669037 | (278835356) | 14392465 | (188168821) |
| Net increase (decrease) in net assets resulting from operations | 23875103 | (146073532) | 18680082 | (100996987) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (13810584) | (19584498) | (6889472) | (10516664) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (13082127) | (18807255) | (9402434) | (14045981) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (5270428) | (7479172) | (3437227) | (4965583) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (56479) | (91643) | (36512) | (59803) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (12587924) | (14630696) | (8162255) | (9808258) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (22936476) | (37644256) | (16163562) | (27609685) |
| Decrease in net assets from distributions | (67744018) | (98237520) | (44091462) | (67005974) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 63796452 | 616751 | 53820922 | 27918203 |
| **Net increase (decrease) in net assets** | 19927537 | (243694301) | 28409542 | (140084758) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 1070257516 | 1313951817 | 727094890 | 867179648 |
| End of period | $1090185053 | $1070257516 | $755504432 | $727094890 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** | **SIX MONTHS ENDED JANUARY 31, 2023 (UNAUDITED) AND YEAR ENDED JULY 31, 2022** |
| | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** |
| **Increase (Decrease) in Net Assets** | **January 31, 2023** | **July 31, 2022** | **January 31, 2023** | **July 31, 2022** |
| **Operations** | | | | |
| Net investment income (loss) | $4302924 | $15691515 | $453122 | $866732 |
| Net realized gain (loss) | (2777266) | 15500419 | (89841) | 555898 |
| Change in net unrealized appreciation (depreciation) | 8112411 | (71627849) | 1279524 | (4042530) |
| Net increase (decrease) in net assets resulting from operations | 9638069 | (40435915) | 1642805 | (2619900) |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3749305) | (3814767) | (171838) | (125764) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (3829500) | (3552447) | (249270) | (103965) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (1555452) | (1504548) | (53366) | (22097) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (14871) | (14810) | (1231) | (1069) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (5638251) | (4091371) | (368430) | (129272) |
| &nbsp;&nbsp;&nbsp;&nbsp;R6 Class | (7174242) | (7968447) | (580166) | (407453) |
| Decrease in net assets from distributions | (21961621) | (20946390) | (1424301) | (789620) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 47969603 | 45369632 | 14312067 | 19639970 |
| **Net increase (decrease) in net assets** | 35646051 | (16012673) | 14530571 | 16230450 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 310153652 | 326166325 | 25449119 | 9218669 |
| End of period | $345799703 | $310153652 | $39979690 | $25449119 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**JANUARY 31, 2023 (UNAUDITED)**

**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, fixed-income securities and short-term investments. 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.

**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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually. 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.

------

**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, 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 January 31, 2023, 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, 2023 and cannot terminate them prior to such date without the approval of the Board of Directors.

------

From August 1, 2022 until November 30, 2022, the annual management fee and the fee waiver for each class of each fund was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Annual Management Fee** | **Annual Management Fee** | **Annual Management Fee** | **Fee Waiver** | **Fee Waiver** | **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% | 0.58% | 0.48% | 0.03% | 0.04% | 0.09% |
| One Choice 2025 Portfolio | 0.78% | 0.59% | 0.49% | 0.02% | 0.03% | 0.08% |
| One Choice 2030 Portfolio | 0.81% | 0.62% | 0.51% | 0.03% | 0.04% | 0.08% |
| One Choice 2035 Portfolio | 0.84% | 0.64% | 0.54% | 0.03% | 0.03% | 0.08% |
| One Choice 2040 Portfolio | 0.86% | 0.67% | 0.56% | 0.03% | 0.04% | 0.08% |
| One Choice 2045 Portfolio | 0.89% | 0.69% | 0.58% | 0.03% | 0.03% | 0.07% |
| One Choice 2050 Portfolio | 0.91% | 0.71% | 0.58% | 0.03% | 0.03% | 0.05% |
| One Choice 2055 Portfolio | 0.92% | 0.72% | 0.59% | 0.04% | 0.04% | 0.06% |
| One Choice 2060 Portfolio | 0.93% | 0.73% | 0.60% | 0.05% | 0.05% | 0.07% |
| One Choice 2065 Portfolio | 0.93% | 0.74% | 0.60% | 0.05% | 0.06% | 0.07% |

---

Effective December 1, 2022, the annual management fee and the fee waiver for each class of each fund are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Annual Management Fee** | **Annual Management Fee** | **Annual Management Fee** | **Fee Waiver** | **Fee Waiver** | **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 | 0.78% | 0.60% | 0.50% | 0.04% | 0.06% | 0.11% |
| One Choice 2025 Portfolio | 0.79% | 0.60% | 0.51% | 0.03% | 0.04% | 0.10% |
| One Choice 2030 Portfolio | 0.81% | 0.62% | 0.52% | 0.03% | 0.04% | 0.09% |
| One Choice 2035 Portfolio | 0.84% | 0.65% | 0.54% | 0.03% | 0.04% | 0.08% |
| One Choice 2040 Portfolio | 0.87% | 0.67% | 0.56% | 0.04% | 0.04% | 0.08% |
| One Choice 2045 Portfolio | 0.89% | 0.70% | 0.58% | 0.03% | 0.04% | 0.07% |
| One Choice 2050 Portfolio | 0.91% | 0.71% | 0.59% | 0.03% | 0.03% | 0.06% |
| One Choice 2055 Portfolio | 0.92% | 0.73% | 0.60% | 0.04% | 0.05% | 0.07% |
| One Choice 2060 Portfolio | 0.93% | 0.73% | 0.61% | 0.05% | 0.05% | 0.08% |
| One Choice 2065 Portfolio | 0.94% | 0.74% | 0.61% | 0.06% | 0.06% | 0.08% |

---

For the period ended January 31, 2023, 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** | **Effective Annual Management Fee** | **Effective Annual Management Fee** | **Fee Waiver** | **Fee Waiver** | **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 | 0.78% | 0.59% | 0.50% | 0.02% | 0.03% | 0.09% |
| One Choice 2030 Portfolio | 0.81% | 0.62% | 0.51% | 0.03% | 0.04% | 0.08% |
| One Choice 2035 Portfolio | 0.84% | 0.64% | 0.54% | 0.03% | 0.03% | 0.08% |
| One Choice 2040 Portfolio | 0.86% | 0.67% | 0.56% | 0.03% | 0.04% | 0.08% |
| One Choice 2045 Portfolio | 0.89% | 0.69% | 0.58% | 0.03% | 0.03% | 0.07% |
| One Choice 2050 Portfolio | 0.91% | 0.71% | 0.58% | 0.03% | 0.03% | 0.05% |
| One Choice 2055 Portfolio | 0.92% | 0.72% | 0.59% | 0.04% | 0.04% | 0.06% |
| One Choice 2060 Portfolio | 0.93% | 0.73% | 0.60% | 0.05% | 0.05% | 0.07% |
| One Choice 2065 Portfolio | 0.93% | 0.74% | 0.60% | 0.05% | 0.06% | 0.07% |

---

------

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| | | | |
|:---|:---|:---|:---|
| | **Effective Annual Management Fee After Waiver** | **Effective Annual Management Fee After Waiver** | **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 January 31, 2023 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investor Class** | **I Class** | **A Class** | **C Class** | **R Class** | **R6 Class** |
| One Choice In Retirement Portfolio | $129963 | $64111 | $32325 | $391 | $37303 | $210177 |
| One Choice 2025 Portfolio | $78599 | $47202 | $19691 | $220 | $26862 | $211158 |
| One Choice 2030 Portfolio | $61471 | $62687 | $23075 | $314 | $43236 | $222527 |
| One Choice 2035 Portfolio | $89301 | $54860 | $27306 | $171 | $45005 | $218205 |
| One Choice 2040 Portfolio | $52780 | $52492 | $20952 | $183 | $45882 | $160644 |
| One Choice 2045 Portfolio | $62136 | $42156 | $18495 | $206 | $39135 | $138229 |
| One Choice 2050 Portfolio | $33617 | $31422 | $13188 | $159 | $31743 | $81196 |
| One Choice 2055 Portfolio | $24240 | $34764 | $12321 | $157 | $29902 | $69115 |
| One Choice 2060 Portfolio | $13581 | $13359 | $5713 | $61 | $20858 | $35603 |
| One Choice 2065 Portfolio | $1065 | $1481 | $309 | $10 | $2423 | $4471 |

---

**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 January 31, 2023 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 January 31, 2023 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One Choice In**<br>**Retirement**<br>**Portfolio** | **One Choice**<br>**2025 Portfolio** | **One Choice**<br>**2030 Portfolio** | **One Choice**<br>**2035 Portfolio** | **One Choice**<br>**2040 Portfolio** |
| Purchases | $219110765 | $209522649 | $204343626 | $230011695 | $167312924 |
| Sales | $285589435 | $268356264 | $219780529 | $228114721 | $164908171 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One Choice<br>2045 Portfolio** | **One Choice**<br>**2050 Portfolio** | **One Choice**<br>**2055 Portfolio** | **One Choice**<br>**2060 Portfolio** | **One Choice**<br>**2065 Portfolio** |
| Purchases | $166940478 | $143682020 | $110629185 | $67003886 | $16211701 |
| Sales | $158198007 | $117781818 | $80606141 | $31959799 | $2346115 |

