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N-CSR 1 acaap73116n-csr.htm N-CSR Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number		811-21591

AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.
(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI				64111
(Address of principal executive offices)				(Zip Code)

CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111
(Name and address of agent for service)

Registrant’s telephone number, including area code:			816-531-5575

Date of fiscal year end:	07-31

Date of reporting period:	07-31-2016

ITEM 1. REPORTS TO STOCKHOLDERS.




	Annual Report

	July 31, 2016

	One Choice^® Portfolio: Very Conservative

	One Choice^® Portfolio: Conservative

	One Choice^® Portfolio: Moderate

	One Choice^® Portfolio: Aggressive

	One Choice^® Portfolio: Very Aggressive

Table of Contents



President’s Letter	2
Performance	3
Portfolio Commentary	7
Portfolio Characteristics	10
Shareholder Fee Examples	11
Schedules of Investments	13
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Notes to Financial Statements	25
Financial Highlights	35
Report of Independent Registered Public Accounting Firm	38
Management	39
Approval of Management Agreement	42
Additional Information	46

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended July 31, 2016. It provides investment performance and portfolio information for the reporting period, plus longer-term historical performance data.

Annual reports remain important vehicles for conveying information about fund returns, including market and economic factors that affected performance during the reporting period. For additional, updated investment and market insights, we encourage you to visit our website, americancentury.com.

Market Volatility Increased, But Not for the Reasons Anticipated

Going into this reporting period, investors anticipated increased market volatility and uncertainty as the Federal Reserve (the Fed) appeared poised to raise short-term interest rates toward more historically normal levels. This policy change was expected to affect investor sentiment, U.S. Treasury yield behavior, relative currency values, inflation expectations, and corporate costs and earnings.

This Fed-centric outlook didn’t fully account for global factors, which ultimately drove sentiment, volatility, and performance during the reporting period. During 2015, the primary catalyst was China, where slowing economic growth, currency devaluations, and massive monetary policy easing sent shock waves through the global markets. The Fed ended up delaying (until December 2015) its only small rate hike during the reporting period. Afterward, China-related events repeated in January and early February this year, further delaying Fed action.

Oil was another catalyst—its price collapses devalued entire market sectors and contributed to

broad market volatility and negative sentiment. Later, as China and oil appeared to stabilize, Brexit

occurred—the unexpected decision by United Kingdom voters to leave the European Union. This produced more shock waves, and altered central bank policies around the world. In this environment, relatively defensive assets performed well.

Looking ahead, we believe the markets face further uncertainty and volatility as they digest Brexit, the Italian bank crisis, China’s economic mysteries, and the U.S. presidential election. Negative interest rates in Europe and Japan represent part of the market’s response to the global macroeconomic climate. These negative rates are suppressing interest rates around the world while driving up the value of the U.S. dollar and U.S. bonds. In a broad sense, stocks also benefit from the central bank stimulus that is driving interest rates into negative territory, and from relative yield advantages as bond yields are pushed lower. It’s an unusual and challenging environment. We appreciate your continued trust in us.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Performance



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
One Choice Portfolio: Very Conservative
Investor Class	AONIX	4.93%	4.52%	4.75%	—	9/30/04
R Class	AORHX	4.39%	—	—	2.34%	3/20/15
One Choice Portfolio: Conservative
Investor Class	AOCIX	3.13%	6.12%	5.58%	—	9/30/04
R Class	AORSX	2.68%	—	—	1.16%	3/20/15
One Choice Portfolio: Moderate
Investor Class	AOMIX	1.62%	7.19%	6.04%	—	9/30/04
R Class	AORMX	1.17%	—	—	0.17%	3/20/15
One Choice Portfolio: Aggressive
Investor Class	AOGIX	0.69%	8.01%	6.43%	—	9/30/04
R Class	AORYX	0.16%	—	—	-0.49%	3/20/15
One Choice Portfolio: Very Aggressive
Investor Class	AOVIX	-0.44%	8.84%	6.35%	—	9/30/04
R Class	AORVX	-0.92%	—	—	-1.26%	3/20/15
Russell 3000 Index	—	4.44%	12.98%	7.82%	—	—
Barclays U.S. Aggregate Bond Index	—	5.94%	3.56%	5.05%	—	—

Average annual returns since inception are presented when ten years of performance history is not available.

The Russell 3000 Index represents approximately 98% of the investable U.S. equity market and provides a broad measure of equity performance. The Barclays U.S. Aggregate Bond Index represents the U.S. investment-grade fixed-rate bond market and provides a broad measure of bond market performance. Performance for these indices is provided for reference only. Neither index is intended to represent the composition of the portfolio, which invests in a mix of equity and fixed-income securities. (See the Schedule of Investments for each portfolio’s asset allocations as of the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the funds, please consult the prospectus.

Growth of $10,000 Over 10 Years of One Choice Portfolio: Very Conservative

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $15,904

	Russell 3000 Index — $21,244

	Barclays U.S. Aggregate Bond Index — $16,380

Growth of $10,000 Over 10 Years of One Choice Portfolio: Conservative

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $17,220

	Russell 3000 Index — $21,244

	Barclays U.S. Aggregate Bond Index — $16,380

Growth of $10,000 Over 10 Years of One Choice Portfolio: Moderate

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $17,992

	Russell 3000 Index — $21,244

	Barclays U.S. Aggregate Bond Index — $16,380

Growth of $10,000 Over 10 Years of One Choice Portfolio: Aggressive

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $18,664

	Russell 3000 Index — $21,244

	Barclays U.S. Aggregate Bond Index — $16,380

Growth of $10,000 Over 10 Years of One Choice Portfolio: Very Aggressive

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $18,515

	Russell 3000 Index — $21,244

	Barclays U.S. Aggregate Bond Index — $16,380



Total Annual Fund Operating Expenses
	Investor Class	R Class
One Choice Portfolio: Very Conservative	0.68%	1.18%
One Choice Portfolio: Conservative	0.76%	1.26%
One Choice Portfolio: Moderate	0.88%	1.38%
One Choice Portfolio: Aggressive	0.98%	1.48%
One Choice Portfolio: Very Aggressive	1.04%	1.54%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.

Portfolio Commentary

Portfolio Managers: Scott Wittman, Rich Weiss, Scott Wilson, Radu Gabudean, and David MacEwen

Performance Summary

For the fiscal year ended July 31, 2016, returns of the One Choice^® Target Risk Portfolios ranged from 4.93%* for One Choice Portfolio: Very Conservative to -0.44% for One Choice Portfolio: Very Aggressive (see pages 3-6 for more detailed performance information). Returns for the 12-month period reflected strong performance of the Portfolios’ fixed-income investments, advances across most U.S.-based equity segments, and declines in non-U.S. equity components.

Because of the Portfolios’ strategic exposure to a variety of asset classes, a review of the financial markets helps explain much of their performance.

Market Overview

The reporting period began with pronounced volatility as markets receded in response to the slowing Chinese economy and the potential spillover effects on overall global growth. Equity indices experienced steep losses as investors exited riskier assets following currency devaluation by the Chinese government on the heels of disappointing economic growth data. Concerns about slowing growth reverberated throughout global markets and would serve as an ongoing driver of market returns throughout the period. Equity markets also came under pressure as commodity prices deteriorated in the first half of the fiscal year, with oil prices sinking to their lowest levels since early 2009 on widening oversupply and uncertain future demand. Oil and a number of other commodity prices rebounded somewhat in the second half of the fiscal year, but remained weak from an historical perspective.

Divergence of central bank policies remained a persistent theme throughout the reporting period, with global market headlines and returns dominated by anticipation of and reaction to monetary policy changes. The Federal Reserve (Fed) raised interest rates in December of 2015 for the first time in nearly a decade; in contrast, other central banks around the world pursued aggressive stimulus programs. This is consistent with the fact that economic growth rates in the U.S. continued to outpace those in most of the rest of the world.

Following a broad sell-off early in 2016, equities reversed course as investors took on a more optimistic outlook. Global growth concerns abated somewhat in response to more upbeat economic releases, improving sentiment about China, and rising commodity and oil prices. Accommodative monetary policy of major central banks and further delays in Fed tightening, as well as a weakening U.S. dollar, helped to drive equity market rallies around the globe. Market leadership shifted in early 2016, with value-oriented equities outperforming growth as more defensive names led those typically associated with a cyclical recovery. The close of the period was dominated by uncertainty around “Brexit,” the U.K. referendum about remaining in the European Union (EU). Following a “leave” vote at the end of June, global markets corrected sharply, with virtually all risky asset classes declining amid the uncertainty, with U.K. and European companies among the hardest hit. After a two-day sell-off that erased more than $3 trillion of global stock market value, cooler heads ultimately prevailed and investors adopted a longer-term view of Brexit and its effect on global growth and financial markets, concluding that the impact may not be as dire as originally thought. Global equities rallied in the final month of the reporting period, as investors shook off mounting geopolitical risks and tumbling oil prices, focusing instead on additional central bank stimulus on the horizon.

* All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See page 3 for returns for all share classes.

In this environment, U.S. equities ended the reporting period with advances, outperforming both developed non-U.S. equities, which produced substantive declines, and emerging markets, which fell more modestly. Within the U.S. market, value led growth stocks across all capitalization ranges, and broad large- and mid-cap indices outperformed their small-cap peers.

Fixed-income investments generally advanced, with positive returns largely generated during the second half of the reporting period. During the first part of the fiscal year, investors’ risk-aversion heightened on concerns about China’s growth rate and its likely impact on the overall health of the global economy. As investors gravitated toward the relative safety of higher-quality fixed-income investments, higher-yielding bonds declined. This preference for less-risky investments continued into 2016. While equities sold off broadly, bonds advanced, led by unhedged, non-U.S. aggregate bond indices, which benefited from supportive monetary policies of global central banks and from U.S.-dollar weakness. For the period as a whole, non-U.S. bonds led bonds in the U.S. Within the broad U.S. bond market, high-quality bonds slightly outperformed high-yield, and longer-duration bonds produced larger advances as compared to those with shorter-durations, with long-term U.S. Treasury securities producing substantial gains.

Portfolio Performance

Each One Choice Target Risk Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See page 10 for the specific underlying fund allocations for each Portfolio.)

The Portfolios’ U.S. equity funds generally contributed positively to performance for the 12-month period, with the exception of Heritage Fund (mid-cap growth) and Small Company Fund, which detracted modestly. Mid Cap Value Fund contributed most in absolute terms, and outperformed its underlying benchmark as a result of stock selection decisions. Growth Fund (large-cap growth), Large Company Value Fund, and Equity Growth Fund (large-cap core) all contributed notably to absolute results; however, all three funds underperformed their respective benchmarks.

Non-U.S. equity performance was mixed. International Growth Fund (not held by Very Conservative Portfolio) was a leading detractor from absolute performance and underperformed its benchmark. NT International Value Fund (not held by Very Conservative Portfolio) had negative absolute returns and was a leading detractor from performance in all Portfolios in which it was held; nevertheless, the fund held up better than its underlying benchmark thanks to effective stock selection decisions across a wide range of sectors and countries. Similarly, Emerging Markets Fund (not held by Very Conservative and Conservative Portfolios) had negative absolute results but outperformed its underlying benchmark. NT Global Real Estate Fund was a leading contributor to performance in every Portfolio except for Very Conservative, whose real estate allocation is the U.S.-focused Real Estate Fund, which also performed well on an absolute basis.

Performance was positive across all the Portfolios’ fixed-income segments, with Diversified Bond Fund contributing the most to return across all Portfolios in which it is represented (all except Very Aggressive). Consistent with the strong performance of high-quality bonds around the globe, International Bond Fund (not held by Aggressive or Very Aggressive Portfolios) made a sizeable contribution to return during the year. Similarly, Global Bond Fund, which is not held by Very Aggressive, was another source of strength. Funds designed to protect against inflation, such as Inflation-Adjusted Bond Fund and Short Duration Inflation Protection Bond Fund (neither was held by Very Aggressive Portfolio) also performed well. Diversified Bond Fund, International Bond Fund, and High-Yield Fund (also not held by Very Aggressive) underperformed their underlying fund benchmarks.

Portfolio Strategy

Each Portfolio has a “neutral” asset mix (the target allocations for stocks, bonds, and cash- equivalent investments) that remains fixed over time. Our management approach involves making

modest tactical adjustments to each Portfolio’s actual asset mix to add value and improve the Portfolios’ ability to meet their investment objectives.

Throughout the reporting period we maintained an overweight exposure to equities, with a corresponding decrease to Diversified Bond Fund (not held by Very Aggressive Portfolio) within the fixed-income segment weighting, while remaining underweight to cash. Within the stock allocation, for much of the period we maintained an underweight to international equities in favor of U.S. stocks. On balance, this positioning had a mixed effect; high-quality bonds performed well, so it generally detracted modestly to be underweight this space. But within equities, it was beneficial to overweight the U.S. and underweight non-U.S. developed market equities.

A Look Ahead

We believe that global divergence in economic growth and monetary policy by central banks seems likely to continue. Growth remains mostly slower outside the U.S., and non-U.S. monetary policies are generally more stimulative. Capital markets are increasingly taking their cues from global factors rather than focusing on the U.S. Therefore, China continues to be the leading influence on global economic expansion, although the U.K. jumped into the limelight by electing to exit the EU.

U.S. interest rates remain at historically low levels, but higher interest rates appear justified when considering domestic economic factors alone and ignoring global conditions. Falling unemployment, rising wages, higher rents, and improving home prices argue for higher rates. However, what happens in China, Europe, and Japan could have at least as much impact on U.S. interest rates as what happens in the U.S. Global macro headwinds are having more impact on the smaller manufacturing side of the U.S. economy than the larger services side, which is still expanding. The Fed owns a large bond portfolio acquired through past Quantitative Easing (QE) purchases, and will continue to reinvest coupon interest and principal from these bonds, which is likely to help keep interest rates low. While earlier predictions called for two small rate increases during 2016, the market is now pricing in a very low probability of tightening in the wake of Brexit and a lower-than-expected reported growth rate for the second quarter.

Looking ahead, we think that uncertainty in whether the Fed will raise interest rates again, the impact of the Brexit vote, slow global growth (and low corporate profits), and the possible impact from the U.S. presidential election will continue to affect market returns and volatility. While stock valuations on the whole are not terribly compelling, there have been significant rotations and corrections at the industry and sector level going back at least to 2015, creating select investment opportunities. Growth is likely to remain disappointing around much of the globe, particularly for countries with exposure to China and/or commodity markets. While tighter monetary policy and higher rates in the U.S. typically weigh on risk assets such as emerging markets equities, attractive valuations and monetary conditions in many emerging markets countries can lead to compelling investment opportunities.

Given this backdrop, we continue to favor equities over bonds and cash-equivalent investments. Within equities, we maintained a long-running overweight to growth stocks, generally adding to this position over the course of the 12 months. This positioning aided results during a period when growth strongly outperformed value. We remain neutral in terms of market capitalization and are marginally biased to U.S. equities as compared to non-U.S. in all Portfolios aside from Very Conservative.

Our fixed-income positioning reflects our expectation that economic conditions in the U.S. will meet the necessary targets for the Fed to raise interest rates further. We therefore remain underweight to U.S. Treasuries and government agencies in favor of higher-yielding corporate- and mortgage-backed securities. We believe that high-yield corporate bonds remain attractive, and remain overweight to that segment (for those Portfolios whose mandates allow exposure to these instruments).

Portfolio Characteristics



Underlying Fund Allocations⁽¹⁾ as a % of net assets as of July 31, 2016
	One Choice Portfolio: Very Conservative	One Choice Portfolio: Conservative	One Choice Portfolio: Moderate	One Choice Portfolio: Aggressive	One Choice Portfolio: Very Aggressive
Equity
Core Equity Plus Fund	1.0%	1.9%	4.0%	4.6%	4.8%
Equity Growth Fund	3.9%	7.3%	11.5%	10.5%	12.2%
Growth Fund	3.9%	6.1%	8.3%	12.1%	13.0%
Heritage Fund	1.6%	3.7%	5.4%	7.6%	9.2%
Large Company Value Fund	7.9%	7.9%	9.7%	10.6%	11.5%
Mid Cap Value Fund	5.1%	6.5%	5.9%	5.9%	7.7%
NT Disciplined Growth Fund	1.0%	1.4%	2.0%	3.1%	4.0%
Real Estate Fund	2.5%	—	—	—	—
Small Company Fund	1.0%	1.5%	1.7%	1.7%	6.5%
Emerging Markets Fund	—	—	4.1%	6.7%	7.5%
International Growth Fund	—	5.2%	6.1%	8.2%	9.8%
NT Global Real Estate Fund	—	2.6%	2.4%	3.2%	3.0%
NT International Small-Mid Cap Fund	—	0.9%	1.5%	1.9%	3.0%
NT International Value Fund	—	3.1%	4.6%	5.6%	7.8%
Total Equity	27.9%	48.1%	67.2%	81.7%	100.0%
Fixed Income
Diversified Bond Fund	18.9%	19.3%	12.9%	5.7%	—
High-Yield Fund	2.3%	2.5%	3.4%	5.1%	—
Inflation-Adjusted Bond Fund	9.9%	6.8%	5.9%	3.1%	—
Short Duration Fund	6.9%	—	—	—	—
Short Duration Inflation Protection Bond Fund	12.8%	4.8%	1.0%	1.0%	—
Global Bond Fund	7.9%	6.8%	5.0%	3.1%	—
International Bond Fund	8.0%	6.4%	1.7%	—	—
Total Fixed Income	66.7%	46.6%	29.9%	18.0%	—
U.S. Government Money Market Fund	5.4%	5.3%	2.9%	0.3%	—
Other Assets and Liabilities	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾	—


(1)	Underlying fund investments represent Investor Class.


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

Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds. As a shareholder in the underlying American Century Investments funds, your fund will indirectly bear its pro rata share of the expenses incurred by the underlying funds. These expenses are not included in the fund’s annualized expense ratio or the expenses paid during the period. These expenses are, however, included in the effective expenses paid during the period.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from February 1, 2016 to July 31, 2016.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. If you are subject to the Account Maintenance Fee, your account value could be reduced by the fee amount.

Hypothetical Example for Comparison Purposes

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

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



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice Portfolio: Very Conservative
Actual
Investor Class	$1,000	$1,075.80	$0.00	0.00%⁽³⁾	$3.66	0.71%
R Class	$1,000	$1,073.10	$2.58	0.50%	$6.24	1.21%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.57	0.71%
R Class	$1,000	$1,022.38	$2.51	0.50%	$6.07	1.21%
One Choice Portfolio: Conservative
Actual
Investor Class	$1,000	$1,086.20	$0.00	0.00%⁽³⁾	$4.25	0.82%
R Class	$1,000	$1,084.40	$2.59	0.50%	$6.84	1.32%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$4.12	0.82%
R Class	$1,000	$1,022.38	$2.51	0.50%	$6.62	1.32%
One Choice Portfolio: Moderate
Actual
Investor Class	$1,000	$1,099.20	$0.00	0.00%⁽³⁾	$4.80	0.92%
R Class	$1,000	$1,096.50	$2.61	0.50%	$7.40	1.42%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$4.62	0.92%
R Class	$1,000	$1,022.38	$2.51	0.50%	$7.12	1.42%
One Choice Portfolio: Aggressive
Actual
Investor Class	$1,000	$1,110.70	$0.00	0.00%⁽³⁾	$5.30	1.01%
R Class	$1,000	$1,107.70	$2.62	0.50%	$7.91	1.51%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$5.07	1.01%
R Class	$1,000	$1,022.38	$2.51	0.50%	$7.57	1.51%
One Choice Portfolio: Very Aggressive
Actual
Investor Class	$1,000	$1,120.30	$0.00	0.00%⁽³⁾	$5.69	1.08%
R Class	$1,000	$1,118.10	$2.63	0.50%	$8.32	1.58%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$5.42	1.08%
R Class	$1,000	$1,022.38	$2.51	0.50%	$7.92	1.58%

(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 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. The fees and expenses of the underlying American Century Investments funds in which the fund invests are not included in the class's annualized expense ratio.

(2)

Effective expenses reflect the sum of expenses borne directly by the class plus the fund's pro rata share of the weighted average expense ratio of the underlying funds in which it invests. The effective annualized expense ratio combines the class's annualized expense ratio and the annualized weighted average expense ratio of the underlying funds. The annualized weighted average expense ratio of the underlying funds for the one-half year period reflects the actual expense ratio of each underlying fund from its most recent shareholder report, annualized and weighted for the fund's relative average investment therein during the period.


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.

Schedules of Investments

JULY 31, 2016

One Choice Portfolio: Very Conservative



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Fixed Income Funds — 50.8%
Diversified Bond Fund Investor Class	6,978,422	$	77,600,055
High-Yield Fund Investor Class	1,680,136	9,425,561
Inflation-Adjusted Bond Fund Investor Class	3,402,440	40,693,182
Short Duration Fund Investor Class	2,744,933	28,300,263
Short Duration Inflation Protection Bond Fund Investor Class⁽²⁾	5,172,854	52,918,301
		208,937,362
Domestic Equity Funds — 27.9%
Core Equity Plus Fund Investor Class	307,575	3,946,186
Equity Growth Fund Investor Class	563,432	16,181,770
Growth Fund Investor Class	552,723	16,277,691
Heritage Fund Investor Class	297,770	6,649,207
Large Company Value Fund Investor Class	3,570,762	32,708,184
Mid Cap Value Fund Investor Class	1,263,501	20,847,762
NT Disciplined Growth Fund Investor Class	398,241	3,978,433
Real Estate Fund Investor Class	299,809	10,292,427
Small Company Fund Investor Class	285,180	3,767,222
		114,648,882
International Fixed Income Funds — 15.9%
Global Bond Fund Investor Class	3,118,671	32,371,806
International Bond Fund Investor Class	2,456,128	32,912,117
		65,283,923
Money Market Funds — 5.4%
U.S. Government Money Market Fund Investor Class	22,124,371	22,124,371
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $367,797,126)		410,994,538
OTHER ASSETS AND LIABILITIES^†		(128)
TOTAL NET ASSETS — 100.0%		$	410,994,410

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.

JULY 31, 2016

One Choice Portfolio: Conservative



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 36.3%
Core Equity Plus Fund Investor Class	1,634,821	$	20,974,760
Equity Growth Fund Investor Class	2,805,377	80,570,420
Growth Fund Investor Class	2,285,450	67,306,488
Heritage Fund Investor Class	1,839,726	41,081,083
Large Company Value Fund Investor Class	9,476,566	86,805,342
Mid Cap Value Fund Investor Class	4,313,346	71,170,205
NT Disciplined Growth Fund Investor Class	1,574,823	15,732,485
Small Company Fund Investor Class	1,200,905	15,863,959
		399,504,742
Domestic Fixed Income Funds — 33.4%
Diversified Bond Fund Investor Class	19,103,790	212,434,148
High-Yield Fund Investor Class	4,886,143	27,411,263
Inflation-Adjusted Bond Fund Investor Class	6,282,137	75,134,364
Short Duration Inflation Protection Bond Fund Investor Class⁽²⁾	5,186,773	53,060,683
		368,040,458
International Fixed Income Funds — 13.2%
Global Bond Fund Investor Class	7,220,241	74,946,099
International Bond Fund Investor Class	5,268,621	70,599,515
		145,545,614
International Equity Funds — 11.8%
International Growth Fund Investor Class	5,112,911	56,906,703
NT Global Real Estate Fund Investor Class	2,696,079	28,012,258
NT International Small-Mid Cap Fund Investor Class	979,700	10,228,068
NT International Value Fund Investor Class	4,011,149	34,415,656
		129,562,685
Money Market Funds — 5.3%
U.S. Government Money Market Fund Investor Class	58,493,332	58,493,332
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $982,785,744)		1,101,146,831
OTHER ASSETS AND LIABILITIES^†		(387)
TOTAL NET ASSETS — 100.0%		$	1,101,146,444

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.

JULY 31, 2016

One Choice Portfolio: Moderate



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 48.5%
Core Equity Plus Fund Investor Class	5,209,669	$	66,840,050
Equity Growth Fund Investor Class	6,678,549	191,807,920
Growth Fund Investor Class	4,683,672	137,934,150
Heritage Fund Investor Class	4,012,016	89,588,318
Large Company Value Fund Investor Class	17,644,416	161,622,846
Mid Cap Value Fund Investor Class	5,930,907	97,859,973
NT Disciplined Growth Fund Investor Class	3,317,938	33,146,199
Small Company Fund Investor Class	2,124,220	28,060,948
		806,860,404
Domestic Fixed Income Funds — 23.2%
Diversified Bond Fund Investor Class	19,367,436	215,365,885
High-Yield Fund Investor Class	10,017,141	56,196,162
Inflation-Adjusted Bond Fund Investor Class	8,248,073	98,646,958
Short Duration Inflation Protection Bond Fund Investor Class⁽²⁾	1,587,697	16,242,137
		386,451,142
International Equity Funds — 18.7%
Emerging Markets Fund Investor Class	8,009,309	69,360,617
International Growth Fund Investor Class	9,076,480	101,021,218
NT Global Real Estate Fund Investor Class	3,896,832	40,488,088
NT International Small-Mid Cap Fund Investor Class	2,336,587	24,393,963
NT International Value Fund Investor Class	8,874,390	76,142,268
		311,406,154
International Fixed Income Funds — 6.7%
Global Bond Fund Investor Class	7,922,885	82,239,546
International Bond Fund Investor Class	2,152,394	28,842,076
		111,081,622
Money Market Funds — 2.9%
U.S. Government Money Market Fund Investor Class	47,796,163	47,796,163
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,440,894,990)		1,663,595,485
OTHER ASSETS AND LIABILITIES^†		(337)
TOTAL NET ASSETS — 100.0%		$	1,663,595,148

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.

JULY 31, 2016

One Choice Portfolio: Aggressive



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 56.1%
Core Equity Plus Fund Investor Class	3,943,469	$	50,594,708
Equity Growth Fund Investor Class	4,017,300	115,376,857
Growth Fund Investor Class	4,484,691	132,074,137
Heritage Fund Investor Class	3,710,740	82,860,814
Large Company Value Fund Investor Class	12,600,206	115,417,884
Mid Cap Value Fund Investor Class	3,882,348	64,058,738
NT Disciplined Growth Fund Investor Class	3,391,266	33,878,751
Small Company Fund Investor Class	1,388,706	18,344,810
		612,606,699
International Equity Funds — 25.6%
Emerging Markets Fund Investor Class	8,359,544	72,393,654
International Growth Fund Investor Class	8,022,419	89,289,527
NT Global Real Estate Fund Investor Class	3,356,337	34,872,345
NT International Small-Mid Cap Fund Investor Class	2,031,957	21,213,633
NT International Value Fund Investor Class	7,179,891	61,603,462
		279,372,621
Domestic Fixed Income Funds — 14.9%
Diversified Bond Fund Investor Class	5,646,318	62,787,060
High-Yield Fund Investor Class	9,914,275	55,619,083
Inflation-Adjusted Bond Fund Investor Class	2,801,367	33,504,343
Short Duration Inflation Protection Bond Fund Investor Class⁽²⁾	1,085,175	11,101,343
		163,011,829
International Fixed Income Funds — 3.1%
Global Bond Fund Investor Class	3,221,087	33,434,880
Money Market Funds — 0.3%
U.S. Government Money Market Fund Investor Class	2,698,538	2,698,538
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $929,129,669)		1,091,124,567
OTHER ASSETS AND LIABILITIES^†		(21		)
TOTAL NET ASSETS — 100.0%		$	1,091,124,546

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.

JULY 31, 2016

One Choice Portfolio: Very Aggressive



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 68.9%
Core Equity Plus Fund Investor Class	944,816	$	12,121,989
Equity Growth Fund Investor Class	1,085,997	31,189,824
Growth Fund Investor Class	1,125,278	33,139,448
Heritage Fund Investor Class	1,051,431	23,478,454
Large Company Value Fund Investor Class	3,187,783	29,200,095
Mid Cap Value Fund Investor Class	1,195,236	19,721,395
NT Disciplined Growth Fund Investor Class	1,024,103	10,230,787
Small Company Fund Investor Class	1,250,131	16,514,237
		175,596,229
International Equity Funds — 31.1%
Emerging Markets Fund Investor Class	2,196,475	19,021,477
International Growth Fund Investor Class	2,244,716	24,983,685
NT Global Real Estate Fund Investor Class	747,993	7,771,647
NT International Small-Mid Cap Fund Investor Class	722,668	7,544,653
NT International Value Fund Investor Class	2,316,075	19,871,920
		79,193,382
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $198,121,416)		254,789,611
OTHER ASSETS AND LIABILITIES		—
TOTAL NET ASSETS — 100.0%		$	254,789,611

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.

Statements of Assets and Liabilities



JULY 31, 2016
	One Choice Portfolio: Very Conservative			One Choice Portfolio: Conservative			One Choice Portfolio: Moderate
Assets
Investment securities in affiliates, at value (cost of $367,797,126, $982,785,744 and $1,440,894,990, respectively)	$	410,994,538		$	1,101,146,831		$	1,663,595,485
Cash	21			31			—
Receivable for capital shares sold	289,775			1,588,103			1,384,841
Distributions receivable from affiliates	215,862			503,010			638,384
	411,500,196			1,103,237,975			1,665,618,710

Liabilities
Disbursements in excess of demand deposit cash	—			—			157,302
Payable for investments purchased	434,436			1,731,544			720,270
Payable for capital shares redeemed	71,327			359,953			1,145,734
Distribution and service fees payable	23			34			256
	505,786			2,091,531			2,023,562

Net Assets	$	410,994,410		$	1,101,146,444		$	1,663,595,148

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	373,690,682		$	986,018,492		$	1,446,717,746
Undistributed net investment income	—			375,837			383,352
Accumulated net realized loss	(5,893,684		)	(3,608,972		)	(6,206,445		)
Net unrealized appreciation	43,197,412			118,361,087			222,700,495
	$	410,994,410		$	1,101,146,444		$	1,663,595,148



Fund/Class	Net Assets		Shares Outstanding	Net Asset Value Per Share
One Choice Portfolio: Very Conservative
Investor Class, $0.01 Par Value		$410,937,247	34,342,616	$11.97
R Class, $0.01 Par Value		$57,163	4,775	$11.97
One Choice Portfolio: Conservative
Investor Class, $0.01 Par Value		$1,101,058,439	83,643,491	$13.16
R Class, $0.01 Par Value		$88,005	6,687	$13.16
One Choice Portfolio: Moderate
Investor Class, $0.01 Par Value		$1,662,962,168	114,431,645	$14.53
R Class, $0.01 Par Value		$632,980	43,574	$14.53

See Notes to Financial Statements.



JULY 31, 2016
	One Choice Portfolio: Aggressive		One Choice Portfolio: Very Aggressive
Assets
Investment securities in affiliates, at value (cost of $929,129,669 and $198,121,416, respectively)	$	1,091,124,567	$	254,789,611
Cash	137		45
Receivable for investments sold	158,078		389,636
Receivable for capital shares sold	204,523		44,632
Distributions receivable from affiliates	358,972		—
	1,091,846,277		255,223,924

Liabilities
Payable for investments purchased	358,994		—
Payable for capital shares redeemed	362,584		434,263
Distribution and service fees payable	153		50
	721,731		434,313

Net Assets	$	1,091,124,546	$	254,789,611

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	923,528,516	$	202,617,800
Undistributed net investment income	4,941,975		386,566
Accumulated undistributed net realized gain (loss)	659,157		(4,882,950		)
Net unrealized appreciation	161,994,898		56,668,195
	$	1,091,124,546	$	254,789,611



Fund/Class	Net Assets		Shares Outstanding	Net Asset Value Per Share
One Choice Portfolio: Aggressive
Investor Class, $0.01 Par Value		$1,090,738,705	72,001,003	$15.15
R Class, $0.01 Par Value		$385,841	25,521	$15.12
One Choice Portfolio: Very Aggressive
Investor Class, $0.01 Par Value		$254,675,639	16,085,232	$15.83
R Class, $0.01 Par Value		$113,972	7,209	$15.81

See Notes to Financial Statements.

Statements of Operations



YEAR ENDED JULY 31, 2016
	One Choice Portfolio: Very Conservative			One Choice Portfolio: Conservative			One Choice Portfolio: Moderate
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	5,708,925		$	16,617,067		$	27,536,823

Expenses:
Distribution and service fees - R Class	181			230			1,765
Directors' fees and expenses	13,055			35,138			56,501
	13,236			35,368			58,266

Net investment income (loss)	5,695,689			16,581,699			27,478,557

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(1,703,277		)	(5,664,230		)	(6,074,080		)
Capital gain distributions received from underlying funds	4,268,166			20,373,375			41,434,317
	2,564,889			14,709,145			35,360,237

Change in net unrealized appreciation (depreciation) on investments in underlying funds	10,004,700			3,208,993			(35,269,072		)

Net realized and unrealized gain (loss) on affiliates	12,569,589			17,918,138			91,165

Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,265,278		$	34,499,837		$	27,569,722

See Notes to Financial Statements.



YEAR ENDED JULY 31, 2016
	One Choice Portfolio: Aggressive			One Choice Portfolio: Very Aggressive
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	18,576,509		$	3,626,597

Expenses:
Distribution and service fees - R Class	1,003			360
Directors' fees and expenses	36,574			8,649
	37,577			9,009

Net investment income (loss)	18,538,932			3,617,588

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(4,791,265		)	(593,705		)
Capital gain distributions received from underlying funds	33,315,105			9,314,025
	28,523,840			8,720,320

Change in net unrealized appreciation (depreciation) on investments in underlying funds	(40,041,538		)	(13,887,555		)

Net realized and unrealized gain (loss) on affiliates	(11,517,698		)	(5,167,235		)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,021,234		$	(1,549,647	)

See Notes to Financial Statements.

Statements of Changes in Net Assets



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice Portfolio: Very Conservative						One Choice Portfolio: Conservative
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	5,695,689		$	6,419,691		$	16,581,699		$	17,742,969
Net realized gain (loss)	2,564,889			8,173,335			14,709,145			52,291,120
Change in net unrealized appreciation (depreciation)	10,004,700			(6,585,682		)	3,208,993			(31,364,391		)
Net increase (decrease) in net assets resulting from operations	18,265,278			8,007,344			34,499,837			38,669,698

Distributions to Shareholders
From net investment income:
Investor Class	(5,515,555		)	(6,257,908		)	(16,534,853		)	(18,048,067		)
R Class	(320		)	(32		)	(493		)	(25		)
From net realized gains:
Investor Class	(7,559,761		)	(5,178,987		)	(50,283,970		)	(8,617,670		)
R Class	(525		)	—			(1,800		)	—
Decrease in net assets from distributions	(13,076,161		)	(11,436,927		)	(66,821,116		)	(26,665,762		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	23,891,661			30,178,175			107,351,249			86,157,307

Net increase (decrease) in net assets	29,080,778			26,748,592			75,029,970			98,161,243

Net Assets
Beginning of period	381,913,632			355,165,040			1,026,116,474			927,955,231
End of period	$	410,994,410		$	381,913,632		$	1,101,146,444		$	1,026,116,474

Undistributed net investment income	—			—			$	375,837		$	329,484

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice Portfolio: Moderate						One Choice Portfolio: Aggressive
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	27,478,557		$	29,778,263		$	18,538,932		$	20,319,750
Net realized gain (loss)	35,360,237			96,979,810			28,523,840			103,635,077
Change in net unrealized appreciation (depreciation)	(35,269,072		)	(43,056,343		)	(40,041,538		)	(46,585,601		)
Net increase (decrease) in net assets resulting from operations	27,569,722			83,701,730			7,021,234			77,369,226

Distributions to Shareholders
From net investment income:
Investor Class	(27,584,477		)	(30,074,942		)	(17,846,907		)	(23,614,774		)
R Class	(4,999		)	(27		)	(1,777		)	—
From net realized gains:
Investor Class	(93,272,474		)	(2,093,099		)	(100,199,123		)	(14,398,255		)
R Class	(23,007		)	—			(14,306		)	—
Decrease in net assets from distributions	(120,884,957		)	(32,168,068		)	(118,062,113		)	(38,013,029		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	125,097,011			137,690,228			103,083,599			31,540,414

Net increase (decrease) in net assets	31,781,776			189,223,890			(7,957,280		)	70,896,611

Net Assets
Beginning of period	1,631,813,372			1,442,589,482			1,099,081,826			1,028,185,215
End of period	$	1,663,595,148		$	1,631,813,372		$	1,091,124,546		$	1,099,081,826

Undistributed net investment income	$	383,352		$	494,271		$	4,941,975		$	4,255,122

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice Portfolio: Very Aggressive
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	3,617,588		$	4,790,631
Net realized gain (loss)	8,720,320			37,553,759
Change in net unrealized appreciation (depreciation)	(13,887,555		)	(18,516,001		)
Net increase (decrease) in net assets resulting from operations	(1,549,647		)	23,828,389

Distributions to Shareholders
From net investment income:
Investor Class	(5,342,719		)	(5,097,597		)
R Class	(1,044		)	—
From net realized gains:
Investor Class	(29,811,799		)	—
R Class	(7,647		)	—
Decrease in net assets from distributions	(35,163,209		)	(5,097,597		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	22,700,357			(17,465,348		)

Net increase (decrease) in net assets	(14,012,499		)	1,265,444

Net Assets
Beginning of period	268,802,110			267,536,666
End of period	$	254,789,611		$	268,802,110

Undistributed net investment income	$	386,566		$	2,117,122

See Notes to Financial Statements.

Notes to Financial Statements

JULY 31, 2016

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative, One Choice Portfolio: Moderate, One Choice Portfolio: Aggressive and One Choice Portfolio: Very Aggressive (collectively, the funds) are five funds in a series issued by the corporation. The funds operate as “funds of funds,” meaning substantially all of the funds’ assets will be invested in other American Century Investments mutual funds (the underlying funds). Each fund’s assets are allocated among underlying funds that represent major asset classes, including equity securities (stocks), fixed-income securities (bonds) and cash-equivalent instruments (money markets). The funds will assume the risks associated with their underlying funds. Additional information and attributes of each underlying fund are available at americancentury.com. Each fund's investment objective is to seek the highest total return consistent with its asset mix.

The funds offer the Investor Class and the R Class, which have different fees and expenses. The difference in the fee structures between the classes is the result of their separate arrangements for shareholder and distribution services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the funds' assets, which do not vary by class. Sale of the R Class commenced on March 20, 2015.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function. Investments in the underlying funds are valued at their reported net asset value.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss).

Expenses — The expenses included in the accompanying financial statements reflect the expenses of each fund and do not include any expenses associated with the underlying funds.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.

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, American Century Investment Management, Inc. (ACIM), the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM serves as the investment advisor for the underlying funds.

Administrative Fees — The corporation's investment advisor, ACIM, does not receive an administrative fee for services provided to the funds.

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for the R Class (the plan), pursuant to Rule 12b-1 of the 1940 Act. The plan provides that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fee is computed and accrued daily based on the R Class's daily net assets and paid monthly in arrears. The fee is used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plan during the year ended July 31, 2016 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 year ended July 31, 2016 were as follows:



	One Choice Portfolio: Very Conservative		One Choice Portfolio: Conservative		One Choice Portfolio: Moderate		One Choice Portfolio: Aggressive		One Choice Portfolio: Very Aggressive
Purchases	$	112,453,081	$	267,617,333	$	247,981,754	$	169,312,780	$	28,497,639
Sales	$	91,673,783	$	190,131,941	$	174,857,234	$	132,437,860	$	28,028,877

5. Capital Share Transactions

The corporation is authorized to issue 4,000,000,000 shares. Transactions in shares of the funds were as follows:



	Year ended July 31, 2016					Year ended July 31, 2015⁽¹⁾
	Shares		Amount			Shares		Amount
One Choice Portfolio: Very Conservative
Investor Class
Sold	10,249,061		$	118,571,218		11,915,396		$	141,636,212
Issued in reinvestment of distributions	1,129,995		12,851,096			941,468		11,167,371
Redeemed	(9,347,756	)	(107,561,322		)	(10,287,876	)	(122,650,440		)
	2,031,300		23,860,992			2,568,988		30,153,143
R Class
Sold	2,610		29,824			2,088		25,000
Issued in reinvestment of distributions	74		845			3		32
	2,684		30,669			2,091		25,032
Net increase (decrease)	2,033,984		$	23,891,661		2,571,079		$	30,178,175



One Choice Portfolio: Conservative
Investor Class
Sold	18,584,533		$	238,494,386		19,285,302		$	262,828,525
Issued in reinvestment of distributions	5,219,630		65,491,896			1,924,989		26,156,687
Redeemed	(15,301,229	)	(196,696,410		)	(14,886,646	)	(202,853,530		)
	8,502,934		107,289,872			6,323,645		86,131,682
R Class
Sold	5,468		69,378			1,854		25,600
Issued in reinvestment of distributions	183		2,293			2		25
Redeemed	(820	)	(10,294		)	—		—
	4,831		61,377			1,856		25,625
Net increase (decrease)	8,507,765		$	107,351,249		6,325,501		$	86,157,307



One Choice Portfolio: Moderate
Investor Class
Sold	19,212,959		$	270,531,214		23,115,876		$	354,389,468
Issued in reinvestment of distributions	8,564,068		118,897,453			2,070,549		31,669,725
Redeemed	(18,753,088	)	(264,938,123		)	(16,208,233	)	(248,397,576		)
	9,023,939		124,490,544			8,978,192		137,661,617
R Class
Sold	50,333		734,079			1,830		28,584
Issued in reinvestment of distributions	2,018		28,006			2		27
Redeemed	(10,609	)	(155,618		)	—		—
	41,742		606,467			1,832		28,611
Net increase (decrease)	9,065,681		$	125,097,011		8,980,024		$	137,690,228


(1)	March 20, 2015 (commencement of sale) through July 31, 2015 for the R Class.



