American Century Asset Allocation Portfolios NCSRS Certified semi-annual shareholder report (management investment company)

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:	01-31-2011

ITEM 1. REPORTS TO STOCKHOLDERS.

LIVESTRONG® Income Portfolio

LIVESTRONG® 2015 Portfolio

LIVESTRONG® 2020 Portfolio

LIVESTRONG® 2025 Portfolio

LIVESTRONG® 2030 Portfolio

LIVESTRONG® 2035 Portfolio

LIVESTRONG® 2040 Portfolio

LIVESTRONG® 2045 Portfolio

LIVESTRONG® 2050 Portfolio

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Portfolio Characteristics	14
Shareholder Fee Examples	16
Schedule of Investments	22
Statement of Assets and Liabilities	27
Statement of Operations	30
Statement of Changes in Net Assets	33
Notes to Financial Statements	38
Financial Highlights	61
Additional Information	106

American Century Investment Services, Inc., has entered into an agreement with LIVESTRONG for rights to use the LIVESTRONG name. For more information about the foundation, visit livestrong.org.

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 our semiannual report for the six months ended January 31, 2011. Our report offers — for investment perspective — a macroeconomic overview of the period (below), followed by fund performance, a schedule of fund investments and other financial information.

For additional, updated information on fund performance, portfolio strategy, and the investment markets, we encourage you to visit our Web site, americancentury.com. Click on the “Fund Performance” and “Insights & News” headings at the top of our Individual Investors site. Also, the funds’ next full annual report, dated July 31, 2011, will provide additional market perspective and portfolio commentary from our portfolio management team.

Macroeconomic Overview

The six months ended January 31, 2011, began with investors primarily in a pessimistic and defensive posture. The European sovereign debt flare-up, combined with concerns about economic weakness and a “double-dip” recession in the U.S., triggered a global stock market sell-off last summer and motivated investors to buy “safe-haven” assets such as U.S. Treasury securities and gold.

That dark mood gave way to increased optimism as the reporting period unfolded. Stocks generally rallied from September through January as post-recession monetary and fiscal intervention by central banks and governments continued in economically struggling developed countries, fueling higher hopes of improved financial market conditions.

In particular, in the U.S., the Federal Reserve launched its second round of quantitative easing. This so-called “QE2” involves the proposed purchase of $600 billion of U.S. government securities to boost the money supply and encourage investors to purchase potentially higher-risk/higher-return assets. In addition, Congress voted to extend prevailing federal income tax rates for two years, ending tax-policy uncertainty that had stymied the financial markets.

As a result, the markets entered 2011 with lowered recession concerns and heightened inflation fears. We believe economic conditions in the developed world generally remain too soft to trigger significantly higher inflation in the near-term, but longer-term inflation threats are growing.

Our portfolio teams apply their extensive economic and market knowledge as they make daily investment decisions on your behalf. We appreciate your continued trust in us during these challenging times.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

As regulators and the markets continue to sort out the events of the credit crisis, a consistent theme has been that financial services firms should re-examine their risk management practices. Risk management has been a regular part of American Century Investments’ activities for many years. However, recently American Century and your mutual fund board have been spending additional time focusing on our risk oversight processes.

The board’s efforts are now organized around three categories of risk: investment risk, operational risk, and enterprise risk. This approach has facilitated a realignment of many risk oversight tasks that the board has historically conducted. Investment risk tasks include a review of portfolio risk, monitoring the use of derivatives, and performance assessment. Operational risk focuses on compliance, valuation, shareholder services, and trading activities. Enterprise risk addresses the financial condition of the advisor, human resource development, and reputational risks. Risk oversight tasks are addressed in every quarterly board meeting, and a review of the advisor’s entire risk management program is undertaken annually. We acknowledge and support the approach that American Century Investments takes to its risk management responsibilities. While the board has refocused its efforts in this important oversight area, we recognize that risk oversight is a journey and we expect to continue to improve our processes.

Our September quarterly board meeting was held in the New York offices of American Century Investments. This gave the directors an opportunity to meet with the portfolio management teams for each of the global and international funds overseen by the board. Each team uses sophisticated investment tools and daily risk analysis in managing client assets. We also were impressed with the “bench strength” that has been developed under the leadership of the Global and Non-U.S. Equity CIO Mark Kopinski. These face-to-face meetings provide an opportunity for the directors—working on behalf of shareholders—to validate the advisor’s efforts and the investment management approach being followed.

I thank you for your continued confidence in American Century during this turbulent time in the economy and investment markets. If you have thoughts or questions you would like to share with the board send them to me at dhpratt@fundboardchair.com.

Best regards,

Don Pratt

Performance

Total Returns as of January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG Income Portfolio
Investor Class	ARTOX	8.27%	12.42%	4.40%	5.08%	8/31/04
Russell 3000 Index	—	18.92%	23.95%	2.51%	5.25%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	5.82%	5.10%	—
Institutional Class	ATTIX	8.48%	12.75%	4.63%	5.30%	8/31/04
A Class(2) No sales charge* With sales charge*	ARTAX	8.13% 1.88%	12.14% 5.68%	4.16% 2.93%	4.82% 3.86%	8/31/04
C Class No sales charge* With sales charge*	ATTCX	7.80% 6.80%	— —	— —	9.43%(1) 8.43%(1)	3/1/10
R Class	ARSRX	7.99%	11.87%	3.88%	4.55%	8/31/04

*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.

(1)	Total returns for periods less than one year are not annualized.

(2)	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.

The Russell 3000 Index represents approximately 98% of the investable U.S. equity market and provides a broad measure of equity performance. The Barclays Capital 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 the LIVESTRONG Portfolio’s asset allocations as of January 31, 2011.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. A LIVESTRONG Portfolio’s target date is the approximate year when investors plan to start withdrawing their money. The principal value of the investment is not guaranteed at any time, including at the target date. The performance of LIVESTRONG Portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each LIVESTRONG Portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. 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. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as administrative fees) that reduce returns, while the total returns of the indices do not.

Total Returns as of January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2015 Portfolio
Investor Class	ARFIX	9.11%	13.65%	4.37%	5.79%	8/31/04
Russell 3000 Index	—	18.92%	23.95%	2.51%	5.25%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	5.82%	5.10%	—
Institutional Class	ARNIX	9.22%	13.87%	4.59%	6.01%	8/31/04
A Class(2) No sales charge* With sales charge*	ARFAX	8.94% 2.64%	13.37% 6.85%	4.11% 2.87%	5.53% 4.57%	8/31/04
C Class No sales charge* With sales charge*	AFNCX	8.51% 7.51%	— —	— —	10.26%(1) 9.26%(1)	3/1/10
R Class	ARFRX	8.87%	13.08%	3.84%	5.27%	8/31/04

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2020 Portfolio
Investor Class	ARBVX	10.04%	14.86%	2.09%	5/30/08
Russell 3000 Index	—	18.92%	23.95%	-0.32%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	6.23%	—
Institutional Class	ARBSX	10.15%	15.22%	2.29%	5/30/08
A Class(2) No sales charge* With sales charge*	ARBMX	9.90% 3.54%	14.59% 8.03%	1.81% -0.42%	5/30/08
C Class No sales charge* With sales charge*	ARNCX	9.52% 8.52%	— —	11.20%(1) 10.20%(1)	3/1/10
R Class	ARBRX	9.74%	14.30%	1.56%	5/30/08

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2025 Portfolio
Investor Class	ARWIX	11.11%	16.28%	4.16%	6.23%	8/31/04
Russell 3000 Index	—	18.92%	23.95%	2.51%	5.25%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	5.82%	5.10%	—
Institutional Class	ARWFX	11.22%	16.52%	4.37%	6.43%	8/31/04
A Class(2) No sales charge* With sales charge*	ARWAX	10.93% 4.53%	15.99% 9.31%	3.90% 2.68%	5.96% 4.99%	8/31/04
C Class No sales charge* With sales charge*	ARWCX	10.50% 9.50%	— —	— —	12.17%(1) 11.17%(1)	3/1/10
R Class	ARWRX	10.76%	15.60%	3.64%	5.69%	8/31/04

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2030 Portfolio
Investor Class	ARCVX	12.12%	17.50%	1.13%	5/30/08
Russell 3000 Index	—	18.92%	23.95%	-0.32%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	6.23%	—
Institutional Class	ARCSX	12.10%	17.62%	1.29%	5/30/08
A Class(2) No sales charge* With sales charge*	ARCMX	11.97% 5.59%	17.22% 10.49%	0.85% -1.36%	5/30/08
C Class No sales charge* With sales charge*	ARWOX	11.48% 10.48%	— —	13.00%(1) 12.00%(1)	3/1/10
R Class	ARCRX	11.82%	16.93%	0.60%	5/30/08

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2035 Portfolio
Investor Class	ARYIX	13.18%	18.96%	3.83%	6.46%	8/31/04
Russell 3000 Index	—	18.92%	23.95%	2.51%	5.25%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	5.82%	5.10%	—
Institutional Class	ARLIX	13.30%	19.08%	4.03%	6.67%	8/31/04
A Class(2) No sales charge* With sales charge*	ARYAX	13.01% 6.56%	18.56% 11.78%	3.55% 2.33%	6.19% 5.21%	8/31/04
C Class No sales charge* With sales charge*	ARLCX	12.66% 11.66%	— —	— —	14.02%(1) 13.02%(1)	3/1/10
R Class	ARYRX	12.83%	18.26%	3.29%	5.93%	8/31/04

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2040 Portfolio
Investor Class	ARDVX	14.43%	20.22%	0.81%	5/30/08
Russell 3000 Index	—	18.92%	23.95%	-0.32%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	6.23%	—
Institutional Class	ARDSX	14.52%	20.46%	1.01%	5/30/08
A Class(2) No sales charge* With sales charge*	ARDMX	14.27% 7.72%	19.92% 12.97%	0.57% -1.63%	5/30/08
C Class No sales charge* With sales charge*	ARNOX	13.80% 12.80%	— —	14.86%(1) 13.86%(1)	3/1/10
R Class	ARDRX	14.13%	19.64%	0.29%	5/30/08

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2045 Portfolio
Investor Class	AROIX	14.80%	20.83%	3.63%	6.54%	8/31/04
Russell 3000 Index	—	18.92%	23.95%	2.51%	5.25%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	5.82%	5.10%	—
Institutional Class	AOOIX	14.82%	20.95%	3.82%	6.75%	8/31/04
A Class(2) No sales charge* With sales charge*	AROAX	14.63% 8.03%	20.43% 13.48%	3.35% 2.13%	6.27% 5.29%	8/31/04
C Class No sales charge* With sales charge*	AROCX	14.16% 13.16%	— —	— —	15.34%(1) 14.34%(1)	3/1/10
R Class	ARORX	14.54%	20.23%	3.11%	6.02%	8/31/04

(1)	Total returns for periods less than one year are not annualized.

(2)	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 January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2050 Portfolio
Investor Class	ARFVX	15.24%	21.27%	-0.24%	5/30/08
Russell 3000 Index	—	18.92%	23.95%	-0.32%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	6.23%	—
Institutional Class	ARFSX	15.45%	21.63%	-0.01%	5/30/08
A Class(2) No sales charge* With sales charge*	ARFMX	15.09% 8.53%	20.96% 14.01%	-0.48% -2.66%	5/30/08
C Class No sales charge* With sales charge*	ARFDX	14.61% 13.61%	— —	15.57%(1) 14.57%(1)	3/1/10
R Class	ARFWX	14.93%	20.66%	-0.72%	5/30/08

(1)	Total returns for periods less than one year are not annualized.

(2)	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 Annual Fund Operating Expenses
	Investor Class	Institutional Class	A Class	C Class	R Class
LIVESTRONG Income Portfolio	0.76%	0.56%	1.01%	1.76%	1.26%
LIVESTRONG 2015 Portfolio	0.79%	0.59%	1.04%	1.79%	1.29%
LIVESTRONG 2020 Portfolio	0.82%	0.62%	1.07%	1.82%	1.32%
LIVESTRONG 2025 Portfolio	0.84%	0.64%	1.09%	1.84%	1.34%
LIVESTRONG 2030 Portfolio	0.87%	0.67%	1.12%	1.87%	1.37%
LIVESTRONG 2035 Portfolio	0.90%	0.70%	1.15%	1.90%	1.40%
LIVESTRONG 2040 Portfolio	0.93%	0.73%	1.18%	1.93%	1.43%
LIVESTRONG 2045 Portfolio	0.95%	0.75%	1.20%	1.95%	1.45%
LIVESTRONG 2050 Portfolio	0.97%	0.77%	1.22%	1.97%	1.47%

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 Characteristics

Underlying Fund Allocations(1) as a % of net assets as of January 31, 2011
	LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
Equity
NT Equity Growth Fund	12.9%	12.6%	12.2%	12.2%	12.5%
NT Growth Fund	6.4%	7.5%	9.0%	10.2%	12.2%
NT Large Company Value Fund	11.0%	10.9%	11.3%	11.7%	12.2%
NT Mid Cap Value Fund	4.0%	4.5%	5.2%	5.5%	5.2%
NT Small Company Fund	2.0%	2.0%	2.2%	3.0%	4.0%
NT VistaSM Fund	2.5%	3.3%	4.3%	4.8%	5.3%
Real Estate Fund	1.0%	1.2%	1.5%	1.7%	2.0%
NT Emerging Markets Fund	—	1.0%	2.0%	2.6%	3.1%
NT International Growth Fund	5.0%	5.7%	6.5%	7.9%	9.2%
Total Equity	44.8%	48.7%	54.2%	59.6%	65.7%
Fixed Income
High-Yield Fund	3.8%	3.7%	3.5%	3.3%	2.9%
Inflation-Adjusted Bond Fund	7.6%	7.4%	7.0%	6.5%	5.8%
NT Diversified Bond Fund	26.7%	25.9%	24.6%	22.6%	20.1%
International Bond Fund	7.0%	6.3%	5.2%	3.0%	0.5%
Total Fixed Income	45.1%	43.3%	40.3%	35.4%	29.3%
Premium Money Market Fund	10.0%	8.0%	5.5%	5.0%	5.0%
Other Assets and Liabilities	0.1%	—(2)	—(2)	—(2)	—(2)

(1)	Institutional Class, except Premium 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 January 31, 2011
	LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio
Equity
NT Equity Growth Fund	13.2%	14.2%	14.7%	15.2%
NT Growth Fund	13.2%	14.2%	14.7%	15.2%
NT Large Company Value Fund	13.2%	14.5%	15.0%	15.5%
NT Mid Cap Value Fund	6.0%	7.0%	7.2%	7.5%
NT Small Company Fund	4.1%	4.0%	4.2%	4.7%
NT VistaSM Fund	6.0%	7.0%	7.3%	7.5%
Real Estate Fund	2.3%	2.5%	2.8%	3.0%
NT Emerging Markets Fund	4.2%	5.0%	5.7%	6.4%
NT International Growth Fund	9.7%	10.0%	10.0%	9.5%
Total Equity	71.9%	78.4%	81.6%	84.5%
Fixed Income
High-Yield Fund	2.5%	2.1%	1.8%	1.5%
Inflation-Adjusted Bond Fund	5.0%	4.1%	3.6%	3.0%
NT Diversified Bond Fund	17.6%	14.9%	13.0%	10.9%
Total Fixed Income	25.1%	21.1%	18.4%	15.4%
Premium Money Market Fund	3.0%	0.5%	—	—
Other Assets and Liabilities	—(2)	—(2)	—(2)	0.1%

(1)	Institutional Class, except Premium Money Market Fund Investor Class.

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

Shareholder Fee Example (Unaudited)

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 August 1, 2010 to January 31, 2011.

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. We will not charge the fee as long as you choose to manage your accounts exclusively online. 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 8/1/10	Ending Account Value 1/31/11	Expenses Paid During Period(1) 8/1/10 – 1/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/10 – 1/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG Income Portfolio
Actual
Investor Class	$1,000	$1,082.70	$1.10	0.21%	$3.99	0.76%
Institutional Class	$1,000	$1,084.80	$0.05	0.01%	$2.94	0.56%
A Class	$1,000	$1,081.30	$2.41	0.46%	$5.30	1.01%
C Class	$1,000	$1,078.00	$6.34	1.21%	$9.22	1.76%
R Class	$1,000	$1,079.90	$3.72	0.71%	$6.61	1.26%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$3.87	0.76%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$2.85	0.56%
A Class	$1,000	$1,022.89	$2.35	0.46%	$5.14	1.01%
C Class	$1,000	$1,019.11	$6.16	1.21%	$8.94	1.76%
R Class	$1,000	$1,021.63	$3.62	0.71%	$6.41	1.26%
LIVESTRONG 2015 Portfolio
Actual
Investor Class	$1,000	$1,091.10	$1.11	0.21%	$4.16	0.79%
Institutional Class	$1,000	$1,092.20	$0.05	0.01%	$3.11	0.59%
A Class	$1,000	$1,089.40	$2.42	0.46%	$5.48	1.04%
C Class	$1,000	$1,085.10	$6.36	1.21%	$9.41	1.79%
R Class	$1,000	$1,088.70	$3.74	0.71%	$6.79	1.29%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.02	0.79%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.01	0.59%
A Class	$1,000	$1,022.89	$2.35	0.46%	$5.30	1.04%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.10	1.79%
R Class	$1,000	$1,021.63	$3.62	0.71%	$6.56	1.29%

(1)

Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. 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.