---

**5. Capital Share Transactions** 

The corporation is authorized to issue 6,000,000,000 shares. Transactions in shares of the funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice In Retirement Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 2682195 | $31327590 | 27164199 | $336713681 |
| Issued in reinvestment of distributions | 2801221 | 31335864 | 5495026 | 74308384 |
| Redeemed | (7361483) | (85596433) | (33936152) | (427529361) |
|  | (1878067) | (22932979) | (1276927) | (16507296) |
| **I Class** |  |  |  |  |
| Sold | 2326713 | 26783274 | 4423335 | 60874797 |
| Issued in reinvestment of distributions | 1001553 | 11203213 | 2167747 | 29314654 |
| Redeemed | (5795590) | (68007785) | (18827197) | (266537968) |
|  | (2467324) | (30021298) | (12236115) | (176348517) |
| **A Class** |  |  |  |  |
| Sold | 926781 | 10782852 | 2497791 | 33030391 |
| Issued in reinvestment of distributions | 663171 | 7419100 | 1272451 | 17235371 |
| Redeemed | (1534754) | (17823633) | (5778594) | (78208285) |
|  | 55198 | 378319 | (2008352) | (27942523) |
| **C Class** |  |  |  |  |
| Sold | 2064 | 23571 | 5355 | 73473 |
| Issued in reinvestment of distributions | 7360 | 81474 | 20939 | 281897 |
| Redeemed | (41776) | (480998) | (130935) | (1712684) |
|  | (32352) | (375953) | (104641) | (1357314) |
| **R Class** |  |  |  |  |
| Sold | 1628742 | 18930703 | 2800303 | 36930338 |
| Issued in reinvestment of distributions | 782012 | 8725777 | 1406942 | 19015368 |
| Redeemed | (1526600) | (17778963) | (4118553) | (54636161) |
|  | 884154 | 9877517 | 88692 | 1309545 |
| **R6 Class** |  |  |  |  |
| Sold | 5009037 | 45086446 | 21378773 | 234435190 |
| Issued in reinvestment of distributions | 2670657 | 23084157 | 5476942 | 58078042 |
| Redeemed | (7112489) | (65286885) | (30951438) | (329599581) |
|  | 567205 | 2883718 | (4095723) | (37086349) |
| Net increase (decrease) | (2871186) | $(40190676) | (19633066) | $(257932454) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2025 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 2204194 | $28706184 | 13232430 | $188998802 |
| Issued in reinvestment of distributions | 2268239 | 28398350 | 4217765 | 64489627 |
| Redeemed | (5602313) | (73107953) | (19849568) | (286170677) |
|  | (1129880) | (16003419) | (2399373) | (32682248) |
| **I Class** |  |  |  |  |
| Sold | 3776160 | 48852250 | 5639779 | 88205976 |
| Issued in reinvestment of distributions | 973558 | 12188942 | 1947049 | 29750915 |
| Redeemed | (6863818) | (90124728) | (17662993) | (279989130) |
|  | (2114100) | (29083536) | (10076165) | (162032239) |
| **A Class** |  |  |  |  |
| Sold | 815295 | 10666955 | 1956052 | 29008539 |
| Issued in reinvestment of distributions | 508879 | 6371168 | 972411 | 14868167 |
| Redeemed | (1646372) | (21551725) | (4881863) | (74426806) |
|  | (322198) | (4513602) | (1953400) | (30550100) |
| **C Class** |  |  |  |  |
| Sold | 3436 | 44235 | 8356 | 123092 |
| Issued in reinvestment of distributions | 4937 | 62011 | 12809 | 196368 |
| Redeemed | (12717) | (165157) | (76218) | (1126229) |
|  | (4344) | (58911) | (55053) | (806769) |
| **R Class** |  |  |  |  |
| Sold | 1775473 | 23087048 | 3510215 | 52081313 |
| Issued in reinvestment of distributions | 706665 | 8847441 | 1163075 | 17783415 |
| Redeemed | (1396062) | (18202884) | (3421912) | (50758421) |
|  | 1086076 | 13731605 | 1251378 | 19106307 |
| **R6 Class** |  |  |  |  |
| Sold | 5311090 | 49841506 | 21885155 | 250954930 |
| Issued in reinvestment of distributions | 3338050 | 29675260 | 6017310 | 66551447 |
| Redeemed | (7319581) | (69639342) | (28872558) | (316772517) |
|  | 1329559 | 9877424 | (970093) | 733860 |
| Net increase (decrease) | (1154887) | $(26050439) | (14202706) | $(206231189) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2030 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 2032784 | $23431194 | 9924803 | $130395835 |
| Issued in reinvestment of distributions | 1918673 | 20990280 | 2767974 | 37782853 |
| Redeemed | (4189624) | (48082230) | (11368928) | (147402743) |
|  | (238167) | (3660756) | 1323849 | 20775945 |
| **I Class** |  |  |  |  |
| Sold | 4580484 | 52198898 | 6659489 | 92482881 |
| Issued in reinvestment of distributions | 1506442 | 16465414 | 2280644 | 31085177 |
| Redeemed | (7993252) | (92763840) | (20493561) | (295016684) |
|  | (1906326) | (24099528) | (11553428) | (171448626) |
| **A Class** |  |  |  |  |
| Sold | 1103052 | 12667695 | 2429910 | 32077156 |
| Issued in reinvestment of distributions | 634035 | 6923644 | 966445 | 13172647 |
| Redeemed | (1595174) | (18149173) | (5720245) | (77368834) |
|  | 141913 | 1442166 | (2323890) | (32119031) |
| **C Class** |  |  |  |  |
| Sold | 6546 | 75398 | 12048 | 160377 |
| Issued in reinvestment of distributions | 7906 | 86646 | 15606 | 213331 |
| Redeemed | (18248) | (206547) | (88205) | (1121977) |
|  | (3796) | (44503) | (60551) | (748269) |
| **R Class** |  |  |  |  |
| Sold | 3065657 | 35161555 | 5242790 | 69118887 |
| Issued in reinvestment of distributions | 1277606 | 13964229 | 1627462 | 22198588 |
| Redeemed | (1797744) | (20609664) | (3799644) | (49746628) |
|  | 2545519 | 28516120 | 3070608 | 41570847 |
| **R6 Class** |  |  |  |  |
| Sold | 5758805 | 59227854 | 23294890 | 294161645 |
| Issued in reinvestment of distributions | 3294420 | 32087649 | 4917441 | 60140299 |
| Redeemed | (6407278) | (66686301) | (24029377) | (288321479) |
|  | 2645947 | 24629202 | 4182954 | 65980465 |
| Net increase (decrease) | 3185090 | $26782701 | (5360458) | $(75988669) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2035 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 2071932 | $30252122 | 7218726 | $122173063 |
| Issued in reinvestment of distributions | 2095578 | 29002796 | 2946248 | 51294080 |
| Redeemed | (4305847) | (62407354) | (9890153) | (165281021) |
|  | (138337) | (3152436) | 274821 | 8186122 |
| **I Class** |  |  |  |  |
| Sold | 4601370 | 66291610 | 5821052 | 103478164 |
| Issued in reinvestment of distributions | 1198458 | 16598641 | 1735410 | 30230842 |
| Redeemed | (6397721) | (93679356) | (15389952) | (279904291) |
|  | (597893) | (10789105) | (7833490) | (146195285) |
| **A Class** |  |  |  |  |
| Sold | 917123 | 13286545 | 2093463 | 35138236 |
| Issued in reinvestment of distributions | 589176 | 8154199 | 819515 | 14275948 |
| Redeemed | (1372201) | (19802944) | (4456457) | (77551342) |
|  | 134098 | 1637800 | (1543479) | (28137158) |
| **C Class** |  |  |  |  |
| Sold | 4630 | 66917 | 11723 | 198399 |
| Issued in reinvestment of distributions | 3234 | 44753 | 6322 | 110066 |
| Redeemed | (5581) | (81268) | (52809) | (893361) |
|  | 2283 | 30402 | (34764) | (584896) |
| **R Class** |  |  |  |  |
| Sold | 2541615 | 36899790 | 4322882 | 72135912 |
| Issued in reinvestment of distributions | 989164 | 13699900 | 1184359 | 20631535 |
| Redeemed | (1155377) | (16764164) | (2848728) | (47663523) |
|  | 2375402 | 33835526 | 2658513 | 45103924 |
| **R6 Class** |  |  |  |  |
| Sold | 6295922 | 60286212 | 23050787 | 279251098 |
| Issued in reinvestment of distributions | 4641820 | 41637129 | 6370127 | 73957179 |
| Redeemed | (6916907) | (67029531) | (24230509) | (276543063) |
|  | 4020835 | 34893810 | 5190405 | 76665214 |
| Net increase (decrease) | 5796388 | $56455997 | (1287994) | $(44962079) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2040 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 1948333 | $23757625 | 6494868 | $92943653 |
| Issued in reinvestment of distributions | 1606959 | 18415734 | 2041048 | 30003399 |
| Redeemed | (3313642) | (40140131) | (7482453) | (105124942) |
|  | 241650 | 2033228 | 1053463 | 17822110 |
| **I Class** |  |  |  |  |
| Sold | 3991413 | 47961967 | 5277135 | 78789349 |
| Issued in reinvestment of distributions | 1333920 | 15286723 | 1781655 | 26190334 |
| Redeemed | (6116150) | (74922104) | (12213037) | (188963827) |
|  | (790817) | (11673414) | (5154247) | (83984144) |
| **A Class** |  |  |  |  |
| Sold | 939646 | 11360683 | 1691850 | 24021551 |
| Issued in reinvestment of distributions | 575813 | 6598818 | 751760 | 11050866 |
| Redeemed | (953220) | (11476501) | (3995825) | (58767441) |
|  | 562239 | 6483000 | (1552215) | (23695024) |
| **C Class** |  |  |  |  |
| Sold | 8101 | 96981 | 14632 | 208112 |
| Issued in reinvestment of distributions | 4565 | 52271 | 6298 | 92512 |
| Redeemed | (16574) | (200035) | (23706) | (347537) |
|  | (3908) | (50783) | (2776) | (46913) |
| **R Class** |  |  |  |  |
| Sold | 2977308 | 36059438 | 4934023 | 69771771 |
| Issued in reinvestment of distributions | 1306743 | 14975273 | 1422368 | 20908819 |
| Redeemed | (1470137) | (17822356) | (2704186) | (38081790) |
|  | 2813914 | 33212355 | 3652205 | 52598800 |
| **R6 Class** |  |  |  |  |
| Sold | 4454391 | 47269626 | 16734864 | 221043411 |
| Issued in reinvestment of distributions | 2761849 | 27397541 | 3938191 | 50605761 |
| Redeemed | (5408765) | (57846823) | (20461843) | (255351986) |
|  | 1807475 | 16820344 | 211212 | 16297186 |
| Net increase (decrease) | 4630553 | $46824730 | (1792358) | $(21007985) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2045 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 1490023 | $23164637 | 4407329 | $81551161 |
| Issued in reinvestment of distributions | 1507338 | 22097579 | 1971523 | 37222347 |
| Redeemed | (3178095) | (49088309) | (5805206) | (105035583) |
|  | (180734) | (3826093) | 573646 | 13737925 |
| **I Class** |  |  |  |  |
| Sold | 3748551 | 57452023 | 4874268 | 92671501 |
| Issued in reinvestment of distributions | 934676 | 13711693 | 1225772 | 23167092 |
| Redeemed | (4913062) | (76354437) | (9919112) | (193752329) |
|  | (229835) | (5190721) | (3819072) | (77913736) |
| **A Class** |  |  |  |  |
| Sold | 694423 | 10727342 | 1384915 | 24906403 |
| Issued in reinvestment of distributions | 411980 | 6035526 | 539782 | 10191077 |
| Redeemed | (916852) | (14172070) | (2774963) | (51460363) |
|  | 189551 | 2590798 | (850266) | (16362883) |
| **C Class** |  |  |  |  |
| Sold | 3099 | 47640 | 6696 | 121434 |
| Issued in reinvestment of distributions | 4215 | 61618 | 6212 | 116970 |
| Redeemed | (4443) | (67839) | (24596) | (426311) |
|  | 2871 | 41419 | (11688) | (187907) |
| **R Class** |  |  |  |  |
| Sold | 2364394 | 36555785 | 3845831 | 68941384 |
| Issued in reinvestment of distributions | 899015 | 13188558 | 980425 | 18530033 |
| Redeemed | (1215454) | (18809010) | (2366774) | (42549410) |
|  | 2047955 | 30935333 | 2459482 | 44922007 |
| **R6 Class** |  |  |  |  |
| Sold | 5084180 | 49369829 | 16209612 | 200326465 |
| Issued in reinvestment of distributions | 3904403 | 34866318 | 5136621 | 61331261 |
| Redeemed | (5075414) | (49404331) | (21306729) | (249191748) |
|  | 3913169 | 34831816 | 39504 | 12465978 |
| Net increase (decrease) | 5742977 | $59382552 | (1608394) | $(23338616) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2050 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 1465792 | $18935884 | 4090776 | $62912597 |
| Issued in reinvestment of distributions | 1136965 | 13791391 | 1236036 | 19566441 |
| Redeemed | (2723788) | (34921509) | (4248798) | (64711145) |
|  | (121031) | (2194234) | 1078014 | 17767893 |
| **I Class** |  |  |  |  |
| Sold | 2809198 | 36009659 | 4099582 | 64552242 |
| Issued in reinvestment of distributions | 1067065 | 12954169 | 1177432 | 18662303 |
| Redeemed | (3758065) | (48875019) | (7821616) | (129159527) |
|  | 118198 | 88809 | (2544602) | (45944982) |
| **A Class** |  |  |  |  |
| Sold | 785307 | 10103579 | 1457088 | 22133715 |
| Issued in reinvestment of distributions | 383897 | 4656670 | 426229 | 6747209 |
| Redeemed | (796372) | (10233766) | (2115341) | (32900856) |
|  | 372832 | 4526483 | (232024) | (4019932) |
| **C Class** |  |  |  |  |
| Sold | 9023 | 117906 | 14706 | 224972 |
| Issued in reinvestment of distributions | 4664 | 56479 | 5796 | 91643 |
| Redeemed | (4878) | (63050) | (28760) | (428170) |
|  | 8809 | 111335 | (8258) | (111555) |
| **R Class** |  |  |  |  |
| Sold | 2678178 | 34493196 | 4158879 | 62428975 |
| Issued in reinvestment of distributions | 1035155 | 12566777 | 921479 | 14605444 |
| Redeemed | (990890) | (12747952) | (2408655) | (36045905) |
|  | 2722443 | 34312021 | 2671703 | 40988514 |
| **R6 Class** |  |  |  |  |
| Sold | 3897154 | 44147901 | 12008171 | 169189795 |
| Issued in reinvestment of distributions | 2114476 | 22223140 | 2650958 | 36768783 |
| Redeemed | (3462601) | (39419003) | (16011430) | (214021765) |
|  | 2549029 | 26952038 | (1352301) | (8063187) |
| Net increase (decrease) | 5650280 | $63796452 | (387468) | $616751 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2055 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 1129181 | $16369895 | 2511013 | $42871698 |
| Issued in reinvestment of distributions | 506049 | 6877220 | 592880 | 10505826 |
| Redeemed | (1820617) | (26022376) | (2599386) | (43572623) |
|  | (185387) | (2775261) | 504507 | 9804901 |
| **I Class** |  |  |  |  |
| Sold | 2835707 | 40484234 | 3796881 | 67025465 |
| Issued in reinvestment of distributions | 685903 | 9321418 | 788250 | 13959905 |
| Redeemed | (3119239) | (44901940) | (5971140) | (109233140) |
|  | 402371 | 4903712 | (1386009) | (28247770) |
| **A Class** |  |  |  |  |
| Sold | 561374 | 8099643 | 1067414 | 17936036 |
| Issued in reinvestment of distributions | 248430 | 3373676 | 274436 | 4857524 |
| Redeemed | (452277) | (6511202) | (1400844) | (24444616) |
|  | 357527 | 4962117 | (58994) | (1651056) |
| **C Class** |  |  |  |  |
| Sold | 4615 | 65740 | 9737 | 158413 |
| Issued in reinvestment of distributions | 2705 | 36512 | 3398 | 59803 |
| Redeemed | (8155) | (113022) | (15093) | (260260) |
|  | (835) | (10770) | (1958) | (42044) |
| **R Class** |  |  |  |  |
| Sold | 1963861 | 28251931 | 2994294 | 50124086 |
| Issued in reinvestment of distributions | 599492 | 8153080 | 552581 | 9797257 |
| Redeemed | (640368) | (9207049) | (1495227) | (25153401) |
|  | 1922985 | 27197962 | 2051648 | 34767942 |
| **R6 Class** |  |  |  |  |
| Sold | 2913583 | 34699912 | 9118052 | 135751422 |
| Issued in reinvestment of distributions | 1421925 | 15712275 | 1848638 | 27008601 |
| Redeemed | (2588774) | (30869025) | (10613938) | (149473793) |
|  | 1746734 | 19543162 | 352752 | 13286230 |
| Net increase (decrease) | 4243395 | $53820922 | 1461946 | $27918203 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2060 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 882229 | $11649570 | 1679007 | $26205384 |
| Issued in reinvestment of distributions | 305038 | 3745876 | 234388 | 3808805 |
| Redeemed | (586763) | (7755213) | (1276655) | (19250514) |
|  | 600504 | 7640233 | 636740 | 10763675 |
| **I Class** |  |  |  |  |
| Sold | 768935 | 10123099 | 1405808 | 21738332 |
| Issued in reinvestment of distributions | 311595 | 3829500 | 218612 | 3552447 |
| Redeemed | (712194) | (9508307) | (2322844) | (39366552) |
|  | 368336 | 4444292 | (698424) | (14075773) |
| **A Class** |  |  |  |  |
| Sold | 287858 | 3796537 | 567954 | 8746443 |
| Issued in reinvestment of distributions | 124292 | 1526300 | 89283 | 1450847 |
| Redeemed | (218400) | (2885565) | (552126) | (8820422) |
|  | 193750 | 2437272 | 105111 | 1376868 |
| **C Class** |  |  |  |  |
| Sold | 937 | 12225 | 1364 | 20803 |
| Issued in reinvestment of distributions | 1220 | 14871 | 918 | 14810 |
| Redeemed | (146) | (1828) | (1655) | (25879) |
|  | 2011 | 25268 | 627 | 9734 |
| **R Class** |  |  |  |  |
| Sold | 1555114 | 20389311 | 2348676 | 35742228 |
| Issued in reinvestment of distributions | 458985 | 5636332 | 251869 | 4090353 |
| Redeemed | (449172) | (5897949) | (689257) | (10458165) |
|  | 1564927 | 20127694 | 1911288 | 29374416 |
| **R6 Class** |  |  |  |  |
| Sold | 1800034 | 23921289 | 4707360 | 75830343 |
| Issued in reinvestment of distributions | 571210 | 7037302 | 482305 | 7861578 |
| Redeemed | (1325743) | (17663747) | (4205608) | (65771209) |
|  | 1045501 | 13294844 | 984057 | 17920712 |
| Net increase (decrease) | 3775029 | $47969603 | 2939399 | $45369632 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended<br>January 31, 2023** | **Six months ended<br>January 31, 2023** | **Year ended<br>July 31, 2022** | **Year ended<br>July 31, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|<br>**One Choice 2065 Portfolio** | | | | |
| **Investor Class** | | | | |
| Sold | 147397 | $1527713 | 270010 | $3282853 |
| Issued in reinvestment of distributions | 17357 | 171838 | 9903 | 125764 |
| Redeemed | (31418) | (322306) | (122428) | (1457294) |
|  | 133336 | 1377245 | 157485 | 1951323 |
| **I Class** |  |  |  |  |
| Sold | 389049 | 3931418 | 239832 | 2901150 |
| Issued in reinvestment of distributions | 25204 | 249270 | 8186 | 103965 |
| Redeemed | (89836) | (911444) | (89604) | (1167367) |
|  | 324417 | 3269244 | 158414 | 1837748 |
| **A Class** |  |  |  |  |
| Sold | 77817 | 802434 | 82714 | 990270 |
| Issued in reinvestment of distributions | 5391 | 53366 | 1740 | 22097 |
| Redeemed | (4496) | (47047) | (32006) | (376061) |
|  | 78712 | 808753 | 52448 | 636306 |
| **C Class** |  |  |  |  |
| Sold | 766 | 7877 | 604 | 6769 |
| Issued in reinvestment of distributions | 124 | 1231 | 84 | 1069 |
| Redeemed | (10) | (106) | (6) | (61) |
|  | 880 | 9002 | 682 | 7777 |
| **R Class** |  |  |  |  |
| Sold | 494255 | 5103323 | 549930 | 6435359 |
| Issued in reinvestment of distributions | 37194 | 368226 | 10170 | 129272 |
| Redeemed | (56116) | (583590) | (51932) | (615977) |
|  | 475333 | 4887959 | 508168 | 5948654 |
| **R6 Class** |  |  |  |  |
| Sold | 463064 | 4813724 | 1043512 | 12777114 |
| Issued in reinvestment of distributions | 58394 | 578097 | 32058 | 407453 |
| Redeemed | (137009) | (1431957) | (325597) | (3926405) |
|  | 384449 | 3959864 | 749973 | 9258162 |
| Net increase (decrease) | 1397127 | $14312067 | 1627170 | $19639970 |