	Year ended July 31, 2016					Year ended July 31, 2015⁽¹⁾
	Shares		Amount			Shares		Amount
One Choice Portfolio: Aggressive
Investor Class
Sold	11,801,260		$	176,467,556		11,763,689		$	196,349,221
Issued in reinvestment of distributions	8,114,234		117,088,398			2,299,528		37,689,248
Redeemed	(12,936,984	)	(190,831,256		)	(12,137,997	)	(202,523,573		)
	6,978,510		102,724,698			1,925,220		31,514,896
R Class
Sold	26,379		392,465			1,500		25,518
Issued in reinvestment of distributions	1,114		16,083			—		—
Redeemed	(3,472	)	(49,647		)	—		—
	24,021		358,901			1,500		25,518
Net increase (decrease)	7,002,531		$	103,083,599		1,926,720		$	31,540,414



One Choice Portfolio: Very Aggressive
Investor Class
Sold	2,104,160		$	32,760,604		2,600,213		$	46,873,852
Issued in reinvestment of distributions	2,287,747		34,728,003			282,905		5,044,201
Redeemed	(2,859,320	)	(44,875,097		)	(3,814,711	)	(69,413,906		)
	1,532,587		22,613,510			(931,593	)	(17,495,853		)
R Class
Sold	6,778		106,316			1,644		30,505
Issued in reinvestment of distributions	572		8,691			—		—
Redeemed	(1,785	)	(28,160		)	—		—
	5,565		86,847			1,644		30,505
Net increase (decrease)	1,538,152		$	22,700,357		(929,949	)	$	(17,465,348	)


(1)	March 20, 2015 (commencement of sale) through July 31, 2015 for the R Class.

6. Affiliated Fund Transactions

A summary of transactions for each underlying fund for the year ended July 31, 2016 follows:



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice Portfolio: Very Conservative
Diversified Bond Fund	$	95,506,436	$	11,591,707	$	31,662,260	$	(179,182	)	$	2,075,209	$	77,600,055
High-Yield Fund	—		11,690,530		2,540,607		9,113			390,645		9,425,561
Inflation-Adjusted Bond Fund	38,072,716		4,113,835		2,954,573		(373,434		)	566,691		40,693,182
Short Duration Fund	26,522,548		3,380,141		1,677,701		(50,072		)	423,762		28,300,263
Short Duration Inflation Protection Bond Fund⁽³⁾	30,340,189		24,717,635		3,230,014		(175,977		)	—		52,918,301
Core Equity Plus Fund	3,775,892		620,527		123,461		(1,379		)	340,865		3,946,186
Equity Growth Fund	13,362,266		3,998,472		565,503		(11,231		)	1,005,724		16,181,770
Growth Fund	12,963,439		5,326,781		1,717,095		127,958			800,261		16,277,691
Heritage Fund	8,325,709		1,191,425		1,966,392		(142,249		)	838,734		6,649,207
Large Company Value Fund	29,622,911		5,877,567		3,520,940		(197,808		)	452,573		32,708,184
Mid Cap Value Fund	21,054,978		3,183,257		3,601,810		(195,449		)	2,045,414		20,847,762
NT Disciplined Growth Fund	3,770,299		275,358		60,011		(1,200		)	26,532		3,978,433
Real Estate Fund	7,522,879		4,593,017		3,343,571		(53,751		)	287,706		10,292,427
Small Company Fund	3,757,119		1,579,560		1,133,555		266,376			11,185		3,767,222
Global Bond Fund	30,386,234		2,308,713		2,019,325		(33,640		)	130,803		32,371,806
International Bond Fund	30,433,400		4,052,737		4,935,992		(691,352		)	578,867		32,912,117
Prime Money Market Fund	26,496,802		82,298		26,579,100		—			870		—
U.S. Government Money Market Fund	—		23,869,521		1,745,150		—			1,250		22,124,371
	$	381,913,817	$	112,453,081	$	93,377,060	$	(1,703,277	)	$	9,977,091	$	410,994,538


(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⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice Portfolio: Conservative
Core Equity Plus Fund	$	20,639,612	$	2,277,941	$	111,420	$	(10,118	)	$	1,831,620	$	20,974,760
Equity Growth Fund	67,143,972		18,751,086		790,429		(31,568		)	5,716,052		80,570,420
Growth Fund	58,668,843		13,441,459		3,282,061		32,573			3,652,955		67,306,488
Heritage Fund	43,324,692		6,492,214		3,968,918		46,203			4,240,126		41,081,083
Large Company Value Fund	72,593,695		13,571,657		578,009		(26,053		)	1,198,655		86,805,342
Mid Cap Value Fund	62,517,733		12,063,363		4,393,751		(343,559		)	6,584,823		71,170,205
NT Disciplined Growth Fund	15,676,134		251,299		93,600		(2,714		)	106,192		15,732,485
Small Company Fund	15,131,424		1,309,404		328,448		(52,257		)	44,615		15,863,959
Diversified Bond Fund	237,581,216		22,370,194		53,604,863		(500,664		)	5,628,807		212,434,148
High-Yield Fund	—		31,645,513		5,035,657		33,233			1,093,870		27,411,263
Inflation-Adjusted Bond Fund	92,072,978		2,112,505		23,690,480		(2,745,036		)	1,067,886		75,134,364
Short Duration Inflation Protection Bond Fund⁽³⁾	—		51,971,377		80,182		(160		)	—		53,060,683
Global Bond Fund	72,184,655		1,327,254		2,603,763		(46,121		)	309,773		74,946,099
International Bond Fund	66,044,263		3,452,091		5,381,507		(800,028		)	1,263,071		70,599,515
International Growth Fund	62,244,919		10,681,013		8,634,583		(300,860		)	2,821,410		56,906,703
NT Global Real Estate Fund	20,343,314		11,301,830		6,109,970		(321,869		)	709,271		28,012,258
NT International Small-Mid Cap Fund	10,491,999		69,464		187,926		8,640			69,464		10,228,068
NT International Value Fund	40,611,572		5,914,471		7,955,083		(603,872		)	646,268		34,415,656
Prime Money Market Fund	68,845,655		2,247		68,847,902		—			2,265		—
U.S. Government Money Market Fund	—		58,610,951		117,619		—			3,319		58,493,332
	$	1,026,116,676	$	267,617,333	$	195,796,171	$	(5,664,230	)	$	36,990,442	$	1,101,146,831


(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⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice Portfolio: Moderate
Core Equity Plus Fund	$	65,220,788	$	7,395,481	$	110,554	$	(10,867	)	$	5,748,529	$	66,840,050
Equity Growth Fund	173,250,010		33,020,923		3,097,784		(334,679		)	13,742,136		191,807,920
Growth Fund	130,173,417		17,620,751		5,487,043		128,268			8,341,269		137,934,150
Heritage Fund	97,551,161		14,451,896		10,792,151		249,793			9,735,107		89,588,318
Large Company Value Fund	140,502,518		20,493,381		934,442		(61,599		)	2,257,868		161,622,846
Mid Cap Value Fund	92,078,132		14,150,500		9,676,934		(1,196,145		)	9,439,254		97,859,973
NT Disciplined Growth Fund	32,742,545		593,651		—		—			222,680		33,146,199
Small Company Fund	31,730,571		3,003,423		5,423,931		48,216			93,145		28,060,948
Diversified Bond Fund	209,210,200		14,361,183		14,070,162		(80,938		)	5,529,758		215,365,885
High-Yield Fund	65,034,786		4,481,948		13,140,669		(1,641,475		)	3,413,073		56,196,162
Inflation-Adjusted Bond Fund	97,086,977		1,530,225		3,198,347		(463,403		)	1,424,126		98,646,958
Short Duration Inflation Protection Bond Fund⁽³⁾	—		15,876,966		—		—			—		16,242,137
Emerging Markets Fund	62,230,687		9,115,354		2,886,871		(192,161		)	83,982		69,360,617
International Growth Fund	114,296,683		14,140,028		12,463,572		169,534			5,304,231		101,021,218
NT Global Real Estate Fund	31,422,793		17,916,924		12,564,847		(636,099		)	1,111,793		40,488,088
NT International Small-Mid Cap Fund	25,826,252		165,673		1,207,006		47,073			165,673		24,393,963
NT International Value Fund	88,765,041		9,377,399		11,866,734		(959,940		)	1,509,029		76,142,268
Global Bond Fund	80,700,068		345,408		3,297,738		(42,955		)	345,408		82,239,546
International Bond Fund	31,788,152		2,142,472		8,507,188		(1,096,703		)	499,126		28,842,076
Prime Money Market Fund	62,203,336		2,005		62,205,341		—			2,021		—
U.S. Government Money Market Fund	—		47,796,163		—		—			2,932		47,796,163
	$	1,631,814,117	$	247,981,754	$	180,931,314	$	(6,074,080	)	$	68,971,140	$	1,663,595,485


(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⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice Portfolio: Aggressive
Core Equity Plus Fund	$	50,753,394	$	5,291,610	$	1,029,460	$	(19,546	)	$	4,393,766	$	50,594,708
Equity Growth Fund	105,378,735		23,001,138		6,144,092		(594,981		)	8,529,606		115,376,857
Growth Fund	127,296,401		20,218,124		10,992,131		215,540			8,162,715		132,074,137
Heritage Fund	91,669,705		12,175,554		8,970,794		949,623			9,351,409		82,860,814
Large Company Value Fund	105,510,055		17,079,183		8,675,693		(443,224		)	1,674,835		115,417,884
Mid Cap Value Fund	63,464,904		10,343,181		10,793,798		(1,004,117		)	6,440,075		64,058,738
NT Disciplined Growth Fund	34,150,967		531,566		594,402		(11,888		)	227,296		33,878,751
Small Company Fund	24,819,101		2,837,733		7,112,533		901,238			72,041		18,344,810
Emerging Markets Fund	67,481,883		9,689,279		5,519,476		(383,018		)	93,781		72,393,654
International Growth Fund	99,151,152		11,004,357		6,982,446		376,089			4,810,608		89,289,527
NT Global Real Estate Fund	32,589,392		12,591,928		13,599,181		(613,671		)	1,008,541		34,872,345
NT International Small-Mid Cap Fund	22,873,713		150,128		1,450,322		45,601			150,128		21,213,633
NT International Value Fund	69,621,791		6,449,121		5,688,268		(443,249		)	1,253,538		61,603,462
Diversified Bond Fund	57,726,506		16,763,762		13,456,542		69,063			1,633,020		62,787,060
High-Yield Fund	66,009,514		6,483,909		17,017,328		(2,058,809		)	3,464,977		55,619,083
Inflation-Adjusted Bond Fund	44,353,140		825,704		14,239,013		(1,743,858		)	484,053		33,504,343
Short Duration Inflation Protection Bond Fund⁽³⁾	—		10,851,402		—		—			—		11,101,343
Global Bond Fund	33,403,038		326,470		2,134,494		(32,058		)	140,951		33,434,880
Prime Money Market Fund	2,829,059		93		2,829,152		—			94		—
U.S. Government Money Market Fund	—		2,698,538		—		—			180		2,698,538
	$	1,099,082,450	$	169,312,780	$	137,229,125	$	(4,791,265	)	$	51,891,614	$	1,091,124,567


(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⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice Portfolio: Very Aggressive
Core Equity Plus Fund	$	12,875,007	$	1,105,579	$	755,964	$	(36,493	)	$	1,105,579	$	12,121,989
Equity Growth Fund	31,615,392		4,738,578		3,022,561		(236,732		)	2,457,799		31,189,824
Growth Fund	35,616,478		3,188,703		3,680,954		655,818			2,154,592		33,139,448
Heritage Fund	24,332,337		2,956,899		819,077		6,504			2,585,676		23,478,454
Large Company Value Fund	28,261,774		3,910,560		3,222,341		(114,855		)	444,417		29,200,095
Mid Cap Value Fund	21,329,092		2,208,241		4,045,475		(250,395		)	2,046,742		19,721,395
NT Disciplined Growth Fund	10,946,709		72,065		715,805		(14,555		)	72,065		10,230,787
Small Company Fund	17,254,727		3,332,837		4,164,500		(648,157		)	49,899		16,514,237
Emerging Markets Fund	19,074,942		1,338,440		1,542,654		(88,933		)	24,577		19,021,477
International Growth Fund	28,543,448		2,786,223		2,215,751		318,713			1,356,297		24,983,685
NT Global Real Estate Fund	8,141,211		875,778		1,982,134		(51,026		)	181,455		7,771,647
NT International Small-Mid Cap Fund	8,099,144		150,922		579,508		486			53,442		7,544,653
NT International Value Fund	22,711,848		1,832,814		1,875,858		(134,080		)	408,082		19,871,920
	$	268,802,109	$	28,497,639	$	28,622,582	$	(593,705	)	$	12,940,622	$	254,789,611


(1)	Underlying fund investments represent Investor Class.


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

7. 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 July 31, 2016, One Choice Portfolio: Moderate and One Choice Portfolio: Aggressive owned 40% and 30%, respectively, of the shares of Core Equity Plus Fund.

8. Fair Value Measurements

The funds’ investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.


•	Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.


•	Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.


•	Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments. There were no significant transfers between levels during the period.

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.

9. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2016 and July 31, 2015 were as follows:



	2016				2015
	Distributions Paid From:				Distributions Paid From:
	Ordinary Income		Long-term capital gains		Ordinary Income		Long-term capital gains
One Choice Portfolio: Very Conservative	$	5,592,306	$	7,483,855	$	6,628,992	$	4,807,935
One Choice Portfolio: Conservative	$	16,535,346	$	50,285,770	$	18,106,221	$	8,559,541
One Choice Portfolio: Moderate	$	27,589,476	$	93,295,481	$	30,204,542	$	1,963,526
One Choice Portfolio: Aggressive	$	22,169,992	$	95,892,121	$	24,107,514	$	13,905,515
One Choice Portfolio: Very Aggressive	$	5,343,763	$	29,819,446	$	5,097,597	—

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 July 31, 2016, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:



	One Choice Portfolio: Very Conservative			One Choice Portfolio: Conservative			One Choice Portfolio: Moderate
Federal tax cost of investments	$	376,868,564		$	1,002,062,663		$	1,484,539,216
Gross tax appreciation of investments	$	34,868,464		$	105,145,153		$	195,337,951
Gross tax depreciation of investments	(742,490		)	(6,060,985		)	(16,281,682		)
Net tax appreciation (depreciation) of investments	$	34,125,974		$	99,084,168		$	179,056,269
Undistributed ordinary income	—			$	375,837		$	383,352
Accumulated long-term gains	$	3,177,754		$	15,667,947		$	37,437,781



	One Choice Portfolio: Aggressive			One Choice Portfolio: Very Aggressive
Federal tax cost of investments	$	958,585,686		$	211,540,642
Gross tax appreciation of investments	$	146,198,961		$	46,757,796
Gross tax depreciation of investments	(13,660,080		)	(3,508,827		)
Net tax appreciation (depreciation) of investments	$	132,538,881		$	43,248,969
Undistributed ordinary income	$	4,941,975		$	386,566
Accumulated long-term gains	$	30,115,174		$	8,536,276

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

Financial Highlights



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice Portfolio: Very Conservative
Investor Class
2016	$11.82	0.18	0.38	0.56	(0.17)	(0.24)	(0.41)	$11.97	4.93%	0.00%⁽⁴⁾	1.52%	24%		$410,937
2015	$11.94	0.21	0.03	0.24	(0.20)	(0.16)	(0.36)	$11.82	2.07%	0.00%⁽⁴⁾	1.73%	24%		$381,889
2014	$11.56	0.20	0.48	0.68	(0.20)	(0.10)	(0.30)	$11.94	5.99%	0.00%⁽⁴⁾	1.74%	12%		$355,165
2013	$11.38	0.20	0.26	0.46	(0.20)	(0.08)	(0.28)	$11.56	4.04%	0.00%⁽⁴⁾	1.75%	28%		$351,627
2012	$11.02	0.24	0.37	0.61	(0.24)	(0.01)	(0.25)	$11.38	5.66%	0.00%⁽⁴⁾	2.14%	13%		$295,065
R Class
2016	$11.82	0.11	0.39	0.50	(0.11)	(0.24)	(0.35)	$11.97	4.39%	0.50%	1.02%	24%		$57
2015⁽⁵⁾	$11.97	0.02	(0.15)	(0.13)	(0.02)	—	(0.02)	$11.82	(1.13)%	0.50%⁽⁶⁾	0.40%⁽⁶⁾	24%⁽⁷⁾		$25
One Choice Portfolio: Conservative
Investor Class
2016	$13.66	0.21	0.17	0.38	(0.21)	(0.67)	(0.88)	$13.16	3.13%	0.00%⁽⁴⁾	1.63%	19%		$1,101,058
2015	$13.48	0.24	0.31	0.55	(0.25)	(0.12)	(0.37)	$13.66	4.09%	0.00%⁽⁴⁾	1.77%	22%		$1,026,091
2014	$12.66	0.24	0.82	1.06	(0.24)	—	(0.24)	$13.48	8.43%	0.00%⁽⁴⁾	1.85%	2%		$927,955
2013	$11.79	0.23	0.87	1.10	(0.23)	—	(0.23)	$12.66	9.42%	0.00%⁽⁴⁾	1.86%	3%		$746,126
2012	$11.41	0.25	0.39	0.64	(0.26)	—	(0.26)	$11.79	5.71%	0.00%⁽⁴⁾	2.24%	12%		$573,351
R Class
2016	$13.65	0.13	0.20	0.33	(0.15)	(0.67)	(0.82)	$13.16	2.68%	0.50%	1.13%	19%		$88
2015⁽⁵⁾	$13.81	0.01	(0.16)	(0.15)	(0.01)	—	(0.01)	$13.65	(1.06)%	0.50%⁽⁶⁾	0.28%⁽⁶⁾	22%⁽⁷⁾		$25



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice Portfolio: Moderate
Investor Class
2016	$15.48	0.25	(0.06)	0.19	(0.26)	(0.88)	(1.14)	$14.53	1.62%	0.00%⁽⁴⁾	1.75%	11%		$1,662,962
2015	$14.96	0.29	0.55	0.84	(0.30)	(0.02)	(0.32)	$15.48	5.66%	0.00%⁽⁴⁾	1.91%	20%		$1,631,785
2014	$13.79	0.27	1.17	1.44	(0.27)	—	(0.27)	$14.96	10.51%	0.00%⁽⁴⁾	1.88%	3%		$1,442,589
2013	$12.27	0.24	1.52	1.76	(0.24)	—	(0.24)	$13.79	14.48%	0.00%⁽⁴⁾	1.81%	3%		$1,133,569
2012	$12.01	0.23	0.26	0.49	(0.23)	—	(0.23)	$12.27	4.21%	0.00%⁽⁴⁾	1.95%	16%		$869,723
R Class
2016	$15.47	0.19	(0.07)	0.12	(0.18)	(0.88)	(1.06)	$14.53	1.17%	0.50%	1.25%	11%		$633
2015⁽⁵⁾	$15.63	0.02	(0.16)	(0.14)	(0.02)	—	(0.02)	$15.47	(0.92)%	0.50%⁽⁶⁾	0.28%⁽⁶⁾	20%⁽⁷⁾		$28
One Choice Portfolio: Aggressive
Investor Class
2016	$16.90	0.26	(0.23)	0.03	(0.27)	(1.51)	(1.78)	$15.15	0.69%	0.00%⁽⁴⁾	1.76%	12%		$1,090,739
2015	$16.30	0.31	0.89	1.20	(0.37)	(0.23)	(0.60)	$16.90	7.44%	0.00%⁽⁴⁾	1.87%	29%		$1,099,057
2014	$14.75	0.28	1.52	1.80	(0.25)	—	(0.25)	$16.30	12.26%	0.00%⁽⁴⁾	1.77%	5%		$1,028,185
2013	$12.68	0.23	2.05	2.28	(0.21)	—	(0.21)	$14.75	18.15%	0.00%⁽⁴⁾	1.67%	5%		$852,907
2012	$12.58	0.20	0.10	0.30	(0.20)	—	(0.20)	$12.68	2.50%	0.00%⁽⁴⁾	1.65%	14%		$566,200
R Class
2016	$16.87	0.16	(0.21)	(0.05)	(0.19)	(1.51)	(1.70)	$15.12	0.16%	0.50%	1.26%	12%		$386
2015⁽⁵⁾	$17.01	0.01	(0.15)	(0.14)	—	—	—	$16.87	(0.82)%	0.50%⁽⁶⁾	0.23%⁽⁶⁾	29%⁽⁷⁾		$25



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice Portfolio: Very Aggressive
Investor Class
2016	$18.47	0.23	(0.42)	(0.19)	(0.37)	(2.08)	(2.45)	$15.83	(0.44)%	0.00%⁽⁴⁾	1.47%	11%		$254,676
2015	$17.28	0.31	1.21	1.52	(0.33)	—	(0.33)	$18.47	8.87%	0.00%⁽⁴⁾	1.72%	42%		$268,772
2014	$15.30	0.24	1.89	2.13	(0.15)	—	(0.15)	$17.28	13.94%	0.00%⁽⁴⁾	1.45%	8%		$267,537
2013	$12.62	0.18	2.63	2.81	(0.13)	—	(0.13)	$15.30	22.42%	0.00%⁽⁴⁾	1.29%	16%		$234,629
2012	$12.62	0.12	—⁽⁸⁾	0.12	(0.12)	—	(0.12)	$12.62	1.05%	0.00%⁽⁴⁾	1.02%	13%		$193,193
R Class
2016	$18.44	0.13	(0.40)	(0.27)	(0.28)	(2.08)	(2.36)	$15.81	(0.92)%	0.50%	0.97%	11%		$114
2015⁽⁵⁾	$18.59	(0.01)	(0.14)	(0.15)	—	—	—	$18.44	(0.81)%	0.50%⁽⁶⁾	(0.18)%⁽⁶⁾	42%⁽⁷⁾		$30

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	March 20, 2015 (commencement of sale) through July 31, 2015.


(6)	Annualized.


(7)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2015.


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

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of American Century Asset Allocation Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative, One Choice Portfolio: Moderate, One Choice Portfolio: Aggressive, and One Choice Portfolio: Very Aggressive, five of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Funds”), as of July 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2016, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds as of July 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Kansas City, Missouri

September 19, 2016

Management

The Board of Directors

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire by December 31 of the year in which they reach their 75^th birthday.

Mr. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The directors serve in this capacity for seven (in the case of Mr. Thomas, 15) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.



Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
Barry Fink (1955)	Director	Since 2012	Retired; Executive Vice President, ACC (September 2007 to February 2013); President, ACS (October 2007 to February 2013); Chief Operating Officer, ACC (September 2007 to November 2012)	83	None
Andrea C. Hall (1945)	Director	Since 1997	Retired	83	None
Jan M. Lewis (1957)	Director	Since 2011	Retired; President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization) (2006 to 2013)	83	None
James A. Olson (1942)	Director and Chairman of the Board	Since 2007 (Chairman since 2014)	Member, Plaza Belmont LLC (private equity fund manager) (1999 to present)	83	Saia, Inc. (2002 to 2012) and EPR Properties (2003 to 2013)
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	83	Euronet Worldwide Inc.; MGP Ingredients, Inc.; and DST Systems Inc. (1996 to 2012)



Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
John R. Whitten (1946)	Director	Since 2008	Retired	83	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Director	Since 2012	Retired	83	None
Interested Director
Jonathan S. Thomas (1963)	Director and President	Since 2007	President and Chief Executive Officer, ACC (March 2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	128	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the funds' directors and is available without charge, upon request, by calling 1-800-345-2021.

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for each of the 15 investment companies in the American Century family of funds, unless otherwise noted. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.



Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Director and President since 2007	President and Chief Executive Officer, ACC (March 2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (March 2014 to present); Chief Compliance Officer, ACIM (February 2014 to present); Chief Compliance Officer, ACIS (October 2009 to present); Vice President, Client Interactions and Marketing, ACIS (February 2013 to January 2014); Director, Client Interactions and Marketing, ACIS (June 2007 to January 2013). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (February 1994 to present); Vice President, ACC (November 2005 to present); General Counsel, ACC (March 2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President, Treasurer and Chief Financial Officer since 2012	Vice President, ACS (February 2000 to present)
Robert J. Leach (1966)	Vice President since 2006 and Assistant Treasurer since 2012	Vice President, ACS (February 2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

Approval of Management Agreement

At a meeting held on June 29, 2016, 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 the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors (the “Directors”), including a majority of the independent Directors, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to the Funds by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the extensive information that the Board and its committees receive and consider throughout the year.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:


•	the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided by the Advisor to each Fund;


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


•	the investment performance of each Fund, including data comparing each Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;


•	the cost of owning each Fund compared to the cost of owning similar funds;


•	the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ other service providers;


•	financial data showing the cost of services provided to each Fund and the overall profitability of the Advisor;


•	possible economies of scale associated with the Advisor’s management of the Funds and other accounts under its management;


•	data comparing services provided and charges to the Advisor's other investment management clients;


•	acquired fund fees and expenses;


•	payments by each Fund and the Advisor to financial intermediaries and the nature of services provided; and


•	any collateral benefits derived by the Advisor from the management of the Funds.

In keeping with their practice, the Directors held two in-person meetings and one telephonic meeting to review and discuss the information provided. The independent Directors also 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 of the management agreement. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including 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 under the management agreement, the Advisor provides or arranges at its own expense a wide variety of services including:


•	constructing and designing each Fund


•	portfolio research and security selection


•	initial capitalization/funding


•	securities trading


•	Fund administration


•	custody of Fund assets


•	daily valuation of each Fund’s portfolio


•	shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications


•	legal services (except the independent Directors’ counsel)


•	regulatory and portfolio compliance


•	financial reporting


•	marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment. The Board noted specifically the resources the Advisor has committed to enhancing cybersecurity protections for the benefit of shareholders.

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review detailed performance information provided by the Advisor during the management agreement approval process. If performance concerns are identified with respect to a fund, the Fund receives special reviews until performance improves, during which the Board receives a report from the Advisor regarding the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Funds’ performance was above each Fund’s respective benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. Taking all of these factors into consideration, the Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board particularly noted the Advisor’s continual efforts to maintain effective business continuity plans and to address cybersecurity threats. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the Advisor. 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 Funds’ management agreement, and the reasonableness of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale through its competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The Funds invest their non-cash assets entirely in other American Century Investments funds. The Funds do not pay an investment advisory fee to the Advisor. Rather, each Fund indirectly bears its pro rata share of the expenses incurred by the underlying funds. Each underlying fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel), as well as expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Board concluded that the underlying fund expenses incurred by each Fund were reasonable in light of the services provided to each Fund.

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

Payments to Intermediaries. The Directors also requested and received a description of payments made to intermediaries by each Fund and the Advisor. 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 received confirmation from the Advisor that all such payments by the Funds intended for distribution were made pursuant to each Fund’s 12b-1 Plan. The Board reviewed such information and found the payments to be reasonable in scope and purpose.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. Additionally, the Advisor receives proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Funds on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Directors. As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management agreement between the Funds and the Advisor is fair and reasonable in light of the services provided and should be renewed.

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain IRAs are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

Distributions you receive from 403(b), 457 and qualified plans are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

A description of the policies that the funds’ investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-2021. It is also available on the “About Us” page of American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s

website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The funds also make their complete

schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2016.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended July 31, 2016 as qualified for the corporate dividends received deduction.



One Choice Portfolio: Very Conservative	One Choice Portfolio: Conservative	One Choice Portfolio: Moderate	One Choice Portfolio: Aggressive	One Choice Portfolio: Very Aggressive
$1,254,513	$4,516,451	$9,037,647	$6,747,827	$1,916,734

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended July 31, 2016.



One Choice Portfolio: Very Conservative	One Choice Portfolio: Conservative	One Choice Portfolio: Moderate	One Choice Portfolio: Aggressive	One Choice Portfolio: Very Aggressive
$54,482	—	—	$4,317,913	—

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended July 31, 2016.



One Choice Portfolio: Very Conservative	One Choice Portfolio: Conservative	One Choice Portfolio: Moderate	One Choice Portfolio: Aggressive	One Choice Portfolio: Very Aggressive
$7,670,229	$50,285,770	$93,295,481	$95,892,121	$29,819,446

For the fiscal year ended July 31, 2106, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.



	Foreign Tax Credit			Foreign Source Income
	Amount		Per Outstanding Share	Amount		Per Outstanding Share
One Choice Portfolio: Very Conservative	—		—	—		—
One Choice Portfolio: Conservative	$	161,685	0.0019	$	971,322	0.0116
One Choice Portfolio: Moderate	$	341,795	0.0030	$	2,155,208	0.0188
One Choice Portfolio: Aggressive	$	296,725	0.0041	$	1,839,455	0.0255
One Choice Portfolio: Very Aggressive	$	91,210	0.0057	$	584,390	0.0363

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).



One Choice Portfolio: Very Conservative	One Choice Portfolio: Conservative	One Choice Portfolio: Moderate	One Choice Portfolio: Aggressive	One Choice Portfolio: Very Aggressive
$344,239	—	—	—	—

Notes





Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Services for the Deaf	711

American Century Asset Allocation Portfolios, Inc.

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-90168 1609




	Annual Report

	July 31, 2016

	One Choice^® In Retirement Portfolio

	One Choice^® 2020 Portfolio

	One Choice^® 2025 Portfolio

	One Choice^® 2030 Portfolio

	One Choice^® 2035 Portfolio

	One Choice^® 2040 Portfolio

	One Choice^® 2045 Portfolio

	One Choice^® 2050 Portfolio

	One Choice^® 2055 Portfolio

	One Choice^® 2060 Portfolio

Table of Contents



President’s Letter	2
Performance	3
Portfolio Commentary	19
Portfolio Characteristics	22
Shareholder Fee Examples	24
Schedules of Investments	30
Statements of Assets and Liabilities	40
Statements of Operations	44
Statements of Changes in Net Assets	48
Notes to Financial Statements	53
Financial Highlights	79
Report of Independent Registered Public Accounting Firm	98
Management	99
Approval of Management Agreements	102
Additional Information	106

President’s Letter

Jonathan Thomas

Dear Investor:

Market Volatility Increased, But Not for the Reasons Anticipated

Oil was another catalyst—its price collapses devalued entire market sectors and contributed to

broad market volatility and negative sentiment. Later, as China and oil appeared to stabilize, Brexit

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Performance



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
One Choice In Retirement Portfolio
Investor Class	ARTOX	2.76%	6.06%	5.52%	—	8/31/04
S&P Target Date Retirement Income Index	—	3.68%	4.77%	4.58%	—	—
Institutional Class	ATTIX	2.97%	6.26%	5.73%	—	8/31/04
A Class	ARTAX				—	8/31/04
No sales charge		2.50%	5.80%	5.26%	—
With sales charge		-3.39%	4.55%	4.64%	—
C Class	ATTCX	1.78%	5.00%	—	5.81%	3/1/10
R Class	ARSRX	2.25%	5.52%	4.99%	—	8/31/04

Average annual returns since inception are presented when ten years of performance history is not available.

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

A One Choice Target Date Portfolio's target date is the approximate year when investors plan to retire or start withdrawing their money. The principal value of the investment is not guaranteed at any time, including at the target date.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice 2020 Portfolio
Investor Class	ARBVX	2.60%	6.47%	5.04%	5/30/08
S&P Target Date To 2020 Index	—	3.31%	5.76%	4.51%	—
Institutional Class	ARBSX	2.80%	6.69%	5.24%	5/30/08
A Class	ARBMX				5/30/08
No sales charge		2.33%	6.20%	4.77%
With sales charge		-3.56%	4.95%	4.02%
C Class	ARNCX	1.63%	5.41%	6.40%	3/1/10
R Class	ARBRX	2.16%	5.95%	4.52%	5/30/08

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
One Choice 2025 Portfolio
Investor Class	ARWIX	2.55%	6.86%	5.86%	—	8/31/04
S&P Target Date To 2025 Index	—	3.10%	6.23%	—	—	—
S&P Target Date 2025 Index	—	2.89%	7.22%	5.65%	—	—
Institutional Class	ARWFX	2.69%	7.07%	6.06%	—	8/31/04
A Class	ARWAX				—	8/31/04
No sales charge		2.28%	6.59%	5.59%	—
With sales charge		-3.59%	5.34%	4.97%	—
C Class	ARWCX	1.42%	5.78%	—	6.80%	3/1/10
R Class	ARWRX	2.03%	6.33%	5.33%	—	8/31/04

Average annual returns since inception are presented when ten years of performance history is not available.

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Benchmark data for the S&P Target Date To 2025 Index was first available May 2007.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice 2030 Portfolio
Investor Class	ARCVX	2.08%	7.26%	5.14%	5/30/08
S&P Target Date To 2030 Index	—	2.90%	6.69%	4.60%	—
Institutional Class	ARCSX	2.29%	7.47%	5.35%	5/30/08
A Class	ARCMX				5/30/08
No sales charge		1.82%	6.98%	4.87%
With sales charge		-4.07%	5.72%	4.11%
C Class	ARWOX	1.03%	6.19%	7.21%	3/1/10
R Class	ARCRX	1.56%	6.72%	4.61%	5/30/08

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
One Choice 2035 Portfolio
Investor Class	ARYIX	1.57%	7.71%	6.12%	—	8/31/04
S&P Target Date To 2035 Index	—	2.52%	7.04%	—	—	—
S&P Target Date 2035 Index	—	2.50%	7.99%	5.76%	—	—
Institutional Class	ARLIX	1.79%	7.94%	6.33%	—	8/31/04
A Class	ARYAX				—	8/31/04
No sales charge		1.31%	7.45%	5.85%	—
With sales charge		-4.49%	6.19%	5.23%	—
C Class	ARLCX	0.59%	6.66%	—	7.71%	3/1/10
R Class	ARYRX	1.11%	7.20%	5.59%	—	8/31/04

Average annual returns since inception are presented when ten years of performance history is not available.

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Benchmark data for the S&P Target Date To 2035 Index was first available May 2007.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice 2040 Portfolio
Investor Class	ARDVX	1.34%	8.17%	5.55%	5/30/08
S&P Target Date To 2040 Index	—	2.33%	7.39%	4.69%	—
Institutional Class	ARDSX	1.55%	8.39%	5.76%	5/30/08
A Class	ARDMX				5/30/08
No sales charge		1.08%	7.89%	5.29%
With sales charge		-4.73%	6.61%	4.53%
C Class	ARNOX	0.29%	7.07%	8.16%	3/1/10
R Class	ARDRX	0.82%	7.63%	5.02%	5/30/08

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
One Choice 2045 Portfolio
Investor Class	AROIX	1.19%	8.50%	6.41%	—	8/31/04
S&P Target Date To 2045 Index	—	2.14%	7.71%	—	—	—
S&P Target Date 2045 Index	—	2.20%	8.42%	5.79%	—	—
Institutional Class	AOOIX	1.40%	8.74%	6.62%	—	8/31/04
A Class	AROAX				—	8/31/04
No sales charge		0.98%	8.25%	6.14%	—
With sales charge		-4.83%	6.97%	5.52%	—
C Class	AROCX	0.19%	7.44%	—	8.50%	3/1/10
R Class	ARORX	0.66%	7.97%	5.87%	—	8/31/04

Average annual returns since inception are presented when ten years of performance history is not available.

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.

Benchmark data for the S&P Target Date To 2045 Index was first available May 2007.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice 2050 Portfolio
Investor Class	ARFVX	1.09%	8.64%	5.46%	5/30/08
S&P Target Date To 2050 Index	—	1.95%	8.01%	4.92%	—
Institutional Class	ARFSX	1.30%	8.84%	5.68%	5/30/08
A Class	ARFMX				5/30/08
No sales charge		0.83%	8.35%	5.20%
With sales charge		-4.94%	7.08%	4.44%
C Class	ARFDX	0.11%	7.54%	8.62%	3/1/10
R Class	ARFWX	0.64%	8.09%	4.94%	5/30/08

Prior to March 1, 2010, the A Class was referred to as the Advisor Class and did not have a front-end sales charge. Performance prior to that date has been adjusted to reflect this charge.



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice 2055 Portfolio
Investor Class	AREVX	1.02%	8.81%	8.07%	3/31/11
S&P Target Date To 2055+ Index	—	1.75%	8.29%	7.42%	—
Institutional Class	ARENX	1.23%	9.03%	8.28%	3/31/11
A Class	AREMX				3/31/11
No sales charge		0.76%	8.52%	7.78%
With sales charge		-5.06%	7.25%	6.60%
C Class	AREFX	0.06%	7.74%	7.00%	3/31/11
R Class	AREOX	0.51%	8.28%	7.54%	3/31/11



Total Returns as of July 31, 2016
	Ticker Symbol	Since Inception	Inception Date
One Choice 2060 Portfolio
Investor Class	ARGVX	10.12%	9/30/15
S&P Target Date To 2055+ Index	—	11.14%	—
Institutional Class	ARGNX	10.27%	9/30/15
A Class	ARGMX		9/30/15
No sales charge		9.84%
With sales charge		3.53%
C Class	ARGHX		9/30/15
No sales charge		9.23%
With sales charge		8.23%
R Class	ARGRX	9.67%	9/30/15

Growth of $10,000 Over 10 Years of One Choice In Retirement Portfolio — Investor Class

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $17,126

	S&P Target Date Retirement Income Index — $15,650

Growth of $10,000 Over Life of One Choice 2020 Portfolio — Investor Class

$10,000 investment made May 30, 2008

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $14,945

	S&P Target Date To 2020 Index — $14,347

Growth of $10,000 Over 10 Years of One Choice 2025 Portfolio — Investor Class

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $17,686

	S&P Target Date 2025 Index — $17,324

Growth of $10,000 Over Life of One Choice 2030 Portfolio — Investor Class

$10,000 investment made May 30, 2008

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $15,064

	S&P Target Date To 2030 Index — $14,446

Growth of $10,000 Over 10 Years of One Choice 2035 Portfolio — Investor Class

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $18,113

	S&P Target Date 2035 Index — $17,509

Growth of $10,000 Over Life of One Choice 2040 Portfolio — Investor Class

$10,000 investment made May 30, 2008

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $15,557

	S&P Target Date To 2040 Index — $14,540

Growth of $10,000 Over 10 Years of One Choice 2045 Portfolio — Investor Class

$10,000 investment made July 31, 2006

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $18,614

	S&P Target Date 2045 Index — $17,554

Growth of $10,000 Over Life of One Choice 2050 Portfolio — Investor Class

$10,000 investment made May 30, 2008

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $15,449

	S&P Target Date To 2050 Index — $14,806

Growth of $10,000 Over Life of One Choice 2055 Portfolio — Investor Class

$10,000 investment made March 31, 2011

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $15,134

	S&P Target Date To 2055+ Index — $14,652

Growth of $10,000 Over Life of One Choice 2060 Portfolio — Investor Class

$10,000 investment made September 30, 2015

Performance for other share classes will vary due to differences in fee structure.



Value on July 31, 2016
	Investor Class — $11,012

	S&P Target Date To 2055+ Index — $11,114



Total Annual Fund Operating Expenses
	Investor Class	Institutional Class	A Class	C Class	R Class
One Choice In Retirement Portfolio	0.79%	0.59%	1.04%	1.79%	1.29%
One Choice 2020 Portfolio	0.79%	0.59%	1.04%	1.79%	1.29%
One Choice 2025 Portfolio	0.83%	0.63%	1.08%	1.83%	1.33%
One Choice 2030 Portfolio	0.85%	0.65%	1.10%	1.85%	1.35%
One Choice 2035 Portfolio	0.87%	0.67%	1.12%	1.87%	1.37%
One Choice 2040 Portfolio	0.90%	0.70%	1.15%	1.90%	1.40%
One Choice 2045 Portfolio	0.94%	0.74%	1.19%	1.94%	1.44%
One Choice 2050 Portfolio	0.96%	0.76%	1.21%	1.96%	1.46%
One Choice 2055 Portfolio	0.97%	0.77%	1.22%	1.97%	1.47%
One Choice 2060 Portfolio	0.99%	0.79%	1.24%	1.99%	1.49%

Portfolio Commentary

Portfolio Managers: Scott Wittman, Rich Weiss, Scott Wilson, Radu Gabudean, and David MacEwen

Performance Summary

Each of the nine One Choice^® Target Date Portfolios existing for the full fiscal year ended July 31, 2016, advanced, with returns ranging from 2.76%* for the One Choice In Retirement Portfolio to 1.02% for the One Choice 2055 Portfolio. We also introduced the One Choice 2060 Portfolio on September 30, 2015, and it returned 10.12% from inception through July 31, 2016. (see pages 3-17 for more detailed performance information). Returns for the periods reflected strong performance of the Portfolios’ fixed-income investments and advances across most U.S.-based equity segments, which outperformed their non-U.S. counterparts.

Because of the Portfolios’ strategic exposure to a variety of asset classes, a review of the financial markets helps explain much of their performance.

Market Overview

sharply, with virtually all risky asset classes declining amid the uncertainty, with U.K. and European companies among the hardest hit. After a two-day sell-off that erased more than $3 trillion of global stock market value, cooler heads ultimately prevailed and investors adopted a longer-term view of

* All fund returns referenced in this commentary are for Investor Class shares. Total returns for periods less than one year are not annualized. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund's benchmark, other share classes may not. See pages 3-12 for returns for all share classes.