	Beginning Account Value 8/1/10	Ending Account Value 1/31/11	Expenses Paid During Period(1) 8/1/10 – 1/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/10 – 1/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2020 Portfolio
Actual
Investor Class	$1,000	$1,100.40	$1.11	0.21%	$4.34	0.82%
Institutional Class	$1,000	$1,101.50	$0.05	0.01%	$3.28	0.62%
A Class	$1,000	$1,099.00	$2.43	0.46%	$5.66	1.07%
C Class	$1,000	$1,095.20	$6.39	1.21%	$9.61	1.82%
R Class	$1,000	$1,097.40	$3.75	0.71%	$6.98	1.32%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.18	0.82%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.16	0.62%
A Class	$1,000	$1,022.89	$2.35	0.46%	$5.45	1.07%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.25	1.82%
R Class	$1,000	$1,021.63	$3.62	0.71%	$6.72	1.32%
LIVESTRONG 2025 Portfolio
Actual
Investor Class	$1,000	$1,111.10	$1.12	0.21%	$4.47	0.84%
Institutional Class	$1,000	$1,112.20	$0.05	0.01%	$3.41	0.64%
A Class	$1,000	$1,109.30	$2.45	0.46%	$5.80	1.09%
C Class	$1,000	$1,105.00	$6.42	1.21%	$9.76	1.84%
R Class	$1,000	$1,107.60	$3.77	0.71%	$7.12	1.34%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.28	0.84%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.26	0.64%
A Class	$1,000	$1,022.89	$2.35	0.46%	$5.55	1.09%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.35	1.84%
R Class	$1,000	$1,021.63	$3.62	0.71%	$6.82	1.34%

(1)

(2)

	Beginning Account Value 8/1/10	Ending Account Value 1/31/11	Expenses Paid During Period(1) 8/1/10 – 1/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/10 – 1/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2030 Portfolio
Actual
Investor Class	$1,000	$1,121.20	$1.12	0.21%	$4.65	0.87%
Institutional Class	$1,000	$1,121.00	$0.05	0.01%	$3.58	0.67%
A Class	$1,000	$1,119.70	$2.46	0.46%	$5.98	1.12%
C Class	$1,000	$1,114.80	$6.45	1.21%	$9.97	1.87%
R Class	$1,000	$1,118.20	$3.79	0.71%	$7.31	1.37%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.43	0.87%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.41	0.67%
A Class	$1,000	$1,022.89	$2.35	0.46%	$5.70	1.12%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.50	1.87%
R Class	$1,000	$1,021.63	$3.62	0.71%	$6.97	1.37%
LIVESTRONG 2035 Portfolio
Actual
Investor Class	$1,000	$1,131.80	$1.13	0.21%	$4.84	0.90%
Institutional Class	$1,000	$1,133.00	$0.05	0.01%	$3.76	0.70%
A Class	$1,000	$1,130.10	$2.47	0.46%	$6.17	1.15%
C Class	$1,000	$1,126.60	$6.49	1.21%	$10.18	1.90%
R Class	$1,000	$1,128.30	$3.81	0.71%	$7.51	1.40%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.58	0.90%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.57	0.70%
A Class	$1,000	$1,022.89	$2.35	0.46%	$5.85	1.15%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.65	1.90%
R Class	$1,000	$1,021.63	$3.62	0.71%	$7.12	1.40%

(1)

(2)

	Beginning Account Value 8/1/10	Ending Account Value 1/31/11	Expenses Paid During Period(1) 8/1/10 – 1/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/10 – 1/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2040 Portfolio
Actual
Investor Class	$1,000	$1,144.30	$1.14	0.21%	$5.03	0.93%
Institutional Class	$1,000	$1,145.20	$0.05	0.01%	$3.95	0.73%
A Class	$1,000	$1,142.70	$2.48	0.46%	$6.37	1.18%
C Class	$1,000	$1,138.00	$6.52	1.21%	$10.40	1.93%
R Class	$1,000	$1,141.30	$3.83	0.71%	$7.72	1.43%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.74	0.93%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.72	0.73%
A Class	$1,000	$1,022.89	$2.35	0.46%	$6.01	1.18%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.80	1.93%
R Class	$1,000	$1,021.63	$3.62	0.71%	$7.27	1.43%
LIVESTRONG 2045 Portfolio
Actual
Investor Class	$1,000	$1,148.00	$1.14	0.21%	$5.09	0.94%
Institutional Class	$1,000	$1,148.20	$0.05	0.01%	$4.01	0.74%
A Class	$1,000	$1,146.30	$2.49	0.46%	$6.44	1.19%
C Class	$1,000	$1,141.60	$6.53	1.21%	$10.47	1.94%
R Class	$1,000	$1,145.40	$3.84	0.71%	$7.79	1.44%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.79	0.94%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.77	0.74%
A Class	$1,000	$1,022.89	$2.35	0.46%	$6.06	1.19%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.86	1.94%
R Class	$1,000	$1,021.63	$3.62	0.71%	$7.32	1.44%

(1)

(2)

	Beginning Account Value 8/1/10	Ending Account Value 1/31/11	Expenses Paid During Period(1) 8/1/10 – 1/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/10 – 1/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2050 Portfolio
Actual
Investor Class	$1,000	$1,152.40	$1.14	0.21%	$5.21	0.96%
Institutional Class	$1,000	$1,154.50	$0.05	0.01%	$4.13	0.76%
A Class	$1,000	$1,150.90	$2.49	0.46%	$6.56	1.21%
C Class	$1,000	$1,146.10	$6.55	1.21%	$10.60	1.96%
R Class	$1,000	$1,149.30	$3.85	0.71%	$7.91	1.46%
Hypothetical
Investor Class	$1,000	$1,024.15	$1.07	0.21%	$4.89	0.96%
Institutional Class	$1,000	$1,025.16	$0.05	0.01%	$3.87	0.76%
A Class	$1,000	$1,022.89	$2.35	0.46%	$6.16	1.21%
C Class	$1,000	$1,019.11	$6.16	1.21%	$9.96	1.96%
R Class	$1,000	$1,021.63	$3.62	0.71%	$7.43	1.46%

(1)

(2)

Schedule of Investments

JANUARY 31, 2011 (UNAUDITED)


	Shares		Value
LIVESTRONG Income Portfolio
Mutual Funds(1) — 99.9%
DOMESTIC EQUITY FUNDS — 39.8%
NT Equity Growth Fund Institutional Class		3,612,785		$ 35,260,780
NT Growth Fund Institutional Class		1,449,898		17,572,759
NT Large Company Value Fund Institutional Class		3,467,785		29,892,308
NT Mid Cap Value Fund Institutional Class		1,045,427		10,830,622
NT Small Company Fund Institutional Class		624,851		5,354,975
NT Vista Fund Institutional Class(2)		643,254		6,709,138
Real Estate Fund Institutional Class		146,400		2,780,133
				108,400,715
DOMESTIC FIXED INCOME FUNDS — 38.1%
High-Yield Fund Institutional Class		1,683,132		10,418,587
Inflation-Adjusted Bond Fund Institutional Class		1,758,371		20,731,190
NT Diversified Bond Fund Institutional Class		6,865,727		72,708,048
				103,857,825
MONEY MARKET FUNDS — 10.0%
Premium Money Market Fund Investor Class		27,222,168		27,222,168
INTERNATIONAL FIXED INCOME FUNDS — 7.0%
International Bond Fund Institutional Class		1,380,306		19,186,250
INTERNATIONAL EQUITY FUNDS — 5.0%
NT International Growth Fund Institutional Class		1,379,931		13,606,119
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $233,933,015)				272,273,077
OTHER ASSETS AND LIABILITIES — 0.1%				305,140
TOTAL NET ASSETS — 100.0%				$272,578,217

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

See Notes to Financial Statements.


	Shares		Value
LIVESTRONG 2015 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 42.0%
NT Equity Growth Fund Institutional Class		8,527,500		$ 83,228,398
NT Growth Fund Institutional Class		4,070,090		49,329,485
NT Large Company Value Fund Institutional Class		8,345,390		71,937,258
NT Mid Cap Value Fund Institutional Class		2,857,033		29,598,858
NT Small Company Fund Institutional Class		1,538,247		13,182,773
NT Vista Fund Institutional Class(2)		2,061,255		21,498,894
Real Estate Fund Institutional Class		420,955		7,993,934
				276,769,600
DOMESTIC FIXED INCOME FUNDS — 37.0%
High-Yield Fund Institutional Class		3,951,136		24,457,534
Inflation-Adjusted Bond Fund Institutional Class		4,142,078		48,835,100
NT Diversified Bond Fund Institutional Class		16,094,620		170,442,026
				243,734,660
MONEY MARKET FUNDS — 8.0%
Premium Money Market Fund Investor Class		52,643,871		52,643,871
INTERNATIONAL EQUITY FUNDS — 6.7%
NT Emerging Markets Fund Institutional Class		609,004		6,449,355
NT International Growth Fund Institutional Class		3,842,836		37,890,367
				44,339,722
INTERNATIONAL FIXED INCOME FUNDS — 6.3%
International Bond Fund Institutional Class		2,974,967		41,352,047
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $582,040,951)				658,839,900
OTHER ASSETS AND LIABILITIES(3)				325,010
TOTAL NET ASSETS — 100.0%				$659,164,910

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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


	Shares		Value
LIVESTRONG 2020 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 45.7%
NT Equity Growth Fund Institutional Class		4,577,573		$ 44,677,111
NT Growth Fund Institutional Class		2,712,460		32,875,010
NT Large Company Value Fund Institutional Class		4,767,718		41,097,733
NT Mid Cap Value Fund Institutional Class		1,844,134		19,105,225
NT Small Company Fund Institutional Class		953,150		8,168,499
NT Vista Fund Institutional Class(2)		1,487,242		15,511,933
Real Estate Fund Institutional Class		283,922		5,391,685
				166,827,196
DOMESTIC FIXED INCOME FUNDS — 35.1%
High-Yield Fund Institutional Class		2,062,796		12,768,709
Inflation-Adjusted Bond Fund Institutional Class		2,164,663		25,521,380
NT Diversified Bond Fund Institutional Class		8,492,790		89,938,643
				128,228,732
INTERNATIONAL EQUITY FUNDS — 8.5%
NT Emerging Markets Fund Institutional Class		679,506		7,195,964
NT International Growth Fund Institutional Class		2,402,077		23,684,481
				30,880,445
MONEY MARKET FUNDS — 5.5%
Premium Money Market Fund Investor Class		19,949,884		19,949,884
INTERNATIONAL FIXED INCOME FUNDS — 5.2%
International Bond Fund Institutional Class		1,364,669		18,968,896
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $316,935,857)				364,855,153
OTHER ASSETS AND LIABILITIES(3)				8,974
TOTAL NET ASSETS — 100.0%				$364,864,127

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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

See Notes to Financial Statements.


	Shares		Value
LIVESTRONG 2025 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 49.1%
NT Equity Growth Fund Institutional Class		11,041,447		$ 107,764,525
NT Growth Fund Institutional Class		7,450,769		90,303,319
NT Large Company Value Fund Institutional Class		12,011,333		103,537,688
NT Mid Cap Value Fund Institutional Class		4,656,797		48,244,417
NT Small Company Fund Institutional Class		3,075,132		26,353,877
NT Vista Fund Institutional Class(2)		4,032,401		42,057,946
Real Estate Fund Institutional Class		802,083		15,231,562
				433,493,334
DOMESTIC FIXED INCOME FUNDS — 32.4%
High-Yield Fund Institutional Class		4,641,871		28,733,183
Inflation-Adjusted Bond Fund Institutional Class		4,877,535		57,506,135
NT Diversified Bond Fund Institutional Class		18,873,564		199,871,042
				286,110,360
INTERNATIONAL EQUITY FUNDS — 10.5%
NT Emerging Markets Fund Institutional Class		2,176,724		23,051,509
NT International Growth Fund Institutional Class		6,999,111		69,011,235
				92,062,744
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class		44,018,792		44,018,792
INTERNATIONAL FIXED INCOME FUNDS — 3.0%
International Bond Fund Institutional Class		1,916,466		26,638,874
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $764,928,940)				882,324,104
OTHER ASSETS AND LIABILITIES(3)				318,579
TOTAL NET ASSETS — 100.0%				$882,642,683

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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


	Shares		Value
LIVESTRONG 2030 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 53.4%
NT Equity Growth Fund Institutional Class		3,914,714		$ 38,207,613
NT Growth Fund Institutional Class		3,096,362		37,527,901
NT Large Company Value Fund Institutional Class		4,351,494		37,509,875
NT Mid Cap Value Fund Institutional Class		1,547,006		16,026,985
NT Small Company Fund Institutional Class		1,422,950		12,194,680
NT Vista Fund Institutional Class(2)		1,546,305		16,127,960
Real Estate Fund Institutional Class		321,391		6,103,221
				163,698,235
DOMESTIC FIXED INCOME FUNDS — 28.8%
High-Yield Fund Institutional Class		1,440,739		8,918,173
Inflation-Adjusted Bond Fund Institutional Class		1,500,175		17,687,064
NT Diversified Bond Fund Institutional Class		5,823,641		61,672,363
				88,277,600
INTERNATIONAL EQUITY FUNDS — 12.3%
NT Emerging Markets Fund Institutional Class		896,266		9,491,455
NT International Growth Fund Institutional Class		2,872,304		28,320,920
				37,812,375
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class		15,320,316		15,320,316
INTERNATIONAL FIXED INCOME FUNDS — 0.5%
International Bond Fund Institutional Class		111,498		1,549,823
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $259,840,872)				306,658,349
OTHER ASSETS AND LIABILITIES(3)				57,348
TOTAL NET ASSETS — 100.0%				$306,715,697

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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

See Notes to Financial Statements.


	Shares		Value
LIVESTRONG 2035 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 58.0%
NT Equity Growth Fund Institutional Class		7,736,463		$ 75,507,881
NT Growth Fund Institutional Class		6,244,548		75,683,919
NT Large Company Value Fund Institutional Class		8,775,974		75,648,896
NT Mid Cap Value Fund Institutional Class		3,293,291		34,118,495
NT Small Company Fund Institutional Class		2,755,145		23,611,593
NT Vista Fund Institutional Class(2)		3,296,726		34,384,855
Real Estate Fund Institutional Class		672,042		12,762,075
				331,717,714
DOMESTIC FIXED INCOME FUNDS — 25.1%
High-Yield Fund Institutional Class		2,273,868		14,075,243
Inflation-Adjusted Bond Fund Institutional Class		2,441,234		28,782,144
NT Diversified Bond Fund Institutional Class		9,497,236		100,575,734
				143,433,121
INTERNATIONAL EQUITY FUNDS — 13.9%
NT Emerging Markets Fund Institutional Class		2,259,847		23,931,783
NT International Growth Fund Institutional Class		5,654,908		55,757,397
				79,689,180
MONEY MARKET FUNDS — 3.0%
Premium Money Market Fund Investor Class		17,162,428		17,162,428
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $490,571,498)				572,002,443
OTHER ASSETS AND LIABILITIES(3)				86,283
TOTAL NET ASSETS — 100.0%				$572,088,726

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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


	Shares		Value
LIVESTRONG 2040 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 63.4%
NT Equity Growth Fund Institutional Class		2,417,143		$ 23,591,317
NT Growth Fund Institutional Class		1,951,028		23,646,456
NT Large Company Value Fund Institutional Class		2,790,136		24,050,976
NT Mid Cap Value Fund Institutional Class		1,116,291		11,564,780
NT Small Company Fund Institutional Class		771,136		6,608,633
NT Vista Fund Institutional Class(2)		1,116,721		11,647,402
Real Estate Fund Institutional Class		217,715		4,134,417
				105,243,981
DOMESTIC FIXED INCOME FUNDS — 21.1%
High-Yield Fund Institutional Class		550,384		3,406,879
Inflation-Adjusted Bond Fund Institutional Class		584,276		6,888,619
NT Diversified Bond Fund Institutional Class		2,339,793		24,778,403
				35,073,901
INTERNATIONAL EQUITY FUNDS — 15.0%
NT Emerging Markets Fund Institutional Class		776,010		8,217,944
NT International Growth Fund Institutional Class		1,682,540		16,589,847
				24,807,791
MONEY MARKET FUNDS — 0.5%
Premium Money Market Fund Investor Class		819,679		819,679
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $139,237,580)				165,945,352
OTHER ASSETS AND LIABILITIES(3)				4,716
TOTAL NET ASSETS — 100.0%				$165,950,068

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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

See Notes to Financial Statements.


	Shares		Value
LIVESTRONG 2045 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 65.9%
NT Equity Growth Fund Institutional Class		5,110,466		$ 49,878,149
NT Growth Fund Institutional Class		4,124,941		49,994,290
NT Large Company Value Fund Institutional Class		5,895,698		50,820,918
NT Mid Cap Value Fund Institutional Class		2,364,835		24,499,696
NT Small Company Fund Institutional Class		1,678,033		14,380,745
NT Vista Fund Institutional Class(2)		2,364,776		24,664,611
Real Estate Fund Institutional Class		490,158		9,308,094
				223,546,503
DOMESTIC FIXED INCOME FUNDS — 18.4%
High-Yield Fund Institutional Class		990,694		6,132,394
Inflation-Adjusted Bond Fund Institutional Class		1,040,663		12,269,412
NT Diversified Bond Fund Institutional Class		4,165,395		44,111,532
				62,513,338
INTERNATIONAL EQUITY FUNDS — 15.7%
NT Emerging Markets Fund Institutional Class		1,822,719		19,302,595
NT International Growth Fund Institutional Class		3,432,879		33,848,184
				53,150,779
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $292,651,342)				339,210,620
OTHER ASSETS AND LIABILITIES(3)				96,326
TOTAL NET ASSETS — 100.0%				$339,306,946

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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


	Shares		Value
LIVESTRONG 2050 Portfolio
Mutual Funds(1) — 99.9%
DOMESTIC EQUITY FUNDS — 68.6%
NT Equity Growth Fund Institutional Class		941,423		$ 9,188,284
NT Growth Fund Institutional Class		759,876		9,209,696
NT Large Company Value Fund Institutional Class		1,085,462		9,356,683
NT Mid Cap Value Fund Institutional Class		435,483		4,511,600
NT Small Company Fund Institutional Class		333,755		2,860,282
NT Vista Fund Institutional Class(2)		436,263		4,550,220
Real Estate Fund Institutional Class		95,167		1,807,218
				41,483,983
INTERNATIONAL EQUITY FUNDS — 15.9%
NT Emerging Markets Fund Institutional Class		367,862		3,895,657
NT International Growth Fund Institutional Class		580,303		5,721,791
				9,617,448
DOMESTIC FIXED INCOME FUNDS — 15.4%
High-Yield Fund Institutional Class		146,749		908,377
Inflation-Adjusted Bond Fund Institutional Class		154,022		1,815,921
NT Diversified Bond Fund Institutional Class		620,319		6,569,181
				9,293,479
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $52,255,670)				60,394,910
OTHER ASSETS AND LIABILITIES — 0.1%				52,388
TOTAL NET ASSETS — 100.0%				$60,447,298

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

JANUARY 31, 2011 (UNAUDITED)
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Assets
Investment securities in affiliates, at value (cost of $233,933,015, $582,040,951 and $316,935,857, respectively)		$272,273,077			$658,839,900			$364,855,153
Cash		50,988			129,528			68,939
Receivable for capital shares sold		845,437			1,293,228			1,400,376
Distributions receivable from affiliates		235,941			549,007			289,987
		273,405,443			660,811,663			366,614,455

Liabilities
Payable for investments purchased		430,583			634,711			1,595,736
Payable for capital shares redeemed		343,915			878,107			88,501
Accrued administrative fees		27,671			80,788			34,294
Distribution and service fees payable		25,057			53,147			31,797
		827,226			1,646,753			1,750,328

Net Assets		$272,578,217			$659,164,910			$364,864,127

Net Assets Consist of:
Capital (par value and paid-in surplus)		$246,089,196			$603,850,423			$318,061,715
Undistributed net investment income		202,270			460,860			247,631
Accumulated net realized loss		(12,053,311	)		(21,945,322	)		(1,364,515	)
Net unrealized appreciation		38,340,062			76,798,949			47,919,296
		$272,578,217			$659,164,910			$364,864,127

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG Income Portfolio
Investor Class, $0.01 Par Value	$66,329,602	6,055,675	$10.95
Institutional Class, $0.01 Par Value	$105,197,671	9,601,756	$10.96
A Class, $0.01 Par Value	$80,221,422	7,325,022	$10.95*
C Class, $0.01 Par Value	$118,753	10,834	$10.96
R Class, $0.01 Par Value	$20,710,769	1,892,348	$10.94
LIVESTRONG 2015 Portfolio
Investor Class, $0.01 Par Value	$281,442,518	24,470,242	$11.50
Institutional Class, $0.01 Par Value	$172,328,280	14,971,663	$11.51
A Class, $0.01 Par Value	$155,151,767	13,493,420	$11.50*
C Class, $0.01 Par Value	$529,538	45,989	$11.51
R Class, $0.01 Par Value	$49,712,807	4,323,546	$11.50
LIVESTRONG 2020 Portfolio
Investor Class, $0.01 Par Value	$78,591,184	7,826,903	$10.04
Institutional Class, $0.01 Par Value	$158,294,561	15,768,583	$10.04
A Class, $0.01 Par Value	$104,500,230	10,413,857	$10.03*
C Class, $0.01 Par Value	$166,169	16,529	$10.05
R Class, $0.01 Par Value	$23,311,983	2,323,599	$10.03

*Maximum offering price $11.62, $12.20, and $10.64 (net asset value divided by 0.9425) for LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio and LIVESTRONG 2020 Portfolio, respectively.

See Notes to Financial Statements.

JANUARY 31, 2011 (UNAUDITED)
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio			LIVESTRONG 2035 Portfolio
Assets
Investment securities in affiliates, at value (cost of $764,928,940, $259,840,872 and $490,571,498, respectively)		$882,324,104			$306,658,349			$572,002,443
Cash		171,191			57,341			119,058
Receivable for capital shares sold		3,147,857			1,081,699			1,537,120
Distributions receivable from affiliates		643,975			199,599			321,356
		886,287,127			307,996,988			573,979,977

Liabilities
Payable for investments purchased		2,649,031			814,977			1,105,044
Payable for capital shares redeemed		818,374			407,034			663,122
Accrued administrative fees		105,853			29,230			71,415
Distribution and service fees payable		71,186			30,050			51,670
		3,644,444			1,281,291			1,891,251

Net Assets		$882,642,683			$306,715,697			$572,088,726

Net Assets Consist of:
Capital (par value and paid-in surplus)		$794,088,976			$261,049,375			$509,311,989
Undistributed net investment income		520,931			155,193			221,708
Accumulated net realized loss		(29,362,388	)		(1,306,348	)		(18,875,916	)
Net unrealized appreciation		117,395,164			46,817,477			81,430,945
		$882,642,683			$306,715,697			$572,088,726

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG 2025 Portfolio
Investor Class, $0.01 Par Value	$365,830,291	31,115,342		$11.76
Institutional Class, $0.01 Par Value	$244,747,845	20,816,433		$11.76
A Class, $0.01 Par Value	$201,715,426	17,158,835		$11.76*
C Class, $0.01 Par Value	$922,205	78,328		$11.77
R Class, $0.01 Par Value	$69,426,916	5,907,869		$11.75
LIVESTRONG 2030 Portfolio
Investor Class, $0.01 Par Value	$57,222,431	5,793,538		$9.88
Institutional Class, $0.01 Par Value	$130,264,563	13,196,277		$9.87
A Class, $0.01 Par Value	$95,258,570	9,655,464		$9.87*
C Class, $0.01 Par Value	$354,617	35,865		$9.89
R Class, $0.01 Par Value	$23,615,516	2,393,270		$9.87
LIVESTRONG 2035 Portfolio
Investor Class, $0.01 Par Value	$235,980,438	19,397,334		$12.17
Institutional Class, $0.01 Par Value	$143,239,440	11,767,168		$12.17
A Class, $0.01 Par Value	$138,416,875	11,378,950		$12.16*
C Class, $0.01 Par Value	$258,171	21,201		$12.18
R Class, $0.01 Par Value	$54,193,802	4,455,131		$12.16

*Maximum offering price $12.48, $10.47, and $12.90 (net asset value divided by 0.9425) for LIVESTRONG 2025 Portfolio, LIVESTRONG 2030 Portfolio and LIVESTRONG 2035 Portfolio, respectively.