---

**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.

**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.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One Choice In**<br>**Retirement**<br>**Portfolio** | **One Choice**<br>**2025 Portfolio** | **One Choice**<br>**2030 Portfolio** | **One Choice**<br>**2035 Portfolio** | **One Choice**<br>**2040 Portfolio** |
| Federal tax cost of investments | $1813980964 | $1742399185 | $1662461295 | $1888922777 | $1348816837 |
| Gross tax appreciation of investments | $185688909 | $199504282 | $156039081 | $215860224 | $139873225 |
| Gross tax depreciation of investments | (83987897) | (80868907) | (80907166) | (90450748) | (59922422) |
| Net tax appreciation (depreciation) of investments | $101701012 | $118635375 | $75131915 | $125409476 | $79950803 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One Choice**<br>**2045 Portfolio** | **One Choice**<br>**2050 Portfolio** | **One Choice**<br>**2055 Portfolio** | **One Choice**<br>**2060 Portfolio** | **One Choice**<br>**2065 Portfolio** |
| Federal tax cost of investments | $1383502341 | $1018693301 | $719629158 | $348848440 | $42687984 |
| Gross tax appreciation of investments | $174928678 | $102134740 | $52849952 | $9478880 | $70155 |
| Gross tax depreciation of investments | (53630202) | (30643545) | (17224990) | (12527501) | (2778449) |
| Net tax appreciation (depreciation) of investments | $121298476 | $71491195 | $35624962 | $(3048621) | $(2708294) |

---

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.