Brexit and its effect on global growth and financial markets, concluding that the impact may not be as dire as originally thought. Global equities rallied in the final month of the reporting period, as investors shook off mounting geopolitical risks and tumbling oil prices, focusing instead on additional central bank stimulus on the horizon.

Fund Information

Each One Choice Target Date Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See pages 22-23 for the specific underlying fund allocations for each Portfolio.) A Portfolio’s target date is the approximate year when investors plan to retire and likely would stop making new investments in the fund. The principal value of the investment is not guaranteed at any time, including at the target date. One Choice In Retirement Portfolio is generally intended for investors near, at, or in retirement. There is no guarantee that an investment in any of the funds will provide adequate income at or through an investor’s retirement.

Each target-dated Portfolio seeks the highest total return consistent with its asset mix. Over time, the asset mix and weightings are adjusted to be more conservative. In general, as the target year approaches, each Portfolio’s allocation becomes more conservative by decreasing the allocation to stock funds and increasing the allocation to bond and money market funds. By the time each Portfolio reaches its target date, its target asset mix will become fixed and match that of One Choice In Retirement Portfolio, which seeks current income and capital appreciation.

Portfolio Performance

The Portfolios’ U.S. equity funds generally contributed positively to performance for the period, with the exception of NT Heritage Fund and NT Small Company Fund, which detracted fractionally. NT Mid Cap Value Fund contributed most among all equity funds in absolute terms, and outperformed its underlying benchmark as a result of stock selection decisions. NT Growth Fund, NT Large Company Value Fund, and NT Equity Growth Fund all contributed notably to absolute results; however, all three funds underperformed their respective benchmarks.

Non-U.S. equity performance was mixed. NT International Growth Fund was a leading detractor from absolute performance and underperformed its benchmark. NT International Value Fund had negative absolute returns and was a leading detractor from performance in all Portfolios; nevertheless, the fund held up better than its underlying benchmark thanks to effective stock selection decisions across a wide range of sectors and countries. At the other end of the spectrum, NT Global Real Estate Fund contributed to absolute performance in every Portfolio despite lagging its benchmark.

The Portfolios’ fixed-income holdings contributed meaningfully to performance during the period. NT Diversified Bond Fund contributed most across all equity and fixed-income positions for Portfolios from In Retirement to 2040, and was the leading source of strength among fixed-income holdings in Portfolios dated 2045 and beyond. Consistent with the strong performance of high-quality bonds around the globe, International Bond Fund (not held by Portfolios dated 2040 and further from retirement) made a sizeable contribution to return during the year. Similarly, Global Bond Fund, which is represented in all Portfolios, aided performance. Inflation-Adjusted Bond Fund performed well and contributed positively to performance across all Portfolios, while Short Duration Inflation Protection Bond Fund contributed from the In Retirement Portfolio to Target Date 2035. Strong demand for yield meant below-investment-grade corporate securities also performed well, making the High-Yield Fund a source of strength across all portfolios. Nevertheless, while absolute performance was positive, a number of component funds underperformed their underlying benchmarks, led by High-Yield Fund, NT Diversified Bond Fund, and Global Bond Fund.

A Look Ahead

Portfolio Characteristics



Underlying Fund Allocations⁽¹⁾ as a % of net assets as of July 31, 2016
	One Choice In Retirement Portfolio	One Choice 2020 Portfolio	One Choice 2025 Portfolio	One Choice 2030 Portfolio	One Choice 2035 Portfolio
Equity
NT Core Equity Plus Fund	3.0%	3.0%	3.0%	3.0%	3.2%
NT Disciplined Growth Fund	1.6%	1.8%	2.2%	2.5%	2.9%
NT Equity Growth Fund	10.0%	9.8%	9.5%	9.4%	9.3%
NT Growth Fund	4.6%	5.2%	5.9%	7.1%	8.7%
NT Heritage Fund	2.3%	2.9%	3.9%	4.4%	4.7%
NT Large Company Value Fund	9.5%	9.6%	9.7%	10.2%	10.4%
NT Mid Cap Value Fund	4.5%	5.0%	5.8%	6.0%	6.0%
NT Small Company Fund	2.0%	1.9%	1.8%	2.3%	3.1%
NT Emerging Markets Fund	—	0.9%	1.9%	2.7%	3.2%
NT Global Real Estate Fund	1.0%	1.2%	1.5%	1.7%	2.0%
NT International Growth Fund	4.6%	4.7%	4.9%	5.6%	6.4%
NT International Small-Mid Cap Fund	—	0.3%	0.6%	0.8%	1.1%
NT International Value Fund	2.3%	2.7%	3.4%	4.0%	4.6%
Total Equity	45.4%	49.0%	54.1%	59.7%	65.6%
Fixed Income
High-Yield Fund	3.8%	3.7%	3.5%	3.2%	2.9%
Inflation-Adjusted Bond Fund	1.5%	2.4%	3.6%	4.6%	5.2%
NT Diversified Bond Fund	21.6%	20.8%	19.9%	18.0%	15.7%
Short Duration Inflation Protection Bond Fund	6.0%	4.9%	3.3%	1.8%	0.5%
Global Bond Fund	6.9%	6.4%	5.9%	5.2%	4.6%
International Bond Fund	5.0%	4.7%	4.1%	2.6%	0.6%
Total Fixed Income	44.8%	42.9%	40.3%	35.4%	29.5%
U.S. Government Money Market Fund	9.8%	8.1%	5.6%	4.9%	4.9%
Other Assets and Liabilities	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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



Underlying Fund Allocations⁽¹⁾ as a % of net assets as of July 31, 2016
	One Choice 2040 Portfolio	One Choice 2045 Portfolio	One Choice 2050 Portfolio	One Choice 2055 Portfolio	One Choice 2060 Portfolio
Equity
NT Core Equity Plus Fund	3.4%	3.9%	4.5%	4.5%	4.5%
NT Disciplined Growth Fund	3.1%	3.2%	3.3%	3.5%	3.5%
NT Equity Growth Fund	9.8%	10.3%	10.2%	10.6%	10.7%
NT Growth Fund	9.6%	10.4%	10.8%	11.0%	11.0%
NT Heritage Fund	5.5%	6.4%	6.5%	6.7%	6.7%
NT Large Company Value Fund	11.5%	12.8%	13.5%	14.0%	14.3%
NT Mid Cap Value Fund	6.3%	6.9%	6.9%	6.8%	6.7%
NT Small Company Fund	3.2%	3.0%	3.2%	3.7%	4.0%
NT Emerging Markets Fund	4.1%	4.9%	5.8%	6.4%	6.4%
NT Global Real Estate Fund	2.3%	2.5%	2.8%	3.0%	3.0%
NT International Growth Fund	6.7%	6.8%	6.7%	6.2%	6.1%
NT International Small-Mid Cap Fund	1.4%	1.8%	2.1%	2.5%	2.5%
NT International Value Fund	4.9%	5.1%	5.3%	5.5%	5.6%
Total Equity	71.8%	78.0%	81.6%	84.4%	85.0%
Fixed Income
High-Yield Fund	2.4%	2.1%	1.8%	1.5%	1.5%
Inflation-Adjusted Bond Fund	5.0%	4.2%	3.6%	3.1%	3.0%
NT Diversified Bond Fund	13.4%	11.2%	9.5%	7.9%	7.5%
Global Bond Fund	4.2%	3.8%	3.5%	3.1%	3.0%
Total Fixed Income	25.0%	21.3%	18.4%	15.6%	15.0%
U.S. Government Money Market Fund	3.2%	0.7%	—	—	—
Other Assets and Liabilities	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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

Shareholder Fee Examples

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from February 1, 2016 to July 31, 2016.

Actual Expenses

Hypothetical Example for Comparison Purposes



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice In Retirement Portfolio
Actual
Investor Class	$1,000	$1,082.30	$1.04	0.20%	$4.09	0.79%
Institutional Class	$1,000	$1,082.40	$0.00	0.00%⁽³⁾	$3.05	0.59%
A Class	$1,000	$1,080.00	$2.33	0.45%	$5.38	1.04%
C Class	$1,000	$1,076.50	$6.20	1.20%	$9.24	1.79%
R Class	$1,000	$1,078.80	$3.62	0.70%	$6.67	1.29%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$3.97	0.79%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$2.97	0.59%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.22	1.04%
C Class	$1,000	$1,018.90	$6.02	1.20%	$8.97	1.79%
R Class	$1,000	$1,021.38	$3.52	0.70%	$6.47	1.29%
One Choice 2020 Portfolio
Actual
Investor Class	$1,000	$1,085.10	$1.04	0.20%	$4.25	0.82%
Institutional Class	$1,000	$1,086.10	$0.00	0.00%⁽³⁾	$3.22	0.62%
A Class	$1,000	$1,083.30	$2.33	0.45%	$5.54	1.07%
C Class	$1,000	$1,080.50	$6.21	1.20%	$9.41	1.82%
R Class	$1,000	$1,083.40	$3.63	0.70%	$6.84	1.32%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.12	0.82%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.12	0.62%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.37	1.07%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.12	1.82%
R Class	$1,000	$1,021.38	$3.52	0.70%	$6.62	1.32%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice 2025 Portfolio
Actual
Investor Class	$1,000	$1,090.60	$1.04	0.20%	$4.42	0.85%
Institutional Class	$1,000	$1,091.40	$0.00	0.00%⁽³⁾	$3.38	0.65%
A Class	$1,000	$1,089.10	$2.34	0.45%	$5.71	1.10%
C Class	$1,000	$1,085.10	$6.22	1.20%	$9.59	1.85%
R Class	$1,000	$1,088.40	$3.63	0.70%	$7.01	1.35%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.27	0.85%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.27	0.65%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.52	1.10%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.27	1.85%
R Class	$1,000	$1,021.38	$3.52	0.70%	$6.77	1.35%
One Choice 2030 Portfolio
Actual
Investor Class	$1,000	$1,093.00	$1.04	0.20%	$4.53	0.87%
Institutional Class	$1,000	$1,094.90	$0.00	0.00%⁽³⁾	$3.49	0.67%
A Class	$1,000	$1,092.30	$2.34	0.45%	$5.83	1.12%
C Class	$1,000	$1,087.50	$6.23	1.20%	$9.71	1.87%
R Class	$1,000	$1,090.40	$3.64	0.70%	$7.12	1.37%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.37	0.87%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.37	0.67%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.62	1.12%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.37	1.87%
R Class	$1,000	$1,021.38	$3.52	0.70%	$6.87	1.37%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice 2035 Portfolio
Actual
Investor Class	$1,000	$1,095.90	$1.04	0.20%	$4.69	0.90%
Institutional Class	$1,000	$1,097.30	$0.00	0.00%⁽³⁾	$3.65	0.70%
A Class	$1,000	$1,094.40	$2.34	0.45%	$5.99	1.15%
C Class	$1,000	$1,090.60	$6.24	1.20%	$9.88	1.90%
R Class	$1,000	$1,093.70	$3.64	0.70%	$7.29	1.40%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.52	0.90%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.52	0.70%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.77	1.15%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.52	1.90%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.02	1.40%
One Choice 2040 Portfolio
Actual
Investor Class	$1,000	$1,101.50	$1.05	0.20%	$4.86	0.93%
Institutional Class	$1,000	$1,102.40	$0.00	0.00%⁽³⁾	$3.82	0.73%
A Class	$1,000	$1,100.70	$2.35	0.45%	$6.16	1.18%
C Class	$1,000	$1,095.20	$6.25	1.20%	$10.05	1.93%
R Class	$1,000	$1,098.90	$3.65	0.70%	$7.46	1.43%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.67	0.93%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.67	0.73%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.92	1.18%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.67	1.93%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.17	1.43%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice 2045 Portfolio
Actual
Investor Class	$1,000	$1,107.70	$1.05	0.20%	$5.08	0.97%
Institutional Class	$1,000	$1,109.10	$0.00	0.00%⁽³⁾	$4.04	0.77%
A Class	$1,000	$1,107.10	$2.36	0.45%	$6.39	1.22%
C Class	$1,000	$1,102.60	$6.27	1.20%	$10.30	1.97%
R Class	$1,000	$1,104.90	$3.66	0.70%	$7.69	1.47%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.87	0.97%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.87	0.77%
A Class	$1,000	$1,022.63	$2.26	0.45%	$6.12	1.22%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.87	1.97%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.37	1.47%
One Choice 2050 Portfolio
Actual
Investor Class	$1,000	$1,111.20	$1.05	0.20%	$5.20	0.99%
Institutional Class	$1,000	$1,112.00	$0.00	0.00%⁽³⁾	$4.15	0.79%
A Class	$1,000	$1,109.40	$2.36	0.45%	$6.50	1.24%
C Class	$1,000	$1,105.70	$6.28	1.20%	$10.42	1.99%
R Class	$1,000	$1,108.50	$3.67	0.70%	$7.81	1.49%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.97	0.99%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.97	0.79%
A Class	$1,000	$1,022.63	$2.26	0.45%	$6.22	1.24%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.97	1.99%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.47	1.49%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice 2055 Portfolio
Actual
Investor Class	$1,000	$1,114.10	$1.05	0.20%	$5.20	0.99%
Institutional Class	$1,000	$1,115.00	$0.00	0.00%⁽³⁾	$4.15	0.79%
A Class	$1,000	$1,112.50	$2.36	0.45%	$6.51	1.24%
C Class	$1,000	$1,108.20	$6.29	1.20%	$10.43	1.99%
R Class	$1,000	$1,111.60	$3.68	0.70%	$7.82	1.49%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.97	0.99%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.97	0.79%
A Class	$1,000	$1,022.63	$2.26	0.45%	$6.22	1.24%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.97	1.99%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.47	1.49%
One Choice 2060 Portfolio
Actual
Investor Class	$1,000	$1,114.60	$1.05	0.20%	$5.21	0.99%
Institutional Class	$1,000	$1,115.70	$0.00	0.00%⁽³⁾	$4.16	0.79%
A Class	$1,000	$1,112.60	$2.36	0.45%	$6.51	1.24%
C Class	$1,000	$1,109.60	$6.29	1.20%	$10.44	1.99%
R Class	$1,000	$1,112.70	$3.68	0.70%	$7.83	1.49%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.97	0.99%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.97	0.79%
A Class	$1,000	$1,022.63	$2.26	0.45%	$6.22	1.24%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.97	1.99%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.47	1.49%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.

Schedules of Investments

JULY 31, 2016

One Choice In Retirement Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 37.5%
NT Core Equity Plus Fund Institutional Class	4,265,282	$	58,221,095
NT Disciplined Growth Fund Institutional Class	2,953,235	29,532,355
NT Equity Growth Fund Institutional Class	16,422,026	192,466,140
NT Growth Fund Institutional Class	5,800,080	87,117,199
NT Heritage Fund Institutional Class	3,399,978	43,893,713
NT Large Company Value Fund Institutional Class	16,140,845	182,391,552
NT Mid Cap Value Fund Institutional Class	6,750,866	87,086,178
NT Small Company Fund Institutional Class	4,323,501	39,041,213
		719,749,445
Domestic Fixed Income Funds — 32.9%
High-Yield Fund Institutional Class	13,030,739	73,232,751
Inflation-Adjusted Bond Fund Institutional Class	2,411,784	28,820,815
NT Diversified Bond Fund Institutional Class	37,309,783	413,765,492
Short Duration Inflation Protection Bond Fund Institutional Class	11,157,569	115,146,111
		630,965,169
International Fixed Income Funds — 11.9%
Global Bond Fund Institutional Class	12,745,153	132,677,047
International Bond Fund Institutional Class	7,140,140	95,749,278
		228,426,325
Money Market Funds — 9.8%
U.S. Government Money Market Fund Investor Class	189,203,377	189,203,377
International Equity Funds — 7.9%
NT Global Real Estate Fund Institutional Class	1,938,125	20,156,502
NT International Growth Fund Institutional Class	8,721,256	88,084,685
NT International Value Fund Institutional Class	5,053,187	43,406,874
		151,648,061
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,742,326,598)		1,919,992,377
OTHER ASSETS AND LIABILITIES^†		(784)
TOTAL NET ASSETS — 100.0%		$	1,919,991,593

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2020 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 39.2%
NT Core Equity Plus Fund Institutional Class	4,259,144	$	58,137,314
NT Disciplined Growth Fund Institutional Class	3,443,815	34,438,152
NT Equity Growth Fund Institutional Class	16,139,808	189,158,552
NT Growth Fund Institutional Class	6,646,446	99,829,619
NT Heritage Fund Institutional Class	4,291,501	55,403,276
NT Large Company Value Fund Institutional Class	16,231,368	183,414,460
NT Mid Cap Value Fund Institutional Class	7,449,808	96,102,526
NT Small Company Fund Institutional Class	3,986,410	35,997,279
		752,481,178
Domestic Fixed Income Funds — 31.8%
High-Yield Fund Institutional Class	12,594,997	70,783,884
Inflation-Adjusted Bond Fund Institutional Class	3,928,361	46,943,912
NT Diversified Bond Fund Institutional Class	35,981,197	399,031,479
Short Duration Inflation Protection Bond Fund Institutional Class	9,042,741	93,321,085
		610,080,360
International Fixed Income Funds — 11.1%
Global Bond Fund Institutional Class	11,881,652	123,687,996
International Bond Fund Institutional Class	6,650,925	89,188,899
		212,876,895
International Equity Funds — 9.8%
NT Emerging Markets Fund Institutional Class	1,707,779	17,726,743
NT Global Real Estate Fund Institutional Class	2,287,236	23,787,258
NT International Growth Fund Institutional Class	9,009,386	90,994,794
NT International Small-Mid Cap Fund Institutional Class	446,923	4,670,347
NT International Value Fund Institutional Class	6,041,260	51,894,421
		189,073,563
Money Market Funds — 8.1%
U.S. Government Money Market Fund Investor Class	155,720,430	155,720,430
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,765,711,572)		1,920,232,426
OTHER ASSETS AND LIABILITIES^†		42,774
TOTAL NET ASSETS — 100.0%		$	1,920,275,200

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2025 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 41.8%
NT Core Equity Plus Fund Institutional Class	6,206,755	$	84,722,212
NT Disciplined Growth Fund Institutional Class	6,120,244	61,202,437
NT Equity Growth Fund Institutional Class	22,595,765	264,822,370
NT Growth Fund Institutional Class	10,975,638	164,854,079
NT Heritage Fund Institutional Class	8,462,632	109,252,578
NT Large Company Value Fund Institutional Class	24,058,004	271,855,441
NT Mid Cap Value Fund Institutional Class	12,493,226	161,162,619
NT Small Company Fund Institutional Class	5,452,047	49,231,984
		1,167,103,720
Domestic Fixed Income Funds — 30.3%
High-Yield Fund Institutional Class	17,467,160	98,165,440
Inflation-Adjusted Bond Fund Institutional Class	8,558,940	102,279,328
NT Diversified Bond Fund Institutional Class	50,024,606	554,772,878
Short Duration Inflation Protection Bond Fund Institutional Class	8,813,706	90,957,441
		846,175,087
International Equity Funds — 12.3%
NT Emerging Markets Fund Institutional Class	5,235,525	54,344,745
NT Global Real Estate Fund Institutional Class	4,093,617	42,573,615
NT International Growth Fund Institutional Class	13,710,073	138,471,734
NT International Small-Mid Cap Fund Institutional Class	1,451,058	15,163,558
NT International Value Fund Institutional Class	10,798,609	92,760,053
		343,313,705
International Fixed Income Funds — 10.0%
Global Bond Fund Institutional Class	15,648,090	162,896,615
International Bond Fund Institutional Class	8,561,369	114,807,959
		277,704,574
Money Market Funds — 5.6%
U.S. Government Money Market Fund Investor Class	156,660,995	156,660,995
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,479,145,724)		2,790,958,081
OTHER ASSETS AND LIABILITIES^†		(965)
TOTAL NET ASSETS — 100.0%		$	2,790,957,116

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2030 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 44.9%
NT Core Equity Plus Fund Institutional Class	4,407,248	$	60,158,933
NT Disciplined Growth Fund Institutional Class	5,087,042	50,870,419
NT Equity Growth Fund Institutional Class	15,999,263	187,511,367
NT Growth Fund Institutional Class	9,460,756	142,100,556
NT Heritage Fund Institutional Class	6,790,027	87,659,254
NT Large Company Value Fund Institutional Class	18,002,705	203,430,567
NT Mid Cap Value Fund Institutional Class	9,302,143	119,997,643
NT Small Company Fund Institutional Class	5,117,303	46,209,249
		897,937,988
Domestic Fixed Income Funds — 27.6%
High-Yield Fund Institutional Class	11,486,427	64,553,720
Inflation-Adjusted Bond Fund Institutional Class	7,703,503	92,056,862
NT Diversified Bond Fund Institutional Class	32,494,582	360,364,920
Short Duration Inflation Protection Bond Fund Institutional Class	3,476,418	35,876,632
		552,852,134
International Equity Funds — 14.8%
NT Emerging Markets Fund Institutional Class	5,173,297	53,698,819
NT Global Real Estate Fund Institutional Class	3,370,068	35,048,706
NT International Growth Fund Institutional Class	11,077,102	111,878,729
NT International Small-Mid Cap Fund Institutional Class	1,592,703	16,643,746
NT International Value Fund Institutional Class	9,265,374	79,589,558
		296,859,558
International Fixed Income Funds — 7.8%
Global Bond Fund Institutional Class	10,039,714	104,513,418
International Bond Fund Institutional Class	3,816,059	51,173,346
		155,686,764
Money Market Funds — 4.9%
U.S. Government Money Market Fund Investor Class	98,031,219	98,031,219
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,844,630,162)		2,001,367,663
OTHER ASSETS AND LIABILITIES^†		(2,606)
TOTAL NET ASSETS — 100.0%		$	2,001,365,057

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2035 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 48.3%
NT Core Equity Plus Fund Institutional Class	5,400,403	$	73,715,498
NT Disciplined Growth Fund Institutional Class	6,641,307	66,413,067
NT Equity Growth Fund Institutional Class	18,082,613	211,928,220
NT Growth Fund Institutional Class	13,229,089	198,700,918
NT Heritage Fund Institutional Class	8,325,757	107,485,525
NT Large Company Value Fund Institutional Class	21,105,908	238,496,765
NT Mid Cap Value Fund Institutional Class	10,619,080	136,986,133
NT Small Company Fund Institutional Class	7,747,702	69,961,749
		1,103,687,875
Domestic Fixed Income Funds — 24.3%
High-Yield Fund Institutional Class	11,721,991	65,877,592
Inflation-Adjusted Bond Fund Institutional Class	9,980,326	119,264,896
NT Diversified Bond Fund Institutional Class	32,262,507	357,791,201
Short Duration Inflation Protection Bond Fund Institutional Class	1,087,864	11,226,761
		554,160,450
International Equity Funds — 17.3%
NT Emerging Markets Fund Institutional Class	6,966,814	72,315,524
NT Global Real Estate Fund Institutional Class	4,409,999	45,863,992
NT International Growth Fund Institutional Class	14,415,134	145,592,857
NT International Small-Mid Cap Fund Institutional Class	2,498,987	26,114,413
NT International Value Fund Institutional Class	12,270,580	105,404,284
		395,291,070
International Fixed Income Funds — 5.2%
Global Bond Fund Institutional Class	10,098,767	105,128,166
International Bond Fund Institutional Class	931,630	12,493,165
		117,621,331
Money Market Funds — 4.9%
U.S. Government Money Market Fund Investor Class	112,074,731	112,074,731
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,041,699,867)		2,282,835,457
OTHER ASSETS AND LIABILITIES^†		(544)
TOTAL NET ASSETS — 100.0%		$	2,282,834,913

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2040 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 52.4%
NT Core Equity Plus Fund Institutional Class	3,797,237	$	51,832,291
NT Disciplined Growth Fund Institutional Class	4,732,226	47,322,259
NT Equity Growth Fund Institutional Class	12,781,009	149,793,421
NT Growth Fund Institutional Class	9,785,294	146,975,123
NT Heritage Fund Institutional Class	6,481,934	83,681,770
NT Large Company Value Fund Institutional Class	15,637,135	176,699,622
NT Mid Cap Value Fund Institutional Class	7,473,063	96,402,511
NT Small Company Fund Institutional Class	5,416,958	48,915,131
		801,622,128
Domestic Fixed Income Funds — 20.8%
High-Yield Fund Institutional Class	6,644,444	37,341,773
Inflation-Adjusted Bond Fund Institutional Class	6,433,007	76,874,433
NT Diversified Bond Fund Institutional Class	18,486,418	205,014,375
		319,230,581
International Equity Funds — 19.4%
NT Emerging Markets Fund Institutional Class	6,017,821	62,464,980
NT Global Real Estate Fund Institutional Class	3,306,992	34,392,712
NT International Growth Fund Institutional Class	10,149,400	102,508,938
NT International Small-Mid Cap Fund Institutional Class	2,115,834	22,110,462
NT International Value Fund Institutional Class	8,743,638	75,107,849
		296,584,941
International Fixed Income Funds — 4.2%
Global Bond Fund Institutional Class	6,141,647	63,934,546
Money Market Funds — 3.2%
U.S. Government Money Market Fund Investor Class	48,777,807	48,777,807
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,420,950,214)		1,530,150,003
OTHER ASSETS AND LIABILITIES^†		(1,623)
TOTAL NET ASSETS — 100.0%		$	1,530,148,380

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2045 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 56.9%
NT Core Equity Plus Fund Institutional Class	4,695,272	$	64,090,468
NT Disciplined Growth Fund Institutional Class	5,342,206	53,422,059
NT Equity Growth Fund Institutional Class	14,538,096	170,386,482
NT Growth Fund Institutional Class	11,486,615	172,528,952
NT Heritage Fund Institutional Class	8,230,708	106,258,438
NT Large Company Value Fund Institutional Class	18,724,196	211,583,415
NT Mid Cap Value Fund Institutional Class	8,946,022	115,403,678
NT Small Company Fund Institutional Class	5,569,018	50,288,233
		943,961,725
International Equity Funds — 21.1%
NT Emerging Markets Fund Institutional Class	7,902,710	82,030,128
NT Global Real Estate Fund Institutional Class	3,972,068	41,309,508
NT International Growth Fund Institutional Class	11,202,682	113,147,091
NT International Small-Mid Cap Fund Institutional Class	2,802,489	29,286,010
NT International Value Fund Institutional Class	9,839,617	84,522,309
		350,295,046
Domestic Fixed Income Funds — 17.5%
High-Yield Fund Institutional Class	6,069,470	34,110,423
Inflation-Adjusted Bond Fund Institutional Class	5,806,035	69,382,124
NT Diversified Bond Fund Institutional Class	16,730,606	185,542,418
		289,034,965
International Fixed Income Funds — 3.8%
Global Bond Fund Institutional Class	6,079,015	63,282,548
Money Market Funds — 0.7%
U.S. Government Money Market Fund Investor Class	11,669,647	11,669,647
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,493,268,663)		1,658,243,931
OTHER ASSETS AND LIABILITIES^†		68
TOTAL NET ASSETS — 100.0%		$	1,658,243,999

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2050 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 58.9%
NT Core Equity Plus Fund Institutional Class	3,038,340	$	41,473,334
NT Disciplined Growth Fund Institutional Class	3,086,646	30,866,460
NT Equity Growth Fund Institutional Class	8,094,409	94,866,479
NT Growth Fund Institutional Class	6,678,714	100,314,286
NT Heritage Fund Institutional Class	4,716,757	60,893,335
NT Large Company Value Fund Institutional Class	11,061,767	124,997,967
NT Mid Cap Value Fund Institutional Class	4,952,218	63,883,616
NT Small Company Fund Institutional Class	3,346,766	30,221,299
		547,516,776
International Equity Funds — 22.7%
NT Emerging Markets Fund Institutional Class	5,223,520	54,220,137
NT Global Real Estate Fund Institutional Class	2,445,235	25,430,440
NT International Growth Fund Institutional Class	6,182,313	62,441,363
NT International Small-Mid Cap Fund Institutional Class	1,882,734	19,674,567
NT International Value Fund Institutional Class	5,742,315	49,326,490
		211,092,997
Domestic Fixed Income Funds — 14.9%
High-Yield Fund Institutional Class	2,975,875	16,724,418
Inflation-Adjusted Bond Fund Institutional Class	2,816,018	33,651,415
NT Diversified Bond Fund Institutional Class	7,904,680	87,662,900
		138,038,733
International Fixed Income Funds — 3.5%
Global Bond Fund Institutional Class	3,085,214	32,117,080
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $874,246,891)		928,765,586
OTHER ASSETS AND LIABILITIES^†		(728)
TOTAL NET ASSETS — 100.0%		$	928,764,858

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2055 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 60.8%
NT Core Equity Plus Fund Institutional Class	1,216,194	$	16,601,046
NT Disciplined Growth Fund Institutional Class	1,286,602	12,866,024
NT Equity Growth Fund Institutional Class	3,351,680	39,281,687
NT Growth Fund Institutional Class	2,704,632	40,623,578
NT Heritage Fund Institutional Class	1,936,163	24,995,861
NT Large Company Value Fund Institutional Class	4,598,050	51,957,963
NT Mid Cap Value Fund Institutional Class	1,962,123	25,311,389
NT Small Company Fund Institutional Class	1,537,103	13,880,042
		225,517,590
International Equity Funds — 23.6%
NT Emerging Markets Fund Institutional Class	2,270,600	23,568,831
NT Global Real Estate Fund Institutional Class	1,056,805	10,990,770
NT International Growth Fund Institutional Class	2,289,786	23,126,836
NT International Small-Mid Cap Fund Institutional Class	874,457	9,138,078
NT International Value Fund Institutional Class	2,379,329	20,438,440
		87,262,955
Domestic Fixed Income Funds — 12.5%
High-Yield Fund Institutional Class	1,010,012	5,676,267
Inflation-Adjusted Bond Fund Institutional Class	959,348	11,464,203
NT Diversified Bond Fund Institutional Class	2,640,590	29,284,147
		46,424,617
International Fixed Income Funds — 3.1%
Global Bond Fund Institutional Class	1,104,275	11,495,502
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $363,096,030)		370,700,664
OTHER ASSETS AND LIABILITIES^†		(44)
TOTAL NET ASSETS — 100.0%		$	370,700,620

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2060 Portfolio



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 61.4%
NT Core Equity Plus Fund Institutional Class	21,449	$	292,781
NT Disciplined Growth Fund Institutional Class	22,801	228,006
NT Equity Growth Fund Institutional Class	59,735	700,098
NT Growth Fund Institutional Class	47,741	717,066
NT Heritage Fund Institutional Class	34,045	439,527
NT Large Company Value Fund Institutional Class	81,988	926,465
NT Mid Cap Value Fund Institutional Class	34,098	439,866
NT Small Company Fund Institutional Class	28,800	260,060
		4,003,869
International Equity Funds — 23.6%
NT Emerging Markets Fund Institutional Class	40,557	420,984
NT Global Real Estate Fund Institutional Class	18,991	197,509
NT International Growth Fund Institutional Class	39,199	395,914
NT International Small-Mid Cap Fund Institutional Class	15,825	165,372
NT International Value Fund Institutional Class	42,362	363,894
		1,543,673
Domestic Fixed Income Funds — 12.0%
High-Yield Fund Institutional Class	17,353	97,523
Inflation-Adjusted Bond Fund Institutional Class	16,363	195,533
NT Diversified Bond Fund Institutional Class	44,087	488,925
		781,981
International Fixed Income Funds — 3.0%
Global Bond Fund Institutional Class	18,754	195,231
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $6,157,068)		6,524,754
OTHER ASSETS AND LIABILITIES^†		(1)
TOTAL NET ASSETS — 100.0%		$	6,524,753

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

Statements of Assets and Liabilities



JULY 31, 2016
	One Choice In Retirement Portfolio			One Choice 2020 Portfolio		One Choice 2025 Portfolio
Assets
Investment securities in affiliates, at value (cost of $1,742,326,598, $1,765,711,572 and $2,479,145,724, respectively)	$	1,919,992,377		$	1,920,232,426	$	2,790,958,081
Cash	375,870			308,671		477,610
Receivable for investments sold	2,057,175			—		1,253,753
Receivable for capital shares sold	4,410,837			3,262,521		3,922,188
Distributions receivable from affiliates	1,087,751			1,046,885		1,456,727
	1,927,924,010			1,924,850,503		2,798,068,359

Liabilities
Payable for investments purchased	1,088,385			1,330,533		1,457,578
Payable for capital shares redeemed	6,437,021			2,902,657		5,124,256
Accrued administrative fees	237,148			198,296		318,884
Distribution and service fees payable	169,863			143,817		210,525
	7,932,417			4,575,303		7,111,243

Net Assets	$	1,919,991,593		$	1,920,275,200	$	2,790,957,116

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	1,745,051,063		$	1,736,858,039	$	2,457,555,481
Undistributed net investment income	—			9,290,125		10,353,112
Accumulated undistributed net realized gain (loss)	(2,725,249		)	19,606,182		11,236,166
Net unrealized appreciation	177,665,779			154,520,854		311,812,357
	$	1,919,991,593		$	1,920,275,200	$	2,790,957,116



Fund/Class	Net Assets		Shares Outstanding	Net Asset Value Per Share
One Choice In Retirement Portfolio
Investor Class, $0.01 Par Value		$837,621,821	65,813,864	$12.73
Institutional Class, $0.01 Par Value		$510,188,184	40,073,928	$12.73
A Class, $0.01 Par Value		$361,051,618	28,359,805	$12.73*
C Class, $0.01 Par Value		$9,704,763	764,258	$12.70
R Class, $0.01 Par Value		$201,425,207	15,843,051	$12.71
One Choice 2020 Portfolio
Investor Class, $0.01 Par Value		$679,472,837	56,695,696	$11.98
Institutional Class, $0.01 Par Value		$733,519,774	61,157,726	$11.99
A Class, $0.01 Par Value		$342,985,255	28,672,956	$11.96*
C Class, $0.01 Par Value		$7,967,539	666,812	$11.95
R Class, $0.01 Par Value		$156,329,795	13,086,275	$11.95
One Choice 2025 Portfolio
Investor Class, $0.01 Par Value		$1,147,291,462	81,507,362	$14.08
Institutional Class, $0.01 Par Value		$884,533,922	62,785,255	$14.09
A Class, $0.01 Par Value		$528,973,404	37,627,381	$14.06*
C Class, $0.01 Par Value		$7,821,670	557,351	$14.03
R Class, $0.01 Par Value		$222,336,658	15,841,268	$14.04


*	Maximum offering price $13.51, $12.69 and $14.92 (net asset value divided by 0.9425) for One Choice In Retirement Portfolio, One Choice 2020 Portfolio and One Choice 2025 Portfolio, respectively.

See Notes to Financial Statements.



JULY 31, 2016
	One Choice 2030 Portfolio		One Choice 2035 Portfolio		One Choice 2040 Portfolio
Assets
Investment securities in affiliates, at value (cost of $1,844,630,162, $2,041,699,867 and $1,420,950,214, respectively)	$	2,001,367,663	$	2,282,835,457	$	1,530,150,003
Cash	328,208		398,267		242,749
Receivable for investments sold	—		311,791		—
Receivable for capital shares sold	3,276,437		2,962,022		2,878,787
Distributions receivable from affiliates	948,879		949,497		541,306
	2,005,921,187		2,287,457,034		1,533,812,845

Liabilities
Payable for investments purchased	1,279,315		950,040		1,529,543
Payable for capital shares redeemed	2,913,704		3,230,426		1,865,750
Accrued administrative fees	206,545		259,060		157,048
Distribution and service fees payable	156,566		182,595		112,124
	4,556,130		4,622,121		3,664,465

Net Assets	$	2,001,365,057	$	2,282,834,913	$	1,530,148,380

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	1,816,674,639	$	2,013,081,235	$	1,393,427,162
Undistributed net investment income	6,436,104		6,593,601		4,016,732
Undistributed net realized gain	21,516,813		22,024,487		23,504,697
Net unrealized appreciation	156,737,501		241,135,590		109,199,789
	$	2,001,365,057	$	2,282,834,913	$	1,530,148,380



Fund/Class	Net Assets		Shares Outstanding	Net Asset Value Per Share
One Choice 2030 Portfolio
Investor Class, $0.01 Par Value		$680,942,889	56,259,973	$12.10
Institutional Class, $0.01 Par Value		$763,857,997	63,078,980	$12.11
A Class, $0.01 Par Value		$378,866,459	31,382,045	$12.07*
C Class, $0.01 Par Value		$6,714,338	556,614	$12.06
R Class, $0.01 Par Value		$170,983,374	14,175,853	$12.06
One Choice 2035 Portfolio
Investor Class, $0.01 Par Value		$905,126,241	60,451,690	$14.97
Institutional Class, $0.01 Par Value		$726,622,282	48,448,719	$15.00
A Class, $0.01 Par Value		$438,397,990	29,316,647	$14.95*
C Class, $0.01 Par Value		$6,533,015	437,986	$14.92
R Class, $0.01 Par Value		$206,155,385	13,802,355	$14.94
One Choice 2040 Portfolio
Investor Class, $0.01 Par Value		$546,508,762	43,803,836	$12.48
Institutional Class, $0.01 Par Value		$585,380,885	46,879,345	$12.49
A Class, $0.01 Par Value		$266,243,729	21,373,440	$12.46*
C Class, $0.01 Par Value		$3,528,555	283,994	$12.42
R Class, $0.01 Par Value		$128,486,449	10,331,498	$12.44


*	Maximum offering price $12.81, $15.86 and $13.22 (net asset value divided by 0.9425) for One Choice 2030 Portfolio, One Choice 2035 Portfolio and One Choice 2040 Portfolio, respectively.

See Notes to Financial Statements.



JULY 31, 2016
	One Choice 2045 Portfolio		One Choice 2050 Portfolio		One Choice 2055 Portfolio
Assets
Investment securities in affiliates, at value (cost of $1,493,268,663, $874,246,891 and $363,096,030, respectively)	$	1,658,243,931	$	928,765,586	$	370,700,664
Cash	271,774		141,067		56,807
Receivable for capital shares sold	3,101,859		2,847,072		1,361,601
Distributions receivable from affiliates	490,535		232,969		77,797
	1,662,108,099		931,986,694		372,196,869

Liabilities
Payable for investments purchased	1,055,350		1,213,911		605,510
Payable for capital shares redeemed	2,507,335		1,850,730		827,674
Accrued administrative fees	182,104		93,277		34,275
Distribution and service fees payable	119,311		63,918		28,790
	3,864,100		3,221,836		1,496,249

Net Assets	$	1,658,243,999	$	928,764,858	$	370,700,620

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	1,467,000,976	$	856,354,859	$	356,330,356
Undistributed net investment income	3,827,511		1,899,219		693,084
Undistributed net realized gain	22,440,244		15,992,085		6,072,546
Net unrealized appreciation	164,975,268		54,518,695		7,604,634
	$	1,658,243,999	$	928,764,858	$	370,700,620



Fund/Class	Net Assets		Shares Outstanding	Net Asset Value Per Share
One Choice 2045 Portfolio
Investor Class, $0.01 Par Value		$666,583,078	42,912,007	$15.53
Institutional Class, $0.01 Par Value		$563,161,325	36,194,803	$15.56
A Class, $0.01 Par Value		$288,989,026	18,635,867	$15.51*
C Class, $0.01 Par Value		$2,943,617	190,157	$15.48
R Class, $0.01 Par Value		$136,566,953	8,813,634	$15.49
One Choice 2050 Portfolio
Investor Class, $0.01 Par Value		$332,785,729	26,647,685	$12.49
Institutional Class, $0.01 Par Value		$365,225,018	29,194,133	$12.51
A Class, $0.01 Par Value		$157,109,753	12,599,920	$12.47*
C Class, $0.01 Par Value		$1,939,065	155,737	$12.45
R Class, $0.01 Par Value		$71,705,293	5,755,917	$12.46
One Choice 2055 Portfolio
Investor Class, $0.01 Par Value		$106,441,133	8,074,891	$13.18
Institutional Class, $0.01 Par Value		$162,254,618	12,299,453	$13.19
A Class, $0.01 Par Value		$65,954,023	5,013,848	$13.15*
C Class, $0.01 Par Value		$636,429	48,553	$13.11
R Class, $0.01 Par Value		$35,414,417	2,693,538	$13.15


*	Maximum offering price $16.46, $13.23 and $13.95 (net asset value divided by 0.9425) for One Choice 2045 Portfolio, One Choice 2050 Portfolio and One Choice 2055 Portfolio, respectively.

See Notes to Financial Statements.



JULY 31, 2016
	One Choice 2060 Portfolio
Assets
Investment securities in affiliates, at value (cost of $6,157,068)	$	6,524,754
Cash	1,055
Receivable for capital shares sold	51,300
Distributions receivable from affiliates	1,141
	6,578,250

Liabilities
Payable for investments purchased	51,370
Payable for capital shares redeemed	933
Accrued administrative fees	578
Distribution and service fees payable	616
	53,497

Net Assets	$	6,524,753

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	6,155,865
Undistributed net investment income	9,886
Accumulated net realized loss	(8,684		)
Net unrealized appreciation	367,686
	$	6,524,753



Fund/Class	Net Assets		Shares Outstanding	Net Asset Value Per Share
One Choice 2060 Portfolio
Investor Class, $0.01 Par Value		$1,305,067	119,850	$10.89
Institutional Class, $0.01 Par Value		$2,443,207	224,084	$10.90
A Class, $0.01 Par Value		$2,143,447	197,159	$10.87*
C Class, $0.01 Par Value		$27,860	2,573	$10.83
R Class, $0.01 Par Value		$605,172	55,738	$10.86


*	Maximum offering price $11.53 (net asset value divided by 0.9425) for One Choice 2060 Portfolio.

See Notes to Financial Statements.