See Notes to Financial Statements.

JANUARY 31, 2011 (UNAUDITED)
	LIVESTRONG 2040 Portfolio			LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Assets
Investment securities in affiliates, at value (cost of $139,237,580, $292,651,342 and $52,255,670, respectively)		$165,945,352			$339,210,620			$60,394,910
Cash		32,734			66,388			13,036
Receivable for capital shares sold		626,302			943,284			231,425
Distributions receivable from affiliates		78,981			140,680			20,679
		166,683,369			340,360,972			60,660,050

Liabilities
Payable for investments purchased		552,472			656,433			160,375
Payable for capital shares redeemed		146,986			328,958			38,898
Accrued administrative fees		16,890			39,808			6,718
Distribution and service fees payable		16,953			28,827			6,761
		733,301			1,054,026			212,752

Net Assets		$165,950,068			$339,306,946			$60,447,298

Net Assets Consist of:
Capital (par value and paid-in surplus)		$139,586,880			$305,795,146			$52,620,041
Undistributed net investment income		50,652			81,780			7,977
Accumulated net realized loss		(395,236	)		(13,129,258	)		(319,960	)
Net unrealized appreciation		26,707,772			46,559,278			8,139,240
		$165,950,068			$339,306,946			$60,447,298

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG 2040 Portfolio
Investor Class, $0.01 Par Value	$33,687,585	3,424,187		$9.84
Institutional Class, $0.01 Par Value	$63,958,335	6,502,747		$9.84
A Class, $0.01 Par Value	$55,484,263	5,641,091		$9.84*
C Class, $0.01 Par Value	$120,042	12,196		$9.84
R Class, $0.01 Par Value	$12,699,843	1,291,910		$9.83
LIVESTRONG 2045 Portfolio
Investor Class, $0.01 Par Value	$128,965,539	10,527,995		$12.25
Institutional Class, $0.01 Par Value	$100,052,932	8,164,377		$12.25
A Class, $0.01 Par Value	$82,034,537	6,700,414		$12.24*
C Class, $0.01 Par Value	$224,286	18,294		$12.26
R Class, $0.01 Par Value	$28,029,652	2,288,990		$12.25
LIVESTRONG 2050 Portfolio
Investor Class, $0.01 Par Value	$13,534,206	1,406,850		$9.62
Institutional Class, $0.01 Par Value	$19,676,882	2,044,108		$9.63
A Class, $0.01 Par Value	$22,171,706	2,305,259		$9.62*
C Class, $0.01 Par Value	$70,305	7,297		$9.63
R Class, $0.01 Par Value	$4,994,199	519,149		$9.62

*Maximum offering price $10.44, $12.99, and $10.21 (net asset value divided by 0.9425) for LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio and LIVESTRONG 2050 Portfolio, respectively.

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED)
	LIVESTRONG Income Portfolio		LIVESTRONG 2015 Portfolio		LIVESTRONG 2020 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$4,101,749		$9,503,131		$5,039,830

Expenses:
Administrative fees:
Investor Class		79,906		273,366		95,395
A Class		72,477		133,533		91,849
C Class		67		342		154
R Class		16,905		43,178		18,861
Distribution and service fees:
A Class		90,596		166,916		114,812
C Class		333		1,712		768
R Class		42,263		107,944		47,151
Directors’ fees and expenses		5,809		13,116		7,355
Other expenses		2,313		2,575		2,259
		310,669		742,682		378,604

Net investment income (loss)		3,791,080		8,760,449		4,661,226

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		515,204		136,005		459,104
Capital gain distributions received from underlying funds		465,308		1,121,695		629,093
		980,512		1,257,700		1,088,197

Change in net unrealized appreciation (depreciation) on investments in underlying funds		14,845,798		39,896,198		23,832,702

Net realized and unrealized gain (loss) on affiliates		15,826,310		41,153,898		24,920,899

Net Increase (Decrease) in Net Assets Resulting from Operations		$19,617,390		$49,914,347		$29,582,125

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED)
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio		LIVESTRONG 2035 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$11,530,976			$3,437,905		$6,472,842

Expenses:
Administrative fees:
Investor Class		369,852			70,336		230,580
A Class		173,414			82,941		121,238
C Class		590			235		173
R Class		57,814			18,995		44,884
Distribution and service fees:
A Class		216,767			103,677		151,547
C Class		2,950			1,175		865
R Class		144,536			47,486		112,211
Directors’ fees and expenses		17,585			6,267		11,594
Other expenses		4,703			2,270		2,106
		988,211			333,382		675,198

Net investment income (loss)		10,542,765			3,104,523		5,797,644

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(743,079	)		166,372		(1,069,858	)
Capital gain distributions received from underlying funds		1,474,411			426,957		855,680
		731,332			593,329		(214,178	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		69,396,263			25,321,859		55,737,502

Net realized and unrealized gain (loss) on affiliates		70,127,595			25,915,188		55,523,324

Net Increase (Decrease) in Net Assets Resulting from Operations		$80,670,360			$29,019,711		$61,320,968

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED)
	LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$1,733,836		$3,587,589			$560,691

Expenses:
Administrative fees:
Investor Class		33,915		120,024			11,073
A Class		48,941		68,260			17,451
C Class		87		111			57
R Class		10,136		22,764			3,911
Distribution and service fees:
A Class		61,176		85,326			21,813
C Class		433		557			285
R Class		25,340		56,909			9,778
Directors’ fees and expenses		3,392		6,626			1,184
Other expenses		3,316		5,277			3,110
		186,736		365,854			68,662

Net investment income (loss)		1,547,100		3,221,735			492,029

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		173,436		(371,151	)		(3,683	)
Capital gain distributions received from underlying funds		251,221		537,525			88,555
		424,657		166,374			84,872

Change in net unrealized appreciation (depreciation) on investments in underlying funds		16,158,272		36,316,151			5,866,962

Net realized and unrealized gain (loss) on affiliates		16,582,929		36,482,525			5,951,834

Net Increase (Decrease) in Net Assets Resulting from Operations		$18,130,029		$39,704,260			$6,443,863

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	LIVESTRONG Income Portfolio						LIVESTRONG 2015 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$3,791,080			$4,216,366			$8,760,449			$8,949,479
Net realized gain (loss)		980,512			(126,428	)		1,257,700			(4,579,870	)
Change in net unrealized appreciation (depreciation)		14,845,798			13,604,462			39,896,198			35,649,394
Net increase (decrease) in net assets resulting from operations		19,617,390			17,694,400			49,914,347			40,019,003

Distributions to Shareholders
From net investment income:
Investor Class		(1,151,721	)		(2,206,291	)		(5,333,544	)		(4,463,585	)
Institutional Class		(1,407,658	)		(744,330	)		(3,791,219	)		(1,368,794	)
A Class		(1,017,719	)		(1,055,217	)		(2,591,640	)		(1,134,136	)
C Class		(806	)		(81	)		(4,239	)		—
R Class		(225,820	)		(147,212	)		(733,657	)		(317,118	)
Decrease in net assets from distributions		(3,803,724	)		(4,153,131	)		(12,454,299	)		(7,283,633	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		34,394,280			50,632,210			101,497,633			157,121,897

Net increase (decrease) in net assets		50,207,946			64,173,479			138,957,681			189,857,267

Net Assets
Beginning of period		222,370,271			158,196,792			520,207,229			330,349,962
End of period		$272,578,217			$222,370,271			$659,164,910			$520,207,229

Undistributed net investment income		$202,270			$214,914			$460,860			$4,154,710

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	LIVESTRONG 2020 Portfolio						LIVESTRONG 2025 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$4,661,226			$3,818,655			$10,542,765			$10,483,590
Net realized gain (loss)		1,088,197			137,981			731,332			(9,470,835	)
Change in net unrealized appreciation (depreciation)		23,832,702			14,314,949			69,396,263			59,600,664
Net increase (decrease) in net assets resulting from operations		29,582,125			18,271,585			80,670,360			60,613,419

Distributions to Shareholders
From net investment income:
Investor Class		(1,250,999	)		(1,688,609	)		(6,320,229	)		(5,629,840	)
Institutional Class		(3,174,240	)		(522,929	)		(4,809,062	)		(1,558,390	)
A Class		(1,600,256	)		(468,137	)		(2,997,497	)		(1,074,979	)
C Class		(1,434	)		—			(6,415	)		—
R Class		(313,422	)		(104,320	)		(858,031	)		(308,725	)
From net realized gains:
Investor Class		(21,181	)		(128,380	)		—			—
Institutional Class		(48,531	)		(35,286	)		—			—
A Class		(31,282	)		(42,315	)		—			—
C Class		(52	)		—			—			—
R Class		(7,252	)		(11,626	)		—			—
Decrease in net assets from distributions		(6,448,649	)		(3,001,602	)		(14,991,234	)		(8,571,934	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		74,308,173			132,134,943			129,189,511			177,818,886

Net increase (decrease) in net assets		97,441,649			147,404,926			194,868,637			229,860,371

Net Assets
Beginning of period		267,422,478			120,017,552			687,774,046			457,913,675
End of period		$364,864,127			$267,422,478			$882,642,683			$687,774,046

Undistributed net investment income		$247,631			$1,926,756			$520,931			$4,969,400

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	LIVESTRONG 2030 Portfolio						LIVESTRONG 2035 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$3,104,523			$2,545,074			$5,797,644			$5,327,430
Net realized gain (loss)		593,329			173,064			(214,178	)		(6,312,800	)
Change in net unrealized appreciation (depreciation)		25,321,859			12,892,175			55,737,502			40,076,977
Net increase (decrease) in net assets resulting from operations		29,019,711			15,610,313			61,320,968			39,091,607

Distributions to Shareholders
From net investment income:
Investor Class		(699,294	)		(1,067,099	)		(3,475,147	)		(2,690,075	)
Institutional Class		(2,191,429	)		(337,882	)		(2,410,054	)		(813,193	)
A Class		(1,152,037	)		(347,879	)		(1,691,628	)		(639,672	)
C Class		(1,835	)		—			(1,324	)		—
R Class		(230,484	)		(73,615	)		(535,965	)		(156,330	)
From net realized gains:
Investor Class		(9,274	)		(121,629	)		—			—
Institutional Class		(25,676	)		(33,243	)		—			—
A Class		(18,301	)		(49,531	)		—			—
C Class		(71	)		—			—			—
R Class		(4,560	)		(13,939	)		—			—
Decrease in net assets from distributions		(4,332,961	)		(2,044,817	)		(8,114,118	)		(4,299,270	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		62,623,181			110,979,695			82,415,804			140,993,510

Net increase (decrease) in net assets		87,309,931			124,545,191			135,622,654			175,785,847

Net Assets
Beginning of period		219,405,766			94,860,575			436,466,072			260,680,225
End of period		$306,715,697			$219,405,766			$572,088,726			$436,466,072

Undistributed net investment income		$155,193			$1,325,749			$221,708			$2,538,182

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	LIVESTRONG 2040 Portfolio						LIVESTRONG 2045 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$1,547,100			$1,031,341			$3,221,735			$2,565,123
Net realized gain (loss)		424,657			(10,558	)		166,374			(4,303,375	)
Change in net unrealized appreciation (depreciation)		16,158,272			6,470,949			36,316,151			24,427,791
Net increase (decrease) in net assets resulting from operations		18,130,029			7,491,732			39,704,260			22,689,539

Distributions to Shareholders
From net investment income:
Investor Class		(356,923	)		(344,746	)		(1,700,208	)		(1,209,264	)
Institutional Class		(974,609	)		(176,416	)		(1,510,205	)		(562,617	)
A Class		(588,456	)		(151,094	)		(855,162	)		(312,014	)
C Class		(370	)		—			(844	)		—
R Class		(104,220	)		(32,698	)		(234,012	)		(65,021	)
From net realized gains:
Investor Class		(2,106	)		(19,542	)		—			—
Institutional Class		(5,017	)		(8,431	)		—			—
A Class		(4,245	)		(11,184	)		—			—
C Class		(8	)		—			—			—
R Class		(967	)		(3,480	)		—			—
Decrease in net assets from distributions		(2,036,921	)		(747,591	)		(4,300,431	)		(2,148,916	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		35,225,244			69,758,316			58,538,334			82,586,901

Net increase (decrease) in net assets		51,318,352			76,502,457			93,942,163			103,127,524

Net Assets
Beginning of period		114,631,716			38,129,259			245,364,783			142,237,259
End of period		$165,950,068			$114,631,716			$339,306,946			$245,364,783

Undistributed net investment income		$50,652			$528,130			$81,780			$1,160,476

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	LIVESTRONG 2050 Portfolio
Increase (Decrease) in Net Assets	2011			2010
Operations
Net investment income (loss)		$492,029			$227,786
Net realized gain (loss)		84,872			(90,527	)
Change in net unrealized appreciation (depreciation)		5,866,962			1,504,155
Net increase (decrease) in net assets resulting from operations		6,443,863			1,641,414

Distributions to Shareholders
From net investment income:
Investor Class		(138,426	)		(47,343	)
Institutional Class		(246,806	)		(51,865	)
A Class		(190,143	)		(32,082	)
C Class		(128	)		—
R Class		(32,005	)		(5,224	)
From net realized gains:
Investor Class		(3,036	)		(1,689	)
Institutional Class		(4,632	)		(1,512	)
A Class		(5,288	)		(1,587	)
C Class		(18	)		—
R Class		(1,216	)		(422	)
Decrease in net assets from distributions		(621,698	)		(141,724	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		19,345,910			26,623,802

Net increase (decrease) in net assets		25,168,075			28,123,492

Net Assets
Beginning of period		35,279,223			7,155,731
End of period		$60,447,298			$35,279,223

Undistributed net investment income		$7,977			$123,456

See Notes to Financial Statements.

Notes to Financial Statements

JANUARY 31, 2011 (UNAUDITED)

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act), as amended, as an open-end management investment company and is organized as a Maryland corporation. LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio, LIVESTRONG 2020 Portfolio, LIVESTRONG 2025 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2035 Portfolio, LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio and LIVESTRONG 2050 Portfolio (collectively, the funds) are nine funds in a series issued by the corporation. The funds operate as “fund of funds,” meaning substantially all of the funds’ assets will be invested in other funds in the American Century Investments family of 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 are not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard (GICS) for the tobacco industry. The funds are diversified as defined under the 1940 Act. Additionally, the underlying funds are generally diversified and so indirectly provide broad exposure to a large number of securities. The investment objective of LIVESTRONG Income Portfolio is to seek current income. Capital appreciation is a secondary objective. The investment objectives of the eight target-year LIVESTRONG Portfolios are to seek the highest total return consistent with their respective asset mix. The funds pursue their objectives by investing in underlying funds that represent a variety of asset classes and investment styles. For each fund with a target-year, the target asset mix will be adjusted over time to become more conservative. In general, as the target-year approaches, the allocation to stocks will decrease and the allocation to bonds and money market instruments will increase. 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 year, its target asset mix will become fixed and will match that of LIVESTRONG Income Portfolio.

The funds are authorized to issue 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. Sale of the funds’ C Class commenced on March 1, 2010.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value per share as of 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. 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. LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio, LIVESTRONG 2025 Portfolio, LIVESTRONG 2035 Portfolio, and LIVESTRONG 2045 Portfolio are no longer subject to examination by tax authorities for years prior to 2007. For LIVESTRONG 2020 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2040 Portfolio, and LIVESTRONG 2050 Portfolio all tax years remain subject to examination by tax authorities. 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. Accordingly, no provision has been made for federal or state income taxes.

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 to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are generally declared and paid quarterly for LIVESTRONG Income Portfolio. Distributions from net investment income, if any, are generally declared and paid annually for the eight target-date LIVESTRONG Portfolios. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.

Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Administrative Fees — The corporation has entered into an agreement with American Century Investment Management, Inc. (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.

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 American Century Investment Services, Inc. (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 six months ended January 31, 2011, are detailed in the Statement of Operations.

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.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, ACIS, and the corporation’s transfer agent, American Century Services, LLC. The directors of the corporation are also directors of some underlying funds and therefore those underlying funds may be deemed to be under common control with the corporation. The officers of the corporation are also officers of all the underlying funds. ACIM serves as the investment advisor for the underlying funds.

The funds have a mutual funds services agreement with J.P. Morgan Investor Services Co. (JPMIS). JPMIS is a wholly owned subsidiary of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

4. Investment Transactions

Investment transactions for the six months ended January 31, 2011, were as follows:

	LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
Purchases	$44,883,368	$110,171,561	$83,328,293	$144,363,779	$69,979,653
Sales	$10,344,623	$11,582,367	$10,192,835	$18,479,412	$8,218,484

	LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio
Purchases	$93,670,119	$41,504,472	$61,971,093	$20,884,502
Sales	$12,806,623	$6,523,473	$4,072,137	$1,632,235

5. Capital Share Transactions

The corporation is authorized to issue 3,000,000,000 shares. Transactions in shares of the funds were as follows:

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG Income Portfolio
Investor Class
Sold		1,400,921			$15,029,382			2,184,083			$22,000,029
Issued in reinvestment of distributions		105,348			1,127,347			214,983			2,175,774
Redeemed		(5,431,485	)		(58,125,315	)		(2,436,052	)		(24,569,889	)
		(3,925,216	)		(41,968,586	)		(36,986	)		(394,086	)
Institutional Class
Sold		6,554,949			69,920,516			2,254,687			22,806,647
Issued in reinvestment of distributions		130,591			1,407,638			73,461			744,330
Redeemed		(900,228	)		(9,693,966	)		(1,144,764	)		(11,599,020	)
		5,785,312			61,634,188			1,183,384			11,951,957
A Class
Sold		1,528,319			16,400,909			4,719,612			47,468,266
Issued in reinvestment of distributions		86,099			925,634			98,440			997,333
Redeemed		(923,208	)		(9,794,319	)		(1,774,828	)		(17,946,871	)
		691,210			7,532,224			3,043,224			30,518,728
C Class
Sold		7,353			79,425			3,398			34,578
Issued in reinvestment of distributions		75			806			8			81
		7,428			80,231			3,406			34,659
R Class
Sold		978,553			10,404,371			1,266,751			12,691,175
Issued in reinvestment of distributions		19,974			215,043			14,206			144,087
Redeemed		(326,982	)		(3,503,191	)		(424,199	)		(4,314,310	)
		671,545			7,116,223			856,758			8,520,952
Net increase (decrease)		3,230,279			$34,394,280			5,049,786			$50,632,210

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2015 Portfolio
Investor Class
Sold		5,756,134			$65,150,801			8,952,469			$94,715,987
Issued in reinvestment of distributions		456,276			5,196,986			420,673			4,438,097
Redeemed		(8,149,785	)		(91,991,027	)		(4,965,891	)		(52,328,242	)
		(1,937,375	)		(21,643,240	)		4,407,251			46,825,842
Institutional Class
Sold		7,977,191			90,180,707			2,625,484			27,552,878
Issued in reinvestment of distributions		332,835			3,790,986			129,621			1,368,794
Redeemed		(970,307	)		(10,961,733	)		(1,140,994	)		(12,013,568	)
		7,339,719			83,009,960			1,614,111			16,908,104
A Class
Sold		4,077,376			45,992,141			8,713,060			91,872,960
Issued in reinvestment of distributions		198,382			2,259,566			99,377			1,048,428
Redeemed		(1,572,421	)		(17,618,224	)		(2,119,946	)		(22,428,079	)
		2,703,337			30,633,483			6,692,491			70,493,309
C Class
Sold		28,757			322,051			16,995			182,153
Issued in reinvestment of distributions		324			3,701			—			—
Redeemed		(87	)		(987	)		—			—
		28,994			324,765			16,995			182,153
R Class
Sold		1,494,696			16,799,631			3,023,842			31,852,385
Issued in reinvestment of distributions		58,136			662,176			27,956			295,219
Redeemed		(736,930	)		(8,289,142	)		(896,895	)		(9,435,115	)
		815,902			9,172,665			2,154,903			22,712,489
Net increase (decrease)		8,950,577			$101,497,633			14,885,751			$157,121,897