**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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

------

**10. Affiliated Fund Transactions**

A summary of transactions for each underlying fund for the period ended January 31, 2023 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** | **One Choice In Retirement Portfolio (Amounts in thousands)** |
| Diversified Bond Fund | $401445 | $22756 | $17114 | $(13203) | $393884 | 41462 | $(1647) | $7003 |
| High Income Fund | 71058 | 2325 | 4395 | (252) | 68736 | 8242 | (689) | 2326 |
| Inflation-Adjusted Bond Fund | 60757 | 8969 | 542 | (6372) | 62812 | 5848 | 10 | 3184 |
| Short Duration Fund | 199330 | 3675 | 54165 | 527 | 149367 | 15257 | (3423) | 2944 |
| Short Duration Inflation Protection Bond Fund | 144602 | 11476 | 6597 | (11227) | 138254 | 13689 | 168 | 7084 |
| Disciplined Growth Fund | 58099 | 558 | 4460 | (2423) | 51774 | 2793 | (796) | 453 |
| Focused Large Cap Value Fund | 185334 | 10725 | 30417 | (3427) | 162215 | 16254 | 3583 | 10407 |
| Growth Fund | 86675 | 3554 | 6079 | (6316) | 77834 | 1960 | 220 | 1995 |
| Heritage Fund | 40049 | 11 | 5575 | 2140 | 36625 | 1594 | (922) |  |
| Mid Cap Value Fund | 83757 | 4651 | 20709 | (5548) | 62151 | 3813 | 5378 | 4474 |
| Small Cap Growth Fund | 20130 | 133 | 2096 | 1142 | 19309 | 992 | (405) | 133 |
| Small Cap Value Fund | 19930 | 611 | 1120 | (107) | 19314 | 1897 | 281 | 611 |
| Sustainable Equity Fund | 143471 | 66307 | 19011 | (1580) | 189187 | 4597 | 2258 | 2621 |
| Emerging Markets Debt Fund | 22164 | 490 | 1713 | 1013 | 21954 | 2439 | (266) | 490 |
| Global Bond Fund | 159760 | 48958 | 4156 | (14457) | 190105 | 22131 | (439) | 11061 |
| International Bond Fund<sup>(3)</sup> | 44536 |  | 996 | (414) | 43126 | 3878 | (126) |  |
| Global Real Estate Fund | 20873 | 678 | 83 | (825) | 20643 | 1674 | (12) | 164 |
| International Growth Fund | 86624 | 9997 | 11628 | 7729 | 92722 | 7825 | (1794) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 10068 | 877 | 114 | 370 | 11201 | 1135 | (27) |  |
| International Value Fund | 97782 | 16539 | 19949 | 10097 | 104469 | 13258 | (1326) | 3427 |
| Equity Growth Fund | 77131 | 5821 | 67964 | (14988) |  |  | 6681 | 5620 |
|  | $2033575 | $219111 | $278883 | $(58121) | $1915682 | 170738 | $6707 | $63997 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net** <br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** | **One Choice 2025 Portfolio (Amounts in thousands)** |
| Diversified Bond Fund | $385811 | $29297 | $18524 | $(12712) | $383872 | 40408 | $(1658) | $6735 |
| High Income Fund | 73528 | 2393 | 5198 | (169) | 70554 | 8460 | (735) | 2394 |
| Inflation-Adjusted Bond Fund | 70409 | 7091 | 2095 | (7121) | 68284 | 6358 | 33 | 3462 |
| Short Duration Fund | 155782 | 3867 | 37264 | 171 | 122556 | 12519 | (2440) | 2364 |
| Short Duration Inflation Protection Bond Fund | 110277 | 11971 | 2286 | (8751) | 111211 | 11011 | 18 | 5698 |
| Disciplined Growth Fund | 59737 | 1096 | 5068 | (2360) | 53405 | 2881 | (935) | 468 |
| Focused Large Cap Value Fund | 181210 | 10195 | 30739 | (2442) | 158224 | 15854 | 2598 | 10195 |
| Growth Fund | 88980 | 4444 | 7871 | (5392) | 80161 | 2019 | (730) | 2055 |
| Heritage Fund | 43055 |  | 6472 | 2502 | 39085 | 1701 | (1193) |  |
| Mid Cap Value Fund | 88431 | 4747 | 23861 | (5898) | 63419 | 3891 | 5697 | 4646 |
| Small Cap Growth Fund | 20278 | 133 | 2378 | 1279 | 19312 | 992 | (541) | 133 |
| Small Cap Value Fund | 20089 | 610 | 1243 | (139) | 19317 | 1898 | 317 | 610 |
| Sustainable Equity Fund | 141107 | 57785 | 10810 | (1253) | 186829 | 4540 | 2047 | 2510 |
| Emerging Markets Debt Fund | 27515 | 585 | 3392 | 1426 | 26134 | 2904 | (529) | 585 |
| Global Bond Fund | 155497 | 43424 | 3669 | (13946) | 181306 | 21107 | (361) | 10548 |
| International Bond Fund<sup>(3)</sup> | 41164 |  | 438 | (411) | 40315 | 3625 | (75) |  |
| Emerging Markets Fund | 6815 | 145 | 1045 | (528) | 5387 | 498 | 687 | 145 |
| Global Real Estate Fund | 22212 | 682 | 462 | (822) | 21610 | 1753 | (63) | 172 |
| International Growth Fund | 87514 | 8844 | 12998 | 8632 | 91992 | 7763 | (2753) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 13596 | 761 | 861 | 661 | 14157 | 1434 | (249) |  |
| International Value Fund | 92863 | 15659 | 19115 | 9910 | 99317 | 12604 | (1644) | 3285 |
| Non-U.S. Intrinsic Value Fund | 5530 | 227 | 1865 | 696 | 4588 | 475 | (221) | 227 |
| Equity Growth Fund | 76043 | 5567 | 68478 | (13132) |  |  | 4954 | 5483 |
|  | $1967443 | $209523 | $266132 | $(49799) | $1861035 | 164695 | $2224 | $61715 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** | **One Choice 2030 Portfolio (Amounts in thousands)** |
| Disciplined Growth Fund | $54187 | $2588 | $2459 | $(2539) | $51777 | 2793 | $(479) | $453 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 5927 |  | 1029 | (511) | 4387 | 104 | 291 |  |
| Focused Large Cap Value Fund | 167939 | 9693 | 25249 | 12 | 152395 | 15270 | 204 | 9694 |
| Growth Fund | 91188 | 7143 | 9026 | (4622) | 84683 | 2133 | (1628) | 2171 |
| Heritage Fund | 50631 | 29 | 7287 | 3180 | 46553 | 2026 | (1618) |  |
| Mid Cap Value Fund | 92180 | 5147 | 24914 | (3287) | 69126 | 4241 | 3055 | 5056 |
| Small Cap Growth Fund | 18937 | 133 | 560 | 904 | 19414 | 997 | (179) | 133 |
| Small Cap Value Fund | 20165 | 612 | 1234 | (122) | 19421 | 1908 | 311 | 612 |
| Sustainable Equity Fund | 132977 | 64873 | 13986 | (785) | 183079 | 4449 | 1373 | 2511 |
| Diversified Bond Fund | 337615 | 33213 | 14347 | (10093) | 346388 | 36462 | (2166) | 6021 |
| High Income Fund | 73922 | 2426 | 3347 | (437) | 72564 | 8701 | (463) | 2427 |
| Inflation-Adjusted Bond Fund | 77481 | 6421 | 1428 | (7804) | 74670 | 6953 | 9 | 3786 |
| Short Duration Fund | 85362 | 1802 | 17811 | (61) | 69292 | 7078 | (1188) | 1327 |
| Short Duration Inflation Protection Bond Fund | 57099 | 6582 |  | (4579) | 59102 | 5852 |  | 3028 |
| Emerging Markets Fund | 20833 | 556 | 2079 | 1293 | 20603 | 1906 | (630) | 556 |
| Global Real Estate Fund | 23790 | 1290 |  | (909) | 24171 | 1960 |  | 192 |
| International Growth Fund | 87122 | 8732 | 14067 | 9377 | 91164 | 7693 | (3332) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 18629 | 1319 |  | 625 | 20573 | 2084 |  |  |
| International Value Fund | 79028 | 13377 | 13766 | 8791 | 87430 | 11095 | (1436) | 2853 |
| Non-U.S. Intrinsic Value Fund | 16383 | 789 | 3171 | 1952 | 15953 | 1651 | (342) | 789 |
| Emerging Markets Debt Fund | 34649 | 752 | 3195 | 1657 | 33863 | 3763 | (507) | 752 |
| Global Bond Fund | 140908 | 30143 | 1641 | (12403) | 157007 | 18278 | (236) | 9187 |
| International Bond Fund<sup>(3)</sup> | 32885 | 1417 |  | (324) | 33978 | 3056 |  |  |
| Equity Growth Fund | 70553 | 5307 | 72494 | (3366) |  |  | (4348) | 5204 |
|  | $1790390 | $204344 | $233090 | $(24051) | $1737593 | 150453 | $(13309) | $56752 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net** <br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** | **One Choice 2035 Portfolio (Amounts in thousands)** |
| Disciplined Growth Fund | $53172 | $2928 | $899 | $(2900) | $52301 | 2821 | $(169) | $458 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 20989 | 253 | 840 | (562) | 19840 | 472 | (235) |  |
| Focused Large Cap Value Fund | 198151 | 11526 | 25968 | (450) | 183259 | 18363 | 589 | 11526 |
| Growth Fund | 114511 | 8642 | 9652 | (5995) | 107506 | 2707 | (1965) | 2756 |
| Heritage Fund | 74643 | 574 | 10297 | 4590 | 69510 | 3025 | (2184) |  |
| Mid Cap Value Fund | 117618 | 6779 | 26275 | (3926) | 94196 | 5779 | 3499 | 6779 |
| Small Cap Growth Fund | 23488 | 166 | 552 | 1057 | 24159 | 1241 | (161) | 166 |
| Small Cap Value Fund | 25457 | 762 | 1846 | (207) | 24166 | 2374 | 440 | 762 |
| Sustainable Equity Fund | 156251 | 79875 | 10749 | (922) | 224455 | 5455 | 1807 | 3005 |
| Diversified Bond Fund | 367365 | 39849 | 16458 | (10891) | 379865 | 39986 | (2674) | 6568 |
| High Income Fund | 88216 | 3087 | 3771 | (551) | 86981 | 10429 | (532) | 2902 |
| Inflation-Adjusted Bond Fund | 86385 | 7245 | 676 | (8735) | 84219 | 7842 | (16) | 4249 |
| Short Duration Fund | 50633 | 792 | 9866 | (45) | 41514 | 4240 | (692) | 792 |
| Short Duration Inflation Protection Bond Fund | 32878 | 3596 |  | (2628) | 33846 | 3351 |  | 1734 |
| Emerging Markets Fund | 46833 | 1300 | 4898 | 3086 | 46321 | 4285 | (1585) | 1300 |
| Global Real Estate Fund | 33405 | 1415 | 1019 | (967) | 32834 | 2663 | (233) | 261 |
| International Growth Fund | 106567 | 7967 | 13032 | 10505 | 112007 | 9452 | (3221) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 29765 | 1598 |  | 967 | 32330 | 3276 |  |  |
| International Value Fund | 81953 | 12387 | 10746 | 9373 | 92967 | 11798 | (1620) | 2962 |
| Non-U.S. Intrinsic Value Fund | 31910 | 1648 | 5383 | 3796 | 31971 | 3310 | (461) | 1648 |
| Emerging Markets Debt Fund | 46437 | 1031 | 2978 | 2068 | 46558 | 5173 | (496) | 1031 |
| Global Bond Fund | 154113 | 26691 | 1759 | (13179) | 165866 | 19309 | (302) | 9641 |
| International Bond Fund<sup>(3)</sup> | 24021 | 3768 |  | (128) | 27661 | 2488 |  |  |
| Equity Growth Fund | 83640 | 6133 | 82469 | (7304) |  |  | (1806) | 6133 |
|  | $2048401 | $230012 | $240133 | $(23948) | $2014332 | 169839 | $(12017) | $64673 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** | **One Choice 2040 Portfolio (Amounts in thousands)** |
| Disciplined Growth Fund | $29698 | $2106 | $188 | $(1682) | $29934 | 1615 | $(37) | $262 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 28186 | 1383 | 3138 | (225) | 26206 | 623 | (684) |  |
| Focused Large Cap Value Fund | 144907 | 8529 | 17139 | (59) | 136238 | 13651 | 197 | 8529 |
| Growth Fund | 88263 | 9040 | 8644 | (4432) | 84227 | 2121 | (1517) | 2150 |
| Heritage Fund | 68671 | 1582 | 9301 | 3957 | 64909 | 2825 | (1640) |  |
| Mid Cap Value Fund | 91080 | 5679 | 16729 | (2051) | 77979 | 4784 | 1563 | 5614 |
| Small Cap Growth Fund | 18047 | 194 | 429 | 824 | 18636 | 957 | (131) | 128 |
| Small Cap Value Fund | 19056 | 651 | 941 | (56) | 18710 | 1838 | 241 | 589 |
| Sustainable Equity Fund | 113878 | 60838 | 7712 | (663) | 166341 | 4042 | 1377 | 2223 |
| Diversified Bond Fund | 241777 | 29864 | 13271 | (6690) | 251680 | 26493 | (2152) | 4350 |
| High Income Fund | 60586 | 2461 | 2146 | (436) | 60465 | 7250 | (305) | 2014 |
| Inflation-Adjusted Bond Fund | 51569 | 4989 |  | (5271) | 51287 | 4775 |  | 2578 |
| Short Duration Fund | 9253 | 886 | 599 | (87) | 9453 | 966 | (43) | 162 |
| Short Duration Inflation Protection Bond Fund | 6110 | 2087 |  | (551) | 7646 | 757 |  | 392 |
| Emerging Markets Fund | 55924 | 3096 | 10323 | 5045 | 53742 | 4972 | (3207) | 1549 |