Statements of Operations



YEAR ENDED JULY 31, 2016
	One Choice In Retirement Portfolio			One Choice 2020 Portfolio			One Choice 2025 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	36,374,067		$	34,407,789		$	52,171,507

Expenses:
Administrative fees:
Investor Class	1,604,153			1,248,595			2,137,619
A Class	769,775			672,970			1,063,658
C Class	16,836			18,510			14,845
R Class	430,991			315,441			444,471
Distribution and service fees:
A Class	962,219			841,212			1,329,572
C Class	84,181			92,548			74,224
R Class	1,077,477			788,603			1,111,177
Directors' fees and expenses	65,770			60,742			89,718
	5,011,402			4,038,621			6,265,284

Net investment income (loss)	31,362,665			30,369,168			45,906,223

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(18,447,760		)	(13,803,678		)	(15,313,478		)
Capital gain distributions received from underlying funds	43,741,748			41,377,574			65,349,760
	25,293,988			27,573,896			50,036,282

Change in net unrealized appreciation (depreciation) on investments in underlying funds	(7,958,382		)	(2,656,937		)	(22,192,028		)

Net realized and unrealized gain (loss) on affiliates	17,335,606			24,916,959			27,844,254

Net Increase (Decrease) in Net Assets Resulting from Operations	$	48,698,271		$	55,286,127		$	73,750,477

See Notes to Financial Statements.



YEAR ENDED JULY 31, 2016
	One Choice 2030 Portfolio			One Choice 2035 Portfolio			One Choice 2040 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	36,466,062		$	42,536,579		$	27,805,922

Expenses:
Administrative fees:
Investor Class	1,213,989			1,656,354			958,851
A Class	731,847			864,358			514,101
C Class	11,591			12,888			6,428
R Class	337,389			396,302			243,130
Distribution and service fees:
A Class	914,808			1,080,447			642,626
C Class	57,957			64,441			32,138
R Class	843,473			990,753			607,826
Directors' fees and expenses	61,555			71,582			46,370
	4,172,609			5,137,125			3,051,470

Net investment income (loss)	32,293,453			37,399,454			24,754,452

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(14,543,647		)	(10,197,387		)	(9,919,980		)
Capital gain distributions received from underlying funds	46,844,527			57,777,382			40,355,607
	32,300,880			47,579,995			30,435,627

Change in net unrealized appreciation (depreciation) on investments in underlying funds	(13,373,514		)	(40,823,351		)	(24,007,762		)

Net realized and unrealized gain (loss) on affiliates	18,927,366			6,756,644			6,427,865

Net Increase (Decrease) in Net Assets Resulting from Operations	$	51,220,819		$	44,156,098		$	31,182,317

See Notes to Financial Statements.



YEAR ENDED JULY 31, 2016
	One Choice 2045 Portfolio			One Choice 2050 Portfolio			One Choice 2055 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	30,932,119		$	16,281,835		$	5,608,427

Expenses:
Administrative fees:
Investor Class	1,207,553			558,249			155,356
A Class	568,105			308,638			111,931
C Class	5,462			3,933			1,169
R Class	253,639			127,820			57,305
Distribution and service fees:
A Class	710,131			385,798			139,914
C Class	27,308			19,663			5,847
R Class	634,097			319,550			143,263
Directors' fees and expenses	51,358			27,201			9,467
	3,457,653			1,750,852			624,252

Net investment income (loss)	27,474,466			14,530,983			4,984,175

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(6,609,092		)	(5,606,618		)	(1,457,509		)
Capital gain distributions received from underlying funds	48,789,961			26,545,185			9,250,282
	42,180,869			20,938,567			7,792,773

Change in net unrealized appreciation (depreciation) on investments in underlying funds	(40,488,221		)	(15,999,909		)	(1,770,845		)

Net realized and unrealized gain (loss) on affiliates	1,692,648			4,938,658			6,021,928

Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,167,114		$	19,469,641		$	11,006,103

See Notes to Financial Statements.



PERIOD ENDED JULY 31, 2016⁽¹⁾
	One Choice 2060 Portfolio
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	16,406

Expenses:
Administrative fees:
Investor Class	803
A Class	431
C Class	43
R Class	313
Distribution and service fees:
A Class	538
C Class	216
R Class	782
Directors' fees and expenses	36
	3,162

Net investment income (loss)	13,244

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(17,755		)
Capital gain distributions received from underlying funds	9,071
	(8,684		)

Change in net unrealized appreciation (depreciation) on investments in underlying funds	367,686

Net realized and unrealized gain (loss) on affiliates	359,002

Net Increase (Decrease) in Net Assets Resulting from Operations	$	372,246


(1)	September 30, 2015 (fund inception) through July 31, 2016.

See Notes to Financial Statements.

Statements of Changes in Net Assets



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice In Retirement Portfolio						One Choice 2020 Portfolio
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	31,362,665		$	16,949,077		$	30,369,168		$	30,723,638
Net realized gain (loss)	25,293,988			22,713,321			27,573,896			56,902,480
Change in net unrealized appreciation (depreciation)	(7,958,382		)	(15,394,485		)	(2,656,937		)	(29,289,826		)
Net increase (decrease) in net assets resulting from operations	48,698,271			24,267,913			55,286,127			58,336,292

Distributions to Shareholders
From net investment income:
Investor Class	(14,010,410		)	(8,278,509		)	(10,178,870		)	(12,352,256		)
Institutional Class	(9,054,714		)	(5,038,644		)	(10,795,256		)	(9,406,680		)
A Class	(5,844,559		)	(3,747,083		)	(4,861,193		)	(6,389,870		)
C Class	(63,174		)	(39,543		)	(62,207		)	(136,434		)
R Class	(2,735,667		)	(2,349,792		)	(1,840,522		)	(2,510,233		)
From net realized gains:
Investor Class	(776,376		)	(12,996,429		)	(21,173,288		)	(8,843,300		)
Institutional Class	(442,736		)	(7,599,042		)	(20,019,050		)	(6,157,505		)
A Class	(384,045		)	(6,589,671		)	(11,933,341		)	(5,183,223		)
C Class	(7,711		)	(114,443		)	(331,822		)	(184,038		)
R Class	(215,775		)	(5,489,818		)	(5,510,819		)	(2,348,635		)
Decrease in net assets from distributions	(33,535,167		)	(52,242,974		)	(86,706,368		)	(53,512,174		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(83,694,957		)	1,387,527,297			223,623,193			378,199,710

Net increase (decrease) in net assets	(68,531,853		)	1,359,552,236			192,202,952			383,023,828

Net Assets
Beginning of period	1,988,523,446			628,971,210			1,728,072,248			1,345,048,420
End of period	$	1,919,991,593		$	1,988,523,446		$	1,920,275,200		$	1,728,072,248

Undistributed net investment income	—			$	802,762		$	9,290,125		$	6,660,069

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice 2025 Portfolio						One Choice 2030 Portfolio
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	45,906,223		$	48,338,056		$	32,293,453		$	29,921,077
Net realized gain (loss)	50,036,282			112,440,271			32,300,880			70,225,200
Change in net unrealized appreciation (depreciation)	(22,192,028		)	(57,670,276		)	(13,373,514		)	(24,454,278		)
Net increase (decrease) in net assets resulting from operations	73,750,477			103,108,051			51,220,819			75,691,999

Distributions to Shareholders
From net investment income:
Investor Class	(17,840,512		)	(22,521,580		)	(10,282,680		)	(11,527,431		)
Institutional Class	(13,300,403		)	(12,088,557		)	(11,447,909		)	(9,190,911		)
A Class	(7,799,325		)	(10,418,808		)	(5,475,848		)	(6,745,489		)
C Class	(50,260		)	(90,627		)	(39,504		)	(54,556		)
R Class	(2,671,460		)	(3,786,705		)	(2,059,631		)	(2,516,296		)
From net realized gains:
Investor Class	(47,092,035		)	(20,138,492		)	(24,531,253		)	(10,815,442		)
Institutional Class	(31,338,825		)	(9,890,637		)	(24,435,654		)	(7,873,516		)
A Class	(24,223,830		)	(10,542,107		)	(15,314,491		)	(7,184,678		)
C Class	(331,737		)	(151,236		)	(228,955		)	(97,635		)
R Class	(10,071,326		)	(4,410,237		)	(6,959,318		)	(3,097,726		)
Decrease in net assets from distributions	(154,719,713		)	(94,038,986		)	(100,775,243		)	(59,103,680		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	252,521,495			448,053,159			320,909,830			385,425,967

Net increase (decrease) in net assets	171,552,259			457,122,224			271,355,406			402,014,286

Net Assets
Beginning of period	2,619,404,857			2,162,282,633			1,730,009,651			1,327,995,365
End of period	$	2,790,957,116		$	2,619,404,857		$	2,001,365,057		$	1,730,009,651

Undistributed net investment income	$	10,353,112		$	9,884,158		$	6,436,104		$	6,020,965

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice 2035 Portfolio						One Choice 2040 Portfolio
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	37,399,454		$	36,697,971		$	24,754,452		$	22,691,863
Net realized gain (loss)	47,579,995			107,058,111			30,435,627			59,447,013
Change in net unrealized appreciation (depreciation)	(40,823,351		)	(34,923,732		)	(24,007,762		)	(12,280,750		)
Net increase (decrease) in net assets resulting from operations	44,156,098			108,832,350			31,182,317			69,858,126

Distributions to Shareholders
From net investment income:
Investor Class	(14,386,902		)	(17,069,090		)	(8,264,396		)	(9,017,197		)
Institutional Class	(10,847,140		)	(8,933,739		)	(8,863,591		)	(7,299,870		)
A Class	(6,587,825		)	(8,314,219		)	(3,931,115		)	(4,642,592		)
C Class	(48,285		)	(62,683		)	(23,433		)	(37,054		)
R Class	(2,475,900		)	(3,192,145		)	(1,530,046		)	(1,818,551		)
From net realized gains:
Investor Class	(42,981,654		)	(19,055,364		)	(21,633,054		)	(9,445,838		)
Institutional Class	(29,032,052		)	(9,111,372		)	(20,793,544		)	(6,987,452		)
A Class	(23,026,842		)	(10,524,767		)	(12,027,043		)	(5,512,609		)
C Class	(344,079		)	(132,715		)	(145,548		)	(73,397		)
R Class	(10,426,436		)	(4,665,723		)	(5,635,265		)	(2,492,089		)
Decrease in net assets from distributions	(140,157,115		)	(81,061,817		)	(82,847,035		)	(47,326,649		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	308,832,836			351,330,616			278,893,212			315,884,884

Net increase (decrease) in net assets	212,831,819			379,101,149			227,228,494			338,416,361

Net Assets
Beginning of period	2,070,003,094			1,690,901,945			1,302,919,886			964,503,525
End of period	$	2,282,834,913		$	2,070,003,094		$	1,530,148,380		$	1,302,919,886

Undistributed net investment income	$	6,593,601		$	6,546,610		$	4,016,732		$	3,864,164

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice 2045 Portfolio						One Choice 2050 Portfolio
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	27,474,466		$	27,506,221		$	14,530,983		$	12,870,093
Net realized gain (loss)	42,180,869			83,119,999			20,938,567			35,573,735
Change in net unrealized appreciation (depreciation)	(40,488,221		)	(21,040,888		)	(15,999,909		)	(6,085,460		)
Net increase (decrease) in net assets resulting from operations	29,167,114			89,585,332			19,469,641			42,358,368

Distributions to Shareholders
From net investment income:
Investor Class	(10,641,695		)	(12,417,396		)	(4,697,793		)	(4,991,296		)
Institutional Class	(8,700,408		)	(7,762,124		)	(5,341,095		)	(4,239,248		)
A Class	(4,393,927		)	(5,699,040		)	(2,368,166		)	(2,692,104		)
C Class	(21,431		)	(24,550		)	(15,105		)	(24,454		)
R Class	(1,617,492		)	(2,186,794		)	(776,216		)	(902,027		)
From net realized gains:
Investor Class	(34,032,164		)	(14,310,333		)	(12,796,697		)	(5,158,427		)
Institutional Class	(24,964,934		)	(8,195,367		)	(13,026,044		)	(4,002,833		)
A Class	(16,397,656		)	(7,415,660		)	(7,560,061		)	(3,154,095		)
C Class	(160,219		)	(52,135		)	(99,268		)	(47,826		)
R Class	(7,245,975		)	(3,267,257		)	(2,990,608		)	(1,219,857		)
Decrease in net assets from distributions	(108,175,901		)	(61,330,656		)	(49,671,053		)	(26,432,167		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	251,942,193			248,473,490			205,526,202			205,592,971

Net increase (decrease) in net assets	172,933,406			276,728,166			175,324,790			221,519,172

Net Assets
Beginning of period	1,485,310,593			1,208,582,427			753,440,068			531,920,896
End of period	$	1,658,243,999		$	1,485,310,593		$	928,764,858		$	753,440,068

Undistributed net investment income	$	3,827,511		$	4,031,434		$	1,899,219		$	1,873,490

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 (EXCEPT AS NOTED) AND JULY 31, 2015
	One Choice 2055 Portfolio						One Choice 2060 Portfolio
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016⁽¹⁾
Operations
Net investment income (loss)	$	4,984,175		$	3,283,826		$	13,244
Net realized gain (loss)	7,792,773			8,193,394			(8,684		)
Change in net unrealized appreciation (depreciation)	(1,770,845		)	(471,405		)	367,686
Net increase (decrease) in net assets resulting from operations	11,006,103			11,005,815			372,246

Distributions to Shareholders
From net investment income:
Investor Class	(1,182,971		)	(920,151		)	(2,158		)
Institutional Class	(2,042,853		)	(1,225,516		)	(302		)
A Class	(787,206		)	(707,023		)	(289		)
C Class	(3,972		)	(4,711		)	(222		)
R Class	(325,435		)	(287,640		)	(501		)
From net realized gains:
Investor Class	(2,340,355		)	(680,925		)	—
Institutional Class	(3,600,749		)	(824,828		)	—
A Class	(1,837,241		)	(597,342		)	—
C Class	(20,185		)	(6,929		)	—
R Class	(926,522		)	(283,137		)	—
Decrease in net assets from distributions	(13,067,489		)	(5,538,202		)	(3,472		)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	136,632,415			107,943,826			6,155,979

Net increase (decrease) in net assets	134,571,029			113,411,439			6,524,753

Net Assets
Beginning of period	236,129,591			122,718,152			—
End of period	$	370,700,620		$	236,129,591		$	6,524,753

Undistributed net investment income	$	693,084		$	500,988		$	9,886


(1)	September 30, 2015 (fund inception) through July 31, 2016.

See Notes to Financial Statements.

Notes to Financial Statements

JULY 31, 2016

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. One Choice In Retirement Portfolio, One Choice 2020 Portfolio, One Choice 2025 Portfolio, One Choice 2030 Portfolio, One Choice 2035 Portfolio, One Choice 2040 Portfolio, One Choice 2045 Portfolio, One Choice 2050 Portfolio, One Choice 2055 Portfolio and One Choice 2060 Portfolio (collectively, the funds) are ten funds in a series issued by the corporation. The funds operate as “funds of funds,” meaning substantially all of the funds’ assets will be invested in other American Century Investments mutual funds (the underlying funds). Each fund’s assets are allocated among underlying funds that represent major asset classes, including equity securities (stocks), fixed-income securities (bonds) and cash-equivalent instruments (money markets). The underlying funds do not invest in securities issued by companies assigned the Global Industry Classification Standard for the tobacco industry. The funds will assume the risks associated with their underlying funds. Additional information and attributes of each underlying fund are available at americancentury.com. The investment objective of One Choice In Retirement Portfolio is to seek current income. Capital appreciation is a secondary objective. The investment objective of each of the nine target date One Choice Portfolios is to seek the highest total return consistent with its asset mix. When a fund reaches its most conservative planned target asset allocation, which is expected to occur on approximately November 30 of the year before the target date, its target allocation will become fixed and will match that of One Choice In Retirement Portfolio.

The funds offer the Investor Class, the Institutional Class, the A Class, the C Class and the R 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. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is not charged an administrative fee. All classes of One Choice 2060 Portfolio commenced sale on September 30, 2015, the fund’s inception date.

2. Significant Accounting Policies

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.

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).

3. Fees and Transactions with Related Parties

Administrative Fees — The corporation has entered into an agreement with ACIM, under which ACIM provides the funds with shareholder services in exchange for an administrative fee (the fee). The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee for the Investor Class, A Class, C Class and R Class is 0.20%. There is no administrative fee for the Institutional Class. Fees incurred under the agreement during the year ended July 31, 2016 (except as noted) are detailed in the Statements of Operations.

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 year ended July 31, 2016 (except as noted) are detailed in the Statements of Operations.

4. Investment Transactions

Investment transactions for the year ended July 31, 2016 (except as noted) were as follows:



	One Choice In Retirement Portfolio		One Choice 2020 Portfolio		One Choice 2025 Portfolio		One Choice 2030 Portfolio		One Choice 2035 Portfolio
Purchases	$	260,540,745	$	427,875,950	$	501,378,490	$	475,570,282	$	436,664,594
Sales	$	302,595,963	$	219,261,187	$	291,372,736	$	176,270,966	$	172,779,865



	One Choice 2040 Portfolio		One Choice 2045 Portfolio		One Choice 2050 Portfolio		One Choice 2055 Portfolio		One Choice 2060 Portfolio⁽¹⁾
Purchases	$	372,520,706	$	331,407,319	$	254,056,862	$	154,300,307	$	6,417,965
Sales	$	111,343,589	$	111,366,807	$	57,118,237	$	16,495,438	$	243,142


(1)	September 30, 2015 (fund inception) through July 31, 2016.

5. Capital Share Transactions

The corporation is authorized to issue 4,000,000,000 shares. Transactions in shares of the funds were as follows:



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice In Retirement Portfolio
Investor Class
Sold	18,223,970		$	223,169,161		17,213,862		$	221,160,056
Issued in connection with reorganization (Note 10)	—		—			38,767,212		490,224,856
Issued in reinvestment of distributions	1,203,595		14,610,372			1,633,545		20,973,245
Redeemed	(18,807,692	)	(230,116,802		)	(12,016,598	)	(153,949,116		)
	619,873		7,662,731			45,598,021		578,409,041
Institutional Class
Sold	18,611,853		225,716,577			18,960,260		242,784,308
Issued in connection with reorganization (Note 10)	—		—			15,752,681		199,204,707
Issued in reinvestment of distributions	762,651		9,257,074			962,851		12,361,297
Redeemed	(17,756,771	)	(216,302,626		)	(7,231,026	)	(92,616,001		)
	1,617,733		18,671,025			28,444,766		361,734,311
A Class
Sold	8,274,820		101,226,434			13,081,287		167,909,620
Issued in connection with reorganization (Note 10)	—		—			16,935,741		214,308,053
Issued in reinvestment of distributions	469,575		5,704,618			743,527		9,552,136
Redeemed	(14,300,444	)	(175,243,222		)	(7,593,284	)	(97,782,607		)
	(5,556,049	)	(68,312,170		)	23,167,271		293,987,202
C Class
Sold	321,792		3,896,434			92,973		1,189,600
Issued in connection with reorganization (Note 10)	—		—			418,218		5,283,721
Issued in reinvestment of distributions	5,766		70,021			11,987		153,874
Redeemed	(176,421	)	(2,158,419		)	(108,132	)	(1,378,450		)
	151,137		1,808,036			415,046		5,248,745
R Class
Sold	2,621,496		31,895,050			4,893,972		63,225,281
Issued in connection with reorganization (Note 10)	—		—			9,766,945		123,418,300
Issued in reinvestment of distributions	235,088		2,854,071			598,120		7,680,888
Redeemed	(6,429,566	)	(78,273,700		)	(3,605,660	)	(46,176,471		)
	(3,572,982	)	(43,524,579		)	11,653,377		148,147,998
Net increase (decrease)	(6,740,288	)	$	(83,694,957	)	109,278,481		$	1,387,527,297



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2020 Portfolio
Investor Class
Sold	18,929,682		$	220,119,493		14,280,676		$	175,926,540
Issued in reinvestment of distributions	2,748,453		31,277,389			1,733,039		21,125,745
Redeemed	(14,685,798	)	(170,776,248		)	(11,106,583	)	(136,839,437		)
	6,992,337		80,620,634			4,907,132		60,212,848
Institutional Class
Sold	30,149,381		344,391,519			28,856,375		355,949,709
Issued in reinvestment of distributions	2,703,137		30,761,704			1,274,866		15,527,868
Redeemed	(18,769,620	)	(216,823,220		)	(8,353,262	)	(102,935,651		)
	14,082,898		158,330,003			21,777,979		268,541,926
A Class
Sold	9,632,648		112,111,367			8,393,327		103,181,602
Issued in reinvestment of distributions	1,396,180		15,888,527			908,384		11,064,112
Redeemed	(11,486,387	)	(133,271,638		)	(7,483,026	)	(91,992,350		)
	(457,559	)	(5,271,744		)	1,818,685		22,253,364
C Class
Sold	110,599		1,291,435			201,888		2,490,419
Issued in reinvestment of distributions	34,322		391,959			26,108		319,042
Redeemed	(422,149	)	(4,885,148		)	(163,308	)	(2,008,971		)
	(277,228	)	(3,201,754		)	64,688		800,490
R Class
Sold	3,614,885		41,833,704			4,699,903		57,844,285
Issued in reinvestment of distributions	628,108		7,147,870			388,598		4,733,123
Redeemed	(4,820,597	)	(55,835,520		)	(2,944,639	)	(36,186,326		)
	(577,604	)	(6,853,946		)	2,143,862		26,391,082
Net increase (decrease)	19,762,844		$	223,623,193		30,712,346		$	378,199,710



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2025 Portfolio
Investor Class
Sold	20,068,069		$	274,649,250		15,982,482		$	233,800,121
Issued in reinvestment of distributions	4,844,403		64,672,776			2,922,755		42,204,586
Redeemed	(16,913,186	)	(231,383,477		)	(13,526,685	)	(198,262,902		)
	7,999,286		107,938,549			5,378,552		77,741,805
Institutional Class
Sold	28,880,963		388,868,992			27,274,426		400,047,373
Issued in reinvestment of distributions	3,257,820		43,491,901			1,489,458		21,507,780
Redeemed	(19,160,311	)	(262,797,216		)	(8,065,557	)	(118,097,955		)
	12,978,472		169,563,677			20,698,327		303,457,198
A Class
Sold	11,445,660		156,848,824			13,216,694		193,358,730
Issued in reinvestment of distributions	2,226,779		29,749,766			1,348,142		19,467,175
Redeemed	(14,966,488	)	(204,352,514		)	(11,947,133	)	(174,734,711		)
	(1,294,049	)	(17,753,924		)	2,617,703		38,091,194
C Class
Sold	102,936		1,399,596			134,770		1,977,888
Issued in reinvestment of distributions	28,529		381,997			16,703		241,863
Redeemed	(99,476	)	(1,359,526		)	(118,393	)	(1,732,147		)
	31,989		422,067			33,080		487,604
R Class
Sold	3,707,105		50,572,212			5,531,354		80,852,800
Issued in reinvestment of distributions	905,469		12,088,015			537,074		7,755,353
Redeemed	(5,176,224	)	(70,309,101		)	(4,126,096	)	(60,332,795		)
	(563,650	)	(7,648,874		)	1,942,332		28,275,358
Net increase (decrease)	19,152,048		$	252,521,495		30,669,994		$	448,053,159



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2030 Portfolio
Investor Class
Sold	19,068,888		$	223,972,654		12,342,855		$	154,898,255
Issued in reinvestment of distributions	3,024,618		34,783,102			1,802,338		22,312,945
Redeemed	(12,794,076	)	(150,248,622		)	(8,377,028	)	(105,463,245		)
	9,299,430		108,507,134			5,768,165		71,747,955
Institutional Class
Sold	31,049,870		357,721,669			26,403,324		332,313,496
Issued in reinvestment of distributions	3,107,275		35,702,588			1,369,619		16,942,184
Redeemed	(16,702,053	)	(193,626,560		)	(7,929,515	)	(99,577,803		)
	17,455,092		199,797,697			19,843,428		249,677,877
A Class
Sold	10,114,288		118,744,551			8,621,434		107,989,095
Issued in reinvestment of distributions	1,684,661		19,356,754			1,066,619		13,183,409
Redeemed	(11,160,784	)	(130,752,934		)	(7,604,709	)	(95,248,054		)
	638,165		7,348,371			2,083,344		25,924,450
C Class
Sold	169,230		1,965,674			124,316		1,558,209
Issued in reinvestment of distributions	23,260		268,188			12,242		151,803
Redeemed	(84,777	)	(1,000,789		)	(46,704	)	(585,833		)
	107,713		1,233,073			89,854		1,124,179
R Class
Sold	4,561,651		53,142,145			5,221,381		65,515,655
Issued in reinvestment of distributions	761,312		8,747,474			442,326		5,471,578
Redeemed	(4,961,583	)	(57,866,064		)	(2,720,916	)	(34,035,727		)
	361,380		4,023,555			2,942,791		36,951,506
Net increase (decrease)	27,861,780		$	320,909,830		30,727,582		$	385,425,967



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2035 Portfolio
Investor Class
Sold	15,299,565		$	223,089,752		12,171,906		$	191,758,316
Issued in reinvestment of distributions	4,006,540		57,173,324			2,307,787		35,793,777
Redeemed	(11,888,016	)	(173,150,871		)	(9,912,501	)	(156,679,334		)
	7,418,089		107,112,205			4,567,192		70,872,759
Institutional Class
Sold	22,244,429		318,125,110			19,527,225		309,062,135
Issued in reinvestment of distributions	2,692,733		38,425,294			1,118,352		17,356,824
Redeemed	(11,571,289	)	(168,001,679		)	(6,239,004	)	(98,411,697		)
	13,365,873		188,548,725			14,406,573		228,007,262
A Class
Sold	9,473,530		138,114,390			9,416,842		148,486,107
Issued in reinvestment of distributions	1,918,627		27,378,808			1,122,939		17,416,778
Redeemed	(11,204,929	)	(162,933,532		)	(8,706,317	)	(137,135,114		)
	187,228		2,559,666			1,833,464		28,767,771
C Class
Sold	97,600		1,432,241			186,377		2,948,377
Issued in reinvestment of distributions	27,457		392,364			12,574		195,398
Redeemed	(104,737	)	(1,511,159		)	(76,543	)	(1,202,927		)
	20,320		313,446			122,408		1,940,848
R Class
Sold	3,774,625		54,865,811			4,473,556		70,511,806
Issued in reinvestment of distributions	862,750		12,311,437			482,651		7,490,741
Redeemed	(3,927,490	)	(56,878,454		)	(3,570,822	)	(56,260,571		)
	709,885		10,298,794			1,385,385		21,741,976
Net increase (decrease)	21,701,395		$	308,832,836		22,315,022		$	351,330,616



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2040 Portfolio
Investor Class
Sold	14,793,356		$	178,794,079		10,078,550		$	131,538,110
Issued in reinvestment of distributions	2,513,846		29,889,633			1,435,726		18,449,075
Redeemed	(9,455,996	)	(114,560,086		)	(6,055,910	)	(79,239,135		)
	7,851,206		94,123,626			5,458,366		70,748,050
Institutional Class
Sold	22,038,927		261,646,666			18,025,517		236,358,055
Issued in reinvestment of distributions	2,491,995		29,604,898			1,109,702		14,259,665
Redeemed	(10,940,604	)	(130,862,409		)	(4,794,660	)	(62,615,500		)
	13,590,318		160,389,155			14,340,559		188,002,220
A Class
Sold	7,736,029		93,694,315			6,382,928		83,276,597
Issued in reinvestment of distributions	1,242,923		14,765,927			746,460		9,592,013
Redeemed	(7,962,745	)	(96,262,813		)	(4,742,076	)	(61,744,765		)
	1,016,207		12,197,429			2,387,312		31,123,845
C Class
Sold	64,709		780,939			66,097		861,355
Issued in reinvestment of distributions	14,188		168,981			8,582		110,451
Redeemed	(36,329	)	(442,952		)	(62,786	)	(822,235		)
	42,568		506,968			11,893		149,571
R Class
Sold	3,442,433		41,473,487			3,716,455		48,500,389
Issued in reinvestment of distributions	579,653		6,886,282			323,310		4,154,537
Redeemed	(3,056,839	)	(36,683,735		)	(2,058,328	)	(26,793,728		)
	965,247		11,676,034			1,981,437		25,861,198
Net increase (decrease)	23,465,546		$	278,893,212		24,179,567		$	315,884,884



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2045 Portfolio
Investor Class
Sold	12,490,833		$	188,101,895		9,660,379		$	158,867,725
Issued in reinvestment of distributions	3,005,579		44,422,451			1,632,508		26,413,979
Redeemed	(9,287,115	)	(139,685,506		)	(6,894,964	)	(113,809,339		)
	6,209,297		92,838,840			4,397,923		71,472,365
Institutional Class
Sold	16,167,791		239,772,938			12,614,302		208,794,613
Issued in reinvestment of distributions	2,199,823		32,535,386			956,596		15,487,287
Redeemed	(8,548,345	)	(128,709,445		)	(4,545,571	)	(74,791,278		)
	9,819,269		143,598,879			9,025,327		149,490,622
A Class
Sold	6,430,580		97,034,185			6,000,030		98,735,500
Issued in reinvestment of distributions	1,303,740		19,269,273			757,645		12,258,689
Redeemed	(7,624,265	)	(115,240,850		)	(5,751,918	)	(94,387,834		)
	110,055		1,062,608			1,005,757		16,606,355
C Class
Sold	70,908		1,083,469			60,771		1,002,020
Issued in reinvestment of distributions	12,113		179,515			4,657		75,539
Redeemed	(41,811	)	(616,027		)	(39,859	)	(659,134		)
	41,210		646,957			25,569		418,425
R Class
Sold	2,669,511		40,182,973			2,927,240		48,182,396
Issued in reinvestment of distributions	579,202		8,566,396			324,338		5,251,030
Redeemed	(2,333,538	)	(34,954,460		)	(2,611,853	)	(42,947,703		)
	915,175		13,794,909			639,725		10,485,723
Net increase (decrease)	17,095,006		$	251,942,193		15,094,301		$	248,473,490



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2050 Portfolio
Investor Class
Sold	11,145,520		$	134,024,936		7,231,609		$	94,412,951
Issued in reinvestment of distributions	1,472,470		17,492,943			787,594		10,144,207
Redeemed	(6,319,269	)	(76,253,579		)	(4,393,486	)	(57,584,351		)
	6,298,721		75,264,300			3,625,717		46,972,807
Institutional Class
Sold	14,604,145		173,620,358			11,948,412		157,520,174
Issued in reinvestment of distributions	1,544,755		18,367,139			639,417		8,242,081
Redeemed	(6,465,132	)	(77,252,570		)	(3,617,765	)	(47,416,705		)
	9,683,768		114,734,927			8,970,064		118,345,550
A Class
Sold	5,392,486		65,104,219			4,538,845		59,389,523
Issued in reinvestment of distributions	787,057		9,350,238			437,490		5,634,876
Redeemed	(5,875,050	)	(70,639,101		)	(2,949,894	)	(38,468,312		)
	304,493		3,815,356			2,026,441		26,556,087
C Class
Sold	47,689		576,791			59,780		779,607
Issued in reinvestment of distributions	9,595		114,373			5,594		72,280
Redeemed	(68,558	)	(814,747		)	(53,229	)	(697,097		)
	(11,274	)	(123,583		)	12,145		154,790
R Class
Sold	2,327,271		27,889,032			2,118,190		27,698,775
Issued in reinvestment of distributions	305,066		3,627,231			159,263		2,052,906
Redeemed	(1,644,466	)	(19,681,061		)	(1,237,820	)	(16,187,944		)
	987,871		11,835,202			1,039,633		13,563,737
Net increase (decrease)	17,263,579		$	205,526,202		15,674,000		$	205,592,971



	Year ended July 31, 2016					Year ended July 31, 2015
	Shares		Amount			Shares		Amount
One Choice 2055 Portfolio
Investor Class
Sold	4,737,598		$	59,648,772		3,066,992		$	41,712,511
Issued in reinvestment of distributions	280,961		3,523,248			119,545		1,600,714
Redeemed	(1,765,253	)	(22,307,271		)	(889,005	)	(12,092,296		)
	3,253,306		40,864,749			2,297,532		31,220,929
Institutional Class
Sold	8,222,831		103,048,967			4,756,279		64,859,274
Issued in reinvestment of distributions	450,048		5,643,602			153,125		2,050,344
Redeemed	(3,120,072	)	(39,568,331		)	(1,424,936	)	(19,297,793		)
	5,552,807		69,124,238			3,484,468		47,611,825
A Class
Sold	2,772,073		34,987,273			2,265,221		30,702,476
Issued in reinvestment of distributions	198,329		2,485,057			93,074		1,245,329
Redeemed	(1,745,688	)	(21,994,763		)	(979,181	)	(13,234,447		)
	1,224,714		15,477,567			1,379,114		18,713,358
C Class
Sold	16,528		209,866			17,482		236,514
Issued in reinvestment of distributions	1,927		24,158			869		11,640
Redeemed	(10,751	)	(129,845		)	(10,083	)	(136,673		)
	7,704		104,179			8,268		111,481
R Class
Sold	1,376,195		17,348,754			1,164,264		15,811,677
Issued in reinvestment of distributions	96,579		1,211,095			41,365		554,281
Redeemed	(596,267	)	(7,498,167		)	(450,762	)	(6,079,725		)
	876,507		11,061,682			754,867		10,286,233
Net increase (decrease)	10,915,038		$	136,632,415		7,924,249		$	107,943,826



	Period ended July 31, 2016⁽¹⁾
	Shares		Amount
One Choice 2060 Portfolio
Investor Class
Sold	135,558		$	1,395,896
Issued in reinvestment of distributions	209		2,158
Redeemed	(15,917	)	(160,609		)
	119,850		1,237,445
Institutional Class
Sold	243,418		2,467,141
Issued in reinvestment of distributions	29		302
Redeemed	(19,363	)	(195,488		)
	224,084		2,271,955
A Class
Sold	213,322		2,210,037
Issued in reinvestment of distributions	28		289
Redeemed	(16,191	)	(163,363		)
	197,159		2,046,963
C Class
Sold	2,554		25,569
Issued in reinvestment of distributions	21		222
Redeemed	(2	)	(24		)
	2,573		25,767
R Class
Sold	61,517		632,564
Issued in reinvestment of distributions	48		501
Redeemed	(5,827	)	(59,216		)
	55,738		573,849
Net increase (decrease)	599,404		$	6,155,979


(1)	September 30, 2015 (fund inception) through July 31, 2016.

6. Affiliated Fund Transactions

A summary of transactions for each underlying fund for the year ended July 31, 2016 (except as noted) follows:



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice In Retirement Portfolio
NT Core Equity Plus Fund	$	59,733,204	$	7,415,992	$	5,487,103	$	(549,226	)	$	4,145,123	$	58,221,095
NT Disciplined Growth Fund	29,825,831		1,724,501		2,051,694		(96,815		)	272,327		29,532,355
NT Equity Growth Fund	198,379,399		34,937,162		33,172,034		(2,632,872		)	12,281,502		192,466,140
NT Growth Fund	89,428,772		13,526,024		13,244,235		126,746			5,473,859		87,117,199
NT Heritage Fund	44,663,841		7,952,447		5,566,228		(533,385		)	3,339,502		43,893,713
NT Large Company Value Fund	187,853,852		46,489,375		41,024,239		(4,084,898		)	18,522,855		182,391,552
NT Mid Cap Value Fund	89,572,202		13,548,896		19,254,456		(1,223,863		)	7,392,860		87,086,178
NT Small Company Fund	39,745,272		7,509,791		5,720,681		(891,920		)	3,095,570		39,041,213
High-Yield Fund	75,413,721		6,674,862		7,900,499		(865,411		)	4,145,628		73,232,751
Inflation-Adjusted Bond Fund	30,071,749		850,665		2,989,028		(88,507		)	483,575		28,820,815
NT Diversified Bond Fund	430,087,844		57,298,735		84,217,611		(1,640,618		)	13,263,753		413,765,492
Short Duration Inflation Protection Bond Fund	121,327,958		4,893,926		13,533,786		(425,279		)	11,551		115,146,111
Global Bond Fund	139,256,889		4,863,809		19,124,952		(206,733		)	757,536		132,677,047
International Bond Fund	99,567,891		10,021,860		25,477,978		(3,489,675		)	2,187,517		95,749,278
U.S. Government Money Market Fund⁽³⁾	198,538,100		13,460,173		22,794,896		—			18,790		189,203,377
NT Global Real Estate Fund	19,933,487		1,219,451		2,743,775		(142,915		)	481,600		20,156,502
NT International Growth Fund	90,158,246		20,380,127		12,911,101		(1,202,287		)	3,261,492		88,084,685
NT International Value Fund	44,895,479		7,772,949		3,829,427		(500,102		)	980,775		43,406,874
	$	1,988,453,737	$	260,540,745	$	321,043,723	$	(18,447,760	)	$	80,115,815	$	1,919,992,377


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2020 Portfolio
NT Core Equity Plus Fund	$	51,778,691	$	12,608,570	$	3,501,723	$	(396,451	)	$	3,813,892	$	58,137,314
NT Disciplined Growth Fund	31,794,123		4,527,894		2,199,473		(118,391		)	304,073		34,438,152
NT Equity Growth Fund	168,090,023		50,586,432		24,748,825		(2,385,792		)	11,053,346		189,158,552
NT Growth Fund	91,032,007		23,309,264		12,665,492		(23,950		)	5,737,062		99,829,619
NT Heritage Fund	52,815,824		14,326,072		8,327,039		(552,303		)	3,967,284		55,403,276
NT Large Company Value Fund	165,317,337		60,975,257		34,247,274		(3,215,944		)	17,071,298		183,414,460
NT Mid Cap Value Fund	88,431,067		20,805,186		17,319,847		(1,099,838		)	7,540,463		96,102,526
NT Small Company Fund	30,751,249		9,227,860		1,987,481		(311,404		)	2,539,676		35,997,279
High-Yield Fund	63,823,182		12,430,075		4,818,300		(498,677		)	3,763,317		70,783,884
Inflation-Adjusted Bond Fund	47,246,424		4,307,749		6,242,351		(306,580		)	770,980		46,943,912
NT Diversified Bond Fund	358,863,003		89,038,848		58,706,394		(1,021,351		)	11,898,931		399,031,479
Short Duration Inflation Protection Bond Fund	80,028,196		16,087,893		4,645,687		(181,263		)	8,248		93,321,085
Global Bond Fund	111,332,264		14,539,188		9,094,075		(164,287		)	635,381		123,687,996
International Bond Fund	78,746,336		15,028,167		13,786,516		(1,834,922		)	1,835,161		89,188,899
NT Emerging Markets Fund	17,327,605		3,470,138		3,537,628		(387,137		)	56,022		17,726,743
NT Global Real Estate Fund	21,331,504		2,697,442		2,353,010		(143,057		)	527,052		23,787,258
NT International Growth Fund	81,672,277		27,250,289		8,664,901		(574,624		)	3,122,870		90,994,794
NT International Small-Mid Cap Fund	5,056,947		434,272		766,666		30,066			36,689		4,670,347
NT International Value Fund	48,928,397		14,459,884		5,695,321		(617,773		)	1,089,542		51,894,421
U.S. Government Money Market Fund⁽³⁾	133,711,822		31,765,470		9,756,862		—			14,076		155,720,430
	$	1,728,078,278	$	427,875,950	$	233,064,865	$	(13,803,678	)	$	75,785,363	$	1,920,232,426


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2025 Portfolio
NT Core Equity Plus Fund	$	78,486,923	$	13,263,814	$	2,236,600	$	(156,296	)	$	5,638,618	$	84,722,212
NT Disciplined Growth Fund	58,512,394		5,191,136		2,759,391		(97,304		)	543,319		61,202,437
NT Equity Growth Fund	243,011,480		54,069,265		22,845,892		(1,771,853		)	15,816,762		264,822,370
NT Growth Fund	156,705,841		29,030,099		16,844,411		149,357			9,874,798		164,854,079
NT Heritage Fund	106,284,897		25,691,791		15,323,720		(1,074,418		)	8,124,349		109,252,578
NT Large Company Value Fund	253,707,512		75,077,894		41,009,079		(3,073,774		)	25,894,927		271,855,441
NT Mid Cap Value Fund	154,286,546		27,884,968		26,918,344		(1,454,738		)	12,900,245		161,162,619
NT Small Company Fund	45,907,369		11,099,351		4,654,989		(782,992		)	3,775,885		49,231,984
High-Yield Fund	91,587,711		11,421,360		3,323,381		(339,432		)	5,247,845		98,165,440
Inflation-Adjusted Bond Fund	103,477,958		5,280,262		9,866,285		(553,563		)	1,680,110		102,279,328
NT Diversified Bond Fund	520,291,717		106,613,208		85,551,785		(1,200,165		)	16,706,405		554,772,878
Short Duration Inflation Protection Bond Fund	80,224,618		12,394,582		3,388,531		(127,508		)	8,206		90,957,441
NT Emerging Markets Fund	55,279,068		7,760,695		9,610,508		(753,496		)	166,709		54,344,745
NT Global Real Estate Fund	38,898,586		3,318,699		3,271,366		(171,735		)	942,666		42,573,615
NT International Growth Fund	129,656,582		34,399,643		10,588,581		(514,359		)	4,786,251		138,471,734
NT International Small-Mid Cap Fund	15,857,286		962,779		1,501,511		57,917			122,192		15,163,558
NT International Value Fund	90,013,155		22,384,306		8,529,050		(800,537		)	1,993,808		92,760,053
Global Bond Fund	153,294,094		14,014,334		13,501,854		(235,611		)	857,071		162,896,615
International Bond Fund	106,142,609		13,188,438		16,458,578		(2,412,971		)	2,426,891		114,807,959
U.S. Government Money Market Fund⁽³⁾	136,831,487		28,331,866		8,502,358		—			14,210		156,660,995
	$	2,618,457,833	$	501,378,490	$	306,686,214	$	(15,313,478	)	$	117,521,267	$	2,790,958,081