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2020 Portfolio
Investor Class
Sold		3,807,971			$37,283,786			5,126,049			$46,479,800
Issued in reinvestment of distributions		127,567			1,268,019			198,914			1,814,092
Redeemed		(9,829,653	)		(96,517,366	)		(2,386,514	)		(21,522,805	)
		(5,894,115	)		(57,965,561	)		2,938,449			26,771,087
Institutional Class
Sold		11,537,059			113,196,081			2,860,294			25,944,916
Issued in reinvestment of distributions		324,222			3,222,771			61,208			558,215
Redeemed		(853,548	)		(8,331,938	)		(701,267	)		(6,435,507	)
		11,007,733			108,086,914			2,220,235			20,067,624
A Class
Sold		2,721,407			26,698,162			9,414,120			85,093,641
Issued in reinvestment of distributions		163,615			1,626,334			55,971			510,452
Redeemed		(1,141,782	)		(11,193,518	)		(1,258,687	)		(11,371,839	)
		1,743,240			17,130,978			8,211,404			74,232,254
C Class
Sold		5,497			52,146			11,096			101,394
Issued in reinvestment of distributions		149			1,486			—			—
Redeemed		(213	)		(2,098	)		—			—
		5,433			51,534			11,096			101,394
R Class
Sold		1,012,936			9,932,507			1,616,523			14,574,000
Issued in reinvestment of distributions		31,418			312,291			12,710			115,914
Redeemed		(331,355	)		(3,240,490	)		(406,400	)		(3,727,330	)
		712,999			7,004,308			1,222,833			10,962,584
Net increase (decrease)		7,575,290			$74,308,173			14,604,017			$132,134,943

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2025 Portfolio
Investor Class
Sold		6,002,482			$68,637,863			10,707,619			$112,955,118
Issued in reinvestment of distributions		530,413			6,174,004			529,924			5,611,894
Redeemed		(11,875,760	)		(135,306,593	)		(6,947,516	)		(73,413,347	)
		(5,342,865	)		(60,494,726	)		4,290,027			45,153,665
Institutional Class
Sold		11,757,101			134,426,133			2,680,022			28,225,921
Issued in reinvestment of distributions		413,076			4,808,201			147,157			1,558,390
Redeemed		(967,139	)		(11,102,172	)		(1,204,515	)		(12,708,793	)
		11,203,038			128,132,162			1,622,664			17,075,518
A Class
Sold		5,535,298			63,063,417			10,386,950			109,810,806
Issued in reinvestment of distributions		221,596			2,579,376			92,438			979,846
Redeemed		(1,879,656	)		(21,584,441	)		(2,301,528	)		(24,335,389	)
		3,877,238			44,058,352			8,177,860			86,455,263
C Class
Sold		43,268			495,437			34,702			369,670
Issued in reinvestment of distributions		528			6,163			—			—
Redeemed		(170	)		(1,984	)		—			—
		43,626			499,616			34,702			369,670
R Class
Sold		2,132,077			24,237,825			3,458,392			36,451,313
Issued in reinvestment of distributions		64,903			755,471			26,847			284,575
Redeemed		(700,202	)		(7,999,189	)		(754,323	)		(7,971,118	)
		1,496,778			16,994,107			2,730,916			28,764,770
Net increase (decrease)		11,277,815			$129,189,511			16,856,169			$177,818,886

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2030 Portfolio
Investor Class
Sold		2,922,571			$28,113,669			3,912,912			$34,150,499
Issued in reinvestment of distributions		71,995			704,106			134,491			1,184,863
Redeemed		(8,370,968	)		(79,538,215	)		(1,626,724	)		(14,163,323	)
		(5,376,402	)		(50,720,440	)		2,420,679			21,172,039
Institutional Class
Sold		9,737,136			92,634,945			1,998,408			17,512,277
Issued in reinvestment of distributions		226,930			2,217,105			42,125			371,125
Redeemed		(525,140	)		(5,059,068	)		(461,324	)		(4,047,600	)
		9,438,926			89,792,982			1,579,209			13,835,802
A Class
Sold		2,893,684			27,611,417			8,696,020			75,624,511
Issued in reinvestment of distributions		119,652			1,169,003			45,160			397,410
Redeemed		(1,326,587	)		(12,718,775	)		(1,193,263	)		(10,396,735	)
		1,686,749			16,061,645			7,547,917			65,625,186
C Class
Sold		17,560			169,700			18,150			161,324
Issued in reinvestment of distributions		161			1,578			—			—
Redeemed		(6	)		(58	)		—			—
		17,715			171,220			18,150			161,324
R Class
Sold		1,042,043			9,908,349			1,676,516			14,587,178
Issued in reinvestment of distributions		23,482			229,425			9,934			87,520
Redeemed		(292,536	)		(2,820,000	)		(511,840	)		(4,489,354	)
		772,989			7,317,774			1,174,610			10,185,344
Net increase (decrease)		6,539,977			$62,623,181			12,740,565			$110,979,695

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2035 Portfolio
Investor Class
Sold		3,669,925			$42,870,440			7,508,667			$80,076,813
Issued in reinvestment of distributions		282,889			3,405,980			249,330			2,685,282
Redeemed		(5,780,290	)		(67,257,694	)		(4,028,136	)		(43,126,429	)
		(1,827,476	)		(20,981,274	)		3,729,861			39,635,666
Institutional Class
Sold		6,001,042			70,194,707			2,018,899			21,511,238
Issued in reinvestment of distributions		199,997			2,409,965			75,505			813,193
Redeemed		(505,727	)		(5,966,154	)		(792,577	)		(8,482,180	)
		5,695,312			66,638,518			1,301,827			13,842,251
A Class
Sold		3,614,389			42,211,272			7,418,021			79,117,746
Issued in reinvestment of distributions		119,721			1,441,443			51,157			550,958
Redeemed		(1,801,278	)		(21,145,926	)		(1,403,594	)		(15,003,429	)
		1,932,832			22,506,789			6,065,584			64,665,275
C Class
Sold		14,240			163,869			7,952			87,137
Issued in reinvestment of distributions		110			1,324			—			—
Redeemed		(1,101	)		(12,584	)		—			—
		13,249			152,609			7,952			87,137
R Class
Sold		1,590,491			18,474,221			2,588,166			27,661,446
Issued in reinvestment of distributions		39,416			474,568			12,538			135,037
Redeemed		(414,190	)		(4,849,627	)		(471,005	)		(5,033,302	)
		1,215,717			14,099,162			2,129,699			22,763,181
Net increase (decrease)		7,029,634			$82,415,804			13,234,923			$140,993,510

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2040 Portfolio
Investor Class
Sold		1,778,324			$16,899,321			2,448,495			$20,766,942
Issued in reinvestment of distributions		36,838			358,439			42,116			363,458
Redeemed		(3,203,320	)		(29,915,683	)		(826,471	)		(7,020,496	)
		(1,388,158	)		(12,657,923	)		1,664,140			14,109,904
Institutional Class
Sold		4,145,991			38,833,971			1,589,263			13,536,611
Issued in reinvestment of distributions		100,681			979,626			21,419			184,847
Redeemed		(331,864	)		(3,140,791	)		(293,039	)		(2,515,316	)
		3,914,808			36,672,806			1,317,643			11,206,142
A Class
Sold		1,622,862			15,271,694			5,300,972			44,957,456
Issued in reinvestment of distributions		60,882			592,379			18,804			162,278
Redeemed		(888,533	)		(8,438,781	)		(674,479	)		(5,710,323	)
		795,211			7,425,292			4,645,297			39,409,411
C Class
Sold		4,288			41,062			7,869			68,173
Issued in reinvestment of distributions		39			378			—			—
		4,327			41,440			7,869			68,173
R Class
Sold		581,179			5,451,569			850,629			7,161,309
Issued in reinvestment of distributions		10,511			102,270			4,165			35,945
Redeemed		(193,768	)		(1,810,210	)		(264,895	)		(2,232,568	)
		397,922			3,743,629			589,899			4,964,686
Net increase (decrease)		3,724,110			$35,225,244			8,224,848			$69,758,316

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2045 Portfolio
Investor Class
Sold		2,129,171			$24,913,080			4,194,877			$44,480,212
Issued in reinvestment of distributions		137,157			1,662,335			112,216			1,202,953
Redeemed		(2,223,004	)		(25,879,270	)		(2,696,306	)		(28,650,407	)
		43,324			696,145			1,610,787			17,032,758
Institutional Class
Sold		3,136,707			36,288,956			2,349,268			24,498,658
Issued in reinvestment of distributions		124,563			1,509,700			52,483			562,617
Redeemed		(434,815	)		(5,055,735	)		(671,080	)		(7,121,731	)
		2,826,455			32,742,921			1,730,671			17,939,544
A Class
Sold		2,222,975			26,004,654			4,520,937			47,724,570
Issued in reinvestment of distributions		63,916			774,024			26,822			287,269
Redeemed		(835,007	)		(9,731,689	)		(1,131,070	)		(11,984,861	)
		1,451,884			17,046,989			3,416,689			36,026,978
C Class
Sold		14,394			171,321			5,505			61,005
Issued in reinvestment of distributions		70			844			—			—
Redeemed		(1,675	)		(19,583	)		—			—
		12,789			152,582			5,505			61,005
R Class
Sold		872,284			10,098,711			1,394,358			14,752,941
Issued in reinvestment of distributions		17,525			212,407			5,467			58,605
Redeemed		(206,711	)		(2,411,421	)		(313,238	)		(3,284,930	)
		683,098			7,899,697			1,086,587			11,526,616
Net increase (decrease)		5,017,550			$58,538,334			7,850,239			$82,586,901

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

	Six months ended January 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2050 Portfolio
Investor Class
Sold		694,659			$6,388,408			1,278,063			$10,637,873
Issued in reinvestment of distributions		14,770			140,608			5,827			48,830
Redeemed		(512,763	)		(4,656,965	)		(536,639	)		(4,474,798	)
		196,666			1,872,051			747,251			6,211,905
Institutional Class
Sold		1,161,808			10,636,581			815,071			6,734,114
Issued in reinvestment of distributions		26,412			251,438			6,369			53,377
Redeemed		(146,483	)		(1,347,205	)		(244,604	)		(1,994,120	)
		1,041,737			9,540,814			576,836			4,793,371
A Class
Sold		1,049,937			9,637,588			1,831,737			15,075,296
Issued in reinvestment of distributions		20,528			195,431			4,018			33,669
Redeemed		(361,216	)		(3,341,990	)		(284,881	)		(2,325,820	)
		709,249			6,491,029			1,550,874			12,783,145
C Class
Sold		3,478			30,151			3,804			31,774
Issued in reinvestment of distributions		15			146			—			—
		3,493			30,297			3,804			31,774
R Class
Sold		218,467			2,009,968			410,331			3,378,344
Issued in reinvestment of distributions		3,259			31,025			645			5,406
Redeemed		(67,627	)		(629,274	)		(70,964	)		(580,143	)
		154,099			1,411,719			340,012			2,803,607
Net increase (decrease)		2,105,244			$19,345,910			3,218,777			$26,623,802

(1)	March 1, 2010 (commencement of sale) through July 31, 2010 for the C Class.

6. Affiliated Company Transactions

Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors. A summary of the transactions for each underlying fund for the six months ended January 31, 2011 follows:

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG Income Portfolio
NT Equity Growth Fund Institutional Class		3,439,712		$4,046,895		$2,501,031		$126,080			$243,568		3,612,785		$35,260,780
NT Growth Fund Institutional Class		1,439,628		1,384,464		1,218,672		145,061			109,933		1,449,898		17,572,759
NT Large Company Value Fund Institutional Class		3,265,018		2,908,900		1,376,869		32,360			233,438		3,467,785		29,892,308
NT Mid Cap Value Fund Institutional Class		951,588		1,146,047		227,877		4,379			648,298		1,045,427		10,830,622
NT Small Company Fund Institutional Class		628,454		258,713		260,926		52,549			24,752		624,851		5,354,975
NT Vista Fund Institutional Class(2)		675,757		377,041		577,776		127,226					643,254		6,709,138
Real Estate Fund Institutional Class		140,184		122,590		10,305		(33	)		23,073		146,400		2,780,133
High-Yield Fund Institutional Class		1,431,037		1,555,018		25,147		(190	)		367,018		1,683,132		10,418,587
Inflation-Adjusted Bond Fund Institutional Class		1,402,114		4,404,833		179,758		434			290,466		1,758,371		20,731,190
NT Diversified Bond Fund Institutional Class		5,456,060		16,785,771		1,648,946		(6,387	)		1,674,877		6,865,727		72,708,048
Premium Money Market Fund Investor Class		21,795,946		5,623,719		197,497					1,244		27,222,168		27,222,168
International Bond Fund Institutional Class		1,097,284		4,541,590		614,296		(30,290	)		823,120		1,380,306		19,186,250
NT International Growth Fund Institutional Class		1,301,380		1,727,787		990,319		64,015			127,270		1,379,931		13,606,119
				$44,883,368		$9,829,419		$515,204			$4,567,057				$272,273,077

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2015 Portfolio
NT Equity Growth Fund Institutional Class		7,922,047		$5,850,084		$453,264		$(61,793	)		$557,008		8,527,500		$83,228,398
NT Growth Fund Institutional Class		4,035,942		2,758,193		2,110,313		286,179			298,755		4,070,090		49,329,485
NT Large Company Value Fund Institutional Class		7,844,148		4,575,312		804,295		(164,331	)		549,344		8,345,390		71,937,258
NT Mid Cap Value Fund Institutional Class		2,651,591		3,473,981		1,427,153		27,116			1,723,871		2,857,033		29,598,858
NT Small Company Fund Institutional Class		1,503,665		637,635		395,973		(61,138	)		57,846		1,538,247		13,182,773
NT Vista Fund Institutional Class(2)		2,232,357		1,402,281		2,938,449		97,780					2,061,255		21,498,894
Real Estate Fund Institutional Class		419,636		375,833		291,903		41,236			66,696		420,955		7,993,934
High-Yield Fund Institutional Class		3,197,121		4,588,618		—		—			827,630		3,951,136		24,457,534
Inflation-Adjusted Bond Fund Institutional Class		3,137,017		11,962,756		—		—			685,007		4,142,078		48,835,100
NT Diversified Bond Fund Institutional Class		12,149,820		43,435,555		1,047,272		5,965			3,807,412		16,094,620		170,442,026
Premium Money Market Fund Investor Class		37,572,863		15,071,008		—		—			2,225		52,643,871		52,643,871
NT Emerging Markets Fund Institutional Class		589,212		504,839		247,020		33,059					609,004		6,449,355
NT International Growth Fund Institutional Class		3,526,193		4,146,905		1,228,181		(51,007	)		345,556		3,842,836		37,890,367
International Bond Fund Institutional Class		2,194,532		11,388,561		502,539		(17,061	)		1,703,476		2,974,967		41,352,047
				$110,171,561		$11,446,362		$136,005			$10,624,826				$658,839,900

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2020 Portfolio
NT Equity Growth Fund Institutional Class		3,878,540		$7,015,916		$771,194		$(2,787	)		$288,921		4,577,573		$44,677,111
NT Growth Fund Institutional Class		2,314,648		5,154,239		757,086		22,379			193,889		2,712,460		32,875,010
NT Large Company Value Fund Institutional Class		4,017,766		6,684,736		763,252		(11,763	)		298,898		4,767,718		41,097,733
NT Mid Cap Value Fund Institutional Class		1,539,491		4,028,171		1,021,615		26,468			1,083,695		1,844,134		19,105,225
NT Small Company Fund Institutional Class		845,512		1,031,123		182,405		5,597			34,988		953,150		8,168,499
NT Vista Fund Institutional Class(2)		1,458,784		2,096,361		1,543,364		316,777					1,487,242		15,511,933
Real Estate Fund Institutional Class		251,633		810,980		217,820		3,335			41,740		283,922		5,391,685
High-Yield Fund Institutional Class		1,539,353		3,252,944		76,048		75			423,470		2,062,796		12,768,709
Inflation-Adjusted Bond Fund Institutional Class		1,579,190		7,043,244		53,127		(295	)		355,081		2,164,663		25,521,380
NT Diversified Bond Fund Institutional Class		6,041,522		28,326,005		1,972,174		(21,331	)		1,968,747		8,492,790		89,938,643
NT Emerging Markets Fund Institutional Class		670,909		835,949		624,964		130,260					679,506		7,195,964
NT International Growth Fund Institutional Class		2,143,671		3,601,201		1,228,156		30,933			210,048		2,402,077		23,684,481
Premium Money Market Fund Investor Class		13,181,772		6,790,214		22,102					811		19,949,884		19,949,884
International Bond Fund Institutional Class		925,247		6,657,210		500,424		(40,544	)		768,635		1,364,669		18,968,896
				$83,328,293		$9,733,731		$459,104			$5,668,923				$364,855,153

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2025 Portfolio
NT Equity Growth Fund Institutional Class		10,213,367		$8,672,166		$1,603,599		$(221,403	)		$724,901		11,041,447		$107,764,525
NT Growth Fund Institutional Class		7,160,830		5,971,152		2,621,907		343,846			550,851		7,450,769		90,303,319
NT Large Company Value Fund Institutional Class		10,764,674		10,478,411		886,046		(168,461	)		776,169		12,011,333		103,537,688
NT Mid Cap Value Fund Institutional Class		3,836,306		8,319,864		144,386		157			2,783,676		4,656,797		48,244,417
NT Small Company Fund Institutional Class		3,111,305		2,002,193		2,882,578		(442,293	)		119,528		3,075,132		26,353,877
NT Vista Fund Institutional Class(2)		4,127,302		3,105,411		4,103,280		(63,435	)				4,032,401		42,057,946
Real Estate Fund Institutional Class		735,902		1,463,913		284,292		(1,003	)		122,814		802,083		15,231,562
High-Yield Fund Institutional Class		3,602,657		6,314,422		—		—			957,318		4,641,871		28,733,183
Inflation-Adjusted Bond Fund Institutional Class		3,661,210		14,527,363		—		—			816,042		4,877,535		57,506,135
NT Diversified Bond Fund Institutional Class		14,013,841		54,197,131		1,917,115		(16,968	)		4,464,917		18,873,564		199,871,042
NT Emerging Markets Fund Institutional Class		2,075,983		1,769,924		683,578		31,247					2,176,724		23,051,509
NT International Growth Fund Institutional Class		6,602,053		7,270,234		3,880,414		(186,977	)		637,396		6,999,111		69,011,235
Premium Money Market Fund Investor Class		33,884,443		10,140,913		6,564					1,944		44,018,792		44,018,792
International Bond Fund Institutional Class		1,205,948		10,130,682		208,732		(17,789	)		1,049,831		1,916,466		26,638,874
				$144,363,779		$19,222,491		$(743,079	)		$13,005,387				$882,324,104