| Global Real Estate Fund | 27264 | 1409 | 151 | (900) | 27622 | 2240 | (33) | 220 |
| International Growth Fund | 80382 | 3641 | 10890 | 7856 | 80989 | 6835 | (2514) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 28014 | 541 | 883 | 1171 | 28843 | 2922 | (355) |  |
| International Value Fund | 51560 | 5595 | 5839 | 5387 | 56703 | 7196 | (583) | 1804 |
| Non-U.S. Intrinsic Value Fund | 33210 | 1751 | 6188 | 3974 | 32747 | 3390 | (562) | 1751 |
| Emerging Markets Debt Fund | 35034 | 784 | 1784 | 1491 | 35525 | 3947 | (297) | 784 |
| Global Bond Fund | 98256 | 13464 | 907 | (8293) | 102520 | 11935 | (143) | 5981 |
| International Bond Fund<sup>(3)</sup> | 4453 | 1891 |  | 22 | 6366 | 572 |  |  |
| Equity Growth Fund | 60339 | 4852 | 65169 | (22) |  |  | (6638) | 4498 |
|  | $1445517 | $167313 | $182371 | $(1691) | $1428768 | 116706 | $(17463) | $45578 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** | **One Choice 2045 Portfolio (Amounts in thousands)** |
| Disciplined Growth Fund | $20103 | $2885 |  | $(1167) | $21821 | 1177 |  | $192 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 44235 | 2602 | $3816 | (392) | 42629 | 1014 | $(1030) |  |
| Focused Large Cap Value Fund | 162276 | 9525 | 17231 | (602) | 153968 | 15428 | 599 | 9525 |
| Growth Fund | 99063 | 8246 | 4807 | (5997) | 96505 | 2430 | (875) | 2437 |
| Heritage Fund | 85085 | 2130 | 8985 | 4691 | 82921 | 3608 | (1823) |  |
| Mid Cap Value Fund | 102583 | 6627 | 13355 | (2042) | 93813 | 5755 | 1355 | 6626 |
| Small Cap Growth Fund | 20724 | 144 | 901 | 1037 | 21004 | 1079 | (268) | 144 |
| Small Cap Value Fund | 22061 | 664 | 1550 | (167) | 21008 | 2064 | 355 | 664 |
| Sustainable Equity Fund | 125641 | 66659 | 5398 | (657) | 186245 | 4526 | 1431 | 2445 |
| Diversified Bond Fund | 218751 | 29345 | 11121 | (6379) | 230596 | 24273 | (1844) | 3952 |
| High Income Fund | 56695 | 2937 | 2874 | (297) | 56461 | 6770 | (435) | 1877 |
| Inflation-Adjusted Bond Fund | 45554 | 3328 | 342 | (4596) | 43944 | 4092 | (28) | 2228 |
| Emerging Markets Fund | 74473 | 4479 | 9585 | 5993 | 75360 | 6971 | (3390) | 2171 |
| Global Real Estate Fund | 31508 | 2541 | 121 | (982) | 32946 | 2672 | (24) | 262 |
| International Growth Fund | 89158 | 1956 | 10048 | 8207 | 89273 | 7534 | (2402) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 32835 | 773 |  | 1008 | 34616 | 3507 |  |  |
| International Value Fund | 51562 | 4399 | 5238 | 5341 | 56064 | 7115 | (489) | 1753 |
| Non-U.S. Intrinsic Value Fund | 41173 | 2378 | 6628 | 4926 | 41849 | 4332 | (574) | 2212 |
| Emerging Markets Debt Fund | 32770 | 762 | 143 | 1178 | 34567 | 3841 | (20) | 762 |
| Global Bond Fund | 88424 | 9566 | 1508 | (7271) | 89211 | 10385 | (255) | 5255 |
| Equity Growth Fund | 66695 | 4994 | 68253 | (3436) |  |  | (3990) | 4991 |
|  | $1511369 | $166940 | $171904 | $(1604) | $1504801 | 118573 | $(13707) | $47496 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** | **One Choice 2050 Portfolio (Amounts in thousands)** |
| Disciplined Growth Fund | $5977 | $2022 |  | $(352) | $7647 | 412 |  | $67 |
| Focused Dynamic Growth Fund<sup>(3)</sup> | 44293 | 4637 | $4840 | (229) | 43861 | 1043 | $(989) |  |
| Focused Large Cap Value Fund | 124662 | 9545 | 11682 | 552 | 123077 | 12332 | (438) | 7512 |
| Growth Fund | 76399 | 9123 | 4356 | (4423) | 76743 | 1933 | (724) | 1925 |
| Heritage Fund | 65288 | 3287 | 6026 | 3296 | 65845 | 2865 | (957) |  |
| Mid Cap Value Fund | 79683 | 5380 | 10857 | (565) | 73641 | 4518 | 74 | 5219 |
| Small Cap Growth Fund | 15798 | 157 |  | 611 | 16566 | 851 |  | 114 |
| Small Cap Value Fund | 16672 | 523 | 672 | 43 | 16566 | 1627 | 111 | 523 |
| Sustainable Equity Fund | 96575 | 54005 | 2711 | 71 | 147940 | 3595 | 600 | 1935 |
| Emerging Markets Fund | 57706 | 5497 | 8801 | 5344 | 59746 | 5527 | (3052) | 1712 |
| Global Real Estate Fund | 25104 | 1796 | 354 | (723) | 25823 | 2094 | (70) | 207 |
| International Growth Fund | 68780 | 2814 | 6999 | 6158 | 70753 | 5971 | (1479) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 25492 | 1020 | 255 | 912 | 27169 | 2753 | (109) |  |
| International Value Fund | 36627 | 3691 | 3458 | 3830 | 40690 | 5164 | (338) | 1279 |
| Non-U.S. Intrinsic Value Fund | 35771 | 1939 | 5828 | 4261 | 36143 | 3742 | (529) | 1936 |
| Diversified Bond Fund | 121816 | 21115 | 10071 | (2816) | 130044 | 13689 | (1668) | 2242 |
| High Income Fund | 30981 | 1965 | 312 | (325) | 32309 | 3874 | (38) | 1058 |
| Inflation-Adjusted Bond Fund | 25237 | 2631 |  | (2600) | 25268 | 2353 |  | 1281 |
| Emerging Markets Debt Fund | 17637 | 1539 | 268 | 689 | 19597 | 2177 | (41) | 431 |
| Global Bond Fund | 49168 | 6392 | 656 | (4148) | 50756 | 5909 | (114) | 3015 |
| Equity Growth Fund | 50591 | 4604 | 58278 | 3083 |  |  | (8881) | 3914 |
|  | $1070257 | $143682 | $136424 | $12669 | $1090184 | 82429 | $(18642) | $34370 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** | **One Choice 2055 Portfolio (Amounts in thousands)** |
| Focused Dynamic Growth Fund<sup>(3)</sup> | $37093 | $4836 | $3643 | $(262) | $38024 | 905 | $(750) |  |
| Focused Large Cap Value Fund | 88546 | 10217 | 7371 | 587 | 91979 | 9216 | (573) | $5488 |
| Growth Fund | 55106 | 7356 | 2412 | (3365) | 56685 | 1428 | (353) | 1410 |
| Heritage Fund | 47522 | 3026 | 4774 | 2575 | 48349 | 2104 | (848) |  |
| Mid Cap Value Fund | 56690 | 4271 | 6525 | (142) | 54294 | 3331 | (210) | 3806 |
| Small Cap Growth Fund | 11372 | 356 | 153 | 502 | 12077 | 620 | (52) | 83 |
| Small Cap Value Fund | 12097 | 438 | 527 | 73 | 12081 | 1187 | 49 | 380 |
| Sustainable Equity Fund | 69615 | 41385 | 2255 | 223 | 108968 | 2648 | 313 | 1417 |
| Emerging Markets Fund | 41323 | 4549 | 5664 | 3627 | 43835 | 4055 | (1933) | 1249 |
| Global Real Estate Fund | 17746 | 1814 | 115 | (502) | 18943 | 1536 | (18) | 151 |
| International Growth Fund | 49655 | 2120 | 3794 | 4394 | 52375 | 4420 | (939) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 18661 | 654 |  | 606 | 19921 | 2018 |  |  |
| International Value Fund | 25004 | 2871 | 2076 | 2640 | 28439 | 3609 | (199) | 883 |
| Non-U.S. Intrinsic Value Fund | 26404 | 2844 | 4282 | 3373 | 28339 | 2934 | (378) | 1506 |
| Diversified Bond Fund | 66678 | 12184 | 6832 | (1490) | 70540 | 7425 | (1003) | 1229 |
| High Income Fund | 17131 | 1290 | 488 | (136) | 17797 | 2134 | (74) | 582 |
| Inflation-Adjusted Bond Fund | 13615 | 1652 |  | (1408) | 13859 | 1290 |  | 703 |
| Emerging Markets Debt Fund | 9956 | 628 | 41 | 367 | 10910 | 1212 | (5) | 239 |
| Global Bond Fund | 26436 | 4436 | 797 | (2236) | 27839 | 3241 | (123) | 1662 |
| Equity Growth Fund | 36446 | 3702 | 45114 | 4966 |  |  | (9161) | 2843 |
|  | $727096 | $110629 | $96863 | $14392 | $755254 | 55313 | $(16257) | $23631 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** | **One Choice 2060 Portfolio (Amounts in thousands)** |
| Focused Dynamic Growth Fund<sup>(3)</sup> | $16147 | $3274 | $1456 | $(57) | $17908 | 426 | $(274) |  |
| Focused Large Cap Value Fund | 39241 | 6550 | 2102 | 206 | 43895 | 4398 | (170) | $2490 |
| Growth Fund | 24047 | 4900 | 865 | (1424) | 26658 | 671 | (131) | 649 |
| Heritage Fund | 20567 | 2774 | 1759 | 1210 | 22792 | 992 | (326) |  |
| Mid Cap Value Fund | 24830 | 3524 | 2505 | 64 | 25913 | 1590 | (167) | 1733 |
| Small Cap Growth Fund | 5039 | 455 | 186 | 280 | 5588 | 287 | (55) | 38 |
| Small Cap Value Fund | 5191 | 494 | 181 | 86 | 5590 | 549 | (12) | 175 |
| Sustainable Equity Fund | 30424 | 21758 | 895 | 419 | 51706 | 1257 | (57) | 649 |
| Emerging Markets Fund | 18341 | 3118 | 2449 | 1717 | 20727 | 1917 | (842) | 576 |
| Global Real Estate Fund | 7901 | 1058 | 43 | (203) | 8713 | 707 | (6) | 69 |
| International Growth Fund | 21774 | 1927 | 1175 | 1958 | 24484 | 2066 | (304) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 8256 | 684 | 144 | 353 | 9149 | 927 | (59) |  |
| International Value Fund | 10756 | 1485 | 508 | 1196 | 12929 | 1641 | (106) | 391 |
| Non-U.S. Intrinsic Value Fund | 11904 | 1625 | 1403 | 1565 | 13691 | 1417 | (131) | 705 |
| Diversified Bond Fund | 24844 | 6415 | 2338 | (550) | 28371 | 2986 | (342) | 469 |
| High Income Fund | 6208 | 859 | 91 | (56) | 6920 | 830 | (17) | 218 |
| Inflation-Adjusted Bond Fund | 5001 | 982 |  | (532) | 5451 | 508 |  | 269 |
| Emerging Markets Debt Fund | 3672 | 378 |  | 137 | 4187 | 465 |  | 91 |
| Global Bond Fund | 9875 | 2431 | 343 | (835) | 11128 | 1295 | (44) | 635 |
| Equity Growth Fund | 16136 | 2313 | 21027 | 2578 |  |  | (4468) | 1293 |
|  | $310154 | $67004 | $39470 | $8112 | $345800 | 24929 | $(7511) | $10450 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund**<sup>(1)</sup> | **Beginning<br>Value** | **Purchase<br>Cost** | **Sales<br>Cost** | **Change in Net**<br>**Unrealized Appreciation**<br>**(Depreciation)** | **Ending<br>Value** | **Ending<br>Shares** | **Net Realized<br>Gain (Loss)** | **Distributions**<br>**Received**<sup>(2)</sup> |
| **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** | **One Choice 2065 Portfolio (Amounts in thousands)** |
| Focused Dynamic Growth Fund<sup>(3)</sup> | $1345 | $815 | $107 | $44 | $2097 | 50 | $(36) |  |
| Focused Large Cap Value Fund | 3275 | 1882 | 16 | 38 | 5179 | 519 | (4) | $272 |
| Growth Fund | 2010 | 1269 | 64 | (85) | 3130 | 79 | (21) | 74 |
| Heritage Fund | 1727 | 888 | 105 | 163 | 2673 | 116 | (31) |  |
| Mid Cap Value Fund | 2070 | 1122 | 188 | 50 | 3054 | 187 | (30) | 189 |
| Small Cap Growth Fund | 418 | 218 | 3 | 36 | 669 | 34 | (1) | 4 |
| Small Cap Value Fund | 417 | 233 |  | 22 | 672 | 66 |  | 19 |
| Sustainable Equity Fund | 2515 | 3466 |  | 102 | 6083 | 148 |  | 72 |
| Emerging Markets Fund | 1534 | 795 | 90 | 170 | 2409 | 223 | (35) | 64 |
| Global Real Estate Fund | 654 | 364 |  | 4 | 1022 | 83 |  | 8 |
| International Growth Fund | 1790 | 888 | 70 | 264 | 2872 | 242 | (24) |  |
| International Small-Mid Cap Fund<sup>(3)</sup> | 676 | 352 |  | 54 | 1082 | 110 |  |  |
| International Value Fund | 889 | 457 | 4 | 136 | 1478 | 188 | (1) | 42 |
| Non-U.S. Intrinsic Value Fund | 1016 | 422 | 19 | 189 | 1608 | 166 | (3) | 78 |
| Diversified Bond Fund | 1882 | 1237 | 89 | (38) | 2992 | 315 | (14) | 43 |
| High Income Fund | 474 | 272 |  | (1) | 745 | 89 |  | 20 |
| Inflation-Adjusted Bond Fund | 376 | 256 |  | (45) | 587 | 55 |  | 27 |
| Emerging Markets Debt Fund | 282 | 142 |  | 16 | 440 | 49 |  | 9 |
| Global Bond Fund | 751 | 517 | 7 | (73) | 1188 | 138 | (1) | 61 |
| Equity Growth Fund | 1348 | 617 | 2199 | 234 |  |  | (414) | 140 |
|  | $25449 | $16212 | $2961 | $1280 | $39980 | 2857 | $(615) | $1122 |