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2030 Portfolio
NT Core Equity Plus Fund	$	53,828,448	$	12,473,316	$	3,200,262	$	(336,158	)	$	3,876,977	$	60,158,933
NT Disciplined Growth Fund	44,934,594		7,921,575		2,524,568		(180,057		)	440,824		50,870,419
NT Equity Growth Fund	159,708,482		45,810,695		12,796,663		(1,565,175		)	10,663,770		187,511,367
NT Growth Fund	125,273,174		33,784,648		14,834,757		(475,089		)	8,088,003		142,100,556
NT Heritage Fund	75,228,613		23,644,582		6,606,374		(821,242		)	5,936,840		87,659,254
NT Large Company Value Fund	176,804,958		64,777,624		28,797,787		(3,540,796		)	18,674,290		203,430,567
NT Mid Cap Value Fund	104,235,520		25,200,319		14,562,743		(1,423,721		)	9,176,301		119,997,643
NT Small Company Fund	40,816,418		12,604,911		4,637,094		(630,213		)	3,308,279		46,209,249
High-Yield Fund	55,355,964		13,616,552		3,893,723		(413,169		)	3,346,296		64,553,720
Inflation-Adjusted Bond Fund	83,426,680		12,514,097		7,517,953		(1,039,031		)	1,471,187		92,056,862
NT Diversified Bond Fund	306,875,287		90,725,259		46,119,031		(874,099		)	10,406,313		360,364,920
Short Duration Inflation Protection Bond Fund	27,431,766		8,667,847		907,491		(39,926		)	3,070		35,876,632
NT Emerging Markets Fund	45,734,668		12,773,048		6,201,482		(669,232		)	151,164		53,698,819
NT Global Real Estate Fund	29,943,305		4,405,795		2,360,838		(167,445		)	757,146		35,048,706
NT International Growth Fund	99,529,358		32,455,611		8,713,908		(573,034		)	3,753,898		111,878,729
NT International Small-Mid Cap Fund	16,046,153		1,758,662		1,079,342		27,215			130,832		16,643,746
NT International Value Fund	69,925,278		26,952,781		9,015,977		(1,068,553		)	1,615,531		79,589,558
Global Bond Fund	90,375,097		15,308,936		6,891,733		(122,704		)	522,398		104,513,418
International Bond Fund	38,115,811		12,074,890		3,689,038		(631,218		)	978,527		51,173,346
U.S. Government Money Market Fund⁽³⁾	86,395,934		18,099,134		6,463,849		—			8,943		98,031,219
	$	1,729,985,508	$	475,570,282	$	190,814,613	$	(14,543,647	)	$	83,310,589	$	2,001,367,663


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2035 Portfolio
NT Core Equity Plus Fund	$	67,498,413	$	11,891,960	$	1,528,174	$	(144,901	)	$	4,880,070	$	73,715,498
NT Disciplined Growth Fund	62,026,540		6,421,466		2,357,409		(124,343		)	585,512		66,413,067
NT Equity Growth Fund	190,771,220		37,675,837		8,482,110		(931,679		)	12,386,399		211,928,220
NT Growth Fund	184,847,637		35,770,214		17,360,134		92,645			11,578,710		198,700,918
NT Heritage Fund	98,381,838		24,299,821		8,598,113		(943,756		)	7,626,599		107,485,525
NT Large Company Value Fund	218,763,549		59,710,380		25,677,354		(2,201,039		)	22,278,783		238,496,765
NT Mid Cap Value Fund	124,102,598		20,437,611		12,249,339		(973,507		)	10,717,153		136,986,133
NT Small Company Fund	63,519,225		15,626,703		4,506,875		(549,589		)	5,109,900		69,961,749
High-Yield Fund	58,729,196		8,991,303		829,802		(97,481		)	3,462,972		65,877,592
Inflation-Adjusted Bond Fund	111,883,593		13,927,043		11,327,267		(1,538,551		)	1,903,226		119,264,896
NT Diversified Bond Fund	317,553,060		78,815,004		47,126,665		(737,965		)	10,437,885		357,791,201
Short Duration Inflation Protection Bond Fund	6,812,096		4,400,900		198,324		(8,188		)	931		11,226,761
NT Emerging Markets Fund	64,850,899		12,137,462		5,920,050		(637,818		)	209,620		72,315,524
NT Global Real Estate Fund	41,333,660		3,623,763		2,973,999		(185,951		)	1,012,305		45,863,992
NT International Growth Fund	134,269,245		34,985,810		7,877,389		(290,954		)	4,997,325		145,592,857
NT International Small-Mid Cap Fund	25,414,468		2,970,084		2,129,247		65,695			206,792		26,114,413
NT International Value Fund	96,049,054		28,775,503		7,470,008		(835,610		)	2,179,883		105,404,284
Global Bond Fund	95,551,004		11,910,326		8,081,803		(138,689		)	539,349		105,128,166
International Bond Fund	4,125,821		7,732,072		308,239		(15,706		)	190,203		12,493,165
U.S. Government Money Market Fund⁽³⁾	103,488,350		16,561,332		7,974,951		—			10,344		112,074,731
	$	2,069,971,466	$	436,664,594	$	182,977,252	$	(10,197,387	)	$	100,313,961	$	2,282,835,457


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2040 Portfolio
NT Core Equity Plus Fund	$	45,466,882	$	10,994,192	$	2,039,776	$	(341,827	)	$	3,401,968	$	51,832,291
NT Disciplined Growth Fund	40,846,699		6,972,152		902,329		(48,331		)	405,829		47,322,259
NT Equity Growth Fund	128,722,250		33,175,446		7,320,292		(875,065		)	8,456,403		149,793,421
NT Growth Fund	126,633,113		32,545,805		10,094,641		(375,772		)	8,167,364		146,975,123
NT Heritage Fund	72,227,459		21,584,071		5,548,287		(629,135		)	5,647,260		83,681,770
NT Large Company Value Fund	154,311,327		49,011,889		17,475,584		(2,341,900		)	16,075,214		176,699,622
NT Mid Cap Value Fund	83,700,170		17,715,712		8,655,748		(842,328		)	7,372,196		96,402,511
NT Small Company Fund	40,523,447		13,163,068		1,859,503		(296,458		)	3,432,229		48,915,131
High-Yield Fund	31,595,930		7,908,766		1,846,574		(202,596		)	1,910,903		37,341,773
Inflation-Adjusted Bond Fund	64,079,672		15,909,432		6,195,381		(925,892		)	1,196,279		76,874,433
NT Diversified Bond Fund	170,282,807		55,660,868		25,954,444		(501,886		)	5,821,422		205,014,375
NT Emerging Markets Fund	54,797,379		16,391,210		10,467,747		(1,155,954		)	183,155		62,464,980
NT Global Real Estate Fund	29,078,399		4,427,358		2,055,718		(137,906		)	738,200		34,392,712
NT International Growth Fund	86,918,273		30,997,554		5,358,737		(464,128		)	3,369,212		102,508,938
NT International Small-Mid Cap Fund	19,939,905		3,771,524		1,579,657		41,003			168,312		22,110,462
NT International Value Fund	63,525,705		25,314,432		5,928,532		(727,335		)	1,495,649		75,107,849
Global Bond Fund	54,685,296		11,108,674		5,323,958		(94,470		)	315,861		63,934,546
U.S. Government Money Market Fund⁽³⁾	35,565,915		15,868,553		2,656,661		—			4,073		48,777,807
	$	1,302,900,628	$	372,520,706	$	121,263,569	$	(9,919,980	)	$	68,161,529	$	1,530,150,003


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2045 Portfolio
NT Core Equity Plus Fund	$	61,567,343	$	8,008,907	$	1,578,301	$	(93,539	)	$	4,299,177	$	64,090,468
NT Disciplined Growth Fund	48,476,415		5,617,870		871,678		(32,894		)	464,605		53,422,059
NT Equity Growth Fund	152,121,546		28,845,767		3,752,122		(366,062		)	9,844,691		170,386,482
NT Growth Fund	156,184,411		28,732,688		8,609,488		176,387			9,854,297		172,528,952
NT Heritage Fund	96,727,920		21,399,558		5,035,896		(360,064		)	7,380,818		106,258,438
NT Large Company Value Fund	194,197,872		51,367,877		21,139,845		(2,248,362		)	19,932,246		211,583,415
NT Mid Cap Value Fund	104,511,046		15,764,833		8,506,632		(500,852		)	8,907,762		115,403,678
NT Small Company Fund	43,879,877		10,588,510		612,349		(34,812		)	3,599,709		50,288,233
NT Emerging Markets Fund	74,785,693		15,699,556		9,958,276		(893,738		)	240,207		82,030,128
NT Global Real Estate Fund	37,271,039		3,798,866		3,240,015		(181,862		)	911,777		41,309,508
NT International Growth Fund	103,364,416		28,655,969		6,859,871		(248,006		)	3,826,483		113,147,091
NT International Small-Mid Cap Fund	27,647,725		3,948,209		2,178,555		75,606			226,644		29,286,010
NT International Value Fund	75,462,779		24,542,822		6,047,409		(577,571		)	1,727,133		84,522,309
High-Yield Fund	29,940,828		5,281,676		613,684		(79,520		)	1,761,758		34,110,423
Inflation-Adjusted Bond Fund	60,484,301		12,364,014		6,192,821		(828,555		)	1,092,131		69,382,124
NT Diversified Bond Fund	158,647,574		49,471,203		26,943,714		(318,777		)	5,330,123		185,542,418
Global Bond Fund	56,315,680		9,209,209		5,680,838		(96,471		)	321,753		63,282,548
U.S. Government Money Market Fund⁽³⁾	3,714,267		8,109,785		154,405		—			766		11,669,647
	$	1,485,300,732	$	331,407,319	$	117,975,899	$	(6,609,092	)	$	79,722,080	$	1,658,243,931


(1)	Underlying fund investments represent Institutional Class, except U.S. Government Money Market Fund Investor Class.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2050 Portfolio
NT Core Equity Plus Fund	$	33,887,672	$	10,118,839	$	512,377	$	(74,984	)	$	2,570,784	$	41,473,334
NT Disciplined Growth Fund	25,512,151		5,655,597		606,544		(35,164		)	258,856		30,866,460
NT Equity Growth Fund	77,202,083		23,796,431		3,295,042		(469,940		)	5,206,661		94,866,479
NT Growth Fund	80,736,033		25,980,648		5,322,005		(271,605		)	5,375,084		100,314,286
NT Heritage Fund	49,245,955		17,413,768		2,687,770		(408,703		)	4,009,250		60,893,335
NT Large Company Value Fund	102,749,901		39,126,685		10,797,752		(1,540,617		)	10,997,026		124,997,967
NT Mid Cap Value Fund	51,770,946		14,310,528		4,533,576		(414,962		)	4,679,041		63,883,616
NT Small Company Fund	25,191,285		8,879,163		2,125,797		(213,452		)	2,063,173		30,221,299
NT Emerging Markets Fund	44,198,890		14,576,790		6,075,628		(628,029		)	146,181		54,220,137
NT Global Real Estate Fund	20,530,826		4,514,356		1,850,907		(127,838		)	527,857		25,430,440
NT International Growth Fund	50,213,090		20,994,864		2,948,256		(280,212		)	1,981,564		62,441,363
NT International Small-Mid Cap Fund	16,192,474		4,887,049		1,481,894		1,721			141,514		19,674,567
NT International Value Fund	39,897,061		17,490,409		3,158,467		(415,015		)	944,134		49,326,490
High-Yield Fund	13,321,023		4,461,444		968,807		(106,994		)	826,142		16,724,418
Inflation-Adjusted Bond Fund	26,706,973		8,362,169		2,752,918		(393,056		)	512,240		33,651,415
NT Diversified Bond Fund	70,305,247		26,252,327		11,013,431		(181,264		)	2,434,599		87,662,900
Global Bond Fund	25,771,878		7,235,795		2,593,684		(46,504		)	152,914		32,117,080
	$	753,433,488	$	254,056,862	$	62,724,855	$	(5,606,618	)	$	42,827,020	$	928,765,586


(1)	Underlying fund investments represent Institutional Class.


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



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2055 Portfolio
NT Core Equity Plus Fund	$	10,685,895	$	6,626,635	$	182,066	$	(24,213	)	$	888,628	$	16,601,046
NT Disciplined Growth Fund	8,255,572		4,429,280		72,850		(2,203		)	96,595		12,866,024
NT Equity Growth Fund	25,376,410		15,802,279		1,359,514		(162,713		)	1,874,330		39,281,687
NT Growth Fund	26,024,433		16,360,193		1,841,282		(99,395		)	1,884,786		40,623,578
NT Heritage Fund	15,984,450		10,481,867		696,361		(56,305		)	1,402,907		24,995,861
NT Large Company Value Fund	33,480,938		23,108,443		3,032,345		(352,897		)	3,913,922		51,957,963
NT Mid Cap Value Fund	16,036,456		9,099,099		892,417		(33,039		)	1,584,129		25,311,389
NT Small Company Fund	9,141,578		6,077,639		896,604		(86,264		)	811,175		13,880,042
NT Emerging Markets Fund	15,343,694		9,300,042		2,042,128		(257,245		)	56,181		23,568,831
NT Global Real Estate Fund	7,055,957		3,366,606		431,655		(24,314		)	194,445		10,990,770
NT International Growth Fund	14,258,947		11,173,226		711,350		(64,826		)	608,724		23,126,836
NT International Small-Mid Cap Fund	5,809,954		3,505,509		315,048		(7,844		)	54,789		9,138,078
NT International Value Fund	12,928,711		10,128,873		1,105,923		(134,665		)	332,567		20,438,440
High-Yield Fund	3,563,558		2,291,181		203,365		(22,587		)	247,840		5,676,267
Inflation-Adjusted Bond Fund	7,086,698		4,636,955		665,111		(78,370		)	159,359		11,464,203
NT Diversified Bond Fund	17,924,026		13,593,437		2,943,420		(41,006		)	702,427		29,284,147
Global Bond Fund	7,166,872		4,319,043		561,508		(9,623		)	45,905		11,495,502
	$	236,124,149	$	154,300,307	$	17,952,947	$	(1,457,509	)	$	14,858,709	$	370,700,664


(1)	Underlying fund investments represent Institutional Class.


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



Fund/ Underlying Fund⁽¹⁾	Beginning Value	Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2060 Portfolio⁽³⁾
NT Core Equity Plus Fund	—	$	289,662	$	11,326	$	(871	)	$	2,015	$	292,781
NT Disciplined Growth Fund	—	222,630		8,673		(352		)	431		228,006
NT Equity Growth Fund	—	687,552		28,838		(1,918		)	3,753		700,098
NT Growth Fund	—	699,755		29,900		(2,143		)	1,796		717,066
NT Heritage Fund	—	427,479		19,174		(2,188		)	1,333		439,527
NT Large Company Value Fund	—	913,477		41,666		(3,764		)	6,522		926,465
NT Mid Cap Value Fund	—	426,539		17,987		(1,121		)	2,568		439,866
NT Small Company Fund	—	251,522		11,817		(1,303		)	865		260,060
NT Emerging Markets Fund	—	406,684		19,710		(920		)	53		420,984
NT Global Real Estate Fund	—	187,711		6,995		(253		)	202		197,509
NT International Growth Fund	—	394,177		15,049		(1,313		)	576		395,914
NT International Small-Mid Cap Fund	—	161,750		5,754		(262		)	53		165,372
NT International Value Fund	—	360,514		12,996		(1,103		)	318		363,894
High-Yield Fund	—	96,996		2,945		(130		)	1,285		97,523
Inflation-Adjusted Bond Fund	—	196,490		4,719		(7		)	960		195,533
NT Diversified Bond Fund	—	499,614		18,532		(104		)	2,700		488,925
Global Bond Fund	—	195,413		4,816		(3		)	47		195,231
	—	$	6,417,965	$	260,897	$	(17,755	)	$	25,477	$	6,524,754


(1)	Underlying fund investments represent Institutional Class.


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


(3)	September 30, 2015 (fund inception) through July 31, 2016.

7. Investments in Underlying Funds

8. Fair Value Measurements


•	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).

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.

9. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2016 and July 31, 2015 (except as noted) were as follows:



	2016				2015
	Distributions Paid From:				Distributions Paid From:
	Ordinary Income		Long-term capital gains		Ordinary Income		Long-term capital gains
One Choice In Retirement Portfolio	$	32,690,921	$	844,246	$	16,208,626	$	36,034,348
One Choice 2020 Portfolio	$	28,212,440	$	58,493,928	$	31,030,514	$	22,481,660
One Choice 2025 Portfolio	$	45,426,349	$	109,293,364	$	49,465,196	$	44,573,790
One Choice 2030 Portfolio	$	30,355,962	$	70,419,281	$	30,251,106	$	28,852,574
One Choice 2035 Portfolio	$	38,208,577	$	101,948,538	$	38,645,841	$	42,415,976
One Choice 2040 Portfolio	$	22,936,534	$	59,910,501	$	22,978,838	$	24,347,811
One Choice 2045 Portfolio	$	26,391,029	$	81,784,872	$	28,600,824	$	32,729,832
One Choice 2050 Portfolio	$	13,278,184	$	36,392,869	$	12,977,487	$	13,454,680
One Choice 2055 Portfolio	$	4,352,585	$	8,714,904	$	3,216,547	$	2,321,655
One Choice 2060 Portfolio⁽¹⁾	$	3,472	—		N/A		N/A

(1) September 30, 2015 (fund inception) through July 31, 2016.

As of July 31, 2016, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:



	One Choice In Retirement Portfolio			One Choice 2020 Portfolio			One Choice 2025 Portfolio			One Choice 2030 Portfolio			One Choice 2035 Portfolio
Federal tax cost of investments	$	1,775,095,216		$	1,783,292,873		$	2,522,463,120		$	1,863,703,938		$	2,070,416,101
Gross tax appreciation of investments	$	155,648,855		$	146,658,468		$	286,335,164		$	150,143,383		$	229,626,856
Gross tax depreciation of investments	(10,751,694		)	(9,718,915		)	(17,840,203		)	(12,479,658		)	(17,207,500		)
Net tax appreciation (depreciation) of investments	$	144,897,161		$	136,939,553		$	268,494,961		$	137,663,725		$	212,419,356
Undistributed ordinary income	—			$	9,290,125		$	10,353,112		$	6,436,104		$	6,593,601
Accumulated long-term gains	$	30,043,369		$	37,187,483		$	54,553,562		$	40,590,589		$	50,740,721



	One Choice 2040 Portfolio			One Choice 2045 Portfolio			One Choice 2050 Portfolio			One Choice 2055 Portfolio			One Choice 2060 Portfolio
Federal tax cost of investments	$	1,433,096,383		$	1,514,510,528		$	882,293,659		$	365,453,585		$	6,174,965
Gross tax appreciation of investments	$	107,946,683		$	156,665,408		$	53,088,356		$	8,231,123		$	349,789
Gross tax depreciation of investments	(10,893,063		)	(12,932,005		)	(6,616,429		)	(2,984,044		)	—
Net tax appreciation(depreciation) of investments	$	97,053,620		$	143,733,403		$	46,471,927		$	5,247,079		$	349,789
Undistributed ordinary income	$	4,016,732		$	3,827,511		$	1,966,727		$	710,708		$	17,029
Accumulated long-term gains	$	35,650,866		$	43,682,109		$	23,971,345		$	8,412,477		$	2,070

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

10. Reorganization

On December 9, 2014, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of One Choice^® 2015 Portfolio, one fund in a series issued by the corporation, were transferred to One Choice In Retirement Portfolio in exchange for shares of One Choice In Retirement Portfolio. One Choice 2015 Portfolio had reached its most conservative planned target asset allocation and its asset mix matched that of One Choice In Retirement Portfolio. The reorganization was executed to combine two funds that had the same target asset allocations, both funds’ investment objectives and strategies were substantially similar and their total expense ratios were expected to be the same. The financial statements and performance history of One Choice In Retirement Portfolio survived after the reorganization. The reorganization was effective as of the close of the NYSE on March 27, 2015.

The reorganization was accomplished by a tax-free exchange of shares. On March 27, 2015, One Choice 2015 Portfolio exchanged its shares for shares of One Choice In Retirement Portfolio as follows:



Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
One Choice 2015 Portfolio – Investor Class	39,935,280	One Choice In Retirement Portfolio – Investor Class	38,767,212
One Choice 2015 Portfolio – Institutional Class	16,214,110	One Choice In Retirement Portfolio – Institutional Class	15,752,681
One Choice 2015 Portfolio – A Class	17,460,238	One Choice In Retirement Portfolio – A Class	16,935,741
One Choice 2015 Portfolio – C Class	429,438	One Choice In Retirement Portfolio – C Class	418,218
One Choice 2015 Portfolio – R Class	10,053,272	One Choice In Retirement Portfolio – R Class	9,766,945

The net assets of One Choice 2015 Portfolio and One Choice In Retirement Portfolio immediately before the reorganization were $1,032,439,637 and $921,010,059, respectively. One Choice 2015 Portfolio’s unrealized appreciation of $98,786,019 was combined with that of One Choice In Retirement Portfolio. Immediately after the reorganization, the combined net assets were $1,953,449,696.

Assuming the reorganization had been completed on August 1, 2014, the beginning of the annual reporting period, the pro forma results of operations for the year ended July 31, 2015 are as follows:



Net investment income (loss)	$	40,097,268
Net realized and unrealized gain (loss)	29,002,320
Net increase (decrease) in net assets resulting from operations	$	69,099,588

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of One Choice 2015 Portfolio that have been included in One Choice In Retirement Portfolio's Statement of Operations since March 27, 2015.

Financial Highlights



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice In Retirement Portfolio
Investor Class
2016	$12.62	0.21	0.12	0.33	(0.21)	(0.01)	(0.22)	$12.73	2.76%	0.20%	1.73%	14%		$837,622
2015	$13.02	0.20	0.27	0.47	(0.29)	(0.58)	(0.87)	$12.62	3.66%	0.20%	1.59%	17%		$822,618
2014	$12.41	0.27	0.73	1.00	(0.27)	(0.12)	(0.39)	$13.02	8.19%	0.20%	2.09%	16%		$255,133
2013	$11.61	0.22	0.94	1.16	(0.23)	(0.13)	(0.36)	$12.41	10.11%	0.20%	1.83%	11%		$205,529
2012	$11.23	0.25	0.39	0.64	(0.26)	—	(0.26)	$11.61	5.81%	0.21%	2.21%	28%		$128,450
Institutional Class
2016	$12.62	0.23	0.13	0.36	(0.24)	(0.01)	(0.25)	$12.73	2.97%	0.00%⁽⁴⁾	1.93%	14%		$510,188
2015	$13.03	0.22	0.27	0.49	(0.32)	(0.58)	(0.90)	$12.62	3.79%	0.00%⁽⁴⁾	1.79%	17%		$485,416
2014	$12.42	0.29	0.73	1.02	(0.29)	(0.12)	(0.41)	$13.03	8.40%	0.00%⁽⁴⁾	2.29%	16%		$130,406
2013	$11.61	0.25	0.94	1.19	(0.25)	(0.13)	(0.38)	$12.42	10.42%	0.00%⁽⁴⁾	2.03%	11%		$104,270
2012	$11.24	0.27	0.38	0.65	(0.28)	—	(0.28)	$11.61	5.92%	0.01%	2.41%	28%		$74,759
A Class
2016	$12.62	0.18	0.12	0.30	(0.18)	(0.01)	(0.19)	$12.73	2.50%	0.45%	1.48%	14%		$361,052
2015	$13.02	0.17	0.27	0.44	(0.26)	(0.58)	(0.84)	$12.62	3.39%	0.45%	1.34%	17%		$428,050
2014	$12.41	0.24	0.73	0.97	(0.24)	(0.12)	(0.36)	$13.02	7.92%	0.45%	1.84%	16%		$139,911
2013	$11.60	0.19	0.95	1.14	(0.20)	(0.13)	(0.33)	$12.41	9.94%	0.45%	1.58%	11%		$119,504
2012	$11.23	0.23	0.37	0.60	(0.23)	—	(0.23)	$11.60	5.46%	0.46%	1.96%	28%		$105,111



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$12.59	0.08	0.14	0.22	(0.10)	(0.01)	(0.11)	$12.70	1.78%	1.20%	0.73%	14%		$9,705
2015	$13.00	0.07	0.27	0.34	(0.17)	(0.58)	(0.75)	$12.59	2.59%	1.20%	0.59%	17%		$7,721
2014	$12.41	0.14	0.73	0.87	(0.16)	(0.12)	(0.28)	$13.00	7.13%	1.20%	1.09%	16%		$2,574
2013	$11.61	0.10	0.94	1.04	(0.11)	(0.13)	(0.24)	$12.41	9.04%	1.20%	0.83%	11%		$1,369
2012	$11.24	0.14	0.38	0.52	(0.15)	—	(0.15)	$11.61	4.69%	1.21%	1.21%	28%		$810
R Class
2016	$12.60	0.15	0.12	0.27	(0.15)	(0.01)	(0.16)	$12.71	2.25%	0.70%	1.23%	14%		$201,425
2015	$13.00	0.16	0.25	0.41	(0.23)	(0.58)	(0.81)	$12.60	3.13%	0.70%	1.09%	17%		$244,718
2014	$12.40	0.20	0.72	0.92	(0.20)	(0.12)	(0.32)	$13.00	7.57%	0.70%	1.59%	16%		$100,946
2013	$11.59	0.16	0.95	1.11	(0.17)	(0.13)	(0.30)	$12.40	9.67%	0.70%	1.33%	11%		$60,104
2012	$11.22	0.18	0.39	0.57	(0.20)	—	(0.20)	$11.59	5.20%	0.71%	1.71%	28%		$38,365

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2020 Portfolio
Investor Class
2016	$12.30	0.20	0.09	0.29	(0.20)	(0.41)	(0.61)	$11.98	2.60%	0.20%	1.75%	12%		$679,473
2015	$12.26	0.26	0.24	0.50	(0.27)	(0.19)	(0.46)	$12.30	4.14%	0.20%	2.08%	19%		$611,536
2014	$11.56	0.26	0.77	1.03	(0.24)	(0.09)	(0.33)	$12.26	8.99%	0.20%	2.16%	10%		$549,087
2013	$10.64	0.20	1.02	1.22	(0.20)	(0.10)	(0.30)	$11.56	11.67%	0.20%	1.79%	6%		$384,010
2012	$10.37	0.21	0.32	0.53	(0.23)	(0.03)	(0.26)	$10.64	5.27%	0.21%	2.14%	28%		$218,341
Institutional Class
2016	$12.31	0.22	0.09	0.31	(0.22)	(0.41)	(0.63)	$11.99	2.80%	0.00%⁽⁴⁾	1.95%	12%		$733,520
2015	$12.27	0.26	0.27	0.53	(0.30)	(0.19)	(0.49)	$12.31	4.35%	0.00%⁽⁴⁾	2.28%	19%		$579,653
2014	$11.57	0.28	0.77	1.05	(0.26)	(0.09)	(0.35)	$12.27	9.20%	0.00%⁽⁴⁾	2.36%	10%		$310,325
2013	$10.65	0.22	1.02	1.24	(0.22)	(0.10)	(0.32)	$11.57	11.89%	0.00%⁽⁴⁾	1.99%	6%		$211,576
2012	$10.38	0.25	0.30	0.55	(0.25)	(0.03)	(0.28)	$10.65	5.48%	0.01%	2.34%	28%		$99,935
A Class
2016	$12.28	0.18	0.08	0.26	(0.17)	(0.41)	(0.58)	$11.96	2.33%	0.45%	1.50%	12%		$342,985
2015	$12.23	0.23	0.25	0.48	(0.24)	(0.19)	(0.43)	$12.28	3.97%	0.45%	1.83%	19%		$357,730
2014	$11.54	0.23	0.76	0.99	(0.21)	(0.09)	(0.30)	$12.23	8.64%	0.45%	1.91%	10%		$334,141
2013	$10.62	0.17	1.02	1.19	(0.17)	(0.10)	(0.27)	$11.54	11.41%	0.45%	1.54%	6%		$270,040
2012	$10.36	0.20	0.29	0.49	(0.20)	(0.03)	(0.23)	$10.62	4.92%	0.46%	1.89%	28%		$180,502



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$12.26	0.09	0.09	0.18	(0.08)	(0.41)	(0.49)	$11.95	1.63%	1.20%	0.75%	12%		$7,968
2015	$12.22	0.14	0.23	0.37	(0.14)	(0.19)	(0.33)	$12.26	3.09%	1.20%	1.08%	19%		$11,578
2014	$11.52	0.14	0.77	0.91	(0.12)	(0.09)	(0.21)	$12.22	7.91%	1.20%	1.16%	10%		$10,743
2013	$10.61	0.08	1.02	1.10	(0.09)	(0.10)	(0.19)	$11.52	10.48%	1.20%	0.79%	6%		$6,117
2012	$10.34	0.10	0.32	0.42	(0.12)	(0.03)	(0.15)	$10.61	4.23%	1.21%	1.14%	28%		$2,304
R Class
2016	$12.26	0.15	0.09	0.24	(0.14)	(0.41)	(0.55)	$11.95	2.16%	0.70%	1.25%	12%		$156,330
2015	$12.22	0.20	0.24	0.44	(0.21)	(0.19)	(0.40)	$12.26	3.62%	0.70%	1.58%	19%		$167,576
2014	$11.53	0.20	0.76	0.96	(0.18)	(0.09)	(0.27)	$12.22	8.37%	0.70%	1.66%	10%		$140,753
2013	$10.61	0.14	1.03	1.17	(0.15)	(0.10)	(0.25)	$11.53	11.14%	0.70%	1.29%	6%		$102,250
2012	$10.34	0.16	0.31	0.47	(0.17)	(0.03)	(0.20)	$10.61	4.76%	0.71%	1.64%	28%		$61,212

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2025 Portfolio
Investor Class
2016	$14.62	0.25	0.08	0.33	(0.24)	(0.63)	(0.87)	$14.08	2.55%	0.20%	1.81%	11%		$1,147,291
2015	$14.57	0.31	0.36	0.67	(0.33)	(0.29)	(0.62)	$14.62	4.62%	0.20%	2.10%	20%		$1,075,028
2014	$13.71	0.32	0.98	1.30	(0.30)	(0.14)	(0.44)	$14.57	9.61%	0.20%	2.23%	7%		$992,507
2013	$12.46	0.23	1.35	1.58	(0.24)	(0.09)	(0.33)	$13.71	12.88%	0.20%	1.79%	3%		$807,998
2012	$12.13	0.25	0.34	0.59	(0.26)	—	(0.26)	$12.46	4.99%	0.21%	2.07%	21%		$554,462
Institutional Class
2016	$14.64	0.27	0.08	0.35	(0.27)	(0.63)	(0.90)	$14.09	2.69%	0.00%⁽⁴⁾	2.01%	11%		$884,534
2015	$14.58	0.32	0.39	0.71	(0.36)	(0.29)	(0.65)	$14.64	4.90%	0.00%⁽⁴⁾	2.30%	20%		$729,071
2014	$13.72	0.34	0.99	1.33	(0.33)	(0.14)	(0.47)	$14.58	9.83%	0.00%⁽⁴⁾	2.43%	7%		$424,420
2013	$12.47	0.26	1.35	1.61	(0.27)	(0.09)	(0.36)	$13.72	13.10%	0.00%⁽⁴⁾	1.99%	3%		$298,052
2012	$12.14	0.27	0.34	0.61	(0.28)	—	(0.28)	$12.47	5.20%	0.01%	2.27%	21%		$181,693
A Class
2016	$14.60	0.22	0.07	0.29	(0.20)	(0.63)	(0.83)	$14.06	2.28%	0.45%	1.56%	11%		$528,973
2015	$14.55	0.28	0.35	0.63	(0.29)	(0.29)	(0.58)	$14.60	4.36%	0.45%	1.85%	20%		$568,434
2014	$13.69	0.29	0.98	1.27	(0.27)	(0.14)	(0.41)	$14.55	9.35%	0.45%	1.98%	7%		$528,142
2013	$12.44	0.20	1.35	1.55	(0.21)	(0.09)	(0.30)	$13.69	12.61%	0.45%	1.54%	3%		$460,301
2012	$12.11	0.22	0.34	0.56	(0.23)	—	(0.23)	$12.44	4.73%	0.46%	1.82%	21%		$327,130



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$14.58	0.11	0.07	0.18	(0.10)	(0.63)	(0.73)	$14.03	1.42%	1.20%	0.81%	11%		$7,822
2015	$14.52	0.17	0.35	0.52	(0.17)	(0.29)	(0.46)	$14.58	3.64%	1.20%	1.10%	20%		$7,658
2014	$13.67	0.18	0.97	1.15	(0.16)	(0.14)	(0.30)	$14.52	8.46%	1.20%	1.23%	7%		$7,147
2013	$12.41	0.10	1.36	1.46	(0.11)	(0.09)	(0.20)	$13.67	11.86%	1.20%	0.79%	3%		$6,179
2012	$12.09	0.12	0.34	0.46	(0.14)	—	(0.14)	$12.41	3.87%	1.21%	1.07%	21%		$3,498
R Class
2016	$14.58	0.18	0.08	0.26	(0.17)	(0.63)	(0.80)	$14.04	2.03%	0.70%	1.31%	11%		$222,337
2015	$14.52	0.24	0.36	0.60	(0.25)	(0.29)	(0.54)	$14.58	4.17%	0.70%	1.60%	20%		$239,213
2014	$13.67	0.25	0.97	1.22	(0.23)	(0.14)	(0.37)	$14.52	9.01%	0.70%	1.73%	7%		$210,067
2013	$12.42	0.17	1.35	1.52	(0.18)	(0.09)	(0.27)	$13.67	12.34%	0.70%	1.29%	3%		$172,227
2012	$12.09	0.19	0.34	0.53	(0.20)	—	(0.20)	$12.42	4.48%	0.71%	1.57%	21%		$129,489

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2030 Portfolio
Investor Class
2016	$12.58	0.22	0.01	0.23	(0.21)	(0.50)	(0.71)	$12.10	2.08%	0.20%	1.83%	10%		$680,943
2015	$12.44	0.26	0.41	0.67	(0.27)	(0.26)	(0.53)	$12.58	5.43%	0.20%	2.04%	20%		$590,896
2014	$11.62	0.27	0.89	1.16	(0.25)	(0.09)	(0.34)	$12.44	10.15%	0.20%	2.27%	6%		$512,356
2013	$10.41	0.18	1.30	1.48	(0.18)	(0.09)	(0.27)	$11.62	14.53%	0.21%	1.66%	5%		$333,309
2012	$10.17	0.18	0.27	0.45	(0.19)	(0.02)	(0.21)	$10.41	4.60%	0.21%	1.87%	28%		$170,955
Institutional Class
2016	$12.59	0.23	0.02	0.25	(0.23)	(0.50)	(0.73)	$12.11	2.29%	0.00%⁽⁴⁾	2.03%	10%		$763,858
2015	$12.44	0.27	0.44	0.71	(0.30)	(0.26)	(0.56)	$12.59	5.73%	0.00%⁽⁴⁾	2.24%	20%		$574,390
2014	$11.62	0.30	0.89	1.19	(0.28)	(0.09)	(0.37)	$12.44	10.37%	0.00%⁽⁴⁾	2.47%	6%		$320,834
2013	$10.42	0.21	1.28	1.49	(0.20)	(0.09)	(0.29)	$11.62	14.76%	0.01%	1.86%	5%		$202,598
2012	$10.18	0.21	0.26	0.47	(0.21)	(0.02)	(0.23)	$10.42	4.71%	0.01%	2.07%	28%		$94,349
A Class
2016	$12.55	0.19	0.01	0.20	(0.18)	(0.50)	(0.68)	$12.07	1.82%	0.45%	1.58%	10%		$378,866
2015	$12.41	0.23	0.41	0.64	(0.24)	(0.26)	(0.50)	$12.55	5.18%	0.45%	1.79%	20%		$385,874
2014	$11.59	0.24	0.89	1.13	(0.22)	(0.09)	(0.31)	$12.41	9.89%	0.45%	2.02%	6%		$355,604
2013	$10.38	0.16	1.30	1.46	(0.16)	(0.09)	(0.25)	$11.59	14.28%	0.46%	1.41%	5%		$264,393
2012	$10.15	0.17	0.24	0.41	(0.16)	(0.02)	(0.18)	$10.38	4.25%	0.46%	1.62%	28%		$170,227



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$12.54	0.10	0.01	0.11	(0.09)	(0.50)	(0.59)	$12.06	1.03%	1.20%	0.83%	10%		$6,714
2015	$12.39	0.13	0.42	0.55	(0.14)	(0.26)	(0.40)	$12.54	4.46%	1.20%	1.04%	20%		$5,628
2014	$11.57	0.16	0.88	1.04	(0.13)	(0.09)	(0.22)	$12.39	9.07%	1.20%	1.27%	6%		$4,449
2013	$10.37	0.07	1.29	1.36	(0.07)	(0.09)	(0.16)	$11.57	13.32%	1.21%	0.66%	5%		$3,417
2012	$10.13	0.09	0.26	0.35	(0.09)	(0.02)	(0.11)	$10.37	3.57%	1.21%	0.87%	28%		$1,595
R Class
2016	$12.54	0.16	0.01	0.17	(0.15)	(0.50)	(0.65)	$12.06	1.56%	0.70%	1.33%	10%		$170,983
2015	$12.39	0.20	0.42	0.62	(0.21)	(0.26)	(0.47)	$12.54	4.99%	0.70%	1.54%	20%		$173,221
2014	$11.58	0.22	0.87	1.09	(0.19)	(0.09)	(0.28)	$12.39	9.53%	0.70%	1.77%	6%		$134,751
2013	$10.37	0.13	1.30	1.43	(0.13)	(0.09)	(0.22)	$11.58	14.00%	0.71%	1.16%	5%		$103,886
2012	$10.14	0.13	0.26	0.39	(0.14)	(0.02)	(0.16)	$10.37	3.99%	0.71%	1.37%	28%		$69,278

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2035 Portfolio
Investor Class
2016	$15.83	0.27	(0.07)⁽⁵⁾	0.20	(0.27)	(0.79)	(1.06)	$14.97	1.57%	0.20%	1.86%	8%		$905,126
2015	$15.60	0.33	0.62	0.95	(0.34)	(0.38)	(0.72)	$15.83	6.25%	0.20%	2.03%	23%		$839,655
2014	$14.52	0.35	1.22	1.57	(0.34)	(0.15)	(0.49)	$15.60	10.91%	0.20%	2.32%	5%		$755,938
2013	$12.81	0.22	1.82	2.04	(0.22)	(0.11)	(0.33)	$14.52	16.24%	0.20%	1.62%	3%		$573,216
2012	$12.52	0.22	0.30	0.52	(0.23)	—	(0.23)	$12.81	4.26%	0.21%	1.82%	16%		$374,544
Institutional Class
2016	$15.86	0.29	(0.06)⁽⁵⁾	0.23	(0.30)	(0.79)	(1.09)	$15.00	1.79%	0.00%⁽⁴⁾	2.06%	8%		$726,622
2015	$15.62	0.33	0.67	1.00	(0.38)	(0.38)	(0.76)	$15.86	6.52%	0.00%⁽⁴⁾	2.23%	23%		$556,384
2014	$14.55	0.38	1.21	1.59	(0.37)	(0.15)	(0.52)	$15.62	11.04%	0.00%⁽⁴⁾	2.52%	5%		$323,043
2013	$12.83	0.25	1.83	2.08	(0.25)	(0.11)	(0.36)	$14.55	16.54%	0.00%⁽⁴⁾	1.82%	3%		$235,505
2012	$12.54	0.25	0.29	0.54	(0.25)	—	(0.25)	$12.83	4.46%	0.01%	2.02%	16%		$138,143
A Class
2016	$15.81	0.24	(0.08)⁽⁵⁾	0.16	(0.23)	(0.79)	(1.02)	$14.95	1.31%	0.45%	1.61%	8%		$438,398
2015	$15.58	0.29	0.62	0.91	(0.30)	(0.38)	(0.68)	$15.81	5.98%	0.45%	1.78%	23%		$460,605
2014	$14.51	0.32	1.20	1.52	(0.30)	(0.15)	(0.45)	$15.58	10.57%	0.45%	2.07%	5%		$425,198
2013	$12.79	0.19	1.83	2.02	(0.19)	(0.11)	(0.30)	$14.51	16.05%	0.45%	1.37%	3%		$356,751
2012	$12.50	0.20	0.29	0.49	(0.20)	—	(0.20)	$12.79	4.00%	0.46%	1.57%	16%		$239,410