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2030 Portfolio
NT Equity Growth Fund Institutional Class		3,234,860		$6,720,868		$578,594		$839			$241,396		3,914,714		$38,207,613
NT Growth Fund Institutional Class		2,696,847		6,089,268		1,673,777		28,500			218,871		3,096,362		37,527,901
NT Large Company Value Fund Institutional Class		3,655,988		6,289,076		772,416		(20,629	)		269,096		4,351,494		37,509,875
NT Mid Cap Value Fund Institutional Class		1,205,850		3,695,060		313,780		(269	)		887,491		1,547,006		16,026,985
NT Small Company Fund Institutional Class		1,297,113		1,986,700		929,111		98,485			52,337		1,422,950		12,194,680
NT Vista Fund Institutional Class(2)		1,380,375		2,509,655		818,773		60,431					1,546,305		16,127,960
Real Estate Fund Institutional Class		272,490		1,094,350		221,058		(2,015	)		46,651		321,391		6,103,221
High-Yield Fund Institutional Class		1,028,129		2,510,397		1,582		(13	)		283,164		1,440,739		8,918,173
Inflation-Adjusted Bond Fund Institutional Class		1,041,190		5,612,763		124,695		(2,104	)		246,869		1,500,175		17,687,064
NT Diversified Bond Fund Institutional Class		3,980,220		21,092,839		1,272,974		(16,285	)		1,326,609		5,823,641		61,672,363
NT Emerging Markets Fund Institutional Class		791,082		1,365,835		250,638		17,165					896,266		9,491,455
NT International Growth Fund Institutional Class		2,451,952		4,845,360		913,367		2,571			249,408		2,872,304		28,320,920
Premium Money Market Fund Investor Class		10,887,100		4,598,788		165,572					647		15,320,316		15,320,316
International Bond Fund Institutional Class				1,568,694		15,775		(304	)		42,323		111,498		1,549,823
				$69,979,653		$8,052,112		$166,372			$3,864,862				$306,658,349

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2035 Portfolio
NT Equity Growth Fund Institutional Class		6,994,654		$8,170,504		$1,848,286		$(269,906	)		$500,831		7,736,463		$75,507,881
NT Growth Fund Institutional Class		5,836,944		6,688,190		2,224,921		73,541			458,412		6,244,548		75,683,919
NT Large Company Value Fund Institutional Class		7,842,222		9,001,874		2,239,043		(547,087	)		565,571		8,775,974		75,648,896
NT Mid Cap Value Fund Institutional Class		2,889,508		5,505,567		1,536,199		17,467			1,983,193		3,293,291		34,118,495
NT Small Company Fund Institutional Class		2,511,719		2,351,047		600,020		(112,657	)		103,752		2,755,145		23,611,593
NT Vista Fund Institutional Class(2)		3,266,102		3,240,612		3,153,119		(188,780	)				3,296,726		34,384,855
Real Estate Fund Institutional Class		596,089		1,599,578		315,529		(48,110	)		102,145		672,042		12,762,075
High-Yield Fund Institutional Class		1,757,667		3,139,140		—		—			466,727		2,273,868		14,075,243
Inflation-Adjusted Bond Fund Institutional Class		1,785,605		7,846,331		—		—			411,503		2,441,234		28,782,144
NT Diversified Bond Fund Institutional Class		6,814,188		29,812,527		916,481		(7,519	)		2,226,341		9,497,236		100,575,734
NT Emerging Markets Fund Institutional Class		2,026,730		3,035,302		600,476		33,131					2,259,847		23,931,783
NT International Growth Fund Institutional Class		4,945,455		6,964,700		442,407		(19,938	)		509,379		5,654,908		55,757,397
Premium Money Market Fund Investor Class		10,847,681		6,314,747		—		—			668		17,162,428		17,162,428
				$93,670,119		$13,876,481		$(1,069,858	)		$7,328,522				$572,002,443

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2040 Portfolio
NT Equity Growth Fund Institutional Class		1,964,688		$4,754,402		$645,566		$(781	)		$146,462		2,417,143		$23,591,317
NT Growth Fund Institutional Class		1,635,666		4,386,033		840,713		39,178			133,819		1,951,028		23,646,456
NT Large Company Value Fund Institutional Class		2,218,801		4,965,127		386,975		(9,716	)		166,036		2,790,136		24,050,976
NT Mid Cap Value Fund Institutional Class		872,897		3,022,547		605,685		7,800			626,287		1,116,291		11,564,780
NT Small Company Fund Institutional Class		633,818		1,269,933		177,071		3,614			27,026		771,136		6,608,633
NT Vista Fund Institutional Class(2)		993,260		2,300,339		963,081		144,250					1,116,721		11,647,402
Real Estate Fund Institutional Class		175,161		888,604		136,621		(1,499	)		31,139		217,715		4,134,417
High-Yield Fund Institutional Class		384,438		1,067,274		58,905		(664	)		106,668		550,384		3,406,879
Inflation-Adjusted Bond Fund Institutional Class		389,283		2,464,758		138,538		(4,492	)		94,171		584,276		6,888,619
NT Diversified Bond Fund Institutional Class		1,489,500		10,321,884		1,193,773		(15,414	)		511,789		2,339,793		24,778,403
NT Emerging Markets Fund Institutional Class		665,679		1,574,386		413,127		12,158					776,010		8,217,944
NT International Growth Fund Institutional Class		1,374,322		3,669,506		789,982		(998	)		141,647		1,682,540		16,589,847
Premium Money Market Fund Investor Class				819,679		—		—			13		819,679		819,679
				$41,504,472		$6,350,037		$173,436			$1,985,057				$165,945,352

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2045 Portfolio
NT Equity Growth Fund Institutional Class		4,296,331		$7,363,008		$54,841		$(9,435	)		$320,798		5,110,466		$49,878,149
NT Growth Fund Institutional Class		3,585,241		6,109,557		183,925		(5,136	)		295,734		4,124,941		49,994,290
NT Large Company Value Fund Institutional Class		4,898,582		7,914,716		28,272		(7,425	)		366,281		5,895,698		50,820,918
NT Mid Cap Value Fund Institutional Class		1,885,622		4,878,007		147,805		(13,631	)		1,378,138		2,364,835		24,499,696
NT Small Company Fund Institutional Class		1,530,719		1,915,556		1,001,171		(172,226	)		62,496		1,678,033		14,380,745
NT Vista Fund Institutional Class(2)		2,129,705		3,254,690		1,089,235		(90,083	)				2,364,776		24,664,611
Real Estate Fund Institutional Class		409,336		1,595,278		221,713		(37,847	)		73,141		490,158		9,308,094
High-Yield Fund Institutional Class		720,139		1,651,524		5,400		(236	)		197,278		990,694		6,132,394
Inflation-Adjusted Bond Fund Institutional Class		731,901		3,700,141		—		—			173,906		1,040,663		12,269,412
NT Diversified Bond Fund Institutional Class		2,833,642		14,892,740		546,819		(5,957	)		954,713		4,165,395		44,111,532
NT Emerging Markets Fund Institutional Class		1,608,076		2,776,910		581,076		13,447					1,822,719		19,302,595
NT International Growth Fund Institutional Class		2,851,206		5,918,966		583,031		(42,622	)		302,629		3,432,879		33,848,184
				$61,971,093		$4,443,288		$(371,151	)		$4,125,114				$339,210,620

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2050 Portfolio
NT Equity Growth Fund Institutional Class		637,861		$2,962,717		$196,345		$(3,981	)		$53,389		941,423		$9,188,284
NT Growth Fund Institutional Class		532,286		2,752,162		199,764		763			50,873		759,876		9,209,696
NT Large Company Value Fund Institutional Class		726,891		3,019,497		144,534		(4,462	)		60,446		1,085,462		9,356,683
NT Mid Cap Value Fund Institutional Class		279,715		1,639,536		90,503		(1,828	)		231,326		435,483		4,511,600
NT Small Company Fund Institutional Class		243,568		901,451		190,490		1,297			11,336		333,755		2,860,282
NT Vista Fund Institutional Class(2)		316,149		1,342,915		171,469		4,125					436,263		4,550,220
Real Estate Fund Institutional Class		64,211		625,813		80,832		(575	)		12,769		95,167		1,807,218
NT Emerging Markets Fund Institutional Class		251,337		1,353,497		141,861		2,921					367,862		3,895,657
NT International Growth Fund Institutional Class		390,856		1,981,759		203,962		1,546			48,202		580,303		5,721,791
High-Yield Fund Institutional Class		88,965		358,044		6,362		(6	)		26,739		146,749		908,377
Inflation-Adjusted Bond Fund Institutional Class		90,154		802,886		37,871		(859	)		24,700		154,022		1,815,921
NT Diversified Bond Fund Institutional Class		344,140		3,144,225		171,925		(2,624	)		129,466		620,319		6,569,181
				$20,884,502		$1,635,918		$(3,683	)		$649,246				$60,394,910

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

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 January 31, 2011, the following LIVESTRONG Portfolio owned 25% or more of the total outstanding shares of the underlying funds:

	LIVESTRONG 2025 Portfolio
NT Diversified Bond Fund	26%

As of January 31, 2011, the funds, in aggregate, owned 100% of the total outstanding shares of the underlying NT Diversified Bond Fund, NT Emerging Markets Fund, NT Equity Growth Fund, NT Growth Fund, NT International Growth Fund, NT Large Company Value Fund, NT Mid Cap Value Fund, NT Small Company Fund and NT Vista Fund.

8. Fair Value Measurements

The funds’ securities valuation process is based on several considerations and may use multiple inputs to determine the fair value of the positions 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 as follows:

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

•	Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

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

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

As of period end, the funds’ investment securities were classified as Level 1. The Schedule of Investments provides additional information on the funds’ portfolio holdings.

9. Risk Factors

Some of the underlying funds invest in foreign securities, which are generally riskier than U.S. securities. There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets may accentuate these risks.

Some of the underlying funds concentrate their investments in stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

10. Federal Tax Information

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of January 31, 2011, the components of investments for federal income tax purposes were as follows:

	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio			LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio
Federal tax cost of investments		$244,512,229			$601,245,172			$319,448,757			$790,691,629			$261,796,927
Gross tax appreciation of investments		$27,876,220			$57,852,551			$45,792,612			$92,260,795			$44,864,648
Gross tax depreciation of investments		(115,372	)		(257,823	)		(386,216	)		(628,320	)		(3,226	)
Net tax appreciation (depreciation) of investments		$27,760,848			$57,594,728			$45,406,396			$91,632,475			$44,861,422

	LIVESTRONG 2035 Portfolio		LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio		LIVESTRONG 2050 Portfolio
Federal tax cost of investments		$506,920,232		$140,097,662		$304,005,629		$52,678,275
Gross tax appreciation of investments		$65,082,211		$25,847,690		$35,204,991		$7,720,341
Gross tax depreciation of investments		—		—		—		(3,706	)
Net tax appreciation (depreciation) of investments		$65,082,211		$25,847,690		$35,204,991		$7,716,635

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

Following are the capital loss carryovers and capital loss deferral amounts as of July 31, 2010:


	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio		LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio
Accumulated capital losses		$(2,398,875	)		$(4,229,037	)		—		$(4,555,154	)		—
Capital loss deferrals		—			—			—		$(415,354	)		—


	LIVESTRONG 2035 Portfolio			LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Accumulated capital losses		$(3,266,021	)		—		$(2,088,899	)		—
Capital loss deferrals		$(121,256	)		—		$(101,834	)		—

The accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. The capital loss carryovers expire as follows:

	2017			2018
LIVESTRONG Income Portfolio		$(176,528	)		$(2,222,347	)
LIVESTRONG 2015 Portfolio		$(371,990	)		$(3,857,047	)
LIVESTRONG 2020 Portfolio		—			—
LIVESTRONG 2025 Portfolio		$(566,597	)		$(3,988,557	)
LIVESTRONG 2030 Portfolio		—			—
LIVESTRONG 2035 Portfolio		$(456,604	)		$(2,809,417	)
LIVESTRONG 2040 Portfolio		—			—
LIVESTRONG 2045 Portfolio		$(357,580	)		$(1,731,319	)
LIVESTRONG 2050 Portfolio		—			—

The capital loss deferrals represent net capital losses incurred in the nine-month period ended July 31, 2010. The funds have elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

LIVESTRONG Income Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$9.53			$10.64			$11.06			$10.45			$10.51
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.22			0.24			0.40			0.33			0.37
Net Realized and Unrealized Gain (Loss)		0.70			0.74			(0.95	)		(0.38	)		0.75			(0.07	)
Total From Investment Operations		0.85			0.96			(0.71	)		0.02			1.08			0.30
Distributions
From Net Investment Income		(0.17	)		(0.22	)		(0.31	)		(0.42	)		(0.32	)		(0.35	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)		(0.01	)
Total Distributions		(0.17	)		(0.22	)		(0.40	)		(0.44	)		(0.47	)		(0.36	)
Net Asset Value, End of Period		$10.95			$10.27			$9.53			$10.64			$11.06			$10.45

Total Return(3)		8.27	%		10.15	%		(6.44	)%		0.11	%		10.51	%		2.99	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.21	%(5)		0.21	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		3.06	%(5)		2.19	%		2.64	%		3.61	%		3.03	%		3.51	%
Portfolio Turnover Rate		4	%		13	%		51	%		26	%		22	%		120	%
Net Assets, End of Period (in thousands)		$66,330			$102,497			$95,441			$49,378			$44,109			$27,374

(1)	Six months ended January 31, 2011 (unaudited).

(2)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$9.53			$10.64			$11.06			$10.45			$10.51
Income From Investment Operations
Net Investment Income (Loss)(2)		0.19			0.24			0.26			0.42			0.35			0.37
Net Realized and Unrealized Gain (Loss)		0.68			0.74			(0.95	)		(0.38	)		0.75			(0.05	)
Total From Investment Operations		0.87			0.98			(0.69	)		0.04			1.10			0.32
Distributions
From Net Investment Income		(0.18	)		(0.24	)		(0.33	)		(0.44	)		(0.34	)		(0.37	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)		(0.01	)
Total Distributions		(0.18	)		(0.24	)		(0.42	)		(0.46	)		(0.49	)		(0.38	)
Net Asset Value, End of Period		$10.96			$10.27			$9.53			$10.64			$11.06			$10.45

Total Return(3)		8.48	%		10.37	%		(6.25	)%		0.31	%		10.73	%		3.20	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.01	%(5)		0.01	%		0.00	%(6)		0.00	%(6)		0.00	%(6)		0.00	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		3.26	%(5)		2.39	%		2.84	%		3.81	%		3.23	%		3.71	%
Portfolio Turnover Rate		4	%		13	%		51	%		26	%		22	%		120	%
Net Assets, End of Period (in thousands)		$105,198			$39,202			$25,088			$9,737			$8,285			$4,409

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$9.53			$10.64			$11.05			$10.45			$10.51
Income From Investment Operations
Net Investment Income (Loss)(3)		0.15			0.19			0.21			0.35			0.31			0.33
Net Realized and Unrealized Gain (Loss)		0.68			0.75			(0.94	)		(0.35	)		0.74			(0.05	)
Total From Investment Operations		0.83			0.94			(0.73	)		—			1.05			0.28
Distributions
From Net Investment Income		(0.15	)		(0.20	)		(0.29	)		(0.39	)		(0.30	)		(0.33	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)		(0.01	)
Total Distributions		(0.15	)		(0.20	)		(0.38	)		(0.41	)		(0.45	)		(0.34	)
Net Asset Value, End of Period		$10.95			$10.27			$9.53			$10.64			$11.05			$10.45

Total Return(4)		8.13	%		9.87	%		(6.67	)%		(0.05	)%		10.13	%		2.83	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.46	%(6)		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.81	%(6)		1.94	%		2.39	%		3.36	%		2.78	%		3.26	%
Portfolio Turnover Rate		4	%		13	%		51	%		26	%		22	%		120	%
Net Assets, End of Period (in thousands)		$80,221			$68,110			$34,202			$8,285			$8,129			$2,966

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

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

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

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$10.15
Income From Investment Operations
Net Investment Income (Loss)(3)		0.13			0.03
Net Realized and Unrealized Gain (Loss)		0.67			0.12
Total From Investment Operations		0.80			0.15
Distributions
From Net Investment Income		(0.11	)		(0.03	)
Net Asset Value, End of Period		$10.96			$10.27

Total Return(4)		7.80	%		1.51	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%(6)		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.06	%(6)		0.77	%(6)
Portfolio Turnover Rate		4	%		13	%(7)
Net Assets, End of Period (in thousands)		$119			$35

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

(6)	Annualized.

(7)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.26			$9.52			$10.63			$11.05			$10.44			$10.50
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.16			0.18			0.30			0.27			0.26
Net Realized and Unrealized Gain (Loss)		0.67			0.75			(0.93	)		(0.34	)		0.76			(0.01	)
Total From Investment Operations		0.82			0.91			(0.75	)		(0.04	)		1.03			0.25
Distributions
From Net Investment Income		(0.14	)		(0.17	)		(0.27	)		(0.36	)		(0.27	)		(0.30	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)		(0.01	)
Total Distributions		(0.14	)		(0.17	)		(0.36	)		(0.38	)		(0.42	)		(0.31	)
Net Asset Value, End of Period		$10.94			$10.26			$9.52			$10.63			$11.05			$10.44

Total Return(3)		7.99	%		9.61	%		(6.91	)%		(0.40	)%		9.97	%		2.48	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.71	%(5)		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.56	%(5)		1.69	%		2.14	%		3.11	%		2.53	%		3.01	%
Portfolio Turnover Rate		4	%		13	%		51	%		26	%		22	%		120	%
Net Assets, End of Period (in thousands)		$20,711			$12,527			$3,466			$351			$112			$37

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.76			$9.87			$11.39			$11.91			$11.09			$10.93
Income From Investment Operations
Net Investment Income (Loss)(2)		0.17			0.22			0.26			0.43			0.32			0.37
Net Realized and Unrealized Gain (Loss)		0.81			0.86			(1.29	)		(0.49	)		1.04			0.11
Total From Investment Operations		0.98			1.08			(1.03	)		(0.06	)		1.36			0.48
Distributions
From Net Investment Income		(0.24	)		(0.19	)		(0.35	)		(0.41	)		(0.27	)		(0.31	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)		(0.01	)
Total Distributions		(0.24	)		(0.19	)		(0.49	)		(0.46	)		(0.54	)		(0.32	)
Net Asset Value, End of Period		$11.50			$10.76			$9.87			$11.39			$11.91			$11.09

Total Return(3)		9.11	%		11.00	%		(8.63	)%		(0.67	)%		12.46	%		4.46	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.21	%(5)		0.21	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		3.03	%(5)		2.11	%		2.78	%		3.62	%		2.74	%		3.27	%
Portfolio Turnover Rate		2	%		9	%		28	%		20	%		18	%		123	%
Net Assets, End of Period (in thousands)		$281,443			$284,172			$217,149			$161,838			$139,725			$89,431

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.78			$9.89			$11.41			$11.93			$11.10			$10.94
Income From Investment Operations
Net Investment Income (Loss)(2)		0.20			0.25			0.24			0.44			0.34			0.33
Net Realized and Unrealized Gain (Loss)		0.79			0.85			(1.25	)		(0.48	)		1.05			0.17
Total From Investment Operations		0.99			1.10			(1.01	)		(0.04	)		1.39			0.50
Distributions
From Net Investment Income		(0.26	)		(0.21	)		(0.37	)		(0.43	)		(0.29	)		(0.33	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)		(0.01	)
Total Distributions		(0.26	)		(0.21	)		(0.51	)		(0.48	)		(0.56	)		(0.34	)
Net Asset Value, End of Period		$11.51			$10.78			$9.89			$11.41			$11.93			$11.10

Total Return(3)		9.22	%		11.20	%		(8.42	)%		(0.46	)%		12.77	%		4.67	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.01	%(5)		0.01	%		0.00	%(6)		0.00	%(6)		0.00	%(6)		0.00	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		3.23	%(5)		2.31	%		2.98	%		3.82	%		2.94	%		3.47	%
Portfolio Turnover Rate		2	%		9	%		28	%		20	%		18	%		123	%
Net Assets, End of Period (in thousands)		$172,328			$82,264			$59,500			$17,845			$15,736			$10,439

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.75			$9.86			$11.37			$11.89			$11.07			$10.91
Income From Investment Operations
Net Investment Income (Loss)(3)		0.16			0.19			0.25			0.38			0.30			0.31
Net Realized and Unrealized Gain (Loss)		0.80			0.86			(1.29	)		(0.47	)		1.03			0.14
Total From Investment Operations		0.96			1.05			(1.04	)		(0.09	)		1.33			0.45
Distributions
From Net Investment Income		(0.21	)		(0.16	)		(0.33	)		(0.38	)		(0.24	)		(0.28	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)		(0.01	)
Total Distributions		(0.21	)		(0.16	)		(0.47	)		(0.43	)		(0.51	)		(0.29	)
Net Asset Value, End of Period		$11.50			$10.75			$9.86			$11.37			$11.89			$11.07

Total Return(4)		8.94	%		10.73	%		(8.79	)%		(0.93	)%		12.20	%		4.22	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.46	%(6)		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.78	%(6)		1.86	%		2.53	%		3.37	%		2.49	%		3.02	%
Portfolio Turnover Rate		2	%		9	%		28	%		20	%		18	%		123	%
Net Assets, End of Period (in thousands)		$155,152			$115,945			$40,386			$24,384			$19,270			$9,556

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

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

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

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$10.72			$10.55
Income From Investment Operations
Net Investment Income (Loss)(3)		0.12			0.04
Net Realized and Unrealized Gain (Loss)		0.79			0.13
Total From Investment Operations		0.91			0.17
Distributions
From Net Investment Income		(0.12	)		—
Net Asset Value, End of Period		$11.51			$10.72

Total Return(4)		8.51	%		1.61	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%(6)		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.03	%(6)		0.83	%(6)
Portfolio Turnover Rate		2	%		9	%(7)
Net Assets, End of Period (in thousands)		$530			$182

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

(6)	Annualized.