---

(1)Underlying fund investments represent G Class.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

(3)Non-income producing.

------

Financial Highlights

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | **One Choice In Retirement Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.21 | 0.24 | (0.21) | 0.03 | (0.22) | (0.27) | (0.49) | $11.75 | 0.47% | 0.75%<sup>(4)</sup> | 0.78%<sup>(4)</sup> | 4.08%<sup>(4)</sup> | 4.05%<sup>(4)</sup> | 12% | $772829 |
| 2022 | $14.39 | 0.58 | (1.65) | (1.07) | (0.56) | (0.55) | (1.11) | $12.21 | (8.11)% | 0.74% | 0.77% | 4.31% | 4.28% | 18% | $826119 |
| 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% | $991945 |
| 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% | $607393 |
| 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% | $735213 |
| 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% | $786876 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.21 | 0.25 | (0.20) | 0.05 | (0.24) | (0.27) | (0.51) | $11.75 | 0.58% | 0.55%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 4.28%<sup>(4)</sup> | 4.23%<sup>(4)</sup> | 12% | $266387 |
| 2022 | $14.39 | 0.62 | (1.66) | (1.04) | (0.59) | (0.55) | (1.14) | $12.21 | (7.92)% | 0.54% | 0.58% | 4.51% | 4.47% | 18% | $306979 |
| 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% | $537817 |
| 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% | $191356 |
| 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% | $254459 |
| 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% | $350798 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.21 | 0.23 | (0.21) | 0.02 | (0.21) | (0.27) | (0.48) | $11.75 | 0.35% | 1.00%<sup>(4)</sup> | 1.03%<sup>(4)</sup> | 3.83%<sup>(4)</sup> | 3.80%<sup>(4)</sup> | 12% | $195207 |
| 2022 | $14.39 | 0.54 | (1.65) | (1.11) | (0.52) | (0.55) | (1.07) | $12.21 | (8.34)% | 0.99% | 1.02% | 4.06% | 4.03% | 18% | $202196 |
| 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% | $267135 |
| 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% | $114462 |
| 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% | $153056 |
| 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% | $227693 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.07 | 0.17 | (0.19) | (0.02) | (0.17) | (0.27) | (0.44) | $11.61 | (0.04)% | 1.75%<sup>(4)</sup> | 1.78%<sup>(4)</sup> | 3.08%<sup>(4)</sup> | 3.05%<sup>(4)</sup> | 12% | $2187 |
| 2022 | $14.25 | 0.46 | (1.65) | (1.19) | (0.44) | (0.55) | (0.99) | $12.07 | (9.03)% | 1.74% | 1.77% | 3.31% | 3.28% | 18% | $2664 |
| 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% | $4636 |
| 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% | $3020 |
| 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% | $4077 |
| 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% | $5769 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.17 | 0.21 | (0.21) |  | (0.19) | (0.27) | (0.46) | $11.71 | 0.22% | 1.25%<sup>(4)</sup> | 1.28%<sup>(4)</sup> | 3.58%<sup>(4)</sup> | 3.55%<sup>(4)</sup> | 12% | $230964 |
| 2022 | $14.35 | 0.51 | (1.65) | (1.14) | (0.49) | (0.55) | (1.04) | $12.17 | (8.60)% | 1.24% | 1.27% | 3.81% | 3.78% | 18% | $229286 |
| 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% | $268946 |
| 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% | $129338 |
| 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% | $139359 |
| 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% | $155850 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $9.55 | 0.20 | (0.17) | 0.03 | (0.24) | (0.27) | (0.51) | $9.07 | 0.63% | 0.40%<sup>(4)</sup> | 0.50%<sup>(4)</sup> | 4.43%<sup>(4)</sup> | 4.33%<sup>(4)</sup> | 12% | $448106 |
| 2022 | $11.50 | 0.51 | (1.30) | (0.79) | (0.61) | (0.55) | (1.16) | $9.55 | (7.75)% | 0.39% | 0.48% | 4.66% | 4.57% | 18% | $466333 |
| 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% | $608763 |
| 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% | $221796 |
| 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% | $225207 |
| 2018<sup>(5)</sup> | $11.10 | 0.21 | 0.20 | 0.41 | (0.25) | (0.01) | (0.26) | $11.25 | 3.70% | 0.39%<sup>(4)</sup> | 0.51%<sup>(4)</sup> | 2.49%<sup>(4)</sup> | 2.37%<sup>(4)</sup> | 13%<sup>(6)</sup> | $236569 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | **One Choice 2025 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.70 | 0.27 | (0.23) | 0.04 | (0.32) | (0.25) | (0.57) | $13.17 | 0.55% | 0.77%<sup>(4)</sup> | 0.79%<sup>(4)</sup> | 4.02%<sup>(4)</sup> | 4.00%<sup>(4)</sup> | 11% | $669533 |
| 2022 | $16.17 | 0.67 | (1.92) | (1.25) | (0.55) | (0.67) | (1.22) | $13.70 | (8.54)% | 0.76% | 0.78% | 4.42% | 4.40% | 15% | $712029 |
| 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% | $879425 |
| 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% | $867457 |
| 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% | $1003059 |
| 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% | $1181392 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.71 | 0.28 | (0.22) | 0.06 | (0.35) | (0.25) | (0.60) | $13.17 | 0.68% | 0.57%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 4.22%<sup>(4)</sup> | 4.19%<sup>(4)</sup> | 11% | $279784 |
| 2022 | $16.19 | 0.71 | (1.94) | (1.23) | (0.58) | (0.67) | (1.25) | $13.71 | (8.40)% | 0.56% | 0.59% | 4.62% | 4.59% | 15% | $320347 |
| 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% | $541299 |
| 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% | $512042 |
| 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% | $624560 |
| 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% | $827668 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.68 | 0.25 | (0.22) | 0.03 | (0.29) | (0.25) | (0.54) | $13.17 | 0.44% | 1.02%<sup>(4)</sup> | 1.04%<sup>(4)</sup> | 3.77%<sup>(4)</sup> | 3.75%<sup>(4)</sup> | 11% | $168693 |
| 2022 | $16.15 | 0.63 | (1.92) | (1.29) | (0.51) | (0.67) | (1.18) | $13.68 | (8.79)% | 1.01% | 1.03% | 4.17% | 4.15% | 15% | $179681 |
| 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% | $243677 |
| 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% | $231738 |
| 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% | $297582 |
| 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% | $426902 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.66 | 0.20 | (0.23) | (0.03) | (0.19) | (0.25) | (0.44) | $13.19 | (0.03)% | 1.77%<sup>(4)</sup> | 1.79%<sup>(4)</sup> | 3.02%<sup>(4)</sup> | 3.00%<sup>(4)</sup> | 11% | $1882 |
| 2022 | $16.12 | 0.55 | (1.95) | (1.40) | (0.39) | (0.67) | (1.06) | $13.66 | (9.45)% | 1.76% | 1.78% | 3.42% | 3.40% | 15% | $2007 |
| 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% | $3256 |
| 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% | $4332 |
| 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% | $4562 |
| 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% | $5515 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.66 | 0.23 | (0.21) | 0.02 | (0.26) | (0.25) | (0.51) | $13.17 | 0.34% | 1.27%<sup>(4)</sup> | 1.29%<sup>(4)</sup> | 3.52%<sup>(4)</sup> | 3.50%<sup>(4)</sup> | 11% | $239455 |
| 2022 | $16.13 | 0.58 | (1.91) | (1.33) | (0.47) | (0.67) | (1.14) | $13.66 | (9.04)% | 1.26% | 1.28% | 3.92% | 3.90% | 15% | $233649 |
| 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% | $255643 |
| 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% | $211271 |
| 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% | $210971 |
| 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% | $211702 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $9.93 | 0.21 | (0.17) | 0.04 | (0.37) | (0.25) | (0.62) | $9.35 | 0.74% | 0.42%<sup>(4)</sup> | 0.51%<sup>(4)</sup> | 4.37%<sup>(4)</sup> | 4.28%<sup>(4)</sup> | 11% | $501673 |
| 2022 | $12.07 | 0.54 | (1.40) | (0.86) | (0.61) | (0.67) | (1.28) | $9.93 | (8.26)% | 0.41% | 0.49% | 4.77% | 4.69% | 15% | $519716 |
| 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% | $643218 |
| 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% | $526937 |
| 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% | $489170 |
| 2018<sup>(5)</sup> | $11.74 | 0.23 | 0.26 | 0.49 | (0.17) | (0.01) | (0.18) | $12.05 | 4.19% | 0.41%<sup>(4)</sup> | 0.53%<sup>(4)</sup> | 2.53%<sup>(4)</sup> | 2.41%<sup>(4)</sup> | 14%<sup>(6)</sup> | $426813 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | **One Choice 2030 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.11 | 0.22 | (0.15) | 0.07 | (0.29) | (0.33) | (0.62) | $11.56 | 0.83% | 0.79%<sup>(4)</sup> | 0.82%<sup>(4)</sup> | 3.87%<sup>(4)</sup> | 3.84%<sup>(4)</sup> | 12% | $405880 |
| 2022 | $14.44 | 0.60 | (1.83) | (1.23) | (0.53) | (0.57) | (1.10) | $12.11 | (9.35)% | 0.78% | 0.81% | 4.53% | 4.50% | 17% | $428278 |
| 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% | $491652 |
| 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% | $503229 |
| 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% | $664953 |
| 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% | $716765 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.11 | 0.24 | (0.16) | 0.08 | (0.31) | (0.33) | (0.64) | $11.55 | 0.95% | 0.59%<sup>(4)</sup> | 0.63%<sup>(4)</sup> | 4.07%<sup>(4)</sup> | 4.03%<sup>(4)</sup> | 12% | $309992 |
| 2022 | $14.45 | 0.65 | (1.86) | (1.21) | (0.56) | (0.57) | (1.13) | $12.11 | (9.23)% | 0.58% | 0.62% | 4.73% | 4.69% | 17% | $348341 |
| 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% | $582440 |
| 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% | $524709 |
| 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% | $625840 |
| 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% | $832861 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.08 | 0.21 | (0.16) | 0.05 | (0.26) | (0.33) | (0.59) | $11.54 | 0.66% | 1.04%<sup>(4)</sup> | 1.07%<sup>(4)</sup> | 3.62%<sup>(4)</sup> | 3.59%<sup>(4)</sup> | 12% | $154173 |
| 2022 | $14.40 | 0.57 | (1.82) | (1.25) | (0.50) | (0.57) | (1.07) | $12.08 | (9.54)% | 1.03% | 1.06% | 4.28% | 4.25% | 17% | $159676 |
| 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% | $223936 |
| 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% | $218597 |
| 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% | $271679 |
| 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% | $375401 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.06 | 0.16 | (0.15) | 0.01 | (0.17) | (0.33) | (0.50) | $11.57 | 0.30% | 1.79%<sup>(4)</sup> | 1.82%<sup>(4)</sup> | 2.87%<sup>(4)</sup> | 2.84%<sup>(4)</sup> | 12% | $2109 |
| 2022 | $14.38 | 0.50 | (1.87) | (1.37) | (0.38) | (0.57) | (0.95) | $12.06 | (10.27)% | 1.78% | 1.81% | 3.53% | 3.50% | 17% | $2244 |
| 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% | $3547 |
| 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% | $3540 |
| 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% | $4387 |
| 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% | $4340 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.07 | 0.20 | (0.17) | 0.03 | (0.23) | (0.33) | (0.56) | $11.54 | 0.48% | 1.29%<sup>(4)</sup> | 1.32%<sup>(4)</sup> | 3.37%<sup>(4)</sup> | 3.34%<sup>(4)</sup> | 12% | $305880 |
| 2022 | $14.39 | 0.53 | (1.82) | (1.29) | (0.46) | (0.57) | (1.03) | $12.07 | (9.79)% | 1.28% | 1.31% | 4.03% | 4.00% | 17% | $289067 |
| 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% | $300569 |
| 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% | $245796 |
| 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% | $233886 |
| 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% | $218529 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.88 | 0.22 | (0.15) | 0.07 | (0.33) | (0.33) | (0.66) | $10.29 | 0.95% | 0.44%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 4.22%<sup>(4)</sup> | 4.14%<sup>(4)</sup> | 12% | $559561 |
| 2022 | $13.09 | 0.62 | (1.68) | (1.06) | (0.58) | (0.57) | (1.15) | $10.88 | (9.03)% | 0.43% | 0.51% | 4.88% | 4.80% | 17% | $562783 |
| 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% | $622491 |
| 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% | $503360 |
| 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% | $465684 |
| 2018<sup>(5)</sup> | $11.90 | 0.24 | 0.31 | 0.55 | (0.16) | (0.01) | (0.17) | $12.28 | 4.59% | 0.43%<sup>(4)</sup> | 0.56%<sup>(4)</sup> | 2.55%<sup>(4)</sup> | 2.42%<sup>(4)</sup> | 16%<sup>(6)</sup> | $408745 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | **One Choice 2035 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $15.30 | 0.27 | (0.16) | 0.11 | (0.30) | (0.43) | (0.73) | $14.68 | 1.06% | 0.82%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 3.66%<sup>(4)</sup> | 3.63%<sup>(4)</sup> | 12% | $599053 |
| 2022 | $18.29 | 0.77 | (2.47) | (1.70) | (0.62) | (0.67) | (1.29) | $15.30 | (10.19)% | 0.81% | 0.84% | 4.58% | 4.55% | 17% | $626308 |
| 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% | $743664 |
| 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% | $719718 |
| 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% | $819274 |
| 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% | $978920 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $15.33 | 0.28 | (0.15) | 0.13 | (0.33) | (0.43) | (0.76) | $14.70 | 1.20% | 0.62%<sup>(4)</sup> | 0.65%<sup>(4)</sup> | 3.86%<sup>(4)</sup> | 3.83%<sup>(4)</sup> | 12% | $337656 |
| 2022 | $18.32 | 0.83 | (2.50) | (1.67) | (0.65) | (0.67) | (1.32) | $15.33 | (9.98)% | 0.61% | 0.65% | 4.78% | 4.74% | 17% | $361327 |
| 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% | $575410 |
| 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% | $520022 |
| 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% | $598639 |
| 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% | $741317 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $15.28 | 0.25 | (0.14) | 0.11 | (0.27) | (0.43) | (0.70) | $14.69 | 1.00% | 1.07%<sup>(4)</sup> | 1.10%<sup>(4)</sup> | 3.41%<sup>(4)</sup> | 3.38%<sup>(4)</sup> | 12% | $183601 |
| 2022 | $18.27 | 0.73 | (2.48) | (1.75) | (0.57) | (0.67) | (1.24) | $15.28 | (10.43)% | 1.06% | 1.09% | 4.33% | 4.30% | 17% | $189012 |
| 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% | $254130 |
| 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% | $234875 |
| 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% | $290779 |
| 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% | $392230 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $15.21 | 0.19 | (0.14) | 0.05 | (0.16) | (0.43) | (0.59) | $14.67 | 0.56% | 1.82%<sup>(4)</sup> | 1.85%<sup>(4)</sup> | 2.66%<sup>(4)</sup> | 2.63%<sup>(4)</sup> | 12% | $1176 |
| 2022 | $18.18 | 0.66 | (2.53) | (1.87) | (0.43) | (0.67) | (1.10) | $15.21 | (11.07)% | 1.81% | 1.84% | 3.58% | 3.55% | 17% | $1184 |
| 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% | $2048 |
| 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% | $3226 |
| 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% | $3676 |
| 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% | $3788 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $15.27 | 0.24 | (0.16) | 0.08 | (0.23) | (0.43) | (0.66) | $14.69 | 0.81% | 1.32%<sup>(4)</sup> | 1.35%<sup>(4)</sup> | 3.16%<sup>(4)</sup> | 3.13%<sup>(4)</sup> | 12% | $321470 |
| 2022 | $18.25 | 0.68 | (2.47) | (1.79) | (0.52) | (0.67) | (1.19) | $15.27 | (10.62)% | 1.31% | 1.34% | 4.08% | 4.05% | 17% | $297839 |
| 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% | $307513 |
| 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% | $241416 |
| 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% | $227954 |
| 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% | $221761 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.22 | 0.20 | (0.12) | 0.08 | (0.35) | (0.43) | (0.78) | $9.52 | 1.34% | 0.47%<sup>(4)</sup> | 0.55%<sup>(4)</sup> | 4.01%<sup>(4)</sup> | 3.93%<sup>(4)</sup> | 12% | $571377 |
| 2022 | $12.66 | 0.59 | (1.68) | (1.09) | (0.68) | (0.67) | (1.35) | $10.22 | (9.90)% | 0.46% | 0.54% | 4.93% | 4.85% | 17% | $572731 |
| 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% | $643520 |
| 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% | $480172 |
| 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% | $420380 |
| 2018<sup>(5)</sup> | $12.12 | 0.24 | 0.38 | 0.62 | (0.20) | —<sup>(6)</sup> | (0.20) | $12.54 | 5.17% | 0.46%<sup>(4)</sup> | 0.58%<sup>(4)</sup> | 2.48%<sup>(4)</sup> | 2.36%<sup>(4)</sup> | 16%<sup>(7)</sup> | $359623 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(6)Per-share amount was less than $0.005.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | **One Choice 2040 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.80 | 0.21 | (0.06) | 0.15 | (0.26) | (0.47) | (0.73) | $12.22 | 1.52% | 0.84%<sup>(4)</sup> | 0.87%<sup>(4)</sup> | 3.46%<sup>(4)</sup> | 3.43%<sup>(4)</sup> | 12% | $317281 |
| 2022 | $15.56 | 0.66 | (2.22) | (1.56) | (0.58) | (0.62) | (1.20) | $12.80 | (11.00)% | 0.83% | 0.87% | 4.68% | 4.64% | 19% | $329436 |
| 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% | $383921 |
| 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% | $389734 |
| 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% | $505459 |
| 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% | $555108 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.82 | 0.22 | (0.06) | 0.16 | (0.29) | (0.47) | (0.76) | $12.22 | 1.56% | 0.64%<sup>(4)</sup> | 0.68%<sup>(4)</sup> | 3.66%<sup>(4)</sup> | 3.62%<sup>(4)</sup> | 12% | $265897 |
| 2022 | $15.57 | 0.71 | (2.23) | (1.52) | (0.61) | (0.62) | (1.23) | $12.82 | (10.74)% | 0.63% | 0.67% | 4.88% | 4.84% | 19% | $289091 |
| 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% | $431522 |
| 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% | $382370 |
| 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% | $460260 |
| 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% | $587460 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.78 | 0.20 | (0.07) | 0.13 | (0.23) | (0.47) | (0.70) | $12.21 | 1.34% | 1.09%<sup>(4)</sup> | 1.12%<sup>(4)</sup> | 3.21%<sup>(4)</sup> | 3.18%<sup>(4)</sup> | 12% | $130406 |
| 2022 | $15.53 | 0.63 | (2.22) | (1.59) | (0.54) | (0.62) | (1.16) | $12.78 | (11.19)% | 1.08% | 1.12% | 4.43% | 4.39% | 19% | $129310 |
| 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% | $181238 |
| 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% | $165350 |
| 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% | $203271 |
| 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% | $276474 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.71 | 0.14 | (0.05) | 0.09 | (0.14) | (0.47) | (0.61) | $12.19 | 0.96% | 1.84%<sup>(4)</sup> | 1.87%<sup>(4)</sup> | 2.46%<sup>(4)</sup> | 2.43%<sup>(4)</sup> | 12% | $1084 |
| 2022 | $15.45 | 0.51 | (2.21) | (1.70) | (0.42) | (0.62) | (1.04) | $12.71 | (11.88)% | 1.83% | 1.87% | 3.68% | 3.64% | 19% | $1181 |
| 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% | $1478 |
| 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% | $1605 |
| 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% | $2015 |
| 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% | $2114 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $12.76 | 0.18 | (0.06) | 0.12 | (0.20) | (0.47) | (0.67) | $12.21 | 1.24% | 1.34%<sup>(4)</sup> | 1.37%<sup>(4)</sup> | 2.96%<sup>(4)</sup> | 2.93%<sup>(4)</sup> | 12% | $294536 |
| 2022 | $15.51 | 0.58 | (2.21) | (1.63) | (0.50) | (0.62) | (1.12) | $12.76 | (11.44)% | 1.33% | 1.37% | 4.18% | 4.14% | 19% | $271996 |
| 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% | $273869 |
| 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% | $207548 |
| 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% | $188023 |
| 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% | $174883 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $11.21 | 0.20 | (0.06) | 0.14 | (0.30) | (0.47) | (0.77) | $10.58 | 1.70% | 0.49%<sup>(4)</sup> | 0.57%<sup>(4)</sup> | 3.81%<sup>(4)</sup> | 3.73%<sup>(4)</sup> | 12% | $419532 |
| 2022 | $13.78 | 0.67 | (1.98) | (1.31) | (0.64) | (0.62) | (1.26) | $11.21 | (10.67)% | 0.48% | 0.56% | 5.03% | 4.95% | 19% | $424500 |
| 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% | $518709 |
| 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% | $395998 |
| 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% | $381349 |
| 2018<sup>(5)</sup> | $12.31 | 0.24 | 0.47 | 0.71 | (0.18) | (0.01) | (0.19) | $12.83 | 5.78% | 0.48%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 2.44%<sup>(4)</sup> | 2.32%<sup>(4)</sup> | 17%<sup>(6)</sup> | $327587 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | **One Choice 2045 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $16.31 | 0.25 | (0.01) | 0.24 | (0.26) | (0.60) | (0.86) | $15.69 | 1.86% | 0.87%<sup>(4)</sup> | 0.90%<sup>(4)</sup> | 3.20%<sup>(4)</sup> | 3.17%<sup>(4)</sup> | 11% | $418392 |
| 2022 | $19.84 | 0.86 | (2.96) | (2.10) | (0.67) | (0.76) | (1.43) | $16.31 | (11.59)% | 0.86% | 0.89% | 4.73% | 4.70% | 18% | $438091 |
| 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% | $521474 |
| 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% | $505365 |
| 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% | $565928 |
| 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% | $681532 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $16.35 | 0.27 | (0.03) | 0.24 | (0.29) | (0.60) | (0.89) | $15.70 | 1.87% | 0.67%<sup>(4)</sup> | 0.70%<sup>(4)</sup> | 3.40%<sup>(4)</sup> | 3.37%<sup>(4)</sup> | 11% | $257832 |
| 2022 | $19.88 | 0.92 | (2.98) | (2.06) | (0.71) | (0.76) | (1.47) | $16.35 | (11.38)% | 0.66% | 0.69% | 4.93% | 4.90% | 18% | $272169 |
| 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% | $406955 |
| 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% | $350086 |
| 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% | $400165 |
| 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% | $504900 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $16.29 | 0.23 | (0.02) | 0.21 | (0.22) | (0.60) | (0.82) | $15.68 | 1.66% | 1.12%<sup>(4)</sup> | 1.15%<sup>(4)</sup> | 2.95%<sup>(4)</sup> | 2.92%<sup>(4)</sup> | 11% | $127163 |
| 2022 | $19.81 | 0.81 | (2.96) | (2.15) | (0.61) | (0.76) | (1.37) | $16.29 | (11.79)% | 1.11% | 1.14% | 4.48% | 4.45% | 18% | $129008 |
| 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% | $173756 |
| 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% | $159638 |
| 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% | $199985 |
| 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% | $277088 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $16.18 | 0.17 | (0.02) | 0.15 | (0.10) | (0.60) | (0.70) | $15.63 | 1.26% | 1.87%<sup>(4)</sup> | 1.90%<sup>(4)</sup> | 2.20%<sup>(4)</sup> | 2.17%<sup>(4)</sup> | 11% | $1430 |
| 2022 | $19.68 | 0.67 | (2.95) | (2.28) | (0.46) | (0.76) | (1.22) | $16.18 | (12.46)% | 1.86% | 1.89% | 3.73% | 3.70% | 18% | $1434 |
| 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% | $1974 |
| 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% | $2100 |
| 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% | $2531 |
| 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% | $2834 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $16.28 | 0.22 | (0.03) | 0.19 | (0.18) | (0.60) | (0.78) | $15.69 | 1.52% | 1.37%<sup>(4)</sup> | 1.40%<sup>(4)</sup> | 2.70%<sup>(4)</sup> | 2.67%<sup>(4)</sup> | 11% | $282609 |
| 2022 | $19.80 | 0.75 | (2.95) | (2.20) | (0.56) | (0.76) | (1.32) | $16.28 | (12.03)% | 1.36% | 1.39% | 4.23% | 4.20% | 18% | $259822 |
| 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% | $267304 |
| 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% | $197275 |
| 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% | $176355 |
| 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% | $164049 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.34 | 0.18 | (0.05) | 0.13 | (0.31) | (0.60) | (0.91) | $9.56 | 1.95% | 0.52%<sup>(4)</sup> | 0.59%<sup>(4)</sup> | 3.55%<sup>(4)</sup> | 3.48%<sup>(4)</sup> | 11% | $417393 |
| 2022 | $13.11 | 0.63 | (1.90) | (1.27) | (0.74) | (0.76) | (1.50) | $10.34 | (11.25)% | 0.51% | 0.58% | 5.08% | 5.01% | 18% | $410845 |
| 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% | $520523 |
| 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% | $374167 |
| 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% | $327799 |
| 2018<sup>(5)</sup> | $12.48 | 0.23 | 0.55 | 0.78 | (0.23) | —<sup>(6)</sup> | (0.23) | $13.03 | 6.29% | 0.51%<sup>(4)</sup> | 0.61%<sup>(4)</sup> | 2.35%<sup>(4)</sup> | 2.25%<sup>(4)</sup> | 16%<sup>(7)</sup> | $269683 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(6)Per-share amount was less than $0.005.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | **One Choice 2050 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.61 | 0.19 | 0.05 | 0.24 | (0.21) | (0.61) | (0.82) | $13.03 | 2.22% | 0.89%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 3.00%<sup>(4)</sup> | 2.97%<sup>(4)</sup> | 11% | $223800 |
| 2022 | $16.61 | 0.73 | (2.53) | (1.80) | (0.64) | (0.56) | (1.20) | $13.61 | (11.87)% | 0.88% | 0.91% | 4.87% | 4.84% | 19% | $235537 |
| 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% | $269509 |
| 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% | $259196 |
| 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% | $312038 |
| 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% | $345283 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.64 | 0.21 | 0.03 | 0.24 | (0.23) | (0.61) | (0.84) | $13.04 | 2.27% | 0.69%<sup>(4)</sup> | 0.72%<sup>(4)</sup> | 3.20%<sup>(4)</sup> | 3.17%<sup>(4)</sup> | 11% | $215203 |
| 2022 | $16.65 | 0.79 | (2.57) | (1.78) | (0.67) | (0.56) | (1.23) | $13.64 | (11.72)% | 0.68% | 0.71% | 5.07% | 5.04% | 19% | $223504 |
| 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% | $315079 |
| 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% | $257140 |
| 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% | $287434 |
| 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% | $378253 |