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$15.77	0.13	(0.08)⁽⁵⁾	0.05	(0.11)	(0.79)	(0.90)	$14.92	0.59%	1.20%	0.86%	8%		$6,533
2015	$15.53	0.16	0.64	0.80	(0.18)	(0.38)	(0.56)	$15.77	5.25%	1.20%	1.03%	23%		$6,587
2014	$14.46	0.19	1.21	1.40	(0.18)	(0.15)	(0.33)	$15.53	9.76%	1.20%	1.32%	5%		$4,586
2013	$12.76	0.08	1.82	1.90	(0.09)	(0.11)	(0.20)	$14.46	15.05%	1.20%	0.62%	3%		$3,572
2012	$12.46	0.09	0.32	0.41	(0.11)	—	(0.11)	$12.76	3.31%	1.21%	0.82%	16%		$1,396
R Class
2016	$15.79	0.20	(0.07)⁽⁵⁾	0.13	(0.19)	(0.79)	(0.98)	$14.94	1.11%	0.70%	1.36%	8%		$206,155
2015	$15.56	0.25	0.62	0.87	(0.26)	(0.38)	(0.64)	$15.79	5.71%	0.70%	1.53%	23%		$206,773
2014	$14.49	0.27	1.21	1.48	(0.26)	(0.15)	(0.41)	$15.56	10.30%	0.70%	1.82%	5%		$182,137
2013	$12.78	0.16	1.82	1.98	(0.16)	(0.11)	(0.27)	$14.49	15.69%	0.70%	1.12%	3%		$141,978
2012	$12.48	0.16	0.31	0.47	(0.17)	—	(0.17)	$12.78	3.83%	0.71%	1.32%	16%		$101,164

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net

realized and unrealized gain (loss) on such shares.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2040 Portfolio
Investor Class
2016	$13.14	0.23	(0.09)⁽⁵⁾	0.14	(0.22)	(0.58)	(0.80)	$12.48	1.34%	0.20%	1.86%	8%		$546,509
2015	$12.86	0.28	0.59	0.87	(0.29)	(0.30)	(0.59)	$13.14	6.84%	0.20%	2.06%	20%		$472,335
2014	$11.87	0.30	1.07	1.37	(0.28)	(0.10)	(0.38)	$12.86	11.63%	0.20%	2.38%	4%		$392,199
2013	$10.31	0.18	1.62	1.80	(0.16)	(0.08)	(0.24)	$11.87	17.83%	0.20%	1.58%	5%		$234,285
2012	$10.11	0.17	0.23	0.40	(0.17)	(0.03)	(0.20)	$10.31	4.05%	0.21%	1.71%	20%		$107,290
Institutional Class
2016	$13.15	0.24	(0.07)⁽⁵⁾	0.17	(0.25)	(0.58)	(0.83)	$12.49	1.55%	0.00%⁽⁴⁾	2.06%	8%		$585,381
2015	$12.87	0.28	0.61	0.89	(0.31)	(0.30)	(0.61)	$13.15	7.05%	0.00%⁽⁴⁾	2.26%	20%		$437,728
2014	$11.88	0.32	1.07	1.39	(0.30)	(0.10)	(0.40)	$12.87	11.84%	0.00%⁽⁴⁾	2.58%	4%		$243,924
2013	$10.32	0.20	1.62	1.82	(0.18)	(0.08)	(0.26)	$11.88	18.05%	0.00%⁽⁴⁾	1.78%	5%		$156,913
2012	$10.12	0.19	0.23	0.42	(0.19)	(0.03)	(0.22)	$10.32	4.26%	0.01%	1.91%	20%		$70,149
A Class
2016	$13.12	0.20	(0.09)⁽⁵⁾	0.11	(0.19)	(0.58)	(0.77)	$12.46	1.08%	0.45%	1.61%	8%		$266,244
2015	$12.84	0.24	0.59	0.83	(0.25)	(0.30)	(0.55)	$13.12	6.57%	0.45%	1.81%	20%		$267,038
2014	$11.85	0.26	1.07	1.33	(0.24)	(0.10)	(0.34)	$12.84	11.36%	0.45%	2.13%	4%		$230,764
2013	$10.30	0.15	1.62	1.77	(0.14)	(0.08)	(0.22)	$11.85	17.45%	0.45%	1.33%	5%		$176,014
2012	$10.10	0.15	0.22	0.37	(0.14)	(0.03)	(0.17)	$10.30	3.80%	0.46%	1.46%	20%		$110,524



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$13.08	0.10	(0.09)⁽⁵⁾	0.01	(0.09)	(0.58)	(0.67)	$12.42	0.29%	1.20%	0.86%	8%		$3,529
2015	$12.80	0.15	0.58	0.73	(0.15)	(0.30)	(0.45)	$13.08	5.77%	1.20%	1.06%	20%		$3,158
2014	$11.82	0.17	1.06	1.23	(0.15)	(0.10)	(0.25)	$12.80	10.46%	1.20%	1.38%	4%		$2,939
2013	$10.26	0.07	1.62	1.69	(0.05)	(0.08)	(0.13)	$11.82	16.71%	1.20%	0.58%	5%		$2,049
2012	$10.07	0.06	0.23	0.29	(0.07)	(0.03)	(0.10)	$10.26	2.93%	1.21%	0.71%	20%		$559
R Class
2016	$13.10	0.17	(0.09)⁽⁵⁾	0.08	(0.16)	(0.58)	(0.74)	$12.44	0.82%	0.70%	1.36%	8%		$128,486
2015	$12.82	0.21	0.59	0.80	(0.22)	(0.30)	(0.52)	$13.10	6.31%	0.70%	1.56%	20%		$122,661
2014	$11.83	0.23	1.07	1.30	(0.21)	(0.10)	(0.31)	$12.82	11.10%	0.70%	1.88%	4%		$94,677
2013	$10.28	0.12	1.62	1.74	(0.11)	(0.08)	(0.19)	$11.83	17.18%	0.70%	1.08%	5%		$64,687
2012	$10.08	0.12	0.23	0.35	(0.12)	(0.03)	(0.15)	$10.28	3.54%	0.71%	1.21%	20%		$36,524

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net

realized and unrealized gain (loss) on such shares.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2045 Portfolio
Investor Class
2016	$16.57	0.29	(0.15)⁽⁵⁾	0.14	(0.28)	(0.90)	(1.18)	$15.53	1.19%	0.20%	1.88%	7%		$666,583
2015	$16.22	0.35	0.80	1.15	(0.37)	(0.43)	(0.80)	$16.57	7.22%	0.20%	2.10%	23%		$608,154
2014	$14.92	0.37	1.44	1.81	(0.36)	(0.15)	(0.51)	$16.22	12.34%	0.20%	2.38%	4%		$523,828
2013	$12.84	0.22	2.17	2.39	(0.21)	(0.10)	(0.31)	$14.92	18.94%	0.20%	1.58%	3%		$355,470
2012	$12.59	0.20	0.26	0.46	(0.21)	—	(0.21)	$12.84	3.76%	0.21%	1.66%	14%		$222,501
Institutional Class
2016	$16.60	0.31	(0.14)⁽⁵⁾	0.17	(0.31)	(0.90)	(1.21)	$15.56	1.40%	0.00%⁽⁴⁾	2.08%	7%		$563,161
2015	$16.24	0.36	0.84	1.20	(0.41)	(0.43)	(0.84)	$16.60	7.50%	0.00%⁽⁴⁾	2.30%	23%		$437,726
2014	$14.94	0.40	1.44	1.84	(0.39)	(0.15)	(0.54)	$16.24	12.55%	0.00%⁽⁴⁾	2.58%	4%		$281,772
2013	$12.86	0.25	2.17	2.42	(0.24)	(0.10)	(0.34)	$14.94	19.15%	0.00%⁽⁴⁾	1.78%	3%		$196,557
2012	$12.60	0.23	0.26	0.49	(0.23)	—	(0.23)	$12.86	4.04%	0.01%	1.86%	14%		$116,894
A Class
2016	$16.54	0.25	(0.14)⁽⁵⁾	0.11	(0.24)	(0.90)	(1.14)	$15.51	0.98%	0.45%	1.63%	7%		$288,989
2015	$16.19	0.31	0.80	1.11	(0.33)	(0.43)	(0.76)	$16.54	6.96%	0.45%	1.85%	23%		$306,435
2014	$14.89	0.34	1.43	1.77	(0.32)	(0.15)	(0.47)	$16.19	12.08%	0.45%	2.13%	4%		$283,598
2013	$12.82	0.18	2.17	2.35	(0.18)	(0.10)	(0.28)	$14.89	18.59%	0.45%	1.33%	3%		$231,054
2012	$12.56	0.18	0.26	0.44	(0.18)	—	(0.18)	$12.82	3.59%	0.46%	1.41%	14%		$147,197



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$16.51	0.14	(0.15)⁽⁵⁾	(0.01)	(0.12)	(0.90)	(1.02)	$15.48	0.19%	1.20%	0.88%	7%		$2,944
2015	$16.15	0.16	0.83	0.99	(0.20)	(0.43)	(0.63)	$16.51	6.21%	1.20%	1.10%	23%		$2,459
2014	$14.86	0.20	1.44	1.64	(0.20)	(0.15)	(0.35)	$16.15	11.18%	1.20%	1.38%	4%		$1,993
2013	$12.79	0.10	2.15	2.25	(0.08)	(0.10)	(0.18)	$14.86	17.72%	1.20%	0.58%	3%		$1,220
2012	$12.53	0.08	0.27	0.35	(0.09)	—	(0.09)	$12.79	2.82%	1.21%	0.66%	14%		$633
R Class
2016	$16.53	0.21	(0.15)⁽⁵⁾	0.06	(0.20)	(0.90)	(1.10)	$15.49	0.66%	0.70%	1.38%	7%		$136,567
2015	$16.17	0.27	0.81	1.08	(0.29)	(0.43)	(0.72)	$16.53	6.75%	0.70%	1.60%	23%		$130,537
2014	$14.88	0.30	1.42	1.72	(0.28)	(0.15)	(0.43)	$16.17	11.73%	0.70%	1.88%	4%		$117,392
2013	$12.81	0.15	2.17	2.32	(0.15)	(0.10)	(0.25)	$14.88	18.30%	0.70%	1.08%	3%		$91,776
2012	$12.55	0.14	0.27	0.41	(0.15)	—	(0.15)	$12.81	3.33%	0.71%	1.16%	14%		$62,208

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net

realized and unrealized gain (loss) on such shares.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2050 Portfolio
Investor Class
2016	$13.20	0.22	(0.12)⁽⁵⁾	0.10	(0.22)	(0.59)	(0.81)	$12.49	1.09%	0.20%	1.85%	7%		$332,786
2015	$12.85	0.28	0.66	0.94	(0.29)	(0.30)	(0.59)	$13.20	7.37%	0.20%	2.06%	21%		$268,548
2014	$11.77	0.29	1.17	1.46	(0.28)	(0.10)	(0.38)	$12.85	12.59%	0.20%	2.35%	4%		$214,823
2013	$10.07	0.16	1.77	1.93	(0.15)	(0.08)	(0.23)	$11.77	19.51%	0.20%	1.51%	4%		$115,834
2012	$9.88	0.14	0.21	0.35	(0.14)	(0.02)	(0.16)	$10.07	3.67%	0.21%	1.53%	12%		$48,553
Institutional Class
2016	$13.22	0.24	(0.12)⁽⁵⁾	0.12	(0.24)	(0.59)	(0.83)	$12.51	1.30%	0.00%⁽⁴⁾	2.05%	7%		$365,225
2015	$12.87	0.28	0.68	0.96	(0.31)	(0.30)	(0.61)	$13.22	7.58%	0.00%⁽⁴⁾	2.26%	21%		$257,921
2014	$11.79	0.32	1.17	1.49	(0.31)	(0.10)	(0.41)	$12.87	12.79%	0.00%⁽⁴⁾	2.55%	4%		$135,635
2013	$10.09	0.19	1.76	1.95	(0.17)	(0.08)	(0.25)	$11.79	19.72%	0.00%⁽⁴⁾	1.71%	4%		$95,469
2012	$9.90	0.17	0.20	0.37	(0.16)	(0.02)	(0.18)	$10.09	3.87%	0.01%	1.73%	12%		$49,284
A Class
2016	$13.18	0.20	(0.13)⁽⁵⁾	0.07	(0.19)	(0.59)	(0.78)	$12.47	0.83%	0.45%	1.60%	7%		$157,110
2015	$12.83	0.24	0.66	0.90	(0.25)	(0.30)	(0.55)	$13.18	7.11%	0.45%	1.81%	21%		$162,011
2014	$11.75	0.26	1.17	1.43	(0.25)	(0.10)	(0.35)	$12.83	12.32%	0.45%	2.10%	4%		$131,709
2013	$10.06	0.14	1.76	1.90	(0.13)	(0.08)	(0.21)	$11.75	19.13%	0.45%	1.26%	4%		$91,012
2012	$9.87	0.13	0.20	0.33	(0.12)	(0.02)	(0.14)	$10.06	3.41%	0.46%	1.28%	12%		$55,073



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$13.15	0.11	(0.13)⁽⁵⁾	(0.02)	(0.09)	(0.59)	(0.68)	$12.45	0.11%	1.20%	0.85%	7%		$1,939
2015	$12.80	0.15	0.65	0.80	(0.15)	(0.30)	(0.45)	$13.15	6.30%	1.20%	1.06%	21%		$2,197
2014	$11.73	0.19	1.14	1.33	(0.16)	(0.10)	(0.26)	$12.80	11.40%	1.20%	1.35%	4%		$1,983
2013	$10.04	0.06	1.76	1.82	(0.05)	(0.08)	(0.13)	$11.73	18.26%	1.20%	0.51%	4%		$1,748
2012	$9.85	0.05	0.21	0.26	(0.05)	(0.02)	(0.07)	$10.04	2.64%	1.21%	0.53%	12%		$530
R Class
2016	$13.16	0.17	(0.13)⁽⁵⁾	0.04	(0.15)	(0.59)	(0.74)	$12.46	0.64%	0.70%	1.35%	7%		$71,705
2015	$12.81	0.21	0.66	0.87	(0.22)	(0.30)	(0.52)	$13.16	6.84%	0.70%	1.56%	21%		$62,763
2014	$11.74	0.23	1.16	1.39	(0.22)	(0.10)	(0.32)	$12.81	11.96%	0.70%	1.85%	4%		$47,771
2013	$10.05	0.11	1.76	1.87	(0.10)	(0.08)	(0.18)	$11.74	18.84%	0.70%	1.01%	4%		$32,896
2012	$9.86	0.10	0.21	0.31	(0.10)	(0.02)	(0.12)	$10.05	3.16%	0.71%	1.03%	12%		$15,933

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net

realized and unrealized gain (loss) on such shares.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2055 Portfolio
Investor Class
2016	$13.72	0.22	(0.11)⁽⁵⁾	0.11	(0.22)	(0.43)	(0.65)	$13.18	1.02%	0.20%	1.78%	6%		$106,441
2015	$13.22	0.27	0.72	0.99	(0.28)	(0.21)	(0.49)	$13.72	7.56%	0.20%	1.94%	24%		$66,163
2014	$12.02	0.30	1.24	1.54	(0.28)	(0.06)	(0.34)	$13.22	12.87%	0.20%	2.22%	8%		$33,357
2013	$10.19	0.15	1.85	2.00	(0.14)	(0.03)	(0.17)	$12.02	19.86%	0.20%	1.36%	13%		$14,959
2012	$9.92	0.12	0.25	0.37	(0.10)	—	(0.10)	$10.19	3.78%	0.20%	1.25%	44%		$3,920
Institutional Class
2016	$13.73	0.25	(0.12)⁽⁵⁾	0.13	(0.24)	(0.43)	(0.67)	$13.19	1.23%	0.00%⁽⁴⁾	1.98%	6%		$162,255
2015	$13.23	0.28	0.74	1.02	(0.31)	(0.21)	(0.52)	$13.73	7.78%	0.00%⁽⁴⁾	2.14%	24%		$92,653
2014	$12.03	0.28	1.28	1.56	(0.30)	(0.06)	(0.36)	$13.23	13.09%	0.00%⁽⁴⁾	2.42%	8%		$43,147
2013	$10.20	0.18	1.84	2.02	(0.16)	(0.03)	(0.19)	$12.03	20.08%	0.00%⁽⁴⁾	1.56%	13%		$10,951
2012	$9.92	0.14	0.25	0.39	(0.11)	—	(0.11)	$10.20	4.04%	0.00%⁽⁴⁾	1.45%	44%		$3,939
A Class
2016	$13.69	0.20	(0.13)⁽⁵⁾	0.07	(0.18)	(0.43)	(0.61)	$13.15	0.76%	0.45%	1.53%	6%		$65,954
2015	$13.19	0.24	0.72	0.96	(0.25)	(0.21)	(0.46)	$13.69	7.31%	0.45%	1.69%	24%		$51,889
2014	$12.00	0.26	1.23	1.49	(0.24)	(0.06)	(0.30)	$13.19	12.52%	0.45%	1.97%	8%		$31,787
2013	$10.17	0.13	1.85	1.98	(0.12)	(0.03)	(0.15)	$12.00	19.59%	0.45%	1.11%	13%		$14,138
2012	$9.91	0.10	0.24	0.34	(0.08)	—	(0.08)	$10.17	3.49%	0.45%	1.00%	44%		$3,253



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2016	$13.64	0.11	(0.13)⁽⁵⁾	(0.02)	(0.08)	(0.43)	(0.51)	$13.11	0.06%	1.20%	0.78%	6%		$636
2015	$13.14	0.14	0.71	0.85	(0.14)	(0.21)	(0.35)	$13.64	6.51%	1.20%	0.94%	24%		$557
2014	$11.95	0.17	1.23	1.40	(0.15)	(0.06)	(0.21)	$13.14	11.72%	1.20%	1.22%	8%		$428
2013	$10.13	0.05	1.84	1.89	(0.04)	(0.03)	(0.07)	$11.95	18.66%	1.20%	0.36%	13%		$215
2012	$9.88	0.02	0.26	0.28	(0.03)	—	(0.03)	$10.13	2.81%	1.20%	0.25%	44%		$87
R Class
2016	$13.69	0.17	(0.13)⁽⁵⁾	0.04	(0.15)	(0.43)	(0.58)	$13.15	0.51%	0.70%	1.28%	6%		$35,414
2015	$13.18	0.21	0.72	0.93	(0.21)	(0.21)	(0.42)	$13.69	7.11%	0.70%	1.44%	24%		$24,867
2014	$11.99	0.23	1.23	1.46	(0.21)	(0.06)	(0.27)	$13.18	12.25%	0.70%	1.72%	8%		$13,999
2013	$10.16	0.09	1.86	1.95	(0.09)	(0.03)	(0.12)	$11.99	19.31%	0.70%	0.86%	13%		$6,983
2012	$9.90	0.06	0.26	0.32	(0.06)	—	(0.06)	$10.16	3.29%	0.70%	0.75%	44%		$1,108

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net

realized and unrealized gain (loss) on such shares.

See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2060 Portfolio
Investor Class
2016⁽⁴⁾	$10.00	0.10	0.91	1.01	(0.12)	$10.89	10.12%	0.20%⁽⁵⁾	0.88%⁽⁵⁾	13%		$1,305
Institutional Class
2016⁽⁴⁾	$10.00	0.08	0.94	1.02	(0.12)	$10.90	10.27%	0.00%⁽⁵⁾⁽⁶⁾	1.08%⁽⁵⁾	13%		$2,443
A Class
2016⁽⁴⁾	$10.00	0.02	0.96	0.98	(0.11)	$10.87	9.84%	0.45%⁽⁵⁾	0.63%⁽⁵⁾	13%		$2,143
C Class
2016⁽⁴⁾	$10.00	0.09	0.83	0.92	(0.09)	$10.83	9.23%	1.20%⁽⁵⁾	(0.12)%⁽⁵⁾	13%		$28
R Class
2016⁽⁴⁾	$10.00	0.04	0.92	0.96	(0.10)	$10.86	9.67%	0.70%⁽⁵⁾	0.38%⁽⁵⁾	13%		$605

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	September 30, 2015 (fund inception) through July 31, 2016.


(5)	Annualized.


(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of American Century Asset Allocation Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of One Choice In Retirement Portfolio, One Choice 2020 Portfolio, One Choice 2025 Portfolio, One Choice 2030 Portfolio, One Choice 2035 Portfolio, One Choice 2040 Portfolio, One Choice 2045 Portfolio, One Choice 2050 Portfolio, One Choice 2055 Portfolio, and One Choice 2060 Portfolio, ten of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Funds”), as of July 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented (as to One Choice 2060 Portfolio, the related statement of operations, statement of changes in net assets, and financial highlights for the period from September 30, 2015 (inception date) through July 31, 2016). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds as of July 31, 2016, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Kansas City, Missouri

September 19, 2016

Management

The Board of Directors

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.



Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
Barry Fink (1955)	Director	Since 2012	Retired; Executive Vice President, ACC (September 2007 to February 2013); President, ACS (October 2007 to February 2013); Chief Operating Officer, ACC (September 2007 to November 2012)	83	None
Andrea C. Hall (1945)	Director	Since 1997	Retired	83	None
Jan M. Lewis (1957)	Director	Since 2011	Retired; President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization) (2006 to 2013)	83	None
James A. Olson (1942)	Director and Chairman of the Board	Since 2007 (Chairman since 2014)	Member, Plaza Belmont LLC (private equity fund manager) (1999 to present)	83	Saia, Inc. (2002 to 2012) and EPR Properties (2003 to 2013)
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	83	Euronet Worldwide Inc.; MGP Ingredients, Inc.; and DST Systems Inc. (1996 to 2012)



Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
John R. Whitten (1946)	Director	Since 2008	Retired	83	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Director	Since 2012	Retired	83	None
Interested Director
Jonathan S. Thomas (1963)	Director and President	Since 2007	President and Chief Executive Officer, ACC (March 2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	128	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the funds' directors and is available without charge, upon request, by calling 1-800-345-2021.

100

Officers



Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Director and President since 2007	President and Chief Executive Officer, ACC (March 2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (March 2014 to present); Chief Compliance Officer, ACIM (February 2014 to present); Chief Compliance Officer, ACIS (October 2009 to present); Vice President, Client Interactions and Marketing, ACIS (February 2013 to January 2014); Director, Client Interactions and Marketing, ACIS (June 2007 to January 2013). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (February 1994 to present); Vice President, ACC (November 2005 to present); General Counsel, ACC (March 2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President, Treasurer and Chief Financial Officer since 2012	Vice President, ACS (February 2000 to present)
Robert J. Leach (1966)	Vice President since 2006 and Assistant Treasurer since 2012	Vice President, ACS (February 2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

101

Approval of Management Agreements

At a meeting held on June 29, 2016, the Funds’ Board of Directors (the “Board) unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s directors (the “Directors”), including a majority of the independent Directors, each year.

Prior to its consideration of the renewal of each Fund’s management agreement, the Directors requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to the Funds by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the extensive information that the Board and its committees receive and consider throughout the year.

In connection with its consideration of the renewal of each Fund’s management agreement, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:


•	the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided by the Advisor to each Fund;


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


•	the investment performance of each Fund, including data comparing each Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;


•	the cost of owning each Fund compared to the cost of owning similar funds;


•	the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ other service providers;


•	financial data showing the cost of services provided to each Fund and the overall profitability of the Advisor;


•	possible economies of scale associated with the Advisor’s management of the Funds and other accounts under its management;


•	data comparing services provided and charges to the Advisor's other investment management clients;


•	acquired fund fees and expenses;


•	payments by each Fund and the Advisor to financial intermediaries and the nature of services provided; and


•	any collateral benefits derived by the Advisor from the management of the Funds.

Factors Considered

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approvals. They determined that the information was sufficient for them to evaluate each Fund’s management agreement. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreements, the Board based its decision on a number of factors, including the following:

102

Nature, Extent and Quality of Services - Generally. Under the management agreements, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that under the management agreements, the Advisor provides or arranges at its own expense a wide variety of services including:


•	constructing and designing each Fund


•	portfolio research and security selection


•	initial capitalization/funding


•	securities trading


•	Fund administration


•	custody of Fund assets


•	daily valuation of each Fund’s portfolio


•	shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications


•	legal services (except the independent Directors’ counsel)


•	regulatory and portfolio compliance


•	financial reporting


•	marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review detailed performance information provided by the Advisor during the management agreement approval process. If performance concerns are identified with respect to a fund, the Fund receives special reviews until performance improves, during which the Board receives a report from the Advisor regarding the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The performance for One Choice In Retirement Portfolio was above its benchmark for the five- and ten-year periods and below its benchmark for the one- and three-year periods reviewed by the Board. The performance for One Choice 2020 Portfolio was above its benchmark for the three- and five-year periods and slightly below its benchmark for the one-year period reviewed by the Board. The performance for One Choice 2025 Portfolio, One Choice 2035 Portfolio, and One Choice 2045 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 2030 Portfolio, One Choice 2040 Portfolio, and One Choice 2050 Portfolio was above each Fund’s respective benchmark for the one-, three-, and five-year periods reviewed by the Board. The performance for One Choice 2055 Portfolio was above its benchmark for the one- and three-year periods reviewed by the Board. One Choice 2060 Portfolio has less than one year of performance history. The Board, directly and through its Fund Performance Review Committee, regularly reviews the investment management services of the

103

Advisor. Taking all of these factors into consideration, the Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreements.

Shareholder and Other Services. Under the management agreements, the Advisor provides the Funds with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board particularly noted the Advisor’s continual efforts to maintain effective business continuity plans and to address cybersecurity threats. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the Advisor. The Board found the services provided by the Advisor to each Fund under the management agreements to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Directors have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the Funds’ management agreements, and the reasonableness of the current management agreements. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Comparison to Other Funds’ Fees. The Funds invest their non-cash assets entirely in other American Century Investments funds. The Funds do not pay an investment advisory fee to the Advisor. Rather, each Fund pays the Advisor an administrative fee and indirectly bears its pro rata share of the expenses incurred by the underlying funds. Each underlying fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel), as well as expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Board concluded that the administrative fee and other underlying fund expenses incurred by each Fund were reasonable in light of the services provided to each Fund.

104

information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

Conclusion of the Directors. As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the management agreements between the Funds and the Advisor is fair and reasonable in light of the services provided and should be renewed.

105

Additional Information

Retirement Account Information

Proxy Voting Policies

Quarterly Portfolio Disclosure

schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.

106

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2016.



One Choice In Retirement Portfolio	One Choice 2020 Portfolio	One Choice 2025 Portfolio	One Choice 2030 Portfolio	One Choice 2035 Portfolio
$9,329,707	$8,936,239	$13,883,757	$10,110,906	$12,459,928



One Choice 2040 Portfolio	One Choice 2045 Portfolio	One Choice 2050 Portfolio	One Choice 2055 Portfolio	One Choice 2060 Portfolio
$8,724,975	$10,457,252	$5,731,555	$2,067,383	$3,555

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended July 31, 2016.



One Choice In Retirement Portfolio	One Choice 2020 Portfolio	One Choice 2025 Portfolio	One Choice 2030 Portfolio	One Choice 2035 Portfolio
$971,613	$473,328	$3,755,702	$1,042,002	$3,857,700



One Choice 2040 Portfolio	One Choice 2045 Portfolio	One Choice 2050 Portfolio	One Choice 2055 Portfolio	One Choice 2060 Portfolio
$319,003	$1,015,118	$86,489	$12,049	—

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended July 31, 2016.



One Choice In Retirement Portfolio	One Choice 2020 Portfolio	One Choice 2025 Portfolio	One Choice 2030 Portfolio	One Choice 2035 Portfolio
$4,184,076	$58,493,928	$114,114,092	$73,875,140	$106,308,500



One Choice 2040 Portfolio	One Choice 2045 Portfolio	One Choice 2050 Portfolio	One Choice 2055 Portfolio	One Choice 2060 Portfolio
$62,965,738	$85,709,421	$38,718,027	$9,533,416	—

107

For the fiscal year ended July 31, 2016, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.



	Foreign Tax Credit			Foreign Source Income
	Amount		Per Outstanding Share	Amount		Per Outstanding Share
One Choice In Retirement Portfolio	$	243,928	0.0016	$	1,607,985	0.0107
One Choice 2020 Portfolio	$	273,522	0.0017	$	1,782,805	0.0111
One Choice 2025 Portfolio	$	489,560	0.0025	$	3,203,142	0.0162
One Choice 2030 Portfolio	$	400,198	0.0024	$	2,619,431	0.0158
One Choice 2035 Portfolio	$	541,971	0.0036	$	3,557,319	0.0233
One Choice 2040 Portfolio	$	386,095	0.0031	$	2,495,041	0.0203
One Choice 2045 Portfolio	$	456,565	0.0043	$	2,929,846	0.0274
One Choice 2050 Portfolio	$	251,946	0.0034	$	1,612,899	0.0217
One Choice 2055 Portfolio	$	87,119	0.0031	$	560,600	0.0199
One Choice 2060 Portfolio	$	83	0.0001	$	535	0.0009

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).



One Choice In Retirement Portfolio	One Choice 2020 Portfolio	One Choice 2025 Portfolio	One Choice 2030 Portfolio	One Choice 2035 Portfolio
$3,785,949	—	$8,587,350	$6,020,213	$7,361,548



One Choice 2040 Portfolio	One Choice 2045 Portfolio	One Choice 2050 Portfolio	One Choice 2055 Portfolio	One Choice 2060 Portfolio
$5,039,590	$6,227,027	$3,638,717	$1,270,055	—

108





Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Relay Services for the Deaf	711

American Century Asset Allocation Portfolios, Inc.

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-90167 1609




	Annual Report

	July 31, 2016

	One Choice^® In Retirement Portfolio R6

	One Choice^® 2020 Portfolio R6

	One Choice^® 2025 Portfolio R6

	One Choice^® 2030 Portfolio R6

	One Choice^® 2035 Portfolio R6

	One Choice^® 2040 Portfolio R6

	One Choice^® 2045 Portfolio R6

	One Choice^® 2050 Portfolio R6

	One Choice^® 2055 Portfolio R6

	One Choice^® 2060 Portfolio R6

Table of Contents



President's Letter	2
Performance	3
Portfolio Commentary	10
Portfolio Characteristics	13
Shareholder Fee Examples	15
Schedules of Investments	18
Statements of Assets and Liabilities	28
Statements of Operations	32
Statements of Changes in Net Assets	36
Notes to Financial Statements	41
Financial Highlights	55
Report of Independent Registered Public Accounting Firm	58
Management	59
Approval of Management Agreement	62
Additional Information	66

President’s Letter

Jonathan Thomas

Dear Investor:

Market Volatility Increased, But Not for the Reasons Anticipated

Oil was another catalyst—its price collapses devalued entire market sectors and contributed to

broad market volatility and negative sentiment. Later, as China and oil appeared to stabilize, Brexit

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Performance



Total Returns as of July 31, 2016
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
One Choice In Retirement Portfolio R6 — R6 Class	ARDTX	2.98%	5.16%	7/31/13
S&P Target Date Retirement Income Index	—	3.68%	4.40%	—
One Choice 2020 Portfolio R6 — R6 Class	ARBDX	2.92%	5.53%	7/31/13
S&P Target Date To 2020 Index	—	3.31%	5.23%	—
One Choice 2025 Portfolio R6 — R6 Class	ARWDX	2.81%	5.92%	7/31/13
S&P Target Date To 2025 Index	—	3.10%	5.54%	—
One Choice 2030 Portfolio R6 — R6 Class	ARCUX	2.33%	6.19%	7/31/13
S&P Target Date To 2030 Index	—	2.90%	5.82%	—
One Choice 2035 Portfolio R6 — R6 Class	ARLDX	1.86%	6.52%	7/31/13
S&P Target Date To 2035 Index	—	2.52%	6.02%	—
One Choice 2040 Portfolio R6 — R6 Class	ARDUX	1.62%	6.87%	7/31/13
S&P Target Date To 2040 Index	—	2.33%	6.21%	—
One Choice 2045 Portfolio R6 — R6 Class	ARDOX	1.56%	7.20%	7/31/13
S&P Target Date To 2045 Index	—	2.14%	6.38%	—
One Choice 2050 Portfolio R6 — R6 Class	ARFEX	1.43%	7.25%	7/31/13
S&P Target Date To 2050 Index	—	1.95%	6.51%	—
One Choice 2055 Portfolio R6 — R6 Class	AREUX	1.39%	7.39%	7/31/13
S&P Target Date To 2055+ Index	—	1.75%	6.66%	—
One Choice 2060 Portfolio R6 — R6 Class	ARGDX	—	10.39%	9/30/15
S&P Target Date To 2055+ Index	—	—	11.14%	—

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.

Growth of $10,000 Over Life of One Choice In Retirement Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $11,632

	S&P Target Date Retirement Income Index — $11,379

Growth of $10,000 Over Life of One Choice 2020 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $11,754

	S&P Target Date To 2020 Index — $11,653

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.

Growth of $10,000 Over Life of One Choice 2025 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $11,885

	S&P Target Date To 2025 Index — $11,758

Growth of $10,000 Over Life of One Choice 2030 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $11,977

	S&P Target Date To 2030 Index — $11,851

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.

Growth of $10,000 Over Life of One Choice 2035 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $12,089

	S&P Target Date To 2035 Index — $11,917

Growth of $10,000 Over Life of One Choice 2040 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $12,209

	S&P Target Date To 2040 Index — $11,984

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.

Growth of $10,000 Over Life of One Choice 2045 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $12,321

	S&P Target Date To 2045 Index — $12,040

Growth of $10,000 Over Life of One Choice 2050 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $12,338

	S&P Target Date To 2050 Index — $12,087

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.

Growth of $10,000 Over Life of One Choice 2055 Portfolio R6

$10,000 investment made July 31, 2013



Value on July 31, 2016
	R6 Class — $12,387

	S&P Target Date To 2055+ Index — $12,137

Growth of $10,000 Over Life of One Choice 2060 Portfolio R6

$10,000 investment made September 30, 2015



Value on July 31, 2016
	R6 Class — $11,039

	S&P Target Date To 2055+ Index — $11,114

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.



Total Annual Fund Operating Expenses
One Choice In Retirement Portfolio R6 — R6 Class	0.54%
One Choice 2020 Portfolio R6 — R6 Class	0.53%
One Choice 2025 Portfolio R6 — R6 Class	0.56%
One Choice 2030 Portfolio R6 — R6 Class	0.58%
One Choice 2035 Portfolio R6 — R6 Class	0.59%
One Choice 2040 Portfolio R6 — R6 Class	0.62%
One Choice 2045 Portfolio R6 — R6 Class	0.65%
One Choice 2050 Portfolio R6 — R6 Class	0.66%
One Choice 2055 Portfolio R6 — R6 Class	0.67%
One Choice 2060 Portfolio R6 — R6 Class	0.69%

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit ipro.americancentury.com. For additional information about the funds, please consult the prospectus.

Portfolio Commentary

Portfolio Managers: Scott Wittman, Rich Weiss, Scott Wilson, Radu Gabudean, and David MacEwen

Performance Summary

Each of the nine One Choice^® Target Date Portfolios R6 existing for the full fiscal year ended July 31, 2016, advanced, with returns ranging from 2.98% for the One Choice In Retirement Portfolio R6 to 1.39% for the One Choice 2055 Portfolio R6. We also introduced the One Choice 2060 Portfolio R6 on September 30, 2015, and it returned 10.39%* from inception through July 31, 2016 (see pages 3-8 for more detailed performance information). Returns for the periods reflected strong performance of the Portfolios’ fixed-income investments and advances across most U.S.-based equity segments, which outperformed their non-U.S. counterparts.

Because of the Portfolios’ strategic exposure to a variety of asset classes, a review of the financial markets helps explain much of their performance.

Market Overview

* Total returns for periods less than one year are not annualized.

Fund Information

Each One Choice Target Date Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See pages 13-14 for the specific underlying fund allocations for each Portfolio.) A Portfolio’s target date is the approximate year when investors plan to retire and likely would stop making new investments in the fund. The principal value of the investment is not guaranteed at any time, including at the target date. One Choice In Retirement Portfolio R6 is generally intended for investors near, at, or in retirement. There is no guarantee that an investment in any of the funds will provide adequate income at or through an investor’s retirement.

Each target-dated Portfolio seeks the highest total return consistent with its asset mix. Over time, the asset mix and weightings are adjusted to be more conservative. In general, as the target year approaches, each Portfolio’s allocation becomes more conservative by decreasing the allocation to stock funds and increasing the allocation to bond and money market funds. By the time each Portfolio reaches its target date, its target asset mix will become fixed and match that of One Choice In Retirement Portfolio R6, which seeks current income and capital appreciation.

Portfolio Performance

The Portfolios’ U.S. equity funds generally contributed positively to performance for the 12-month period, with the exception of NT Heritage Fund and NT Small Company Fund, which detracted fractionally. NT Mid Cap Value Fund contributed most among all equity funds in absolute terms, and outperformed its underlying benchmark as a result of stock selection decisions. NT Growth Fund, NT Large Company Value Fund, and NT Equity Growth Fund all contributed notably to absolute results; however, all three funds underperformed their respective benchmarks.

The Portfolios’ fixed-income holdings contributed meaningfully to performance during the period. NT Diversified Bond Fund contributed most across all equity and fixed-income positions for Portfolios from In Retirement to 2040, and was the leading source of strength among fixed-income holdings in Portfolios dated 2045 and beyond. Consistent with the strong performance of high-quality bonds around the globe, International Bond Fund (not held by Portfolios dated 2040 and further from retirement) made a sizeable contribution to return during the year. Similarly, Global Bond Fund, which is represented in all Portfolios, aided performance. Inflation-Adjusted Bond Fund performed well and contributed positively to performance across all Portfolios, while Short Duration Inflation Protection Bond Fund contributed from the In Retirement Portfolio to Target Date 2035. Strong demand for yield meant below-investment-grade corporate securities also performed well, making High-Yield Fund a source of strength across all portfolios. Nevertheless, while absolute performance was positive, a number of component funds underperformed their underlying benchmarks, led by High-Yield Fund, NT Diversified Bond Fund, and Global Bond Fund.

A Look Ahead

Portfolio Characteristics



Underlying Fund Allocations⁽¹⁾ as a % of net assets as of July 31, 2016
	One Choice In Retirement Portfolio R6	One Choice 2020 Portfolio R6	One Choice 2025 Portfolio R6	One Choice 2030 Portfolio R6	One Choice 2035 Portfolio R6
Equity
NT Core Equity Plus Fund	3.0%	3.0%	3.0%	3.0%	3.2%
NT Disciplined Growth Fund	1.5%	1.8%	2.2%	2.5%	2.9%
NT Equity Growth Fund	10.0%	9.7%	9.4%	9.3%	9.2%
NT Growth Fund	4.5%	5.1%	5.9%	7.0%	8.6%
NT Heritage Fund	2.2%	2.8%	3.8%	4.3%	4.6%
NT Large Company Value Fund	9.5%	9.5%	9.7%	10.1%	10.5%
NT Mid Cap Value Fund	4.5%	5.0%	5.7%	6.0%	6.0%
NT Small Company Fund	2.0%	1.8%	1.7%	2.2%	3.0%
NT Emerging Markets Fund	—	0.9%	1.9%	2.6%	3.1%
NT Global Real Estate Fund	1.0%	1.2%	1.5%	1.7%	1.9%
NT International Growth Fund	4.5%	4.7%	5.0%	5.6%	6.4%
NT International Small-Mid Cap Fund	—	0.3%	0.5%	0.9%	1.2%
NT International Value Fund	2.3%	2.7%	3.4%	4.0%	4.6%
Total Equity	45.0%	48.5%	53.7%	59.2%	65.2%
Fixed Income
High-Yield Fund	3.8%	3.7%	3.5%	3.3%	2.9%
Inflation-Adjusted Bond Fund	1.5%	2.5%	3.7%	4.7%	5.3%
NT Diversified Bond Fund	21.6%	20.8%	20.0%	18.0%	15.7%
Short Duration Inflation Protection Bond Fund	6.1%	5.0%	3.3%	1.9%	0.6%
Global Bond Fund	7.0%	6.5%	5.9%	5.3%	4.7%
International Bond Fund	5.0%	4.8%	4.2%	2.6%	0.6%
Total Fixed Income	45.0%	43.3%	40.6%	35.8%	29.8%
U.S. Government Money Market Fund	10.0%	8.2%	5.7%	5.0%	5.0%
Other Assets and Liabilities	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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



Underlying Fund Allocations⁽¹⁾ as a % of net assets as of July 31, 2016
	One Choice 2040 Portfolio R6	One Choice 2045 Portfolio R6	One Choice 2050 Portfolio R6	One Choice 2055 Portfolio R6	One Choice 2060 Portfolio R6
Equity
NT Core Equity Plus Fund	3.4%	3.9%	4.5%	4.5%	4.5%
NT Disciplined Growth Fund	3.1%	3.2%	3.3%	3.5%	3.5%
NT Equity Growth Fund	9.7%	10.2%	10.2%	10.6%	10.7%
NT Growth Fund	9.5%	10.3%	10.7%	10.9%	11.0%
NT Heritage Fund	5.4%	6.4%	6.6%	6.8%	6.7%
NT Large Company Value Fund	11.6%	12.8%	13.5%	14.0%	14.2%
NT Mid Cap Value Fund	6.3%	6.9%	6.9%	6.8%	6.8%
NT Small Company Fund	3.2%	3.0%	3.2%	3.7%	4.0%
NT Emerging Markets Fund	4.0%	4.8%	5.7%	6.3%	6.4%
NT Global Real Estate Fund	2.2%	2.5%	2.7%	3.0%	3.0%
NT International Growth Fund	6.8%	6.9%	6.8%	6.3%	6.1%
NT International Small-Mid Cap Fund	1.5%	1.8%	2.2%	2.5%	2.5%
NT International Value Fund	4.9%	5.1%	5.3%	5.5%	5.6%
Total Equity	71.6%	77.8%	81.6%	84.4%	85.0%
Fixed Income
High-Yield Fund	2.5%	2.1%	1.8%	1.5%	1.5%
Inflation-Adjusted Bond Fund	5.1%	4.3%	3.6%	3.1%	3.0%
NT Diversified Bond Fund	13.4%	11.2%	9.5%	7.9%	7.5%
Global Bond Fund	4.2%	3.9%	3.5%	3.1%	3.0%
Total Fixed Income	25.2%	21.5%	18.4%	15.6%	15.0%
U.S. Government Money Market Fund	3.2%	0.7%	—	—	—
Other Assets and Liabilities	—⁽²⁾	—⁽²⁾	—⁽²⁾	—⁽²⁾	—


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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

Shareholder Fee Examples

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from February 1, 2016 to July 31, 2016.