(7)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.73			$9.84			$11.36			$11.88			$11.06			$10.90
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.16			0.18			0.39			0.25			0.19
Net Realized and Unrealized Gain (Loss)		0.80			0.87			(1.25	)		(0.51	)		1.05			0.23
Total From Investment Operations		0.95			1.03			(1.07	)		(0.12	)		1.30			0.42
Distributions
From Net Investment Income		(0.18	)		(0.14	)		(0.31	)		(0.35	)		(0.21	)		(0.25	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)		(0.01	)
Total Distributions		(0.18	)		(0.14	)		(0.45	)		(0.40	)		(0.48	)		(0.26	)
Net Asset Value, End of Period		$11.50			$10.73			$9.84			$11.36			$11.88			$11.06

Total Return(3)		8.87	%		10.47	%		(9.12	)%		(1.19	)%		11.92	%		4.05	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.71	%(5)		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.53	%(5)		1.61	%		2.28	%		3.12	%		2.24	%		2.77	%
Portfolio Turnover Rate		2	%		9	%		28	%		20	%		18	%		123	%
Net Assets, End of Period (in thousands)		$49,713			$37,643			$13,316			$4,165			$3,187			$351

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$9.30			$8.47			$9.49			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.12			0.19			0.13			0.03
Net Realized and Unrealized Gain (Loss)		0.81			0.80			(1.03	)		(0.54	)
Total From Investment Operations		0.93			0.99			(0.90	)		(0.51	)
Distributions
From Net Investment Income		(0.19	)		(0.15	)		(0.12	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.19	)		(0.16	)		(0.12	)		—
Net Asset Value, End of Period		$10.04			$9.30			$8.47			$9.49

Total Return(5)		10.04	%		11.69	%		(9.38	)%		(5.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.21	%(7)		0.21	%		0.20	%		0.20	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.98	%(7)		1.99	%		1.70	%		1.89	%(7)
Portfolio Turnover Rate		3	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$78,591			$127,604			$91,329			$1,073

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$9.31			$8.47			$9.50			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.18			0.20			0.15			0.04
Net Realized and Unrealized Gain (Loss)		0.76			0.81			(1.05	)		(0.54	)
Total From Investment Operations		0.94			1.01			(0.90	)		(0.50	)
Distributions
From Net Investment Income		(0.21	)		(0.16	)		(0.13	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.21	)		(0.17	)		(0.13	)		—
Net Asset Value, End of Period		$10.04			$9.31			$8.47			$9.50

Total Return(5)		10.15	%		11.90	%		(9.26	)%		(5.00	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.01	%(7)		0.01	%		0.00	%(8)		0.00	%(7)(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		3.18	%(7)		2.19	%		1.90	%		2.09	%(7)
Portfolio Turnover Rate		3	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$158,295			$44,304			$21,532			$16

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

(8)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008(3)
Per-Share Data
Net Asset Value, Beginning of Period		$9.28			$8.45			$9.49			$10.00
Income From Investment Operations
Net Investment Income (Loss)(4)		0.13			0.15			0.15			0.04
Net Realized and Unrealized Gain (Loss)		0.78			0.81			(1.08	)		(0.55	)
Total From Investment Operations		0.91			0.96			(0.93	)		(0.51	)
Distributions
From Net Investment Income		(0.16	)		(0.12	)		(0.11	)		—
From Net Realized Gains		—	(5)		(0.01	)		—			—
Total Distributions		(0.16	)		(0.13	)		(0.11	)		—
Net Asset Value, End of Period		$10.03			$9.28			$8.45			$9.49

Total Return(6)		9.90	%		11.43	%		(9.72	)%		(5.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(7)		0.46	%(8)		0.46	%		0.45	%		0.45	%(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.73	%(8)		1.74	%		1.45	%		1.64	%(8)
Portfolio Turnover Rate		3	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$104,500			$80,483			$3,882			$6

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

(3)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

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

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

(8)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$9.26			$9.12
Income From Investment Operations
Net Investment Income (Loss)(3)		0.10			0.03
Net Realized and Unrealized Gain (Loss)		0.78			0.11
Total From Investment Operations		0.88			0.14
Distributions
From Net Investment Income		(0.09	)		—
From Net Realized Gains		—	(4)		—
Total Distributions		(0.09	)		—
Net Asset Value, End of Period		$10.05			$9.26

Total Return(5)		9.52	%		1.54	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		1.21	%(7)		1.21	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.98	%(7)		0.67	%(7)
Portfolio Turnover Rate		3	%		8	%(8)
Net Assets, End of Period (in thousands)		$166			$103

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

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

(7)	Annualized.

(8)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$9.27			$8.44			$9.49			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.13			0.13			0.14			0.03
Net Realized and Unrealized Gain (Loss)		0.77			0.81			(1.10	)		(0.54	)
Total From Investment Operations		0.90			0.94			(0.96	)		(0.51	)
Distributions
From Net Investment Income		(0.14	)		(0.10	)		(0.09	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.14	)		(0.11	)		(0.09	)		—
Net Asset Value, End of Period		$10.03			$9.27			$8.44			$9.49

Total Return(5)		9.74	%		11.17	%		(9.96	)%		(5.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.71	%(7)		0.71	%		0.70	%		0.70	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.48	%(7)		1.49	%		1.20	%		1.39	%(7)
Portfolio Turnover Rate		3	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$23,312			$14,928			$3,274			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.78			$9.76			$11.63			$12.35			$11.49			$11.21
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.19			0.22			0.42			0.28			0.34
Net Realized and Unrealized Gain (Loss)		1.05			1.00			(1.63	)		(0.69	)		1.34			0.27
Total From Investment Operations		1.20			1.19			(1.41	)		(0.27	)		1.62			0.61
Distributions
From Net Investment Income		(0.22	)		(0.17	)		(0.30	)		(0.40	)		(0.24	)		(0.31	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)		(0.02	)
Total Distributions		(0.22	)		(0.17	)		(0.46	)		(0.45	)		(0.76	)		(0.33	)
Net Asset Value, End of Period		$11.76			$10.78			$9.76			$11.63			$12.35			$11.49

Total Return(3)		11.11	%		12.19	%		(11.64	)%		(2.39	)%		14.45	%		5.48	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.21	%(5)		0.21	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.73	%(5)		1.83	%		2.43	%		3.40	%		2.34	%		2.98	%
Portfolio Turnover Rate		2	%		10	%		22	%		18	%		18	%		120	%
Net Assets, End of Period (in thousands)		$365,830			$393,154			$313,816			$215,024			$174,984			$112,202

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.79			$9.77			$11.64			$12.37			$11.51			$11.23
Income From Investment Operations
Net Investment Income (Loss)(2)		0.18			0.21			0.24			0.43			0.31			0.37
Net Realized and Unrealized Gain (Loss)		1.03			1.00			(1.63	)		(0.69	)		1.34			0.26
Total From Investment Operations		1.21			1.21			(1.39	)		(0.26	)		1.65			0.63
Distributions
From Net Investment Income		(0.24	)		(0.19	)		(0.32	)		(0.42	)		(0.27	)		(0.33	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)		(0.02	)
Total Distributions		(0.24	)		(0.19	)		(0.48	)		(0.47	)		(0.79	)		(0.35	)
Net Asset Value, End of Period		$11.76			$10.79			$9.77			$11.64			$12.37			$11.51

Total Return(3)		11.22	%		12.40	%		(11.45	)%		(2.27	)%		14.67	%		5.77	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.01	%(5)		0.01	%		0.00	%(6)		0.00	%(6)		0.00	%(6)		0.00	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.93	%(5)		2.03	%		2.63	%		3.60	%		2.54	%		3.18	%
Portfolio Turnover Rate		2	%		10	%		22	%		18	%		18	%		120	%
Net Assets, End of Period (in thousands)		$244,748			$103,770			$78,031			$44,611			$44,250			$31,399

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.77			$9.74			$11.61			$12.34			$11.48			$11.19
Income From Investment Operations
Net Investment Income (Loss)(3)		0.14			0.16			0.21			0.35			0.26			0.29
Net Realized and Unrealized Gain (Loss)		1.04			1.01			(1.64	)		(0.66	)		1.33			0.30
Total From Investment Operations		1.18			1.17			(1.43	)		(0.31	)		1.59			0.59
Distributions
From Net Investment Income		(0.19	)		(0.14	)		(0.28	)		(0.37	)		(0.21	)		(0.28	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)		(0.02	)
Total Distributions		(0.19	)		(0.14	)		(0.44	)		(0.42	)		(0.73	)		(0.30	)
Net Asset Value, End of Period		$11.76			$10.77			$9.74			$11.61			$12.34			$11.48

Total Return(4)		10.93	%		12.03	%		(11.89	)%		(2.73	)%		14.17	%		5.30	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.46	%(6)		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.48	%(6)		1.58	%		2.18	%		3.15	%		2.09	%		2.73	%
Portfolio Turnover Rate		2	%		10	%		22	%		18	%		18	%		120	%
Net Assets, End of Period (in thousands)		$201,715			$143,045			$49,723			$28,073			$17,076			$7,404

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

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

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

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$10.74			$10.58
Income From Investment Operations
Net Investment Income (Loss)(3)		0.12			0.02
Net Realized and Unrealized Gain (Loss)		1.01			0.14
Total From Investment Operations		1.13			0.16
Distributions
From Net Investment Income		(0.10	)		—
Net Asset Value, End of Period		$11.77			$10.74

Total Return(4)		10.50	%		1.51	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%(6)		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.73	%(6)		0.43	%(6)
Portfolio Turnover Rate		2	%		10	%(7)
Net Assets, End of Period (in thousands)		$922			$373

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

(6)	Annualized.

(7)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007				2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.75			$9.73			$11.60			$12.32			$11.46				$11.18
Income From Investment Operations
Net Investment Income (Loss)(2)		0.13			0.14			0.16			0.36			0.22				0.19
Net Realized and Unrealized Gain (Loss)		1.03			0.99			(1.62	)		(0.70	)		1.34				0.36
Total From Investment Operations		1.16			1.13			(1.46	)		(0.34	)		1.56		��		0.55
Distributions
From Net Investment Income		(0.16	)		(0.11	)		(0.25	)		(0.33	)		(0.18	)			(0.25	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)			(0.02	)
Total Distributions		(0.16	)		(0.11	)		(0.41	)		(0.38	)		(0.70	)			(0.27	)
Net Asset Value, End of Period		$11.75			$10.75			$9.73			$11.60			$12.32				$11.46

Total Return(3)		10.76	%		11.66	%		(12.12	)%		(2.90	)%		13.90	%			4.95	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.71	%(5)		0.71	%		0.70	%		0.70	%		0.70	%			0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.23	%(5)		1.33	%		1.93	%		2.90	%		1.84	%			2.48	%
Portfolio Turnover Rate		2	%		10	%		22	%		18	%		18	%			120	%
Net Assets, End of Period (in thousands)		$69,427			$47,433			$16,344			$2,746			$1,378				$545

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.95			$8.04			$9.39			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.09			0.14			0.10			0.02
Net Realized and Unrealized Gain (Loss)		0.99			0.89			(1.36	)		(0.63	)
Total From Investment Operations		1.08			1.03			(1.26	)		(0.61	)
Distributions
From Net Investment Income		(0.15	)		(0.11	)		(0.09	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.15	)		(0.12	)		(0.09	)		—
Net Asset Value, End of Period		$9.88			$8.95			$8.04			$9.39

Total Return(5)		12.12	%		12.90	%		(13.30	)%		(6.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.21	%(7)		0.21	%		0.20	%		0.20	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.43	%(7)		1.63	%		1.48	%		1.49	%(7)
Portfolio Turnover Rate		3	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$57,222			$99,983			$70,382			$626

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.95			$8.05			$9.40			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.14			0.16			0.12			0.04
Net Realized and Unrealized Gain (Loss)		0.95			0.88			(1.37	)		(0.64	)
Total From Investment Operations		1.09			1.04			(1.25	)		(0.60	)
Distributions
From Net Investment Income		(0.17	)		(0.13	)		(0.10	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.17	)		(0.14	)		(0.10	)		—
Net Asset Value, End of Period		$9.87			$8.95			$8.05			$9.40

Total Return(5)		12.10	%		13.11	%		(13.18	)%		(6.00	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.01	%(7)		0.01	%		0.00	%(8)		0.00	%(7)(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.63	%(7)		1.83	%		1.68	%		1.69	%(7)
Portfolio Turnover Rate		3	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$130,265			$33,647			$17,528			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

(8)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008(3)
Per-Share Data
Net Asset Value, Beginning of Period		$8.93			$8.03			$9.39			$10.00
Income From Investment Operations
Net Investment Income (Loss)(4)		0.10			0.12			0.11			0.03
Net Realized and Unrealized Gain (Loss)		0.97			0.88			(1.39	)		(0.64	)
Total From Investment Operations		1.07			1.00			(1.28	)		(0.61	)
Distributions
From Net Investment Income		(0.13	)		(0.09	)		(0.08	)		—
From Net Realized Gains		—	(5)		(0.01	)		—			—
Total Distributions		(0.13	)		(0.10	)		(0.08	)		—
Net Asset Value, End of Period		$9.87			$8.93			$8.03			$9.39

Total Return(6)		11.97	%		12.51	%		(13.53	)%		(6.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(7)		0.46	%(8)		0.46	%		0.45	%		0.45	%(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.18	%(8)		1.38	%		1.23	%		1.24	%(8)
Portfolio Turnover Rate		3	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$95,259			$71,159			$3,378			$6

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

(3)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

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

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

(8)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.92			$8.80
Income From Investment Operations
Net Investment Income (Loss)(3)		0.08			0.02
Net Realized and Unrealized Gain (Loss)		0.94			0.10
Total From Investment Operations		1.02			0.12
Distributions
From Net Investment Income		(0.05	)		—
From Net Realized Gains		—	(4)		—
Total Distributions		(0.05	)		—
Net Asset Value, End of Period		$9.89			$8.92

Total Return(5)		11.48	%		1.36	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		1.21	%(7)		1.21	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.43	%(7)		0.41	%(7)
Portfolio Turnover Rate		3	%		7	%(8)
Net Assets, End of Period (in thousands)		$355			$162

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

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

(7)	Annualized.

(8)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.92			$8.02			$9.39			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.10			0.10			0.12			0.02
Net Realized and Unrealized Gain (Loss)		0.95			0.88			(1.42	)		(0.63	)
Total From Investment Operations		1.05			0.98			(1.30	)		(0.61	)
Distributions
From Net Investment Income		(0.10	)		(0.07	)		(0.07	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.10	)		(0.08	)		(0.07	)		—
Net Asset Value, End of Period		$9.87			$8.92			$8.02			$9.39

Total Return(5)		11.82	%		12.24	%		(13.76	)%		(6.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.71	%(7)		0.71	%		0.70	%		0.70	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.93	%(7)		1.13	%		0.98	%		0.99	%(7)
Portfolio Turnover Rate		3	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$23,616			$14,455			$3,573			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2035 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.92			$9.74			$12.10			$13.09			$11.85			$11.43
Income From Investment Operations
Net Investment Income (Loss)(2)		0.13			0.17			0.19			0.41			0.24			0.31
Net Realized and Unrealized Gain (Loss)		1.31			1.15			(2.13	)		(0.95	)		1.71			0.42
Total From Investment Operations		1.44			1.32			(1.94	)		(0.54	)		1.95			0.73
Distributions
From Net Investment Income		(0.19	)		(0.14	)		(0.24	)		(0.40	)		(0.19	)		(0.30	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)		(0.01	)
Total Distributions		(0.19	)		(0.14	)		(0.42	)		(0.45	)		(0.71	)		(0.31	)
Net Asset Value, End of Period		$12.17			$10.92			$9.74			$12.10			$13.09			$11.85

Total Return(3)		13.18	%		13.58	%		(15.54	)%		(4.33	)%		16.86	%		6.45	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.21	%(5)		0.21	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.35	%(5)		1.54	%		2.12	%		3.19	%		1.87	%		2.61	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%		141	%
Net Assets, End of Period (in thousands)		$235,980			$231,716			$170,455			$128,815			$91,220			$52,206

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2035 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.93			$9.76			$12.12			$13.11			$11.87			$11.45
Income From Investment Operations
Net Investment Income (Loss)(2)		0.16			0.19			0.20			0.44			0.26			0.30
Net Realized and Unrealized Gain (Loss)		1.29			1.14			(2.12	)		(0.95	)		1.72			0.45
Total From Investment Operations		1.45			1.33			(1.92	)		(0.51	)		1.98			0.75
Distributions
From Net Investment Income		(0.21	)		(0.16	)		(0.26	)		(0.43	)		(0.22	)		(0.32	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)		(0.01	)
Total Distributions		(0.21	)		(0.16	)		(0.44	)		(0.48	)		(0.74	)		(0.33	)
Net Asset Value, End of Period		$12.17			$10.93			$9.76			$12.12			$13.11			$11.87

Total Return(3)		13.30	%		13.68	%		(15.34	)%		(4.13	)%		17.07	%		6.66	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.01	%(5)		0.01	%		0.00	%(6)		0.00	%(6)		0.00	%(6)		0.00	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.55	%(5)		1.74	%		2.32	%		3.39	%		2.07	%		2.81	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%		141	%
Net Assets, End of Period (in thousands)		$143,239			$66,385			$46,544			$24,120			$22,314			$11,104

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2035 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.90			$9.73			$12.09			$13.08			$11.83			$11.42
Income From Investment Operations
Net Investment Income (Loss)(3)		0.12			0.14			0.17			0.35			0.21			0.26
Net Realized and Unrealized Gain (Loss)		1.30			1.14			(2.13	)		(0.92	)		1.72			0.43
Total From Investment Operations		1.42			1.28			(1.96	)		(0.57	)		1.93			0.69
Distributions
From Net Investment Income		(0.16	)		(0.11	)		(0.22	)		(0.37	)		(0.16	)		(0.27	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)		(0.01	)
Total Distributions		(0.16	)		(0.11	)		(0.40	)		(0.42	)		(0.68	)		(0.28	)
Net Asset Value, End of Period		$12.16			$10.90			$9.73			$12.09			$13.08			$11.83

Total Return(4)		13.01	%		13.21	%		(15.77	)%		(4.58	)%		16.67	%		6.10	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.46	%(6)		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.10	%(6)		1.29	%		1.87	%		2.94	%		1.62	%		2.36	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%		141	%
Net Assets, End of Period (in thousands)		$138,417			$103,002			$32,896			$19,145			$13,378			$5,224

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

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

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

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2035 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$10.87			$10.74
Income From Investment Operations
Net Investment Income (Loss)(3)		0.10			0.01
Net Realized and Unrealized Gain (Loss)		1.28			0.12
Total From Investment Operations		1.38			0.13
Distributions
From Net Investment Income		(0.07	)		—
Net Asset Value, End of Period		$12.18			$10.87

Total Return(4)		12.66	%		1.21	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%(6)		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.35	%(6)		0.29	%(6)
Portfolio Turnover Rate		3	%		8	%(7)
Net Assets, End of Period (in thousands)		$258			$86

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

(6)	Annualized.