---

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.60 | 0.18 | 0.04 | 0.22 | (0.18) | (0.61) | (0.79) | $13.03 | 2.03% | 1.14%<sup>(4)</sup> | 1.17%<sup>(4)</sup> | 2.75%<sup>(4)</sup> | 2.72%<sup>(4)</sup> | 11% | $92376 |
| 2022 | $16.59 | 0.70 | (2.53) | (1.83) | (0.60) | (0.56) | (1.16) | $13.60 | (12.04)% | 1.13% | 1.16% | 4.62% | 4.59% | 19% | $91347 |
| 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% | $115318 |
| 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% | $103188 |
| 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% | $129680 |
| 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% | $173017 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.52 | 0.13 | 0.04 | 0.17 | (0.08) | (0.61) | (0.69) | $13.00 | 1.63% | 1.89%<sup>(4)</sup> | 1.92%<sup>(4)</sup> | 2.00%<sup>(4)</sup> | 1.97%<sup>(4)</sup> | 11% | $1137 |
| 2022 | $16.50 | 0.61 | (2.56) | (1.95) | (0.47) | (0.56) | (1.03) | $13.52 | (12.74)% | 1.88% | 1.91% | 3.87% | 3.84% | 19% | $1063 |
| 2021 | $13.83 | —<sup>(5)</sup> | 3.52 | 3.52 |  | (0.85) | (0.85) | $16.50 | 26.11% | 1.88% | 1.92% | (0.10)% | (0.14)% | 16% | $1434 |
| 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% | $1400 |
| 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% | $1503 |
| 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% | $1556 |

---

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.59 | 0.17 | 0.03 | 0.20 | (0.14) | (0.61) | (0.75) | $13.04 | 1.92% | 1.39%<sup>(4)</sup> | 1.42%<sup>(4)</sup> | 2.50%<sup>(4)</sup> | 2.47%<sup>(4)</sup> | 11% | $233080 |
| 2022 | $16.58 | 0.64 | (2.52) | (1.88) | (0.55) | (0.56) | (1.11) | $13.59 | (12.28)% | 1.38% | 1.41% | 4.37% | 4.34% | 19% | $205966 |
| 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% | $207018 |
| 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% | $145300 |
| 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% | $123006 |
| 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% | $105595 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $11.95 | 0.19 | 0.02 | 0.21 | (0.25) | (0.61) | (0.86) | $11.30 | 2.36% | 0.54%<sup>(4)</sup> | 0.59%<sup>(4)</sup> | 3.35%<sup>(4)</sup> | 3.30%<sup>(4)</sup> | 11% | $324589 |
| 2022 | $14.73 | 0.75 | (2.27) | (1.52) | (0.70) | (0.56) | (1.26) | $11.95 | (11.52)% | 0.53% | 0.59% | 5.22% | 5.16% | 19% | $312841 |
| 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% | $405593 |
| 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% | $302601 |
| 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% | $272649 |
| 2018<sup>(6)</sup> | $12.59 | 0.23 | 0.59 | 0.82 | (0.19) | —<sup>(5)</sup> | (0.19) | $13.22 | 6.61% | 0.53%<sup>(4)</sup> | 0.63%<sup>(4)</sup> | 2.28%<sup>(4)</sup> | 2.18%<sup>(4)</sup> | 21%<sup>(7)</sup> | $221191 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)Per-share amount was less than $0.005.

(6)October 23, 2017 (commencement of sale) through July 31, 2018.

(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.

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | **One Choice 2055 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $15.19 | 0.20 | 0.11 | 0.31 | (0.22) | (0.63) | (0.85) | $14.65 | 2.43% | 0.89%<sup>(4)</sup> | 0.93%<sup>(4)</sup> | 2.84%<sup>(4)</sup> | 2.80%<sup>(4)</sup> | 11% | $119469 |
| 2022 | $18.57 | 0.82 | (2.87) | (2.05) | (0.71) | (0.62) | (1.33) | $15.19 | (12.07)% | 0.88% | 0.92% | 4.89% | 4.85% | 19% | $126682 |
| 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% | $145510 |
| 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% | $148797 |
| 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% | $161378 |
| 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% | $178525 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $15.20 | 0.22 | 0.10 | 0.32 | (0.25) | (0.63) | (0.88) | $14.64 | 2.50% | 0.69%<sup>(4)</sup> | 0.73%<sup>(4)</sup> | 3.04%<sup>(4)</sup> | 3.00%<sup>(4)</sup> | 11% | $167960 |
| 2022 | $18.58 | 0.89 | (2.90) | (2.01) | (0.75) | (0.62) | (1.37) | $15.20 | (11.88)% | 0.68% | 0.72% | 5.09% | 5.05% | 19% | $168209 |
| 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% | $231400 |
| 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% | $200296 |
| 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% | $201236 |
| 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% | $226831 |

---

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $15.15 | 0.19 | 0.10 | 0.29 | (0.18) | (0.63) | (0.81) | $14.63 | 2.31% | 1.14%<sup>(4)</sup> | 1.18%<sup>(4)</sup> | 2.59%<sup>(4)</sup> | 2.55%<sup>(4)</sup> | 11% | $65873 |
| 2022 | $18.52 | 0.78 | (2.87) | (2.09) | (0.66) | (0.62) | (1.28) | $15.15 | (12.27)% | 1.13% | 1.17% | 4.64% | 4.60% | 19% | $62800 |
| 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% | $77870 |
| 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% | $69721 |
| 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% | $79664 |
| 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% | $93154 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $14.99 | 0.12 | 0.12 | 0.24 | (0.07) | (0.63) | (0.70) | $14.53 | 1.94% | 1.89%<sup>(4)</sup> | 1.93%<sup>(4)</sup> | 1.84%<sup>(4)</sup> | 1.80%<sup>(4)</sup> | 11% | $806 |
| 2022 | $18.34 | 0.63 | (2.84) | (2.21) | (0.52) | (0.62) | (1.14) | $14.99 | (12.98)% | 1.88% | 1.92% | 3.89% | 3.85% | 19% | $845 |
| 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% | $1069 |
| 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 |

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $15.15 | 0.17 | 0.10 | 0.27 | (0.14) | (0.63) | (0.77) | $14.65 | 2.18% | 1.39%<sup>(4)</sup> | 1.43%<sup>(4)</sup> | 2.34%<sup>(4)</sup> | 2.30%<sup>(4)</sup> | 11% | $167467 |
| 2022 | $18.52 | 0.72 | (2.86) | (2.14) | (0.61) | (0.62) | (1.23) | $15.15 | (12.50)% | 1.38% | 1.42% | 4.39% | 4.35% | 19% | $144055 |
| 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% | $138104 |
| 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% | $93577 |
| 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% | $76052 |
| 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% | $65673 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $12.55 | 0.19 | 0.07 | 0.26 | (0.27) | (0.63) | (0.90) | $11.91 | 2.59% | 0.54%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 3.19%<sup>(4)</sup> | 3.13%<sup>(4)</sup> | 11% | $233929 |
| 2022 | $15.58 | 0.80 | (2.44) | (1.64) | (0.77) | (0.62) | (1.39) | $12.55 | (11.75)% | 0.53% | 0.59% | 5.24% | 5.18% | 19% | $224504 |
| 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% | $273227 |
| 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% | $193435 |
| 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% | $160881 |
| 2018<sup>(5)</sup> | $12.87 | 0.23 | 0.63 | 0.86 | (0.21) |  | (0.21) | $13.52 | 6.70% | 0.53%<sup>(4)</sup> | 0.64%<sup>(4)</sup> | 2.22%<sup>(4)</sup> | 2.11%<sup>(4)</sup> | 18%<sup>(6)</sup> | $120777 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | **One Choice 2060 Portfolio** | | | | | | | | | | | |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.90 | 0.18 | 0.10 | 0.28 | (0.21) | (0.72) | (0.93) | $13.25 | 2.53% | 0.90%<sup>(4)</sup> | 0.95%<sup>(4)</sup> | 2.77%<sup>(4)</sup> | 2.72%<sup>(4)</sup> | 10% | $60288 |
| 2022 | $16.84 | 0.75 | (2.65) | (1.90) | (0.70) | (0.34) | (1.04) | $13.90 | (12.16)% | 0.88% | 0.93% | 4.87% | 4.82% | 16% | $54887 |
| 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% | $55757 |
| 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% | $38347 |
| 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% | $37219 |
| 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% | $22306 |
| **I Class** | **I Class** | **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.92 | 0.20 | 0.09 | 0.29 | (0.23) | (0.72) | (0.95) | $13.26 | 2.66% | 0.70%<sup>(4)</sup> | 0.75%<sup>(4)</sup> | 2.97%<sup>(4)</sup> | 2.92%<sup>(4)</sup> | 10% | $57423 |
| 2022 | $16.86 | 0.81 | (2.67) | (1.86) | (0.74) | (0.34) | (1.08) | $13.92 | (11.96)% | 0.68% | 0.73% | 5.07% | 5.02% | 16% | $55157 |
| 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% | $78572 |
| 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% | $55590 |
| 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% | $40025 |
| 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% | $31041 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **A Class** | **A Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.88 | 0.17 | 0.09 | 0.26 | (0.17) | (0.72) | (0.89) | $13.25 | 2.42% | 1.15%<sup>(4)</sup> | 1.20%<sup>(4)</sup> | 2.52%<sup>(4)</sup> | 2.47%<sup>(4)</sup> | 10% | $25020 |
| 2022 | $16.81 | 0.71 | (2.64) | (1.93) | (0.66) | (0.34) | (1.00) | $13.88 | (12.35)% | 1.13% | 1.18% | 4.62% | 4.57% | 16% | $23520 |
| 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% | $26722 |
| 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% | $10488 |
| 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% | $8425 |
| 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% | $6734 |
| **C Class** | **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.72 | 0.11 | 0.11 | 0.22 | (0.07) | (0.72) | (0.79) | $13.15 | 2.10% | 1.90%<sup>(4)</sup> | 1.95%<sup>(4)</sup> | 1.77%<sup>(4)</sup> | 1.72%<sup>(4)</sup> | 10% | $264 |
| 2022 | $16.62 | 0.59 | (2.62) | (2.03) | (0.53) | (0.34) | (0.87) | $13.72 | (13.00)% | 1.88% | 1.93% | 3.87% | 3.82% | 16% | $248 |
| 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 |