Actual Expenses

Hypothetical Example for Comparison Purposes



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice In Retirement Portfolio R6
Actual
R6 Class	$1,000	$1,082.70	$0.00	0.00%⁽³⁾	$2.74	0.53%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$2.66	0.53%
One Choice 2020 Portfolio R6
Actual
R6 Class	$1,000	$1,086.70	$0.00	0.00%⁽³⁾	$2.85	0.55%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$2.77	0.55%
One Choice 2025 Portfolio R6
Actual
R6 Class	$1,000	$1,091.80	$0.00	0.00%⁽³⁾	$3.02	0.58%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$2.92	0.58%
One Choice 2030 Portfolio R6
Actual
R6 Class	$1,000	$1,094.60	$0.00	0.00%⁽³⁾	$3.12	0.60%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.02	0.60%
One Choice 2035 Portfolio R6
Actual
R6 Class	$1,000	$1,097.30	$0.00	0.00%⁽³⁾	$3.29	0.63%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.17	0.63%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.



	Beginning Account Value 2/1/16	Ending Account Value 7/31/16	Expenses Paid During Period⁽¹⁾ 2/1/16 - 7/31/16	Annualized Expense Ratio⁽¹⁾	Effective Expenses Paid During Period⁽²⁾2/1/16 - 7/31/16	Effective Annualized Expense Ratio⁽²⁾
One Choice 2040 Portfolio R6
Actual
R6 Class	$1,000	$1,102.30	$0.00	0.00%⁽³⁾	$3.40	0.65%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.27	0.65%
One Choice 2045 Portfolio R6
Actual
R6 Class	$1,000	$1,110.30	$0.00	0.00%⁽³⁾	$3.57	0.68%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.42	0.68%
One Choice 2050 Portfolio R6
Actual
R6 Class	$1,000	$1,112.80	$0.00	0.00%⁽³⁾	$3.68	0.70%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.52	0.70%
One Choice 2055 Portfolio R6
Actual
R6 Class	$1,000	$1,115.10	$0.00	0.00%⁽³⁾	$3.73	0.71%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.57	0.71%
One Choice 2060 Portfolio R6
Actual
R6 Class	$1,000	$1,117.00	$0.00	0.00%⁽³⁾	$3.58	0.68%
Hypothetical
R6 Class	$1,000	$1,024.86	$0.00	0.00%⁽³⁾	$3.42	0.68%

(1)

(2)


(3)	Other expenses, which include directors' fees and expenses, did not exceed 0.005%.

Schedules of Investments

JULY 31, 2016

One Choice In Retirement Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 37.2%
NT Core Equity Plus Fund Institutional Class	306,780	$	4,187,546
NT Disciplined Growth Fund Institutional Class	210,550	2,105,503
NT Equity Growth Fund Institutional Class	1,194,402	13,998,393
NT Growth Fund R6 Class	422,807	6,346,338
NT Heritage Fund R6 Class	242,253	3,142,027
NT Large Company Value Fund R6 Class	1,174,800	13,275,235
NT Mid Cap Value Fund R6 Class	488,138	6,296,983
NT Small Company Fund Institutional Class	310,082	2,800,044
		52,152,069
Domestic Fixed Income Funds — 33.0%
High-Yield Fund R6 Class	944,436	5,298,288
Inflation-Adjusted Bond Fund Institutional Class	176,918	2,114,165
NT Diversified Bond Fund R6 Class	2,732,179	30,299,863
Short Duration Inflation Protection Bond Fund R6 Class	827,191	8,536,613
		46,248,929
International Fixed Income Funds — 12.0%
Global Bond Fund R6 Class	940,939	9,795,176
International Bond Fund R6 Class	531,296	7,119,362
		16,914,538
Money Market Funds — 10.0%
U.S. Government Money Market Fund Investor Class	13,974,523	13,974,523
International Equity Funds — 7.8%
NT Global Real Estate Fund R6 Class	136,394	1,419,859
NT International Growth Fund R6 Class	631,376	6,383,208
NT International Value Fund R6 Class	371,896	3,198,309
		11,001,376
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $137,827,005)		140,291,435
OTHER ASSETS AND LIABILITIES^†		(46)
TOTAL NET ASSETS — 100.0%		$	140,291,389

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2020 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 38.7%
NT Core Equity Plus Fund Institutional Class	429,772	$	5,866,393
NT Disciplined Growth Fund Institutional Class	347,363	3,473,632
NT Equity Growth Fund Institutional Class	1,630,497	19,109,429
NT Growth Fund R6 Class	668,027	10,027,089
NT Heritage Fund R6 Class	426,970	5,537,806
NT Large Company Value Fund R6 Class	1,644,910	18,587,483
NT Mid Cap Value Fund R6 Class	759,711	9,800,269
NT Small Company Fund Institutional Class	396,631	3,581,576
		75,983,677
Domestic Fixed Income Funds — 32.0%
High-Yield Fund R6 Class	1,297,382	7,278,312
Inflation-Adjusted Bond Fund Institutional Class	407,911	4,874,535
NT Diversified Bond Fund R6 Class	3,693,335	40,959,087
Short Duration Inflation Protection Bond Fund R6 Class	945,475	9,757,302
		62,869,236
International Fixed Income Funds — 11.3%
Global Bond Fund R6 Class	1,235,697	12,863,610
International Bond Fund R6 Class	697,087	9,340,972
		22,204,582
International Equity Funds — 9.8%
NT Emerging Markets Fund R6 Class	166,811	1,731,496
NT Global Real Estate Fund R6 Class	225,169	2,344,006
NT International Growth Fund R6 Class	921,663	9,318,018
NT International Small-Mid Cap Fund R6 Class	42,718	446,825
NT International Value Fund R6 Class	623,885	5,365,408
		19,205,753
Money Market Funds — 8.2%
U.S. Government Money Market Fund Investor Class	16,140,296	16,140,296
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $193,676,013)		196,403,544
OTHER ASSETS AND LIABILITIES^†		(62)
TOTAL NET ASSETS — 100.0%		$	196,403,482

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2025 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 41.4%
NT Core Equity Plus Fund Institutional Class	503,628	$	6,874,527
NT Disciplined Growth Fund Institutional Class	494,283	4,942,830
NT Equity Growth Fund Institutional Class	1,841,395	21,581,149
NT Growth Fund R6 Class	893,998	13,418,917
NT Heritage Fund R6 Class	676,253	8,770,998
NT Large Company Value Fund R6 Class	1,961,774	22,168,043
NT Mid Cap Value Fund R6 Class	1,015,522	13,100,235
NT Small Company Fund Institutional Class	432,223	3,902,974
		94,759,673
Domestic Fixed Income Funds — 30.5%
High-Yield Fund R6 Class	1,420,976	7,971,677
Inflation-Adjusted Bond Fund Institutional Class	704,529	8,419,119
NT Diversified Bond Fund R6 Class	4,116,764	45,654,909
Short Duration Inflation Protection Bond Fund R6 Class	742,032	7,657,770
		69,703,475
International Equity Funds — 12.3%
NT Emerging Markets Fund R6 Class	417,492	4,333,565
NT Global Real Estate Fund R6 Class	321,586	3,347,708
NT International Growth Fund R6 Class	1,136,917	11,494,235
NT International Small-Mid Cap Fund R6 Class	120,923	1,264,856
NT International Value Fund R6 Class	900,187	7,741,604
		28,181,968
International Fixed Income Funds — 10.1%
Global Bond Fund R6 Class	1,297,316	13,505,058
International Bond Fund R6 Class	716,013	9,594,570
		23,099,628
Money Market Funds — 5.7%
U.S. Government Money Market Fund Investor Class	13,047,118	13,047,118
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $225,747,836)		228,791,862
OTHER ASSETS AND LIABILITIES^†		(70)
TOTAL NET ASSETS — 100.0%		$	228,791,792

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2030 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 44.4%
NT Core Equity Plus Fund Institutional Class	499,457	$	6,817,586
NT Disciplined Growth Fund Institutional Class	573,347	5,733,469
NT Equity Growth Fund Institutional Class	1,805,680	21,162,574
NT Growth Fund R6 Class	1,059,732	15,906,584
NT Heritage Fund R6 Class	761,164	9,872,294
NT Large Company Value Fund R6 Class	2,042,539	23,080,688
NT Mid Cap Value Fund R6 Class	1,058,941	13,660,335
NT Small Company Fund Institutional Class	565,733	5,108,572
		101,342,102
Domestic Fixed Income Funds — 27.9%
High-Yield Fund R6 Class	1,325,433	7,435,676
Inflation-Adjusted Bond Fund Institutional Class	891,750	10,656,418
NT Diversified Bond Fund R6 Class	3,710,505	41,149,501
Short Duration Inflation Protection Bond Fund R6 Class	414,352	4,276,109
		63,517,704
International Equity Funds — 14.8%
NT Emerging Markets Fund R6 Class	569,283	5,909,158
NT Global Real Estate Fund R6 Class	370,956	3,861,653
NT International Growth Fund R6 Class	1,264,647	12,785,586
NT International Small-Mid Cap Fund R6 Class	189,634	1,983,570
NT International Value Fund R6 Class	1,060,211	9,117,815
		33,657,782
International Fixed Income Funds — 7.9%
Global Bond Fund R6 Class	1,161,902	12,095,400
International Bond Fund R6 Class	448,320	6,007,485
		18,102,885
Money Market Funds — 5.0%
U.S. Government Money Market Fund Investor Class	11,356,780	11,356,780
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $225,326,384)		227,977,253
OTHER ASSETS AND LIABILITIES^†		(63)
TOTAL NET ASSETS — 100.0%		$	227,977,190

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2035 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 48.0%
NT Core Equity Plus Fund Institutional Class	428,901	$	5,854,496
NT Disciplined Growth Fund Institutional Class	521,742	5,217,418
NT Equity Growth Fund Institutional Class	1,422,143	16,667,518
NT Growth Fund R6 Class	1,033,967	15,519,844
NT Heritage Fund R6 Class	643,963	8,352,195
NT Large Company Value Fund R6 Class	1,668,506	18,854,123
NT Mid Cap Value Fund R6 Class	836,435	10,790,008
NT Small Company Fund Institutional Class	598,429	5,403,817
		86,659,419
Domestic Fixed Income Funds — 24.5%
High-Yield Fund R6 Class	943,130	5,290,959
Inflation-Adjusted Bond Fund Institutional Class	797,502	9,530,151
NT Diversified Bond Fund R6 Class	2,556,821	28,355,149
Short Duration Inflation Protection Bond Fund R6 Class	95,524	985,811
		44,162,070
International Equity Funds — 17.2%
NT Emerging Markets Fund R6 Class	531,971	5,521,861
NT Global Real Estate Fund R6 Class	338,551	3,524,311
NT International Growth Fund R6 Class	1,143,431	11,560,089
NT International Small-Mid Cap Fund R6 Class	204,024	2,134,088
NT International Value Fund R6 Class	975,060	8,385,515
		31,125,864
International Fixed Income Funds — 5.3%
Global Bond Fund R6 Class	812,003	8,452,956
International Bond Fund R6 Class	82,131	1,100,558
		9,553,514
Money Market Funds — 5.0%
U.S. Government Money Market Fund Investor Class	8,993,692	8,993,692
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $178,526,949)		180,494,559
OTHER ASSETS AND LIABILITIES^†		(43)
TOTAL NET ASSETS — 100.0%		$	180,494,516

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2040 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 52.2%
NT Core Equity Plus Fund Institutional Class	367,703	$	5,019,142
NT Disciplined Growth Fund Institutional Class	459,432	4,594,319
NT Equity Growth Fund Institutional Class	1,236,545	14,492,307
NT Growth Fund R6 Class	940,670	14,119,454
NT Heritage Fund R6 Class	625,624	8,114,345
NT Large Company Value Fund R6 Class	1,525,897	17,242,632
NT Mid Cap Value Fund R6 Class	729,814	9,414,597
NT Small Company Fund Institutional Class	517,631	4,674,208
		77,671,004
Domestic Fixed Income Funds — 21.0%
High-Yield Fund R6 Class	660,100	3,703,161
Inflation-Adjusted Bond Fund Institutional Class	632,382	7,556,968
NT Diversified Bond Fund R6 Class	1,804,224	20,008,849
		31,268,978
International Equity Funds — 19.4%
NT Emerging Markets Fund R6 Class	569,083	5,907,084
NT Global Real Estate Fund R6 Class	314,651	3,275,514
NT International Growth Fund R6 Class	994,609	10,055,497
NT International Small-Mid Cap Fund R6 Class	212,385	2,221,543
NT International Value Fund R6 Class	857,892	7,377,873
		28,837,511
International Fixed Income Funds — 4.2%
Global Bond Fund R6 Class	604,960	6,297,633
Money Market Funds — 3.2%
U.S. Government Money Market Fund Investor Class	4,822,595	4,822,595
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $147,298,766)		148,897,721
OTHER ASSETS AND LIABILITIES^†		(30)
TOTAL NET ASSETS — 100.0%		$	148,897,691

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2045 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 56.7%
NT Core Equity Plus Fund Institutional Class	322,930	$	4,407,999
NT Disciplined Growth Fund Institutional Class	366,862	3,668,618
NT Equity Growth Fund Institutional Class	994,106	11,650,918
NT Growth Fund R6 Class	783,048	11,753,552
NT Heritage Fund R6 Class	560,633	7,271,415
NT Large Company Value Fund R6 Class	1,286,232	14,534,420
NT Mid Cap Value Fund R6 Class	613,446	7,913,457
NT Small Company Fund Institutional Class	378,912	3,421,577
		64,621,956
International Equity Funds — 21.1%
NT Emerging Markets Fund R6 Class	533,514	5,537,874
NT Global Real Estate Fund R6 Class	269,561	2,806,135
NT International Growth Fund R6 Class	774,887	7,834,112
NT International Small-Mid Cap Fund R6 Class	198,929	2,080,796
NT International Value Fund R6 Class	681,732	5,862,892
		24,121,809
Domestic Fixed Income Funds — 17.6%
High-Yield Fund R6 Class	422,667	2,371,164
Inflation-Adjusted Bond Fund Institutional Class	404,865	4,838,139
NT Diversified Bond Fund R6 Class	1,155,374	12,813,095
		20,022,398
International Fixed Income Funds — 3.9%
Global Bond Fund R6 Class	422,787	4,401,215
Money Market Funds — 0.7%
U.S. Government Money Market Fund Investor Class	843,209	843,209
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $112,757,539)		114,010,587
OTHER ASSETS AND LIABILITIES^†		(20)
TOTAL NET ASSETS — 100.0%		$	114,010,567

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2050 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 58.9%
NT Core Equity Plus Fund Institutional Class	249,895	$	3,411,064
NT Disciplined Growth Fund Institutional Class	254,323	2,543,229
NT Equity Growth Fund Institutional Class	664,691	7,790,178
NT Growth Fund R6 Class	546,295	8,199,883
NT Heritage Fund R6 Class	385,818	5,004,059
NT Large Company Value Fund R6 Class	908,741	10,268,769
NT Mid Cap Value Fund R6 Class	407,104	5,251,647
NT Small Company Fund Institutional Class	273,329	2,468,165
		44,936,994
International Equity Funds — 22.7%
NT Emerging Markets Fund R6 Class	421,965	4,379,997
NT Global Real Estate Fund R6 Class	198,362	2,064,948
NT International Growth Fund R6 Class	509,536	5,151,405
NT International Small-Mid Cap Fund R6 Class	156,963	1,641,833
NT International Value Fund R6 Class	473,849	4,075,100
		17,313,283
Domestic Fixed Income Funds — 14.9%
High-Yield Fund R6 Class	245,578	1,377,691
Inflation-Adjusted Bond Fund Institutional Class	232,161	2,774,323
NT Diversified Bond Fund R6 Class	649,195	7,199,570
		11,351,584
International Fixed Income Funds — 3.5%
Global Bond Fund R6 Class	253,967	2,643,795
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $75,779,586)		76,245,656
OTHER ASSETS AND LIABILITIES^†		(11)
TOTAL NET ASSETS — 100.0%		$	76,245,645

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2055 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 60.8%
NT Core Equity Plus Fund Institutional Class	125,155	$	1,708,359
NT Disciplined Growth Fund Institutional Class	132,134	1,321,338
NT Equity Growth Fund Institutional Class	344,969	4,043,031
NT Growth Fund R6 Class	277,877	4,170,929
NT Heritage Fund R6 Class	198,422	2,573,533
NT Large Company Value Fund R6 Class	473,181	5,346,943
NT Mid Cap Value Fund R6 Class	202,016	2,606,010
NT Small Company Fund Institutional Class	157,492	1,422,157
		23,192,300
International Equity Funds — 23.6%
NT Emerging Markets Fund R6 Class	233,039	2,418,940
NT Global Real Estate Fund R6 Class	108,457	1,129,040
NT International Growth Fund R6 Class	235,648	2,382,397
NT International Small-Mid Cap Fund R6 Class	89,913	940,494
NT International Value Fund R6 Class	245,169	2,108,451
		8,979,322
Domestic Fixed Income Funds — 12.5%
High-Yield Fund R6 Class	104,323	585,252
Inflation-Adjusted Bond Fund Institutional Class	98,590	1,178,147
NT Diversified Bond Fund R6 Class	271,590	3,011,930
		4,775,329
International Fixed Income Funds — 3.1%
Global Bond Fund R6 Class	113,730	1,183,927
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $37,480,140)		38,130,878
OTHER ASSETS AND LIABILITIES^†		(5)
TOTAL NET ASSETS — 100.0%		$	38,130,873

NOTES TO SCHEDULE OF INVESTMENTS


†	Category is less than 0.05% of total net assets.


(1)	Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

See Notes to Financial Statements.

JULY 31, 2016

One Choice 2060 Portfolio R6



	Shares	Value
MUTUAL FUNDS⁽¹⁾ — 100.0%
Domestic Equity Funds — 61.4%
NT Core Equity Plus Fund Institutional Class	1,152	$	15,721
NT Disciplined Growth Fund Institutional Class	1,224	12,240
NT Equity Growth Fund Institutional Class	3,207	37,586
NT Growth Fund R6 Class	2,564	38,491
NT Heritage Fund R6 Class	1,819	23,597
NT Large Company Value Fund R6 Class	4,403	49,752
NT Mid Cap Value Fund R6 Class	1,830	23,613
NT Small Company Fund Institutional Class	1,547	13,966
		214,966
International Equity Funds — 23.6%
NT Emerging Markets Fund R6 Class	2,178	22,603
NT Global Real Estate Fund R6 Class	1,017	10,585
NT International Growth Fund R6 Class	2,100	21,229
NT International Small-Mid Cap Fund R6 Class	847	8,864
NT International Value Fund R6 Class	2,268	19,507
		82,788
Domestic Fixed Income Funds — 12.0%
High-Yield Fund R6 Class	932	5,230
Inflation-Adjusted Bond Fund Institutional Class	878	10,496
NT Diversified Bond Fund R6 Class	2,365	26,225
		41,951
International Fixed Income Funds — 3.0%
Global Bond Fund R6 Class	1,007	10,483
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $335,795)		350,188
OTHER ASSETS AND LIABILITIES		—
TOTAL NET ASSETS — 100.0%		$	350,188

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.

Statements of Assets and Liabilities



JULY 31, 2016
	One Choice In Retirement Portfolio R6		One Choice 2020 Portfolio R6		One Choice 2025 Portfolio R6
Assets
Investment securities in affiliates, at value (cost of $137,827,005, $193,676,013 and $225,747,836, respectively)	$	140,291,435	$	196,403,544	$	228,791,862
Receivable for capital shares sold	84,895		408,182		146,058
Distributions receivable from affiliates	80,408		107,603		119,867
	140,456,738		196,919,329		229,057,787

Liabilities
Payable for investments purchased	148,104		514,006		173,798
Payable for capital shares redeemed	17,245		1,841		92,197
	165,349		515,847		265,995

Net Assets	$	140,291,389	$	196,403,482	$	228,791,792

R6 Class Capital Shares, $0.01 Par Value
Shares outstanding	13,242,125		18,000,898		20,683,839

Net Asset Value Per Share	$	10.59	$	10.91	$	11.06

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	137,488,710	$	191,710,885	$	222,762,323
Undistributed net investment income	72,883		1,084,696		1,228,153
Undistributed net realized gain	265,366		880,370		1,757,290
Net unrealized appreciation	2,464,430		2,727,531		3,044,026
	$	140,291,389	$	196,403,482	$	228,791,792

See Notes to Financial Statements.



JULY 31, 2016
	One Choice 2030 Portfolio R6		One Choice 2035 Portfolio R6		One Choice 2040 Portfolio R6
Assets
Investment securities in affiliates, at value (cost of $225,326,384, $178,526,949 and $147,298,766, respectively)	$	227,977,253	$	180,494,559	$	148,897,721
Receivable for investments sold	—		411,500		—
Receivable for capital shares sold	1,092,316		123,361		1,092,348
Distributions receivable from affiliates	108,052		75,897		53,199
	229,177,621		181,105,317		150,043,268

Liabilities
Payable for investments purchased	1,195,300		75,940		1,128,826
Payable for capital shares redeemed	5,131		534,861		16,751
	1,200,431		610,801		1,145,577

Net Assets	$	227,977,190	$	180,494,516	$	148,897,691

R6 Class Capital Shares, $0.01 Par Value
Shares outstanding	20,511,264		16,170,219		13,279,020

Net Asset Value Per Share	$	11.11	$	11.16	$	11.21

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	222,109,600	$	175,939,872	$	145,270,505
Undistributed net investment income	1,168,528		887,547		700,431
Undistributed net realized gain	2,048,193		1,699,487		1,327,800
Net unrealized appreciation	2,650,869		1,967,610		1,598,955
	$	227,977,190	$	180,494,516	$	148,897,691

See Notes to Financial Statements.



JULY 31, 2016
	One Choice 2045 Portfolio R6		One Choice 2050 Portfolio R6		One Choice 2055 Portfolio R6
Assets
Investment securities in affiliates, at value (cost of $112,757,539, $75,779,586 and $37,480,140, respectively)	$	114,010,587	$	76,245,656	$	38,130,878
Receivable for investments sold	113,691		—		—
Receivable for capital shares sold	192,185		139,326		143,548
Distributions receivable from affiliates	34,194		19,394		8,170
	114,350,657		76,404,376		38,282,596

Liabilities
Payable for investments purchased	34,214		123,723		80,127
Payable for capital shares redeemed	305,876		35,008		71,596
	340,090		158,731		151,723

Net Assets	$	114,010,567	$	76,245,645	$	38,130,873

R6 Class Capital Shares, $0.01 Par Value
Shares outstanding	10,120,748		6,778,545		3,336,093

Net Asset Value Per Share	$	11.27	$	11.25	$	11.43

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	110,817,174	$	74,276,804	$	36,951,115
Undistributed net investment income	525,940		332,922		158,541
Undistributed net realized gain	1,414,405		1,169,849		370,479
Net unrealized appreciation	1,253,048		466,070		650,738
	$	114,010,567	$	76,245,645	$	38,130,873

See Notes to Financial Statements.



JULY 31, 2016
	One Choice 2060 Portfolio R6
Assets
Investment securities in affiliates, at value (cost of $335,795)	$	350,188
Receivable for capital shares sold	57,710
Distributions receivable from affiliates	55
	407,953

Liabilities
Payable for investments purchased	57,324
Payable for capital shares redeemed	441
	57,765

Net Assets	$	350,188

R6 Class Capital Shares, $0.01 Par Value
Shares outstanding	32,197

Net Asset Value Per Share	$	10.88

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	334,625
Undistributed net investment income	651
Undistributed net realized gain	519
Net unrealized appreciation	14,393
	$	350,188

See Notes to Financial Statements.

Statements of Operations



YEAR ENDED JULY 31, 2016
	One Choice In Retirement Portfolio R6			One Choice 2020 Portfolio R6			One Choice 2025 Portfolio R6
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	2,029,481		$	2,887,066		$	3,160,321

Expenses:
Directors' fees and expenses	3,430			4,850			5,164

Net investment income (loss)	2,026,051			2,882,216			3,155,157

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(1,285,575		)	(1,696,003		)	(1,289,871		)
Capital gain distributions received from underlying funds	2,188,288			3,153,872			3,497,299
	902,713			1,457,869			2,207,428

Change in net unrealized appreciation (depreciation) on investments in underlying funds	1,830,085			2,152,949			2,302,915

Net realized and unrealized gain (loss) on affiliates	2,732,798			3,610,818			4,510,343

Net Increase (Decrease) in Net Assets Resulting from Operations	$	4,758,849		$	6,493,034		$	7,665,500

See Notes to Financial Statements.



YEAR ENDED JULY 31, 2016
	One Choice 2030 Portfolio R6			One Choice 2035 Portfolio R6			One Choice 2040 Portfolio R6
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	3,258,697		$	2,476,681		$	2,081,538

Expenses:
Directors' fees and expenses	5,210			3,944			3,291

Net investment income (loss)	3,253,487			2,472,737			2,078,247

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(1,385,135		)	(973,953		)	(1,209,746		)
Capital gain distributions received from underlying funds	3,796,303			2,973,633			2,713,540
	2,411,168			1,999,680			1,503,794

Change in net unrealized appreciation (depreciation) on investments in underlying funds	1,638,938			856,694			728,582

Net realized and unrealized gain (loss) on affiliates	4,050,106			2,856,374			2,232,376

Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,303,593		$	5,329,111		$	4,310,623

See Notes to Financial Statements.



YEAR ENDED JULY 31, 2016
	One Choice 2045 Portfolio R6			One Choice 2050 Portfolio R6			One Choice 2055 Portfolio R6
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	1,669,122		$	1,122,150		$	531,531

Expenses:
Directors' fees and expenses	2,620			1,777			860

Net investment income (loss)	1,666,502			1,120,373			530,671

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(697,028		)	(373,393		)	(393,630		)
Capital gain distributions received from underlying funds	2,379,262			1,678,149			811,749
	1,682,234			1,304,756			418,119

Change in net unrealized appreciation (depreciation) on investments in underlying funds	352,255			(22,200		)	424,667

Net realized and unrealized gain (loss) on affiliates	2,034,489			1,282,556			842,786

Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,700,991		$	2,402,929		$	1,373,457

See Notes to Financial Statements.



PERIOD ENDED JULY 31, 2016⁽¹⁾
	One Choice 2060 Portfolio R6
Investment Income (Loss)
Income from Affiliates:
Income distributions from underlying funds	$	1,033

Expenses:
Directors' fees and expenses	2

Net investment income (loss)	1,031

Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds	(401		)
Capital gain distributions received from underlying funds	920
	519

Change in net unrealized appreciation (depreciation) on investments in underlying funds	14,393

Net realized and unrealized gain (loss) on affiliates	14,912

Net Increase (Decrease) in Net Assets Resulting from Operations	$	15,943


(1)	September 30, 2015 (fund inception) through July 31, 2016.

See Notes to Financial Statements.

Statements of Changes in Net Assets



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice In Retirement Portfolio R6						One Choice 2020 Portfolio R6
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	2,026,051		$	584,514		$	2,882,216		$	1,493,400
Net realized gain (loss)	902,713			187,996			1,457,869			1,537,260
Change in net unrealized appreciation (depreciation)	1,830,085			24,264			2,152,949			(331,967		)
Net increase (decrease) in net assets resulting from operations	4,758,849			796,774			6,493,034			2,698,693

Distributions to Shareholders
From net investment income	(2,012,717		)	(535,371		)	(2,313,495		)	(1,214,185		)
From net realized gains	(75,211		)	(586,562		)	(1,924,395		)	(426,552		)
Decrease in net assets from distributions	(2,087,928		)	(1,121,933		)	(4,237,890		)	(1,640,737		)

Capital Share Transactions
Proceeds from shares sold	89,411,704			40,192,390			108,873,481			87,649,144
Issued in connection with reorganization (Note 9)	—			45,158,345			—			—
Proceeds from reinvestment of distributions	2,087,928			1,120,548			4,236,774			1,640,737
Payments for shares redeemed	(34,330,732		)	(17,186,376		)	(38,039,039		)	(13,356,696		)
Net increase (decrease) in net assets from capital share transactions	57,168,900			69,284,907			75,071,216			75,933,185

Net increase (decrease) in net assets	59,839,821			68,959,748			77,326,360			76,991,141

Net Assets
Beginning of period	80,451,568			11,491,820			119,077,122			42,085,981
End of period	$	140,291,389		$	80,451,568		$	196,403,482		$	119,077,122

Undistributed net investment income	$	72,883		$	59,549		$	1,084,696		$	515,975

Transactions in Shares of the Funds
Sold	8,755,950			3,806,507			10,345,979			8,057,674
Issued in connection with reorganization (Note 9)	—			4,307,104			—			—
Issued in reinvestment of distributions	206,581			105,754			409,746			151,920
Redeemed	(3,393,341		)	(1,628,527		)	(3,649,814		)	(1,223,397		)
Net increase (decrease) in shares of the funds	5,569,190			6,590,838			7,105,911			6,986,197

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice 2025 Portfolio R6						One Choice 2030 Portfolio R6
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	3,155,157		$	1,601,401		$	3,253,487		$	1,423,479
Net realized gain (loss)	2,207,428			1,697,055			2,411,168			1,908,649
Change in net unrealized appreciation (depreciation)	2,302,915			(56,483		)	1,638,938			112,382
Net increase (decrease) in net assets resulting from operations	7,665,500			3,241,973			7,303,593			3,444,510

Distributions to Shareholders
From net investment income	(2,532,798		)	(1,205,349		)	(2,591,105		)	(1,109,196		)
From net realized gains	(2,084,647		)	(243,928		)	(2,199,379		)	(323,118		)
Decrease in net assets from distributions	(4,617,445		)	(1,449,277		)	(4,790,484		)	(1,432,314		)

Capital Share Transactions
Proceeds from shares sold	132,428,812			92,930,987			127,331,300			98,987,973
Proceeds from reinvestment of distributions	4,617,358			1,449,277			4,789,645			1,432,314
Payments for shares redeemed	(34,810,379		)	(13,430,136		)	(31,826,602		)	(13,539,580		)
Net increase (decrease) in net assets from capital share transactions	102,235,791			80,950,128			100,294,343			86,880,707

Net increase (decrease) in net assets	105,283,846			82,742,824			102,807,452			88,892,903

Net Assets
Beginning of period	123,507,946			40,765,122			125,169,738			36,276,835
End of period	$	228,791,792		$	123,507,946		$	227,977,190		$	125,169,738

Undistributed net investment income	$	1,228,153		$	605,794		$	1,168,528		$	506,146

Transactions in Shares of the Funds
Sold	12,409,289			8,440,455			11,884,551			8,908,831
Issued in reinvestment of distributions	441,008			132,354			454,425			130,092
Redeemed	(3,283,585		)	(1,213,817		)	(2,986,885		)	(1,213,721		)
Net increase (decrease) in shares of the funds	9,566,712			7,358,992			9,352,091			7,825,202

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice 2035 Portfolio R6						One Choice 2040 Portfolio R6
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	2,472,737		$	1,270,226		$	2,078,247		$	1,002,215
Net realized gain (loss)	1,999,680			1,869,432			1,503,794			1,736,876
Change in net unrealized appreciation (depreciation)	856,694			457,060			728,582			261,163
Net increase (decrease) in net assets resulting from operations	5,329,111			3,596,718			4,310,623			3,000,254

Distributions to Shareholders
From net investment income	(1,998,215		)	(1,009,530		)	(1,664,729		)	(839,684		)
From net realized gains	(2,136,165		)	(268,797		)	(1,882,016		)	(275,712		)
Decrease in net assets from distributions	(4,134,380		)	(1,278,327		)	(3,546,745		)	(1,115,396		)

Capital Share Transactions
Proceeds from shares sold	107,095,491			69,104,390			92,034,526			55,398,695
Proceeds from reinvestment of distributions	4,134,380			1,278,327			3,546,737			1,115,396
Payments for shares redeemed	(26,529,746		)	(9,554,198		)	(27,050,094		)	(6,655,460		)
Net increase (decrease) in net assets from capital share transactions	84,700,125			60,828,519			68,531,169			49,858,631

Net increase (decrease) in net assets	85,894,856			63,146,910			69,295,047			51,743,489

Net Assets
Beginning of period	94,599,660			31,452,750			79,602,644			27,859,155
End of period	$	180,494,516		$	94,599,660		$	148,897,691		$	79,602,644

Undistributed net investment income	$	887,547		$	413,025		$	700,431		$	286,913

Transactions in Shares of the Funds
Sold	9,939,865			6,175,050			8,514,108			4,902,086
Issued in reinvestment of distributions	389,301			115,061			332,715			99,678
Redeemed	(2,482,136		)	(844,540		)	(2,515,124		)	(585,894		)
Net increase (decrease) in shares of the funds	7,847,030			5,445,571			6,331,699			4,415,870

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 AND JULY 31, 2015
	One Choice 2045 Portfolio R6						One Choice 2050 Portfolio R6
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016			July 31, 2015
Operations
Net investment income (loss)	$	1,666,502		$	856,089		$	1,120,373		$	572,283
Net realized gain (loss)	1,682,234			1,493,467			1,304,756			1,117,954
Change in net unrealized appreciation (depreciation)	352,255			315,645			(22,200		)	71,068
Net increase (decrease) in net assets resulting from operations	3,700,991			2,665,201			2,402,929			1,761,305

Distributions to Shareholders
From net investment income	(1,374,045		)	(723,825		)	(931,745		)	(498,177		)
From net realized gains	(1,734,775		)	(217,148		)	(1,234,194		)	(163,206		)
Decrease in net assets from distributions	(3,108,820		)	(940,973		)	(2,165,939		)	(661,383		)

Capital Share Transactions
Proceeds from shares sold	66,773,939			43,173,005			41,804,024			27,960,831
Proceeds from reinvestment of distributions	3,108,707			940,973			2,165,939			661,383
Payments for shares redeemed	(17,312,238		)	(7,688,212		)	(10,123,310		)	(4,541,489		)
Net increase (decrease) in net assets from capital share transactions	52,570,408			36,425,766			33,846,653			24,080,725

Net increase (decrease) in net assets	53,162,579			38,149,994			34,083,643			25,180,647

Net Assets
Beginning of period	60,847,988			22,697,994			42,162,002			16,981,355
End of period	$	114,010,567		$	60,847,988		$	76,245,645		$	42,162,002

Undistributed net investment income	$	525,940		$	233,483		$	332,922		$	144,294

Transactions in Shares of the Funds
Sold	6,184,718			3,797,033			3,878,222			2,445,258
Issued in reinvestment of distributions	290,533			83,494			202,803			58,633
Redeemed	(1,615,041		)	(671,367		)	(943,779		)	(396,678		)
Net increase (decrease) in shares of the funds	4,860,210			3,209,160			3,137,246			2,107,213

See Notes to Financial Statements.



YEARS ENDED JULY 31, 2016 (EXCEPT AS NOTED) AND JULY 31, 2015
	One Choice 2055 Portfolio R6						One Choice 2060 Portfolio R6
Increase (Decrease) in Net Assets	July 31, 2016			July 31, 2015			July 31, 2016⁽¹⁾
Operations
Net investment income (loss)	$	530,671		$	253,209		$	1,031
Net realized gain (loss)	418,119			512,344			519
Change in net unrealized appreciation (depreciation)	424,667			18,879			14,393
Net increase (decrease) in net assets resulting from operations	1,373,457			784,432			15,943

Distributions to Shareholders
From net investment income	(435,254		)	(216,714		)	(380		)
From net realized gains	(554,690		)	(11,035		)	—
Decrease in net assets from distributions	(989,944		)	(227,749		)	(380		)

Capital Share Transactions
Proceeds from shares sold	25,146,978			13,252,561			387,307
Proceeds from reinvestment of distributions	989,944			227,749			380
Payments for shares redeemed	(7,395,884		)	(2,239,299		)	(53,062		)
Net increase (decrease) in net assets from capital share transactions	18,741,038			11,241,011			334,625

Net increase (decrease) in net assets	19,124,551			11,797,694			350,188

Net Assets
Beginning of period	19,006,322			7,208,628			—
End of period	$	38,130,873		$	19,006,322		$	350,188

Undistributed net investment income	$	158,541		$	63,124		$	651

Transactions in Shares of the Funds
Sold	2,307,375			1,143,643			37,187
Issued in reinvestment of distributions	91,239			19,874			37
Redeemed	(678,118		)	(194,007		)	(5,027		)
Net increase (decrease) in shares of the funds	1,720,496			969,510			32,197


(1)	September 30, 2015 (fund inception) through July 31, 2016.

See Notes to Financial Statements.

Notes to Financial Statements

014

JULY 31, 2016

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. The corporation is authorized to issue 4,000,000,000 shares. One Choice In Retirement Portfolio R6, One Choice 2020 Portfolio R6, One Choice 2025 Portfolio R6, One Choice 2030 Portfolio R6, One Choice 2035 Portfolio R6, One Choice 2040 Portfolio R6, One Choice 2045 Portfolio R6, One Choice 2050 Portfolio R6, One Choice 2055 Portfolio R6 and One Choice 2060 Portfolio R6 (collectively, the funds) are ten funds in a series issued by the corporation. The funds operate as “funds of funds,” meaning substantially all of the funds’ assets will be invested in other American Century Investments mutual funds (the underlying funds). Each fund’s assets are allocated among underlying funds that represent major asset classes, including equity securities (stocks), fixed-income securities (bonds) and cash-equivalent instruments (money markets). The underlying funds do not invest in securities issued by companies assigned the Global Industry Classification Standard for the tobacco industry. The funds will assume the risks associated with their underlying funds. Additional information and attributes of each underlying fund are available at americancentury.com. The investment objective of One Choice In Retirement Portfolio R6 is to seek current income. Capital appreciation is a secondary objective. The investment objective of each of the nine target date One Choice Portfolios R6 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 asset mix will become fixed and will match that of One Choice In Retirement Portfolio R6. One Choice 2060 Portfolio R6 commenced sale on September 30, 2015, the fund’s inception date.

2. Significant Accounting Policies

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.

and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for One Choice In Retirement Portfolio R6. Distributions from net investment income, if any, are generally declared and paid annually for the nine target date One Choice Portfolios R6. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.

3. Fees and Transactions with Related Parties

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, American Century Investment Management, Inc. (ACIM), the corporation's distributor, American Century Investment Services, Inc., 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.

4. Investment Transactions

Investment transactions for the year ended July 31, 2016 (except as noted) were as follows:



	One Choice In Retirement Portfolio R6	One Choice 2020 Portfolio R6	One Choice 2025 Portfolio R6	One Choice 2030 Portfolio R6	One Choice 2035 Portfolio R6
Purchases	$81,683,274	$101,241,663	$123,199,250	$120,178,645	$99,342,610
Sales	$22,387,944	$24,372,226	$18,928,417	$17,624,969	$13,330,476



	One Choice 2040 Portfolio R6	One Choice 2045 Portfolio R6	One Choice 2050 Portfolio R6	One Choice 2055 Portfolio R6	One Choice 2060 Portfolio R6⁽¹⁾
Purchases	$84,855,761	$60,894,328	$38,083,474	$22,843,160	$378,354
Sales	$15,079,538	$7,386,967	$3,604,234	$3,749,644	$42,158


(1)	September 30, 2015 (fund inception) through July 31, 2016.