(7)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2035 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.89			$9.72			$12.07			$13.06			$11.82			$11.40
Income From Investment Operations
Net Investment Income (Loss)(2)		0.11			0.11			0.14			0.43			0.18			0.16
Net Realized and Unrealized Gain (Loss)		1.29			1.15			(2.11	)		(1.03	)		1.71			0.51
Total From Investment Operations		1.40			1.26			(1.97	)		(0.60	)		1.89			0.67
Distributions
From Net Investment Income		(0.13	)		(0.09	)		(0.20	)		(0.34	)		(0.13	)		(0.24	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)		(0.01	)
Total Distributions		(0.13	)		(0.09	)		(0.38	)		(0.39	)		(0.65	)		(0.25	)
Net Asset Value, End of Period		$12.16			$10.89			$9.72			$12.07			$13.06			$11.82

Total Return(3)		12.83	%		12.93	%		(15.92	)%		(4.84	)%		16.30	%		5.93	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.71	%(5)		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.85	%(5)		1.04	%		1.62	%		2.69	%		1.37	%		2.11	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%		141	%
Net Assets, End of Period (in thousands)		$54,194			$35,276			$10,785			$2,178			$975			$296

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2040 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.72			$7.75			$9.29			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.09			0.12			0.09			0.01
Net Realized and Unrealized Gain (Loss)		1.17			0.95			(1.54	)		(0.72	)
Total From Investment Operations		1.26			1.07			(1.45	)		(0.71	)
Distributions
From Net Investment Income		(0.14	)		(0.09	)		(0.09	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.14	)		(0.10	)		(0.09	)		—
Net Asset Value, End of Period		$9.84			$8.72			$7.75			$9.29

Total Return(5)		14.43	%		13.80	%		(15.53	)%		(7.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.21	%(7)		0.21	%		0.20	%		0.20	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.30	%(7)		1.40	%		1.38	%		1.10	%(7)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$33,688			$41,985			$24,386			$831

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2040 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.73			$7.75			$9.29			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.13			0.14			0.11			0.03
Net Realized and Unrealized Gain (Loss)		1.14			0.96			(1.56	)		(0.74	)
Total From Investment Operations		1.27			1.10			(1.45	)		(0.71	)
Distributions
From Net Investment Income		(0.16	)		(0.11	)		(0.09	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.16	)		(0.12	)		(0.09	)		—
Net Asset Value, End of Period		$9.84			$8.73			$7.75			$9.29

Total Return(5)		14.52	%		14.16	%		(15.43	)%		(7.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.01	%(7)		0.01	%		0.00	%(8)		0.00	%(7)(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.50	%(7)		1.60	%		1.58	%		1.30	%(7)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$63,958			$22,593			$9,846			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

(8)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2040 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008(3)
Per-Share Data
Net Asset Value, Beginning of Period		$8.71			$7.73			$9.29			$10.00
Income From Investment Operations
Net Investment Income (Loss)(4)		0.10			0.09			0.09			0.02
Net Realized and Unrealized Gain (Loss)		1.14			0.97			(1.57	)		(0.73	)
Total From Investment Operations		1.24			1.06			(1.48	)		(0.71	)
Distributions
From Net Investment Income		(0.11	)		(0.07	)		(0.08	)		—
From Net Realized Gains		—	(5)		(0.01	)		—			—
Total Distributions		(0.11	)		(0.08	)		(0.08	)		—
Net Asset Value, End of Period		$9.84			$8.71			$7.73			$9.29

Total Return(6)		14.27	%		13.68	%		(15.87	)%		(7.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(7)		0.46	%(8)		0.46	%		0.45	%		0.45	%(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.05	%(8)		1.15	%		1.13	%		0.85	%(8)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$55,484			$42,212			$1,551			$6

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

(3)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

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

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

(8)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2040 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.68			$8.60
Income From Investment Operations
Net Investment Income (Loss)(3)		0.06			—	(4)
Net Realized and Unrealized Gain (Loss)		1.14			0.08
Total From Investment Operations		1.20			0.08
Distributions
From Net Investment Income		(0.04	)		—
From Net Realized Gains		—	(4)		—
Total Distributions		(0.04	)		—
Net Asset Value, End of Period		$9.84			$8.68

Total Return(5)		13.80	%		0.93	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		1.21	%(7)		1.21	(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.30	%(7)		0.12	%(7)
Portfolio Turnover Rate		5	%		3	%(8)
Net Assets, End of Period (in thousands)		$120			$68

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

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

(7)	Annualized.

(8)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2040 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.69			$7.72			$9.28			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.09			0.08			0.10			0.02
Net Realized and Unrealized Gain (Loss)		1.14			0.95			(1.59	)		(0.74	)
Total From Investment Operations		1.23			1.03			(1.49	)		(0.72	)
Distributions
From Net Investment Income		(0.09	)		(0.05	)		(0.07	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.09	)		(0.06	)		(0.07	)		—
Net Asset Value, End of Period		$9.83			$8.69			$7.72			$9.28

Total Return(5)		14.13	%		13.28	%		(16.01	)%		(7.20	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.71	%(7)		0.71	%		0.70	%		0.70	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.80	%(7)		0.90	%		0.88	%		0.60	%(7)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$12,700			$7,773			$2,347			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2045 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.82			$9.59			$12.24			$13.40			$11.96			$11.54
Income From Investment Operations
Net Investment Income (Loss)(2)		0.13			0.14			0.18			0.42			0.22			0.31
Net Realized and Unrealized Gain (Loss)		1.47			1.22			(2.41	)		(1.12	)		1.92			0.46
Total From Investment Operations		1.60			1.36			(2.23	)		(0.70	)		2.14			0.77
Distributions
From Net Investment Income		(0.17	)		(0.13	)		(0.22	)		(0.41	)		(0.17	)		(0.32	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)		(0.03	)
Total Distributions		(0.17	)		(0.13	)		(0.42	)		(0.46	)		(0.70	)		(0.35	)
Net Asset Value, End of Period		$12.25			$10.82			$9.59			$12.24			$13.40			$11.96

Total Return(3)		14.80	%		14.16	%		(17.74	)%		(5.53	)%		18.23	%		6.76	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.21	%(5)		0.21	%		0.20	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.25	%(5)		1.35	%		1.99	%		3.19	%		1.62	%		2.62	%
Portfolio Turnover Rate		1	%		9	%		18	%		18	%		25	%		137	%
Net Assets, End of Period (in thousands)		$128,966			$113,447			$85,095			$72,649			$48,229			$22,437

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2045 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.83			$9.60			$12.25			$13.42			$11.98			$11.56
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.16			0.20			0.44			0.23			0.35
Net Realized and Unrealized Gain (Loss)		1.46			1.22			(2.41	)		(1.12	)		1.93			0.44
Total From Investment Operations		1.61			1.38			(2.21	)		(0.68	)		2.16			0.79
Distributions
From Net Investment Income		(0.19	)		(0.15	)		(0.24	)		(0.44	)		(0.19	)		(0.34	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)		(0.03	)
Total Distributions		(0.19	)		(0.15	)		(0.44	)		(0.49	)		(0.72	)		(0.37	)
Net Asset Value, End of Period		$12.25			$10.83			$9.60			$12.25			$13.42			$11.98

Total Return(3)		14.82	%		14.48	%		(17.56	)%		(5.40	)%		18.44	%		6.96	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.01	%(5)		0.01	%		0.00	%(6)		0.00	%(6)		0.00	%(6)		0.00	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.45	%(5)		1.55	%		2.19	%		3.39	%		1.82	%		2.82	%
Portfolio Turnover Rate		1	%		9	%		18	%		18	%		25	%		137	%
Net Assets, End of Period (in thousands)		$100,053			$57,836			$34,639			$31,054			$28,483			$13,397

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2045 Portfolio — A Class(1
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.80			$9.57			$12.22			$13.38			$11.94			$11.53
Income From Investment Operations
Net Investment Income (Loss)(3)		0.12			0.11			0.15			0.39			0.18			0.20
Net Realized and Unrealized Gain (Loss)		1.46			1.22			(2.40	)		(1.13	)		1.92			0.53
Total From Investment Operations		1.58			1.33			(2.25	)		(0.74	)		2.10			0.73
Distributions
From Net Investment Income		(0.14	)		(0.10	)		(0.20	)		(0.37	)		(0.13	)		(0.29	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)		(0.03	)
Total Distributions		(0.14	)		(0.10	)		(0.40	)		(0.42	)		(0.66	)		(0.32	)
Net Asset Value, End of Period		$12.24			$10.80			$9.57			$12.22			$13.38			$11.94

Total Return(4)		14.63	%		13.90	%		(17.98	)%		(5.78	)%		17.96	%		6.51	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.46	%(6)		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.00	%(6)		1.10	%		1.74	%		2.94	%		1.37	%		2.37	%
Portfolio Turnover Rate		1	%		9	%		18	%		18	%		25	%		137	%
Net Assets, End of Period (in thousands)		$82,035			$56,695			$17,537			$11,411			$9,091			$4,177

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

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

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

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2045 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$10.78			$10.67
Income From Investment Operations
Net Investment Income (Loss)(3)		0.07			0.01
Net Realized and Unrealized Gain (Loss)		1.46			0.10
Total From Investment Operations		1.53			0.11
Distributions
From Net Investment Income		(0.05	)		—
Net Asset Value, End of Period		$12.26			$10.78

Total Return(4)		14.16	%		1.03	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%(6)		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.25	%(6)		0.14	%(6)
Portfolio Turnover Rate		1	%		9	%(7)
Net Assets, End of Period (in thousands)		$224			$59

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

(6)	Annualized.

(7)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

LIVESTRONG 2045 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.79			$9.56			$12.21			$13.36			$11.93			$11.51
Income From Investment Operations
Net Investment Income (Loss)(2)		0.11			0.09			0.11			0.38			0.12			0.12
Net Realized and Unrealized Gain (Loss)		1.46			1.21			(2.38	)		(1.14	)		1.94			0.59
Total From Investment Operations		1.57			1.30			(2.27	)		(0.76	)		2.06			0.71
Distributions
From Net Investment Income		(0.11	)		(0.07	)		(0.18	)		(0.34	)		(0.10	)		(0.26	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)		(0.03	)
Total Distributions		(0.11	)		(0.07	)		(0.38	)		(0.39	)		(0.63	)		(0.29	)
Net Asset Value, End of Period		$12.25			$10.79			$9.56			$12.21			$13.36			$11.93

Total Return(3)		14.54	%		13.63	%		(18.20	)%		(5.96	)%		17.58	%		6.24	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.71	%(5)		0.71	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.75	%(5)		0.85	%		1.49	%		2.69	%		1.12	%		2.12	%
Portfolio Turnover Rate		1	%		9	%		18	%		18	%		25	%		137	%
Net Assets, End of Period (in thousands)		$28,030			$17,327			$4,966			$1,403			$753			$165

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Annualized.

See Notes to Financial Statements.

100

LIVESTRONG 2050 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.45			$7.46			$9.23			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.09			0.10			0.10			0.02
Net Realized and Unrealized Gain (Loss)		1.19			0.97			(1.80	)		(0.79	)
Total From Investment Operations		1.28			1.07			(1.70	)		(0.77	)
Distributions
From Net Investment Income		(0.11	)		(0.08	)		(0.07	)		—
From Net Realized Gains		—	(4)		—	(4)		—			—
Total Distributions		(0.11	)		(0.08	)		(0.07	)		—
Net Asset Value, End of Period		$9.62			$8.45			$7.46			$9.23

Total Return(5)		15.24	%		14.33	%		(18.30	)%		(7.70	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.21	%(7)		0.22	%		0.20	%		0.20	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.20	%(7)		1.17	%		1.57	%		1.16	%(7)
Portfolio Turnover Rate		4	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$13,534			$10,225			$3,454			$464

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

101

LIVESTRONG 2050 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.46			$7.47			$9.23			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.12			0.12			0.12			0.03
Net Realized and Unrealized Gain (Loss)		1.18			0.96			(1.80	)		(0.80	)
Total From Investment Operations		1.30			1.08			(1.68	)		(0.77	)
Distributions
From Net Investment Income		(0.13	)		(0.09	)		(0.08	)		—
From Net Realized Gains		—	(4)		—	(4)		—			—
Total Distributions		(0.13	)		(0.09	)		(0.08	)		—
Net Asset Value, End of Period		$9.63			$8.46			$7.47			$9.23

Total Return(5)		15.45	%		14.54	%		(18.09	)%		(7.70	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.01	%(7)		0.02	%		0.00	%(8)		0.00	%(7)(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.40	%(7)		1.37	%		1.77	%		1.36	%(7)
Portfolio Turnover Rate		4	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$19,677			$8,482			$3,179			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

(8)	Ratio was less than 0.005%.

See Notes to Financial Statements.

102

LIVESTRONG 2050 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(2)			2010			2009			2008(3)
Per-Share Data
Net Asset Value, Beginning of Period		$8.44			$7.45			$9.23			$10.00
Income From Investment Operations
Net Investment Income (Loss)(4)		0.09			0.07			0.07			0.02
Net Realized and Unrealized Gain (Loss)		1.18			0.97			(1.79	)		(0.79	)
Total From Investment Operations		1.27			1.04			(1.72	)		(0.77	)
Distributions
From Net Investment Income		(0.09	)		(0.05	)		(0.06	)		—
From Net Realized Gains		—	(5)		—	(5)		—			—
Total Distributions		(0.09	)		(0.05	)		(0.06	)		—
Net Asset Value, End of Period		$9.62			$8.44			$7.45			$9.23

Total Return(6)		15.09	%		14.06	%		(18.52	)%		(7.70	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(7)		0.46	%(8)		0.47	%		0.45	%		0.45	%(8)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.95	%(8)		0.92	%		1.32	%		0.91	%(8)
Portfolio Turnover Rate		4	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$22,172			$13,463			$336			$6

(1)	Prior to March 1, 2010, the A Class was referred to as the Advisor Class.

(2)	Six months ended January 31, 2011 (unaudited).

(3)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

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

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

(8)	Annualized.

See Notes to Financial Statements.

103

LIVESTRONG 2050 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.42			$8.35
Income From Investment Operations
Net Investment Income (Loss)(3)		0.06			—	(4)
Net Realized and Unrealized Gain (Loss)		1.17			0.07
Total From Investment Operations		1.23			0.07
Distributions
From Net Investment Income		(0.02	)		—
From Net Realized Gains		—	(4)		—
Total Distributions		(0.02	)		—
Net Asset Value, End of Period		$9.63			$8.42

Total Return(5)		14.61	%		0.84	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		1.21	%(7)		1.22	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.20	%(7)		0.06	%(7)
Portfolio Turnover Rate		4	%		13	%(8)
Net Assets, End of Period (in thousands)		$70			$32

(1)	Six months ended January 31, 2011 (unaudited).

(2)	March 1, 2010 (commencement of sale) through July 31, 2010.

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

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

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

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

(7)	Annualized.

(8)	Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended July 31, 2010.

See Notes to Financial Statements.

104

LIVESTRONG 2050 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.43			$7.44			$9.22			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.08			0.06			0.08			0.02
Net Realized and Unrealized Gain (Loss)		1.18			0.96			(1.81	)		(0.80	)
Total From Investment Operations		1.26			1.02			(1.73	)		(0.78	)
Distributions
From Net Investment Income		(0.07	)		(0.03	)		(0.05	)		—
From Net Realized Gains		—	(4)		—	(4)		—			—
Total Distributions		(0.07	)		(0.03	)		(0.05	)		—
Net Asset Value, End of Period		$9.62			$8.43			$7.44			$9.22

Total Return(5)		14.93	%		13.79	%		(18.66	)%		(7.80	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.71	%(7)		0.73	%		0.70	%		0.70	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.70	%(7)		0.66	%		1.07	%		0.66	%(7)
Portfolio Turnover Rate		4	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$4,994			$3,076			$186			$6

(1)	Six months ended January 31, 2011 (unaudited).

(2)	May 30, 2008 (fund inception) through July 31, 2008.

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

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

(5)	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.

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

(7)	Annualized.

See Notes to Financial Statements.

105

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans 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. You have the right to revoke your withholding election at any time and any election you make may remain in effect until revoked by filing a new election.

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

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

Proxy Voting Guidelines

American Century Investment Management, Inc., the funds’ investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the funds. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on 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.

106

Notes

107

Notes

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 Device for the Deaf	1-800-634-4113

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.

American Century Investment Services, Inc., Distributor

CL-SAN-70750 1103

SEMIANNUAL REPORT JANUARY 31, 2011

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
Independent Chairman’s Letter	3
Performance	4
Portfolio Characteristics	5
Shareholder Fee Examples	6
Schedule of Investments	8
Statement of Assets and Liabilities	11
Statement of Operations	13
Statement of Changes in Net Assets	15
Notes to Financial Statements	18
Financial Highlights	26
Additional Information	31

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing our semiannual report for the six months ended January 31, 2011. Our report offers—for investment perspective—a macroeconomic overview of the period (below), followed by fund performance, a schedule of fund investments and other financial information.

Macroeconomic Overview

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

Best regards,

Don Pratt

Performance

Total Returns as of January 31, 2011
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
One Choice Portfolio: Very Conservative — Investor Class	AONIX	4.44%	7.77%	4.50%	4.73%	9/30/04
One Choice Portfolio: Conservative — Investor Class	AOCIX	8.00%	12.29%	4.44%	5.37%	9/30/04
One Choice Portfolio: Moderate — Investor Class	AOMIX	11.54%	16.71%	4.23%	6.21%	9/30/04
One Choice Portfolio: Aggressive — Investor Class	AOGIX	14.90%	20.97%	3.99%	6.66%	9/30/04
One Choice Portfolio: Very Aggressive — Investor Class	AOVIX	17.71%	23.71%	3.07%	6.48%	9/30/04
Russell 3000 Index	—	18.92%	23.95%	2.51%	5.06%	—
Barclays Capital U.S. Aggregate Bond Index	—	0.20%	5.06%	5.82%	5.12%	—

(1)	Total returns for periods less than one year are not annualized.

The Russell 3000 Index represents approximately 98% of the investable U.S. equity market and provides a broad measure of equity performance. The Barclays Capital 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 January 31, 2011.)

Total Annual Fund Operating Expenses
One Choice Portfolio: Very Conservative — Investor Class	0.66%
One Choice Portfolio: Conservative — Investor Class	0.76%
One Choice Portfolio: Moderate — Investor Class	0.86%
One Choice Portfolio: Aggressive — Investor Class	0.95%
One Choice Portfolio: Very Aggressive — Investor Class	1.03%

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. The performance of the portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each portfolio’s asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

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. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses that reduce returns, while the total returns of the indices do not.

Portfolio Characteristics

Underlying Fund Allocations as a % of net assets as of January 31, 2011(1)
	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Equity
Equity Growth Fund	4.9%	9.0%	15.9%	14.5%	17.7%
Growth Fund	3.0%	5.3%	8.5%	15.1%	18.3%
Large Company Value Fund	7.5%	10.6%	9.1%	8.2%	10.0%
Mid Cap Value Fund	4.5%	6.3%	5.0%	4.2%	5.5%
Real Estate Fund	2.0%	2.0%	2.0%	2.0%	2.1%
Small Company Fund	1.0%	1.5%	2.0%	2.2%	2.5%
VistaSM Fund	2.0%	4.4%	7.4%	13.9%	17.0%
Emerging Markets Fund	—	—	3.9%	6.3%	7.4%
International Growth Fund	—	6.0%	10.1%	12.5%	15.5%
Total Equity	24.9%	45.1%	63.9%	78.9%	96.0%
Fixed Income
Diversified Bond Fund	31.8%	30.0%	19.1%	11.0%	3.0%
High-Yield Fund	—	—	3.0%	5.1%	—
Inflation-Adjusted Bond Fund	10.0%	8.9%	6.0%	4.0%	—
International Bond Fund	10.0%	8.0%	3.0%	—	—
Total Fixed Income	51.8%	46.9%	31.1%	20.1%	3.0%
Prime Money Market Fund	23.0%	7.9%	5.0%	1.0%	1.0%
Other Assets and Liabilities	0.3%	0.1%	—(2)	—(2)	—(2)

(1)	Underlying fund investments represent Investor Class.

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

Shareholder Fee Example (Unaudited)

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from August 1, 2010 to January 31, 2011.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 8/1/10	Ending Account Value 1/31/11	Expenses Paid During Period(1) 8/1/10 - 1/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/10 - 1/31/11	Effective Annualized Expense Ratio(2)
One Choice Portfolio: Very Conservative
Actual
Investor Class	$1,000	$1,044.40	$0.00	0.00%(3)	$3.25	0.63%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.21	0.63%
One Choice Portfolio: Conservative
Actual
Investor Class	$1,000	$1,080.00	$0.00	0.00%(3)	$3.93	0.75%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.82	0.75%
One Choice Portfolio: Moderate
Actual
Investor Class	$1,000	$1,115.40	$0.00	0.00%(3)	$4.53	0.85%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$4.33	0.85%
One Choice Portfolio: Aggressive
Actual
Investor Class	$1,000	$1,149.00	$0.00	0.00%(3)	$5.20	0.96%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$4.89	0.96%
One Choice Portfolio: Very Aggressive
Actual
Investor Class	$1,000	$1,177.10	$0.00	0.00%(3)	$5.60	1.02%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$5.19	1.02%

(1)

(2)

(3)	Other expenses, which include the fees and expenses of the fund’s independent directors and its legal counsel, as well as interest, did not exceed 0.005%.