---

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | **R Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $13.85 | 0.15 | 0.10 | 0.25 | (0.14) | (0.72) | (0.86) | $13.24 | 2.31% | 1.40%<sup>(4)</sup> | 1.45%<sup>(4)</sup> | 2.27%<sup>(4)</sup> | 2.22%<sup>(4)</sup> | 10% | $95323 |
| 2022 | $16.78 | 0.70 | (2.67) | (1.97) | (0.62) | (0.34) | (0.96) | $13.85 | (12.60)% | 1.38% | 1.43% | 4.37% | 4.32% | 16% | $78044 |
| 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% | $62456 |
| 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% | $34558 |
| 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% | $20542 |
| 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% | $10366 |
| **R6 Class** | **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $13.97 | 0.21 | 0.09 | 0.30 | (0.25) | (0.72) | (0.97) | $13.30 | 2.74% | 0.55%<sup>(4)</sup> | 0.62%<sup>(4)</sup> | 3.12%<sup>(4)</sup> | 3.05%<sup>(4)</sup> | 10% | $107483 |
| 2022 | $16.92 | 0.88 | (2.73) | (1.85) | (0.76) | (0.34) | (1.10) | $13.97 | (11.84)% | 0.53% | 0.60% | 5.22% | 5.15% | 16% | $98298 |
| 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% | $102371 |
| 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% | $60786 |
| 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% | $37601 |
| 2018<sup>(5)</sup> | $12.63 | 0.21 | 0.65 | 0.86 | (0.18) |  | (0.18) | $13.31 | 6.83% | 0.53%<sup>(4)</sup> | 0.64%<sup>(4)</sup> | 2.11%<sup>(4)</sup> | 2.00%<sup>(4)</sup> | 12%<sup>(6)</sup> | $20862 |

---

------

**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)October 23, 2017 (commencement of sale) through July 31, 2018.

(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)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | **One Choice 2065 Portfolio** | | |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $10.86 | 0.15 | 0.11 | 0.26 | (0.17) | (0.26) | (0.43) | $10.69 | 2.66% | 0.94%<sup>(4)</sup> | 0.99%<sup>(4)</sup> | 2.90%<sup>(4)</sup> | 2.85%<sup>(4)</sup> | 8% | $4854 |
| 2022 | $12.89 | 0.60 | (2.09) | (1.49) | (0.52) | (0.02) | (0.54) | $10.86 | (12.16)% | 0.88% | 0.93% | 4.77% | 4.72% | 18% | $3483 |
| 2021<sup>(5)</sup> | $10.00 | 0.06 | 2.93 | 2.99 | (0.10) |  | (0.10) | $12.89 | 30.02% | 0.88%<sup>(4)</sup> | 0.94%<sup>(4)</sup> | 0.33%<sup>(4)</sup> | 0.27%<sup>(4)</sup> | 17% | $2103 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.87 | 0.17 | 0.10 | 0.27 | (0.19) | (0.26) | (0.45) | $10.69 | 2.78% | 0.74%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 3.10%<sup>(4)</sup> | 3.04%<sup>(4)</sup> | 8% | $6735 |
| 2022 | $12.90 | 0.63 | (2.09) | (1.46) | (0.55) | (0.02) | (0.57) | $10.87 | (11.97)% | 0.68% | 0.74% | 4.97% | 4.91% | 18% | $3324 |
| 2021<sup>(5)</sup> | $10.00 | 0.03 | 2.98 | 3.01 | (0.11) |  | (0.11) | $12.90 | 30.19% | 0.68%<sup>(4)</sup> | 0.75%<sup>(4)</sup> | 0.53%<sup>(4)</sup> | 0.46%<sup>(4)</sup> | 17% | $1901 |
| **A Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.84 | 0.15 | 0.09 | 0.24 | (0.14) | (0.26) | (0.40) | $10.68 | 2.49% | 1.19%<sup>(4)</sup> | 1.24%<sup>(4)</sup> | 2.65%<sup>(4)</sup> | 2.60%<sup>(4)</sup> | 8% | $1627 |
| 2022 | $12.86 | 0.57 | (2.08) | (1.51) | (0.49) | (0.02) | (0.51) | $10.84 | (12.33)% | 1.13% | 1.18% | 4.52% | 4.47% | 18% | $797 |
| 2021<sup>(5)</sup> | $10.00 | 0.03 | 2.92 | 2.95 | (0.09) |  | (0.09) | $12.86 | 29.63% | 1.13%<sup>(4)</sup> | 1.19%<sup>(4)</sup> | 0.08%<sup>(4)</sup> | 0.02%<sup>(4)</sup> | 17% | $271 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.80 | 0.09 | 0.11 | 0.20 | (0.06) | (0.26) | (0.32) | $10.68 | 2.09% | 1.94%<sup>(4)</sup> | 1.99%<sup>(4)</sup> | 1.90%<sup>(4)</sup> | 1.85%<sup>(4)</sup> | 8% | $44 |
| 2022 | $12.81 | 0.45 | (2.05) | (1.60) | (0.39) | (0.02) | (0.41) | $10.80 | (12.98)% | 1.88% | 1.93% | 3.77% | 3.72% | 18% | $35 |
| 2021<sup>(5)</sup> | $10.00 | (0.01) | 2.89 | 2.88 | (0.07) |  | (0.07) | $12.81 | 28.86% | 1.88%<sup>(4)</sup> | 1.94%<sup>(4)</sup> | (0.67)%<sup>(4)</sup> | (0.73)%<sup>(4)</sup> | 17% | $32 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended July 31 (except as noted)** | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) (before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period (in thousands)** |
| **R Class** | | | | | | | | | | | | | | | |
| 2023<sup>(3)</sup> | $10.83 | 0.13 | 0.10 | 0.23 | (0.11) | (0.26) | (0.37) | $10.69 | 2.42% | 1.44%<sup>(4)</sup> | 1.49%<sup>(4)</sup> | 2.40%<sup>(4)</sup> | 2.35%<sup>(4)</sup> | 8% | $11916 |
| 2022 | $12.85 | 0.54 | (2.08) | (1.54) | (0.46) | (0.02) | (0.48) | $10.83 | (12.57)% | 1.38% | 1.43% | 4.27% | 4.22% | 18% | $6927 |
| 2021<sup>(5)</sup> | $10.00 | (0.02) | 2.95 | 2.93 | (0.08) |  | (0.08) | $12.85 | 29.44% | 1.38%<sup>(4)</sup> | 1.44%<sup>(4)</sup> | (0.17)%<sup>(4)</sup> | (0.23)%<sup>(4)</sup> | 17% | $1688 |
| **R6 Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2023<sup>(3)</sup> | $10.89 | 0.17 | 0.10 | 0.27 | (0.20) | (0.26) | (0.46) | $10.70 | 2.83% | 0.59%<sup>(4)</sup> | 0.66%<sup>(4)</sup> | 3.25%<sup>(4)</sup> | 3.18%<sup>(4)</sup> | 8% | $14805 |
| 2022 | $12.92 | 0.66 | (2.10) | (1.44) | (0.57) | (0.02) | (0.59) | $10.89 | (11.81)% | 0.53% | 0.60% | 5.12% | 5.05% | 18% | $10883 |
| 2021<sup>(5)</sup> | $10.00 | 0.06 | 2.97 | 3.03 | (0.11) |  | (0.11) | $12.92 | 30.44% | 0.53%<sup>(4)</sup> | 0.61%<sup>(4)</sup> | 0.68%<sup>(4)</sup> | 0.60%<sup>(4)</sup> | 17% | $3224 |

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**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)Six months ended January 31, 2023 (unaudited).

(4)Annualized.

(5)September 23, 2020 (fund inception) through July 31, 2021.

See Notes to Financial Statements.

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Approval of Management Agreement

At a meeting held on September 7, 2022, 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 of the Investment Company Act of 1940 (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, including a majority of the independent Directors, each year.

Under the management agreement, the Advisor is paid a management fee by each Fund. Separately, the Advisor has agreed to waive all management fees associated with the Funds' investments in the underlying American Century Investments funds in which each Fund invests (the "Underlying Funds"). Each year the Board of Directors approves a management fee for each Fund based on the portfolio managers' estimate of the most conservative (i.e., least expensive) allocation of the Fund's net assets to the Underlying Funds for the coming year. In approving the management agreement, the Board considered the Advisor's representation that the management fees will be less than or equal to what the Funds would have otherwise paid to the Underlying Funds.

Prior to its consideration of the renewal of the Funds' management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Funds. 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 information that the Board and its committees receive and consider throughout the year.

In connection with its consideration of the renewal of the Funds' 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark(s) and peer group of other mutual funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each Fund compared to the cost of owning similarly-managed funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compliance policies, procedures, and regulatory experience of the Advisor and the Funds' service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and cyber security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of the Funds and other accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquired fund fees and expenses (including those waived by the Advisor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments and practices in connection with financial intermediaries holding shares of the Funds and the services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible collateral benefits to the Advisor from the management of the Funds.

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The independent Directors met in private session to review and discuss the information provided by the Advisor and certain independent data providers concerning the Funds. The independent Directors also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

**Factors Considered**

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the 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, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including cyber security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Directors' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 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 principal investment 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 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 Board discusses with the Advisor the reasons for such

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results (e.g., market conditions, security selection) and any actions being taken to improve performance, and may conduct special reviews until performance improves. The performance for One Choice 2025 Portfolio and One Choice 2030 Portfolio was above each Fund's respective benchmark for the one-, three-, five- and ten-year periods reviewed by the Board. The performance for One Choice In Retirement Portfolio, One Choice 2035 Portfolio, One Choice 2040 Portfolio, One Choice 2045 Portfolio, One Choice 2050 Portfolio, and One Choice 2055 Portfolio was above each Fund's respective benchmark for the three-, five- and ten-year periods and below their benchmark for the one-year period reviewed by the Board. The performance for One Choice 2060 Portfolio was above its benchmark for the three- and five-year periods and below its benchmark for the one-year period reviewed by the Board. The performance for One Choice 2065 Portfolio was below its benchmark for the one-year period reviewed by the Board. The Board discussed the Funds' performance with the Advisor, including steps being taken to address any underperformance, and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

**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 each 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 fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded content and services.

**Comparison to Other Funds' Fees.** The management agreement provides that each 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 securities transaction expenses, taxes, interest, extraordinary expenses, fees and expenses of the Fund's independent Directors (including their independent legal counsel) 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 Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment

------

advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund's unified fee to the total expense ratios of its peer expense universe and a narrower set of its expense group peers. In those instances where the fee level exceeds that of industry peers, the Board discussed with the Adviser the factors that impacted the level of the Fund's fee in relation to its peers. The unified fee charged to One Choice In Retirement Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.04% for Investor, A, C and R Classes, 0.06% for I Class and 0.11% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.78% to 0.74%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2025 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.03% for Investor, A, C and R Classes, 0.04% for I Class and 0.10% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.79% to 0.76%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2030 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.03% for Investor, A, C and R Classes, 0.04% for I Class and 0.09% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.81% to 0.78%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2035 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.03% for Investor, A, C and R Classes, 0.04% for I Class and 0.08% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.84% to 0.81%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2040 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.04% for Investor, I, A, C and R Classes, and 0.08% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.87% to 0.83%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2045 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.03% for Investor, A, C and R Classes, 0.04% for I Class and 0.07% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.89% to 0.86%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2050 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.03% for Investor, I, A, C and R Classes and 0.06% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.91% to 0.88%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2055 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.04% for Investor, A, C and R Classes, 0.05% for I Class and 0.07% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.92% to 0.88%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2060 Portfolio under the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.05% for Investor, I, A, C and R Classes and 0.08% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.93% to 0.88%) for at least one year, beginning December 1, 2022. The unified fee charged to One Choice 2065 Portfolio under

------

the agreement was above the median of the total expense ratios of the Fund's peer expense universe. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.06% for Investor, I, A, C and R Classes, and 0.08% for R6 Class (e.g., the Investor Class unified fee will be reduced from 0.94% to 0.88%) for at least one year, beginning December 1, 2022. The Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

**Comparison to Fees and Services Provided to Other Clients of the Advisor.** The Directors also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of each Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

**Payments to Intermediaries.** The Directors also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Board reviewed such information and received representations from the Advisor that all such payments by the Funds were made pursuant to each Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor's resources and reasonable profits.

**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.

------

Proxy Voting Results

A special meeting of shareholders was held on October 13, 2022, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To elect five directors to the Board of Directors of American Century Asset Allocation

Portfolios, Inc.:

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| | | |
|:---|:---|:---|
| | **Affirmative** | **Withhold** |
| Brian Bulatao | $8582345051 | $563235224 |
| Chris H. Cheesman | $8707646938 | $437933337 |
| Rajesh K. Gupta | $8679529882 | $466050393 |
| Lynn M. Jenkins | $8621650078 | $523930197 |
| Gary C. Meltzer | $8661710317 | $483869958 |

---

The other directors whose term of office continued after the meeting include Jonathan S. Thomas, Thomas W. Bunn, Barry Fink, Jan M. Lewis, and Stephen E. Yates.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* 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.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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 according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

\*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**.** 

------

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| | |
|:---|:---|
| ![image4.jpg](image4.jpg) | ![image4.jpg](image4.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>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.** | **American Century Asset Allocation Portfolios, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *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.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91633 2303** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91633 2303** |

---

------

(b) None.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**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) Not applicable for semiannual report filings.

(a)(2) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acaap13123ex-99cert.htm)</u>, 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) <u>[A certification by the registrant's chief executive officer and chief financial officer](acaap13123ex-99906cert.htm)</u>, 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. | American Century Asset Allocation Portfolios, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | March 30, 2023 | March 30, 2023 |

---

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 | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | March 30, 2023 | March 30, 2023 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | March 30, 2023 | March 30, 2023 |

---

## Ex-99

EX-99.CERT

**CERTIFICATIONS**

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Asset Allocation Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 30, 2023 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Asset Allocation Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 30, 2023 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

In connection with the shareholder report of American Century Asset Allocation Portfolios, Inc. (the "Registrant") on Form N-CSR for the period ending January 31, 2023 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | March 30, 2023 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

<br>