5. Affiliated Fund Transactions

A summary of transactions for each underlying fund for the year ended July 31, 2016 (except as noted) follows:



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice In Retirement Portfolio R6
NT Core Equity Plus Fund	$	2,414,588	$	2,294,947	$	429,146	$	(41,328	)	$	215,072	$	4,187,546
NT Disciplined Growth Fund	1,208,082		1,036,170		186,843		(10,369		)	15,375		2,105,503
NT Equity Growth Fund	8,024,455		8,154,626		2,150,929		(199,575		)	630,655		13,998,393
NT Growth Fund	3,613,779		3,570,925		864,433		(71,014		)	304,851		6,346,338
NT Heritage Fund	1,808,733		1,758,586		344,901		(42,834		)	180,180		3,142,027
NT Large Company Value Fund	7,592,602		8,557,259		2,674,855		(280,960		)	943,278		13,275,235
NT Mid Cap Value Fund	3,617,348		3,306,609		946,062		(66,001		)	379,393		6,296,983
NT Small Company Fund	1,612,044		1,628,843		391,339		(57,478		)	155,358		2,800,044
High-Yield Fund	3,075,662		2,955,327		824,315		(84,824		)	230,236		5,298,288
Inflation-Adjusted Bond Fund	1,210,720		1,061,915		230,162		(6,949		)	30,091		2,114,165
NT Diversified Bond Fund	17,425,797		18,586,303		6,528,973		(83,996		)	717,342		30,299,863
Short Duration Inflation Protection Bond Fund	4,904,892		4,615,884		1,174,268		(31,238		)	3,648		8,536,613
Global Bond Fund	5,640,425		5,140,292		1,481,057		(18,183		)	41,040		9,795,176
International Bond Fund	4,022,391		3,935,209		1,492,378		(96,373		)	108,891		7,119,362
U.S. Government Money Market Fund⁽³⁾	8,024,410		8,160,473		2,210,360		—			1,041		13,974,523
NT Global Real Estate Fund	807,471		622,853		141,542		(7,680		)	24,569		1,419,859
NT International Growth Fund	3,629,223		4,281,339		1,174,964		(133,130		)	181,575		6,383,208
NT International Value Fund	1,818,973		2,015,714		426,992		(53,643		)	55,174		3,198,309
	$	80,451,595	$	81,683,274	$	23,673,519	$	(1,285,575	)	$	4,217,769	$	140,291,435


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2020 Portfolio R6
NT Core Equity Plus Fund	$	3,565,840	$	2,755,706	$	299,680	$	(27,852	)	$	296,580	$	5,866,393
NT Disciplined Growth Fund	2,184,074		1,395,697		169,093		(10,082		)	25,374		3,473,632
NT Equity Growth Fund	11,580,572		9,810,764		2,163,257		(219,762		)	858,639		19,109,429
NT Growth Fund	6,266,638		4,726,280		983,474		(82,164		)	474,658		10,027,089
NT Heritage Fund	3,637,290		2,778,318		742,312		(103,790		)	317,381		5,537,806
NT Large Company Value Fund	11,389,447		10,918,928		3,423,595		(403,741		)	1,331,762		18,587,483
NT Mid Cap Value Fund	6,131,680		4,539,730		1,338,611		(83,468		)	591,716		9,800,269
NT Small Company Fund	2,116,885		1,887,813		340,954		(45,351		)	189,371		3,581,576
High-Yield Fund	4,409,919		3,573,680		762,298		(66,554		)	314,588		7,278,312
Inflation-Adjusted Bond Fund	3,254,989		2,010,452		557,059		(23,270		)	69,019		4,874,535
NT Diversified Bond Fund	24,725,972		22,224,237		7,055,746		(110,426		)	972,425		40,959,087
Short Duration Inflation Protection Bond Fund	5,512,484		4,864,803		813,619		(21,209		)	3,939		9,757,302
Global Bond Fund	7,678,827		5,926,991		1,376,928		(21,094		)	52,821		12,863,610
International Bond Fund	5,424,132		4,534,558		1,448,395		(133,270		)	142,033		9,340,972
NT Emerging Markets Fund	1,191,782		806,058		350,624		(44,052		)	6,425		1,731,496
NT Global Real Estate Fund	1,466,270		906,878		243,227		(11,403		)	41,070		2,344,006
NT International Growth Fund	5,630,310		5,641,329		1,419,002		(163,772		)	258,081		9,318,018
NT International Small-Mid Cap Fund	332,514		166,808		56,013		(1,936		)	3,171		446,825
NT International Value Fund	3,365,930		3,283,966		964,365		(122,807		)	90,710		5,365,408
U.S. Government Money Market Fund⁽³⁾	9,211,606		8,488,667		1,559,977		—			1,175		16,140,296
	$	119,077,161	$	101,241,663	$	26,068,229	$	(1,696,003	)	$	6,040,938	$	196,403,544


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2025 Portfolio R6
NT Core Equity Plus Fund	$	3,701,101	$	3,594,339	$	282,388	$	(27,195	)	$	315,347	$	6,874,527
NT Disciplined Growth Fund	2,730,028		2,291,764		186,770		(11,153		)	33,574		4,942,830
NT Equity Growth Fund	11,476,446		11,703,335		1,516,307		(136,817		)	868,508		21,581,149
NT Growth Fund	7,396,166		6,888,904		920,661		(65,923		)	576,744		13,418,917
NT Heritage Fund	5,027,237		4,725,053		773,434		(93,178		)	460,180		8,770,998
NT Large Company Value Fund	11,967,783		13,050,103		2,453,347		(256,635		)	1,422,705		22,168,043
NT Mid Cap Value Fund	7,299,193		6,404,048		1,238,397		(88,140		)	707,411		13,100,235
NT Small Company Fund	2,179,375		2,187,562		396,404		(56,945		)	200,995		3,902,974
High-Yield Fund	4,344,693		4,102,299		539,017		(40,940		)	320,274		7,971,677
Inflation-Adjusted Bond Fund	4,862,961		3,981,745		695,706		(29,288		)	113,989		8,419,119
NT Diversified Bond Fund	24,464,442		26,090,764		6,072,897		(117,471		)	985,797		45,654,909
Short Duration Inflation Protection Bond Fund	3,798,059		4,081,615		362,822		(8,958		)	2,715		7,657,770
NT Emerging Markets Fund	2,621,279		2,097,109		577,476		(67,292		)	13,613		4,333,565
NT Global Real Estate Fund	1,826,912		1,374,725		152,909		(12,482		)	51,341		3,347,708
NT International Growth Fund	6,134,484		6,806,611		770,615		(85,294		)	279,368		11,494,235
NT International Small-Mid Cap Fund	739,917		594,894		81,576		(4,074		)	7,708		1,264,856
NT International Value Fund	4,255,552		4,671,880		701,551		(88,245		)	117,596		7,741,604
Global Bond Fund	7,205,746		6,604,931		939,376		(15,132		)	49,109		13,505,058
International Bond Fund	5,010,041		4,675,366		864,980		(84,709		)	129,774		9,594,570
U.S. Government Money Market Fund⁽³⁾	6,466,570		7,272,203		691,655		—			872		13,047,118
	$	123,507,985	$	123,199,250	$	20,218,288	$	(1,289,871	)	$	6,657,620	$	228,791,862


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2030 Portfolio R6
NT Core Equity Plus Fund	$	3,899,613	$	3,396,952	$	331,849	$	(34,625	)	$	323,859	$	6,817,586
NT Disciplined Growth Fund	3,229,963		2,567,070		189,679		(12,193		)	40,031		5,733,469
NT Equity Growth Fund	11,543,671		10,988,956		1,249,161		(122,604		)	872,662		21,162,574
NT Growth Fund	9,021,823		7,910,162		1,087,287		(78,859		)	702,294		15,906,584
NT Heritage Fund	5,458,210		5,194,694		548,113		(56,984		)	499,907		9,872,294
NT Large Company Value Fund	12,768,931		12,850,782		2,010,773		(225,752		)	1,548,414		23,080,688
NT Mid Cap Value Fund	7,557,055		6,455,922		931,439		(51,381		)	770,309		13,660,335
NT Small Company Fund	2,998,432		2,722,240		512,687		(70,524		)	264,217		5,108,572
High-Yield Fund	4,024,535		3,904,825		546,516		(48,108		)	297,973		7,435,676
Inflation-Adjusted Bond Fund	6,013,629		5,226,061		918,130		(37,716		)	143,113		10,656,418
NT Diversified Bond Fund	22,123,737		22,528,890		4,522,044		(97,223		)	905,450		41,149,501
Short Duration Inflation Protection Bond Fund	1,997,938		2,329,306		126,789		(3,701		)	1,508		4,276,109
NT Emerging Markets Fund	3,386,333		2,950,275		710,739		(91,812		)	18,326		5,909,158
NT Global Real Estate Fund	2,166,391		1,645,562		301,976		(16,681		)	62,600		3,861,653
NT International Growth Fund	7,240,529		7,875,114		1,649,927		(190,024		)	325,726		12,785,586
NT International Small-Mid Cap Fund	1,142,218		941,880		123,152		(5,555		)	12,302		1,983,570
NT International Value Fund	5,104,822		5,861,170		1,382,995		(197,197		)	141,397		9,117,815
Global Bond Fund	6,492,348		5,882,001		842,025		(14,541		)	44,642		12,095,400
International Bond Fund	2,757,870		3,093,738		286,832		(29,655		)	79,481		6,007,485
U.S. Government Money Market Fund⁽³⁾	6,241,726		5,853,045		737,991		—			789		11,356,780
	$	125,169,774	$	120,178,645	$	19,010,104	$	(1,385,135	)	$	7,055,000	$	227,977,253


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2035 Portfolio R6
NT Core Equity Plus Fund	$	3,067,861	$	3,126,254	$	233,754	$	(26,101	)	$	260,880	$	5,854,496
NT Disciplined Growth Fund	2,801,336		2,515,124		217,881		(14,190		)	35,022		5,217,418
NT Equity Growth Fund	8,725,448		8,971,874		971,892		(100,940		)	651,332		16,667,518
NT Growth Fund	8,407,225		8,136,420		1,110,986		(76,529		)	646,300		15,519,844
NT Heritage Fund	4,495,006		4,601,050		560,840		(52,795		)	412,764		8,352,195
NT Large Company Value Fund	9,986,201		10,905,646		1,663,181		(166,512		)	1,174,017		18,854,123
NT Mid Cap Value Fund	5,703,928		5,305,144		694,954		(52,290		)	569,605		10,790,008
NT Small Company Fund	2,967,741		2,994,874		460,046		(55,550		)	258,050		5,403,817
High-Yield Fund	2,696,717		2,826,789		272,918		(19,876		)	202,962		5,290,959
Inflation-Adjusted Bond Fund	5,066,554		4,997,074		839,240		(40,227		)	125,309		9,530,151
NT Diversified Bond Fund	14,476,838		16,580,521		3,398,601		(53,143		)	590,636		28,355,149
Short Duration Inflation Protection Bond Fund	310,751		658,226		—		—			291		985,811
NT Emerging Markets Fund	3,035,750		2,825,771		591,719		(71,763		)	16,363		5,521,861
NT Global Real Estate Fund	1,875,980		1,537,768		206,818		(16,197		)	52,753		3,524,311
NT International Growth Fund	6,131,699		6,980,633		902,954		(97,936		)	278,745		11,560,089
NT International Small-Mid Cap Fund	1,160,375		1,054,754		107,063		(6,413		)	12,502		2,134,088
NT International Value Fund	4,447,801		5,288,768		883,267		(112,380		)	122,938		8,385,515
Global Bond Fund	4,334,200		4,294,498		563,553		(11,111		)	29,491		8,452,956
International Bond Fund	189,721		841,520		—		—			9,753		1,100,558
U.S. Government Money Market Fund⁽³⁾	4,718,552		4,899,902		624,762		—			601		8,993,692
	$	94,599,684	$	99,342,610	$	14,304,429	$	(973,953	)	$	5,450,314	$	180,494,559


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2040 Portfolio R6
NT Core Equity Plus Fund	$	2,787,727	$	2,674,658	$	344,398	$	(35,920	)	$	236,994	$	5,019,142
NT Disciplined Growth Fund	2,475,614		2,312,725		305,776		(18,969		)	31,192		4,594,319
NT Equity Growth Fund	7,833,745		7,860,138		1,146,572		(111,855		)	580,008		14,492,307
NT Growth Fund	7,701,883		7,894,322		1,590,600		(111,761		)	590,286		14,119,454
NT Heritage Fund	4,425,768		4,775,058		943,371		(83,190		)	396,116		8,114,345
NT Large Company Value Fund	9,391,702		10,169,833		1,990,194		(210,443		)	1,102,125		17,242,632
NT Mid Cap Value Fund	5,107,653		4,771,480		873,586		(50,270		)	507,921		9,414,597
NT Small Company Fund	2,504,379		2,813,610		578,415		(68,023		)	227,821		4,674,208
High-Yield Fund	1,947,283		2,047,255		328,377		(25,776		)	143,306		3,703,161
Inflation-Adjusted Bond Fund	3,906,511		4,169,124		764,038		(32,964		)	99,574		7,556,968
NT Diversified Bond Fund	10,363,886		12,099,881		2,944,933		(35,595		)	422,606		20,008,849
NT Emerging Markets Fund	3,392,511		3,181,609		972,453		(130,661		)	18,505		5,907,084
NT Global Real Estate Fund	1,777,482		1,532,472		339,033		(21,566		)	50,224		3,275,514
NT International Growth Fund	5,327,600		6,362,791		1,098,053		(120,134		)	243,513		10,055,497
NT International Small-Mid Cap Fund	1,224,606		1,211,000		246,110		(12,248		)	13,208		2,221,543
NT International Value Fund	3,925,615		4,826,774		989,502		(130,683		)	109,049		7,377,873
Global Bond Fund	3,322,868		3,258,199		575,807		(9,688		)	22,324		6,297,633
U.S. Government Money Market Fund⁽³⁾	2,185,829		2,894,832		258,066		—			306		4,822,595
	$	79,602,662	$	84,855,761	$	16,289,284	$	(1,209,746	)	$	4,795,078	$	148,897,721


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2045 Portfolio R6
NT Core Equity Plus Fund	$	2,502,184	$	2,208,386	$	203,579	$	(22,131	)	$	215,661	$	4,407,999
NT Disciplined Growth Fund	1,962,173		1,732,036		117,637		(10,723		)	25,664		3,668,618
NT Equity Growth Fund	6,215,748		6,039,860		544,858		(59,022		)	487,130		11,650,918
NT Growth Fund	6,370,591		6,104,256		787,988		(59,387		)	513,838		11,753,552
NT Heritage Fund	3,945,355		3,849,310		357,467		(34,274		)	373,192		7,271,415
NT Large Company Value Fund	7,939,889		7,987,716		1,069,452		(120,499		)	990,699		14,534,420
NT Mid Cap Value Fund	4,306,975		3,714,852		487,578		(39,994		)	446,435		7,913,457
NT Small Company Fund	1,819,956		1,863,695		193,030		(25,031		)	171,902		3,421,577
NT Emerging Markets Fund	3,128,005		2,890,845		782,559		(107,752		)	17,492		5,537,874
NT Global Real Estate Fund	1,508,269		1,152,122		118,573		(12,586		)	45,188		2,806,135
NT International Growth Fund	4,222,489		4,666,203		601,787		(64,675		)	199,496		7,834,112
NT International Small-Mid Cap Fund	1,129,345		1,030,833		115,144		(7,465		)	12,806		2,080,796
NT International Value Fund	3,113,565		3,603,957		516,941		(76,526		)	91,021		5,862,892
High-Yield Fund	1,236,671		1,264,472		154,499		(11,996		)	95,702		2,371,164
Inflation-Adjusted Bond Fund	2,499,294		2,477,638		297,266		(14,718		)	64,724		4,838,139
NT Diversified Bond Fund	6,475,559		7,478,999		1,467,761		(24,542		)	281,086		12,813,095
Global Bond Fund	2,319,840		2,138,030		267,876		(5,707		)	16,304		4,401,215
U.S. Government Money Market Fund⁽³⁾	152,091		691,118		—		—			44		843,209
	$	60,847,999	$	60,894,328	$	8,083,995	$	(697,028	)	$	4,048,384	$	114,010,587


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund, Inflation-Adjusted Bond Fund and Investor Class for U.S. Government Money Market Fund.


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


(3)	Effective December 1, 2015, the name of Premium Money Market Fund was changed to U.S. Government Money Market Fund.



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2050 Portfolio R6
NT Core Equity Plus Fund	$	1,898,447	$	1,689,924	$	94,851	$	(10,184	)	$	167,089	$	3,411,064
NT Disciplined Growth Fund	1,412,735		1,148,399		76,152		(5,582		)	17,952		2,543,229
NT Equity Growth Fund	4,305,353		3,821,330		269,104		(27,776		)	333,326		7,790,178
NT Growth Fund	4,496,902		3,995,941		329,919		(25,417		)	358,697		8,199,883
NT Heritage Fund	2,761,672		2,566,133		199,436		(19,359		)	260,584		5,004,059
NT Large Company Value Fund	5,744,144		5,286,959		484,762		(57,196		)	707,710		10,268,769
NT Mid Cap Value Fund	2,910,190		2,307,983		194,920		(15,267		)	302,462		5,251,647
NT Small Company Fund	1,415,532		1,303,277		194,709		(24,566		)	130,047		2,468,165
NT Emerging Markets Fund	2,478,996		2,106,977		423,339		(68,369		)	13,638		4,379,997
NT Global Real Estate Fund	1,149,284		805,428		77,836		(5,546		)	34,443		2,064,948
NT International Growth Fund	2,817,904		2,922,222		271,771		(34,907		)	132,670		5,151,405
NT International Small-Mid Cap Fund	912,758		790,860		86,402		(4,519		)	10,186		1,641,833
NT International Value Fund	2,236,181		2,368,619		278,892		(46,446		)	63,997		4,075,100
High-Yield Fund	754,063		682,973		66,632		(4,982		)	56,458		1,377,691
Inflation-Adjusted Bond Fund	1,504,397		1,336,163		154,064		(7,004		)	37,607		2,774,323
NT Diversified Bond Fund	3,911,315		3,742,245		632,521		(13,361		)	163,270		7,199,570
Global Bond Fund	1,452,136		1,208,041		142,317		(2,912		)	10,163		2,643,795
	$	42,162,009	$	38,083,474	$	3,977,627	$	(373,393	)	$	2,800,299	$	76,245,656


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund and Inflation-Adjusted Bond Fund.


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



Fund/ Underlying Fund⁽¹⁾	Beginning Value		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2055 Portfolio R6
NT Core Equity Plus Fund	$	856,537	$	1,021,940	$	154,451	$	(19,029	)	$	79,270	$	1,708,359
NT Disciplined Growth Fund	661,204		715,946		96,911		(6,341		)	9,082		1,321,338
NT Equity Growth Fund	2,044,993		2,329,930		351,019		(41,284		)	165,393		4,043,031
NT Growth Fund	2,091,581		2,454,392		438,303		(35,074		)	174,840		4,170,929
NT Heritage Fund	1,282,010		1,562,390		252,164		(29,864		)	126,646		2,573,533
NT Large Company Value Fund	2,705,980		3,279,216		589,325		(75,998		)	349,255		5,346,943
NT Mid Cap Value Fund	1,298,312		1,410,872		242,180		(16,352		)	141,948		2,606,010
NT Small Company Fund	732,379		868,309		171,613		(22,504		)	70,326		1,422,157
NT Emerging Markets Fund	1,230,608		1,369,541		330,643		(48,634		)	7,295		2,418,940
NT Global Real Estate Fund	562,799		556,406		99,921		(7,042		)	17,600		1,129,040
NT International Growth Fund	1,141,183		1,579,988		224,311		(28,141		)	56,910		2,382,397
NT International Small-Mid Cap Fund	464,598		539,093		84,228		(5,245		)	5,534		940,494
NT International Value Fund	1,035,973		1,461,173		294,433		(42,697		)	31,317		2,108,451
High-Yield Fund	286,434		346,958		57,517		(5,149		)	23,210		585,252
Inflation-Adjusted Bond Fund	573,068		696,472		130,667		(3,969		)	15,540		1,178,147
NT Diversified Bond Fund	1,456,826		1,966,694		487,048		(4,757		)	64,897		3,011,930
Global Bond Fund	581,840		683,840		138,540		(1,550		)	4,217		1,183,927
	$	19,006,325	$	22,843,160	$	4,143,274	$	(393,630	)	$	1,343,280	$	38,130,878


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund and Inflation-Adjusted Bond Fund.


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



Fund/ Underlying Fund⁽¹⁾	Beginning Value	Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received⁽²⁾		Ending Value
One Choice 2060 Portfolio R6⁽³⁾
NT Core Equity Plus Fund	—	$	17,071	$	1,913	$	(23	)	$	148	$	15,721
NT Disciplined Growth Fund	—	13,085		1,442		(2		)	28		12,240
NT Equity Growth Fund	—	40,514		4,576		4			254		37,586
NT Growth Fund	—	41,287		4,740		(11		)	192		38,491
NT Heritage Fund	—	25,250		2,881		(86		)	138		23,597
NT Large Company Value Fund	—	54,114		6,288		(10		)	513		49,752
NT Mid Cap Value Fund	—	25,360		2,875		26			206		23,613
NT Small Company Fund	—	14,949		1,784		(42		)	81		13,966
NT Emerging Markets Fund	—	23,984		2,768		(20		)	8		22,603
NT Global Real Estate Fund	—	11,035		1,152		(9		)	21		10,585
NT International Growth Fund	—	23,149		2,595		(107		)	63		21,229
NT International Small-Mid Cap Fund	—	9,525		1,037		(19		)	7		8,864
NT International Value Fund	—	21,369		2,494		(71		)	35		19,507
High-Yield Fund	—	5,713		601		(1		)	60		5,230
Inflation-Adjusted Bond Fund	—	11,539		1,190		(9		)	56		10,496
NT Diversified Bond Fund	—	28,942		3,037		(18		)	139		26,225
Global Bond Fund	—	11,468		1,186		(3		)	4		10,483
	—	$	378,354	$	42,559	$	(401	)	$	1,953	$	350,188


(1)	Underlying fund investments represent R6 Class for all funds, except Institutional Class for NT Core Equity Plus Fund, NT Disciplined Growth Fund, NT Equity Growth Fund, NT Small Company Fund and Inflation-Adjusted Bond Fund.


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


(3)	September 30, 2015 (fund inception) through July 31, 2016.

6. Investments in Underlying Funds

7. Fair Value Measurements


•	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).

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.

8. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2016 and July 31, 2015 (except as noted) were as follows:



	2016				2015
	Distributions Paid From:				Distributions Paid From:
	Ordinary Income		Long-term capital gains		Ordinary Income		Long-term capital gains
One Choice In Retirement Portfolio R6	$	2,087,928	—		$	612,271	$	509,662
One Choice 2020 Portfolio R6	$	2,313,495	$	1,924,395	$	1,323,467	$	317,270
One Choice 2025 Portfolio R6	$	2,567,789	$	2,049,656	$	1,240,560	$	208,717
One Choice 2030 Portfolio R6	$	2,648,232	$	2,142,252	$	1,167,424	$	264,890
One Choice 2035 Portfolio R6	$	2,059,984	$	2,074,396	$	1,031,122	$	247,205
One Choice 2040 Portfolio R6	$	1,690,393	$	1,856,352	$	863,423	$	251,973
One Choice 2045 Portfolio R6	$	1,485,878	$	1,622,942	$	742,061	$	198,912
One Choice 2050 Portfolio R6	$	992,051	$	1,173,888	$	511,016	$	150,367
One Choice 2055 Portfolio R6	$	459,353	$	530,591	$	223,186	$	4,563
One Choice 2060 Portfolio R6⁽¹⁾	$	380	—		N/A		N/A

(1) September 30, 2015 (fund inception) through July 31, 2016.

As of July 31, 2016, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:



	One Choice In Retirement Portfolio R6			One Choice 2020 Portfolio R6			One Choice 2025 Portfolio R6			One Choice 2030 Portfolio R6			One Choice 2035 Portfolio R6
Federal tax cost of investments	$	139,729,537		$	195,906,083		$	227,458,923		$	227,074,309		$	179,788,163
Gross tax appreciation of investments	$	1,395,564		$	2,092,010		$	3,019,934		$	2,836,276		$	2,269,640
Gross tax depreciation of investments	(833,666		)	(1,594,549		)	(1,686,995		)	(1,933,332		)	(1,563,244		)
Net tax appreciation (depreciation) of investments	$	561,898		$	497,461		$	1,332,939		$	902,944		$	706,396
Undistributed ordinary income	$	156,316		$	1,084,696		$	1,230,428		$	1,187,069		$	888,744
Accumulated long-term gains	$	2,084,465		$	3,110,440		$	3,466,102		$	3,777,577		$	2,959,504



	One Choice 2040 Portfolio R6			One Choice 2045 Portfolio R6			One Choice 2050 Portfolio R6			One Choice 2055 Portfolio R6			One Choice 2060 Portfolio R6
Federal tax cost of investments	$	148,673,865		$	113,719,884		$	76,287,709		$	37,921,877		$	336,409
Gross tax appreciation of investments	$	1,739,932		$	1,529,166		$	1,034,808		$	515,310		$	13,779
Gross tax depreciation of investments	(1,516,076		)	(1,238,463		)	(1,076,861		)	(306,309		)	—
Net tax appreciation (depreciation) of investments	$	223,856		$	290,703		$	(42,053	)	$	209,001		$	13,779
Undistributed ordinary income	$	716,198		$	532,651		$	339,299		$	164,692		$	876
Accumulated long-term gains	$	2,687,132		$	2,370,039		$	1,671,595		$	806,065		$	908

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

9. Reorganization

On December 9, 2014, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of One Choice^® 2015 Portfolio R6, one fund in a series issued by the corporation, were transferred to One Choice In Retirement Portfolio R6 in exchange for shares of One Choice In Retirement Portfolio R6. One Choice 2015 Portfolio R6 had reached its most conservative planned target asset allocation and its asset mix matched that of One Choice In Retirement Portfolio R6. The reorganization was executed to combine two funds that had the same target asset allocations, both funds’ investment objectives and strategies were substantially similar and their total expense ratios were expected to be the same. The financial statements and performance history of One Choice In Retirement Portfolio R6 survived after the reorganization. The reorganization was effective as of the close of the NYSE on March 27, 2015.

The reorganization was accomplished by a tax-free exchange of shares. On March 27, 2015, One Choice 2015 Portfolio R6 exchanged its shares for shares of One Choice In Retirement Portfolio R6 as follows:

The net assets of One Choice 2015 Portfolio R6 and One Choice In Retirement Portfolio R6 immediately before the reorganization were $45,158,345 and $21,165,837, respectively. One Choice 2015 Portfolio R6's unrealized appreciation of $337,454 was combined with that of One Choice In Retirement Portfolio R6. Immediately after the reorganization, the combined net assets were $66,324,182.

Assuming the reorganization had been completed on August 1, 2014, the beginning of the annual reporting period, the pro forma results of operations for the year ended July 31, 2015 are as follows:



Net investment income (loss)	$	1,277,071
Net realized and unrealized gain (loss)	756,159
Net increase (decrease) in net assets resulting from operations	$	2,033,230

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of One Choice 2015 Portfolio R6 that have been included in the One Choice In Retirement Portfolio R6 Statement of Operations since March 27, 2015.

Financial Highlights



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice In Retirement Portfolio R6 — R6 Class
2016	$10.49	0.20	0.10	0.30	(0.19)	(0.01)	(0.20)	$10.59	2.98%	0.00%⁽⁴⁾	1.94%	22%		$140,291
2015	$10.62	0.17	0.26	0.43	(0.25)	(0.31)	(0.56)	$10.49	4.14%	0.00%⁽⁴⁾	1.59%	42%		$80,452
2014	$10.00	0.23	0.61	0.84	(0.22)	—	(0.22)	$10.62	8.46%	0.00%⁽⁴⁾	2.16%	34%		$11,492
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2020 Portfolio R6 — R6 Class
2016	$10.93	0.21	0.10	0.31	(0.18)	(0.15)	(0.33)	$10.91	2.92%	0.00%⁽⁴⁾	1.97%	17%		$196,403
2015	$10.77	0.23	0.25	0.48	(0.24)	(0.08)	(0.32)	$10.93	4.55%	0.00%⁽⁴⁾	2.07%	26%		$119,077
2014	$10.00	0.25	0.67	0.92	(0.15)	—	(0.15)	$10.77	9.24%	0.00%⁽⁴⁾	2.36%	43%		$42,086
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2025 Portfolio R6 — R6 Class
2016	$11.11	0.21	0.08	0.29	(0.19)	(0.15)	(0.34)	$11.06	2.81%	0.00%⁽⁴⁾	2.01%	12%		$228,792
2015	$10.85	0.22	0.33	0.55	(0.24)	(0.05)	(0.29)	$11.11	5.05%	0.00%⁽⁴⁾	1.97%	27%		$123,508
2014	$10.00	0.22	0.78	1.00	(0.15)	—	(0.15)	$10.85	10.04%	0.00%⁽⁴⁾	2.04%	18%		$40,765
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2030 Portfolio R6 — R6 Class
2016	$11.22	0.22	0.02	0.24	(0.19)	(0.16)	(0.35)	$11.11	2.33%	0.00%⁽⁴⁾	2.06%	11%		$227,977
2015	$10.88	0.22	0.42	0.64	(0.23)	(0.07)	(0.30)	$11.22	5.94%	0.00%⁽⁴⁾	1.96%	27%		$125,170
2014	$10.00	0.23	0.81	1.04	(0.16)	—	(0.16)	$10.88	10.48%	0.00%⁽⁴⁾	2.13%	23%		$36,277
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2035 Portfolio R6 — R6 Class
2016	$11.37	0.22	(0.03)⁽⁸⁾	0.19	(0.19)	(0.21)	(0.40)	$11.16	1.86%	0.00%⁽⁴⁾	2.06%	11%		$180,495
2015	$10.93	0.23	0.50	0.73	(0.23)	(0.06)	(0.29)	$11.37	6.74%	0.00%⁽⁴⁾	2.00%	28%		$94,600
2014	$10.00	0.24	0.87	1.11	(0.18)	—	(0.18)	$10.93	11.18%	0.00%⁽⁴⁾	2.19%	12%		$31,453
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2040 Portfolio R6 — R6 Class
2016	$11.46	0.22	(0.06)⁽⁸⁾	0.16	(0.19)	(0.22)	(0.41)	$11.21	1.62%	0.00%⁽⁴⁾	2.08%	15%		$148,898
2015	$11.01	0.24	0.54	0.78	(0.25)	(0.08)	(0.33)	$11.46	7.15%	0.00%⁽⁴⁾	2.08%	25%		$79,603
2014	$10.00	0.24	0.96	1.20	(0.19)	—	(0.19)	$11.01	12.13%	0.00%⁽⁴⁾	2.25%	11%		$27,859
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2045 Portfolio R6 — R6 Class
2016	$11.57	0.23	(0.08)⁽⁸⁾	0.15	(0.20)	(0.25)	(0.45)	$11.27	1.56%	0.00%⁽⁴⁾	2.09%	9%		$114,011
2015	$11.06	0.24	0.61	0.85	(0.26)	(0.08)	(0.34)	$11.57	7.72%	0.00%⁽⁴⁾	2.11%	29%		$60,848
2014	$10.00	0.23	1.02	1.25	(0.19)	—	(0.19)	$11.06	12.62%	0.00%⁽⁴⁾	2.13%	12%		$22,698
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25



For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return⁽²⁾	Operating Expenses⁽³⁾	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice 2050 Portfolio R6 — R6 Class
2016	$11.58	0.22	(0.08)⁽⁸⁾	0.14	(0.20)	(0.27)	(0.47)	$11.25	1.43%	0.00%⁽⁴⁾	2.08%	7%		$76,246
2015	$11.07	0.24	0.61	0.85	(0.26)	(0.08)	(0.34)	$11.58	7.76%	0.00%⁽⁴⁾	2.11%	26%		$42,162
2014	$10.00	0.23	1.05	1.28	(0.21)	—	(0.21)	$11.07	12.88%	0.00%⁽⁴⁾	2.11%	13%		$16,981
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2055 Portfolio R6 — R6 Class
2016	$11.76	0.22	(0.08)⁽⁸⁾	0.14	(0.21)	(0.26)	(0.47)	$11.43	1.39%	0.00%⁽⁴⁾	2.02%	14%		$38,131
2015	$11.16	0.24	0.63	0.87	(0.26)	(0.01)	(0.27)	$11.76	7.90%	0.00%⁽⁴⁾	2.08%	25%		$19,006
2014	$10.00	0.13	1.19	1.32	(0.16)	—	(0.16)	$11.16	13.22%	0.00%⁽⁴⁾	1.14%	23%		$7,209
2013⁽⁵⁾	$10.00	—	—	—	—	—	—	$10.00	0.00%	0.00%	0.00%	0%		$25
One Choice 2060 Portfolio R6 — R6 Class
2016⁽⁶⁾	$10.00	0.13	0.90	1.03	(0.15)	—	(0.15)	$10.88	10.39%	0.00%⁽⁴⁾⁽⁷⁾	1.47%⁽⁷⁾	45%		$350

Notes to Financial Highlights


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


(2)	Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.


(3)	Ratio of operating expenses to average net assets does not include any fees and expenses of the underlying funds.


(4)	Ratio was less than 0.005%.


(5)	For the one day period ended July 31, 2013 (fund inception).


(6)	September 30, 2015 (fund inception) through July 31, 2016.


(7)	Annualized.


(8)	Per-share amount was not in accord with the net realized and unrealized gain (loss) for the period because of the timing of transactions in shares of the fund and the amount and timing of per-share net

realized and unrealized gain (loss) on such shares.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of American Century Asset Allocation Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of One Choice In Retirement Portfolio R6, One Choice 2020 Portfolio R6, One Choice 2025 Portfolio R6, One Choice 2030 Portfolio R6, One Choice 2035 Portfolio R6, One Choice 2040 Portfolio R6, One Choice 2045 Portfolio R6, One Choice 2050 Portfolio R6, One Choice 2055 Portfolio R6, and One Choice 2060 Portfolio R6, ten of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Funds”), as of July 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented (as to One Choice 2060 Portfolio R6, the related statement of operations, statement of changes in net assets, and financial highlights for the period from September 30, 2015 (inception date) through July 31, 2016). These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective Funds as of July 31, 2016, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Kansas City, Missouri

September 19, 2016

Management

The Board of Directors

The following table presents additional information about the directors. The mailing address for each director is 4500 Main Street, Kansas City, Missouri 64111.



Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
Barry Fink (1955)	Director	Since 2012	Retired; Executive Vice President, ACC (September 2007 to February 2013); President, ACS (October 2007 to February 2013); Chief Operating Officer, ACC (September 2007 to November 2012)	83	None
Andrea C. Hall (1945)	Director	Since 1997	Retired	83	None
Jan M. Lewis (1957)	Director	Since 2011	Retired; President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization) (2006 to 2013)	83	None
James A. Olson (1942)	Director and Chairman of the Board	Since 2007 (Chairman since 2014)	Member, Plaza Belmont LLC (private equity fund manager) (1999 to present)	83	Saia, Inc. (2002 to 2012) and EPR Properties (2003 to 2013)
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	83	Euronet Worldwide Inc.; MGP Ingredients, Inc.; and DST Systems Inc. (1996 to 2012)



Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
John R. Whitten (1946)	Director	Since 2008	Retired	83	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Director	Since 2012	Retired	83	None
Interested Director
Jonathan S. Thomas (1963)	Director and President	Since 2007	President and Chief Executive Officer, ACC (March 2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	128	BioMed Valley Discoveries, Inc.

The Statement of Additional Information has additional information about the funds' directors and is available without charge, upon request, by calling 1-800-345-2021.

Officers



Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Director and President since 2007	President and Chief Executive Officer, ACC (March 2007 to present). Also serves as Chief Executive Officer, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (March 2014 to present); Chief Compliance Officer, ACIM (February 2014 to present); Chief Compliance Officer, ACIS (October 2009 to present); Vice President, Client Interactions and Marketing, ACIS (February 2013 to January 2014); Director, Client Interactions and Marketing, ACIS (June 2007 to January 2013). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (February 1994 to present); Vice President, ACC (November 2005 to present); General Counsel, ACC (March 2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President, Treasurer and Chief Financial Officer since 2012	Vice President, ACS (February 2000 to present)
Robert J. Leach (1966)	Vice President since 2006 and Assistant Treasurer since 2012	Vice President, ACS (February 2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

Approval of Management Agreement


•	the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided by the Advisor to each Fund;


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


•	the investment performance of each Fund, including data comparing each Fund’s performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;


•	the cost of owning each Fund compared to the cost of owning similar funds;


•	the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ other service providers;


•	financial data showing the cost of services provided to each Fund and the overall profitability of the Advisor;


•	possible economies of scale associated with the Advisor’s management of the Funds and other accounts under its management;


•	data comparing services provided and charges to the Advisor's other investment management clients;


•	acquired fund fees and expenses;


•	payments by each Fund and the Advisor to financial intermediaries and the nature of services provided; and


•	any collateral benefits derived by the Advisor from the management of the Funds.

Factors Considered


•	constructing and designing each Fund


•	portfolio research and security selection


•	initial capitalization/funding


•	securities trading


•	Fund administration


•	custody of Fund assets


•	daily valuation of each Fund’s portfolio


•	shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications


•	legal services (except the independent Directors’ counsel)


•	regulatory and portfolio compliance


•	financial reporting


•	marketing and distribution

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 various committees of the Board, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction (as measured by external as well as internal sources), technology support, new products and services offered to fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board particularly noted the Advisor’s continual efforts to maintain

effective business continuity plans and to address cybersecurity threats. Certain aspects of shareholder and transfer agency service level efficiency and the quality of securities trading activities are measured by independent third party providers and are presented in comparison to other fund groups not managed by the Advisor. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Comparison to Other Funds’ Fees. The Funds invest their non-cash assets entirely in other American Century Investments funds. The Funds do not pay an investment advisory fee to the Advisor. Rather, each Fund indirectly bears its pro rata share of the expenses incurred by the underlying funds. Each underlying fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the fund, other than brokerage expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, and the fees and expenses of the fund’s independent directors (including their independent legal counsel). The Board concluded that the underlying fund expenses incurred by each Fund were reasonable in light of the services provided to each Fund.

Payments to Intermediaries. The Directors also requested and received a description of payments made to intermediaries by each Fund and the Advisor. 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 found the payments to be reasonable in scope and purpose.

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.

Additional Information

Retirement Account Information

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 1-800-378-9878. It is also available on the “About Us” page of American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s

Quarterly Portfolio Disclosure

schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at ipro.americancentury.com (for Investment Professionals) and, upon request, by calling 1-800-378-9878.

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2016.



One Choice In Retirement Portfolio R6	One Choice 2020 Portfolio R6	One Choice 2025 Portfolio R6	One Choice 2030 Portfolio R6	One Choice 2035 Portfolio R6
$523,439	$752,422	$842,531	$905,104	$727,215



One Choice 2040 Portfolio R6	One Choice 2045 Portfolio R6	One Choice 2050 Portfolio R6	One Choice 2055 Portfolio R6	One Choice 2060 Portfolio R6
$651,121	$562,625	$395,046	$195,035	$389

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended July 31, 2016.



One Choice In Retirement Portfolio R6	One Choice 2020 Portfolio R6	One Choice 2025 Portfolio R6	One Choice 2030 Portfolio R6	One Choice 2035 Portfolio R6
$75,211	—	$34,991	$57,127	$61,769



One Choice 2040 Portfolio R6	One Choice 2045 Portfolio R6	One Choice 2050 Portfolio R6	One Choice 2055 Portfolio R6	One Choice 2060 Portfolio R6
$25,664	$111,833	$60,306	$24,099	—

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions (20% rate gain distributions) for the fiscal year ended July 31, 2016.



One Choice In Retirement Portfolio R6	One Choice 2020 Portfolio R6	One Choice 2025 Portfolio R6	One Choice 2030 Portfolio R6	One Choice 2035 Portfolio R6
—	$1,924,395	$2,049,656	$2,142,252	$2,074,396



One Choice 2040 Portfolio R6	One Choice 2045 Portfolio R6	One Choice 2050 Portfolio R6	One Choice 2055 Portfolio R6	One Choice 2060 Portfolio R6
$1,856,352	$1,622,942	$1,173,888	$530,591	—



	Foreign Tax Credit			Foreign Source Income
	Amount		Per Outstanding Share	Amount		Per Outstanding Share
One Choice In Retirement Portfolio R6	$	13,072	0.0010	$	95,524	0.0072
One Choice 2020 Portfolio R6	$	21,700	0.0012	$	157,657	0.0088
One Choice 2025 Portfolio R6	$	27,485	0.0013	$	200,999	0.0097
One Choice 2030 Portfolio R6	$	33,367	0.0016	$	244,409	0.0119
One Choice 2035 Portfolio R6	$	29,083	0.0018	$	213,746	0.0132
One Choice 2040 Portfolio R6	$	26,813	0.0020	$	194,875	0.0147
One Choice 2045 Portfolio R6	$	22,882	0.0023	$	165,651	0.0164
One Choice 2050 Portfolio R6	$	16,209	0.0024	$	117,303	0.0173
One Choice 2055 Portfolio R6	$	7,804	0.0023	$	56,793	0.0170
One Choice 2060 Portfolio R6	$	9	0.0003	$	63	0.0020

Notes





Contact Us	ipro.americancentury.com
Automated Information Line	1-800-345-8765
Investment Professional Service Representatives	1-800-345-6488
Telecommunications Relay Services for the Deaf	711

American Century Asset Allocation Portfolios, Inc.

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

©2016 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-90169 1609

ITEM 2. CODE OF ETHICS.


(a)	The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.


(b)	No response required.


(c)	None.


(d)	None.


(e)	Not applicable.


(f)	The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.


(a)(1)	The registrant’s board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.


(a)(2)	M. Jeannine Strandjord, Stephen E. Yates and John R. Whitten are the registrant’s designated audit committee financial experts. They are “independent” as defined in Item 3 of Form N-CSR.


(a)(3)	Not applicable.


(b)	No response required.


(c)	No response required.


(d)	No response required.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.


(a)	Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2015: $195,129

FY 2016: $208,075


(b)	Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2015: $0

FY 2016: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2015: $0

FY 2016: $0

(c)Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2015: $0

FY 2016: $0

FY 2015: $0

FY 2016: $0

(d)All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2015: $0

FY 2016: $0

FY 2015: $0

FY 2016: $0

(e)(1)

In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.


(e)(2)	All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).


(f)	The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2015: $95,500

FY 2016: $95,000

(h)

The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.


(a)	The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.


(b)	Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

ITEM 11. CONTROLS AND PROCEDURES.


(a)	The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(b)	There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's second fiscal quarter of 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. EXHIBITS.


(a)(1)	Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.


(a)(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.


(a)(3)	Not applicable.


(b)	A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



Registrant:	American Century Asset Allocation Portfolios, Inc.


By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President

Date:	September 27, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
		(principal executive officer)


Date:	September 27, 2016



By:	/s/ C. Jean Wade
	Name:	C. Jean Wade
	Title:	Vice President, Treasurer, and
		Chief Financial Officer
		(principal financial officer)

Date:	September 27, 2016