Schedule of Investments

JANUARY 31, 2011 (UNAUDITED)


	Shares		Value
One Choice Portfolio: Very Conservative
Mutual Funds(1) — 99.7%
DOMESTIC FIXED INCOME FUNDS — 41.8%
Diversified Bond Fund Investor Class		5,188,863		$ 55,676,503
Inflation-Adjusted Bond Fund Investor Class		1,476,349		17,420,919
				73,097,422
DOMESTIC EQUITY FUNDS — 24.9%
Equity Growth Fund Investor Class		407,720		8,659,970
Growth Fund Investor Class		198,393		5,235,590
Large Company Value Fund Investor Class		2,313,945		13,050,652
Mid Cap Value Fund Investor Class		616,810		7,845,828
Real Estate Fund Investor Class		186,227		3,530,860
Small Company Fund Investor Class		225,822		1,763,672
Vista Fund Investor Class(2)		206,561		3,480,553
				43,567,125
MONEY MARKET FUNDS — 23.0%
Prime Money Market Fund Investor Class		40,118,140		40,118,140
INTERNATIONAL FIXED INCOME FUNDS — 10.0%
International Bond Fund Investor Class		1,262,487		17,561,196
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $159,934,029)				174,343,883
OTHER ASSETS AND LIABILITIES — 0.3%				470,953
TOTAL NET ASSETS — 100.0%				$174,814,836

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

See Notes to Financial Statements.


	Shares		Value
One Choice Portfolio: Conservative
Mutual Funds(1) — 99.9%
DOMESTIC EQUITY FUNDS — 39.1%
Equity Growth Fund Investor Class		1,598,852		$ 33,959,617
Growth Fund Investor Class		756,127		19,954,196
Large Company Value Fund Investor Class		7,055,260		39,791,664
Mid Cap Value Fund Investor Class		1,853,278		23,573,697
Real Estate Fund Investor Class		405,209		7,682,762
Small Company Fund Investor Class		729,605		5,698,211
Vista Fund Investor Class(2)		990,167		16,684,321
				147,344,468
DOMESTIC FIXED INCOME FUNDS — 38.9%
Diversified Bond Fund Investor Class		10,545,686		113,155,215
Inflation-Adjusted Bond Fund Investor Class		2,853,777		33,674,573
				146,829,788
INTERNATIONAL FIXED INCOME FUNDS — 8.0%
International Bond Fund Investor Class		2,175,599		30,262,577
MONEY MARKET FUNDS — 7.9%
Prime Money Market Fund Investor Class		29,774,894		29,774,894
INTERNATIONAL EQUITY FUNDS — 6.0%
International Growth Fund Investor Class		2,020,235		22,606,433
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $341,964,859)				376,818,160
OTHER ASSETS AND LIABILITIES — 0.1%				238,891
TOTAL NET ASSETS — 100.0%				$377,057,051

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.


	Shares		Value
One Choice Portfolio: Moderate
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 49.9%
Equity Growth Fund Investor Class		5,579,199		$ 118,502,194
Growth Fund Investor Class		2,388,791		63,040,207
Large Company Value Fund Investor Class		11,960,031		67,454,573
Mid Cap Value Fund Investor Class		2,895,943		36,836,393
Real Estate Fund Investor Class		791,898		15,014,378
Small Company Fund Investor Class		1,890,603		14,765,612
Vista Fund Investor Class(2)		3,284,035		55,335,987
				370,949,344
DOMESTIC FIXED INCOME FUNDS — 28.1%
Diversified Bond Fund Investor Class		13,240,744		142,073,187
High-Yield Fund Investor Class		3,609,435		22,342,403
Inflation-Adjusted Bond Fund Investor Class		3,787,965		44,697,989
				209,113,579
INTERNATIONAL EQUITY FUNDS — 14.0%
Emerging Markets Fund Investor Class(2)		3,321,687		29,064,762
International Growth Fund Investor Class		6,667,917		74,613,987
				103,678,749
MONEY MARKET FUNDS — 5.0%
Prime Money Market Fund Investor Class		37,063,761		37,063,761
INTERNATIONAL FIXED INCOME FUNDS — 3.0%
International Bond Fund Investor Class		1,614,989		22,464,499
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $669,444,080)				743,269,932
OTHER ASSETS AND LIABILITIES(3)				33,862
TOTAL NET ASSETS — 100.0%				$743,303,794

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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

See Notes to Financial Statements.


	Shares		Value
One Choice Portfolio: Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 60.1%
Equity Growth Fund Investor Class		3,398,078		$ 72,175,176
Growth Fund Investor Class		2,835,468		74,828,003
Large Company Value Fund Investor Class		7,150,777		40,330,380
Mid Cap Value Fund Investor Class		1,654,623		21,046,801
Real Estate Fund Investor Class		533,360		10,112,510
Small Company Fund Investor Class		1,432,310		11,186,343
Vista Fund Investor Class(2)		4,093,073		68,968,272
				298,647,485
DOMESTIC FIXED INCOME FUNDS — 20.1%
Diversified Bond Fund Investor Class		5,114,428		54,877,809
High-Yield Fund Investor Class		4,061,417		25,140,169
Inflation-Adjusted Bond Fund Investor Class		1,680,841		19,833,926
				99,851,904
INTERNATIONAL EQUITY FUNDS — 18.8%
Emerging Markets Fund Investor Class(2)		3,568,993		31,228,686
International Growth Fund Investor Class		5,586,679		62,514,942
				93,743,628
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class		4,852,019		4,852,019
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $442,429,161)				497,095,036
OTHER ASSETS AND LIABILITIES(3)				22,178
TOTAL NET ASSETS — 100.0%				$497,117,214

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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

	Shares		Value
One Choice Portfolio: Very Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 73.1%
Equity Growth Fund Investor Class		1,620,654		$ 34,422,691
Growth Fund Investor Class		1,345,549		35,509,043
Large Company Value Fund Investor Class		3,458,361		19,505,155
Mid Cap Value Fund Investor Class		841,920		10,709,220
Real Estate Fund Investor Class		210,398		3,989,148
Small Company Fund Investor Class		611,056		4,772,344
Vista Fund Investor Class(2)		1,958,670		33,003,593
				141,911,194
INTERNATIONAL EQUITY FUNDS — 22.9%
Emerging Markets Fund Investor Class(2)		1,647,151		14,412,570
International Growth Fund Investor Class		2,686,853		30,065,883
				44,478,453
DOMESTIC FIXED INCOME FUNDS — 3.0%
Diversified Bond Fund Investor Class		544,924		5,847,032
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class		1,951,112		1,951,112
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $170,295,676)				194,187,791
OTHER ASSETS AND LIABILITIES(3)				62,708
TOTAL NET ASSETS — 100.0%				$194,250,499

Notes to Schedule of Investments

(1)	Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors.

(2)	Non-income producing.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

JANUARY 31, 2011 (UNAUDITED)
	Very Conservative			Conservative			Moderate
Assets
Investment securities in affiliates, at value (cost of $159,934,029, $341,964,859 and $669,444,080, respectively)		$174,343,883			$376,818,160			$743,269,932
Receivable for investments sold		229,226			93,150			—
Receivable for capital shares sold		633,847			588,564			1,338,763
Distributions receivable from affiliates		139,580			279,418			472,995
		175,346,536			377,779,292			745,081,690

Liabilities
Payable for investments purchased		144,588			289,556			1,096,928
Payable for capital shares redeemed		387,112			432,685			680,968
		531,700			722,241			1,777,896

Net Assets		$174,814,836			$377,057,051			$743,303,794

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		16,304,028			33,976,759			63,530,712

Net Asset Value Per Share		$10.72			$11.10			$11.70

Net Assets Consist of:
Capital (par value and paid-in surplus)		$167,329,500			$368,938,402			$740,345,058
Undistributed net investment income		134,481			302,146			512,386
Accumulated net realized loss		(7,058,999	)		(27,036,798	)		(71,379,502	)
Net unrealized appreciation		14,409,854			34,853,301			73,825,852
		$174,814,836			$377,057,051			$743,303,794

See Notes to Financial Statements.

JANUARY 31, 2011 (UNAUDITED)
	Aggressive			Very Aggressive
Assets
Investment securities in affiliates, at value (cost of $442,429,161 and $170,295,676, respectively)		$497,095,036			$194,187,791
Receivable for investments sold		129,983			39,565
Receivable for capital shares sold		321,227			147,131
Distributions receivable from affiliates		273,383			14,631
		497,819,629			194,389,118

Liabilities
Payable for investments purchased		283,258			15,157
Payable for capital shares redeemed		419,157			123,462
		702,415			138,619

Net Assets		$497,117,214			$194,250,499

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		40,798,393			15,817,431

Net Asset Value Per Share		$12.18			$12.28

Net Assets Consist of:
Capital (par value and paid-in surplus)		$487,555,625			$196,136,807
Undistributed net investment income		296,801			13,701
Accumulated net realized loss		(45,401,087	)		(25,792,124	)
Net unrealized appreciation		54,665,875			23,892,115
		$497,117,214			$194,250,499

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED)
	Very Conservative		Conservative			Moderate
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$2,352,154		$4,824,288			$7,237,322

Expenses:
Directors’ fees and expenses		2,911		6,040			11,787
Proxy expenses		716		155			452
		3,627		6,195			12,239

Net investment income (loss)		2,348,527		4,818,093			7,225,083

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		1,697,600		(1,259,396	)		(5,690,526	)
Capital gain distributions received from underlying funds		294,759		547,822			610,515
		1,992,359		(711,574	)		(5,080,011	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		2,997,471		22,376,224			71,817,207


Net realized and unrealized gain (loss) on affiliates		4,989,830		21,664,650			66,737,196

Net Increase (Decrease) in Net Assets Resulting from Operations		$7,338,357		$26,482,743			$73,962,279

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED)
	Aggressive			Very Aggressive
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$3,789,207			$938,463

Expenses:
Directors’ fees and expenses		7,913			3,085
Proxy expenses		365			210
		8,278			3,295

Net investment income (loss)		3,780,929			935,168

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(3,884,479	)		(2,767,471	)
Capital gain distributions received from underlying funds		201,861			13,996
		(3,682,618	)		(2,753,475	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		63,029,053			30,534,768


Net realized and unrealized gain (loss) on affiliates		59,346,435			27,781,293

Net Increase (Decrease) in Net Assets Resulting from Operations		$63,127,364			$28,716,461

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	Very Conservative						Conservative
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$2,348,527			$3,172,193			$4,818,093			$6,783,469
Net realized gain (loss)		1,992,359			(1,495,706	)		(711,574	)		(3,919,556	)
Change in net unrealized appreciation (depreciation)		2,997,471			8,316,698			22,376,224			23,808,868
Net increase (decrease) in net assets resulting from operations		7,338,357			9,993,185			26,482,743			26,672,781

Distributions to Shareholders
From net investment income		(2,395,655	)		(3,129,127	)		(4,868,553	)		(6,708,261	)

Capital Share Transactions
Proceeds from shares sold		38,967,986			88,978,919			59,129,390			104,862,236
Proceeds from reinvestment of distributions		2,348,932			3,057,009			4,761,666			6,538,786
Payments for shares redeemed		(29,967,567	)		(55,076,160	)		(34,996,407	)		(57,221,194	)
Net increase (decrease) in net assets from capital share transactions		11,349,351			36,959,768			28,894,649			54,179,828

Net increase (decrease) in net assets		16,292,053			43,823,826			50,508,839			74,144,348

Net Assets
Beginning of period		158,522,783			114,698,957			326,548,212			252,403,864
End of period		$174,814,836			$158,522,783			$377,057,051			$326,548,212

Undistributed net investment income		$134,481			$181,609			$302,146			$352,606

Transactions in Shares of the Funds
Sold		3,664,705			8,692,009			5,443,135			10,227,161
Issued in reinvestment of distributions		220,989			298,533			437,007			636,590
Redeemed		(2,813,955	)		(5,371,858	)		(3,235,343	)		(5,586,664	)
Net increase (decrease) in shares of the funds		1,071,739			3,618,684			2,644,799			5,277,087

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	Moderate						Aggressive
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$7,225,083			$11,578,558			$3,780,929			$6,393,935
Net realized gain (loss)		(5,080,011	)		(10,719,101	)		(3,682,618	)		(6,487,369	)
Change in net unrealized appreciation (depreciation)		71,817,207			64,046,336			63,029,053			47,350,069
Net increase (decrease) in net assets resulting from operations		73,962,279			64,905,793			63,127,364			47,256,635

Distributions to Shareholders
From net investment income		(7,277,226	)		(11,497,528	)		(6,747,254	)		(5,719,359	)

Capital Share Transactions
Proceeds from shares sold		90,428,309			133,900,548			49,091,101			92,780,874
Proceeds from reinvestment of distributions		7,115,122			11,225,795			6,664,744			5,656,721
Payments for shares redeemed		(55,257,988	)		(106,383,671	)		(36,067,769	)		(70,014,689	)
Net increase (decrease) in net assets from capital share transactions		42,285,443			38,742,672			19,688,076			28,422,906

Net increase (decrease) in net assets		108,970,496			92,150,937			76,068,186			69,960,182

Net Assets
Beginning of period		634,333,298			542,182,361			421,049,028			351,088,846
End of period		$743,303,794			$634,333,298			$497,117,214			$421,049,028

Undistributed net investment income		$512,386			$564,529			$296,801			$3,263,126

Transactions in Shares of the Funds
Sold		7,979,628			12,832,318			4,198,287			8,797,931
Issued in reinvestment of distributions		626,075			1,069,575			552,634			531,147
Redeemed		(4,942,655	)		(10,217,434	)		(3,129,232	)		(6,657,724	)
Net increase (decrease) in shares of the funds		3,663,048			3,684,459			1,621,689			2,671,354

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2011 (UNAUDITED) AND YEAR ENDED JULY 31, 2010
	Very Aggressive
Increase (Decrease) in Net Assets	2011			2010
Operations
Net investment income (loss)		$935,168			$1,512,472
Net realized gain (loss)		(2,753,475	)		(4,511,680	)
Change in net unrealized appreciation (depreciation)		30,534,768			22,323,100
Net increase (decrease) in net assets resulting from operations		28,716,461			19,323,892

Distributions to Shareholders
From net investment income		(1,593,489	)		(1,466,730	)

Capital Share Transactions
Proceeds from shares sold		21,135,385			31,332,625
Proceeds from reinvestment of distributions		1,567,482			1,429,864
Payments for shares redeemed		(19,360,708	)		(32,929,993	)
Net increase (decrease) in net assets from capital share transactions		3,342,159			(167,504	)

Net increase (decrease) in net assets		30,465,131			17,689,658

Net Assets
Beginning of period		163,785,368			146,095,710
End of period		$194,250,499			$163,785,368

Undistributed net investment income		$13,701			$672,022

Transactions in Shares of the Funds
Sold		1,813,168			3,012,791
Issued in reinvestment of distributions		129,011			135,404
Redeemed		(1,692,315	)		(3,181,993	)
Net increase (decrease) in shares of the funds		249,864			(33,798	)

See Notes to Financial Statements.

Notes to Financial Statements

JANUARY 31, 2011 (UNAUDITED)

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act), as amended, as an open-end management investment company and is organized as a Maryland corporation. The corporation is authorized to issue 3,000,000,000 shares. One Choice Portfolio: Very Conservative (Very Conservative), One Choice Portfolio: Conservative (Conservative), One Choice Portfolio: Moderate (Moderate), One Choice Portfolio: Aggressive (Aggressive), and One Choice Portfolio: Very Aggressive (Very Aggressive) (collectively, the funds) are five funds in a series issued by the corporation. The funds operate as “fund of funds,” meaning that substantially all of the funds’ assets will be invested in other funds in the American Century Investments family of 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 are diversified as defined under the 1940 Act. Additionally, the underlying funds are generally diversified and so indirectly provide broad exposure to a large number of securities. The funds’ investment objectives are to seek the highest total return consistent with their respective asset mix. The funds pursue their objectives by investing in underlying funds that represent a variety of asset classes and investment styles. Generally, more conservative funds emphasize investments in bonds and cash equivalents while more aggressive funds emphasize investments in stocks.

2. Significant Accounting Policies

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. The funds are no longer subject to examination by tax authorities for years prior to 2007. 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. Accordingly, no provision has been made for federal or state income taxes.

Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are generally declared and paid quarterly for Very Conservative, Conservative, and Moderate. Distributions from net investment income, if any, are generally declared and paid annually for Aggressive and Very Aggressive. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.

3. Fees and Transactions with Related Parties

Administrative Fees — The corporation’s investment advisor, American Century Investment Management, Inc. (ACIM), does not receive an administrative fee for services provided to the funds.

Acquired Fund Fees and Expenses — Each fund will indirectly realize its pro rata share of the fees and expenses of the acquired funds in which it invests. These indirect fees and expenses are not paid out of the fund’s assets but are reflected in the return realized by the fund on its investment in the acquired funds.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC), the parent of the corporation’s investment advisor, ACIM, the distributor of the corporation, American Century Investment Services, Inc., and the corporation’s transfer agent, American Century Services, LLC. The directors of the corporation are also directors of some underlying funds and therefore those underlying funds may be deemed to be under common control with the corporation. The officers of the corporation are also officers of all the underlying funds. ACIM serves as the investment advisor for the underlying funds.

The funds have a mutual funds services agreement with J.P. Morgan Investor Services Co. (JPMIS). JPMIS is a wholly owned subsidiary of JPMorgan Chase & Co. (JPM). JPM is an equity investor in ACC.

4. Investment Transactions

Investment transactions for the six months ended January 31, 2011, were as follows:

	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Purchases	$31,118,144	$63,359,212	$105,828,600	$57,517,690	$24,731,189
Sales	$19,996,589	$34,214,645	$63,032,498	$40,574,385	$22,096,603

5. Affiliated Company Transactions

Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors. A summary of transactions for each underlying fund for the six months ended January 31, 2011 follows:

	July 31, 2010											January 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Very Conservative
Diversified Bond Fund Investor Class		4,746,113		$8,333,384		$3,535,743		$(52,023	)		$1,335,222		5,188,863		$55,676,503
Inflation-Adjusted Bond Fund Investor Class		1,313,381		2,052,293		105,959		1,995			236,361		1,476,349		17,420,919
Equity Growth Fund Investor Class		397,465		1,375,290		1,216,173		(4,451	)		56,495		407,720		8,659,970
Growth Fund Investor Class		221,318		275,112		759,518		108,952			17,708		198,393		5,235,590
Large Company Value Fund Investor Class		2,461,080		1,225,146		2,008,661		72,490			108,538		2,313,945		13,050,652
Mid Cap Value Fund Investor Class		—		7,595,935		231,219		11,454			28,367		616,810		7,845,828
Real Estate Fund Investor Class		205,468		108,585		395,421		54,271			28,406		186,227		3,530,860
Small Company Fund Investor Class		247,235		121,572		254,349		39,442			1,734		225,822		1,763,672
Value Fund Investor Class		1,499,276		592,201		7,297,264		1,457,678			65,819		—		—
Vista Fund Investor Class(2)		180,992		805,696		341,113		35,189			—		206,561		3,480,553
Prime Money Market Fund Investor Class		35,502,884		5,660,782		1,045,526		—			1,918		40,118,140		40,118,140
International Bond Fund Investor Class		1,126,343		2,972,148		1,108,043		(27,397	)		766,345		1,262,487		17,561,196
				$31,118,144		$18,298,989		$1,697,600			$2,646,913				$174,343,883

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Conservative
Equity Growth Fund Investor Class		1,538,577		$1,895,928		$881,677		$(173,019	)		$211,938		1,598,852		$33,959,617
Growth Fund Investor Class		797,286		65,367		983,202		105,476			65,367		756,127		19,954,196
Large Company Value Fund Investor Class		7,107,213		965,195		1,769,874		(491,745	)		310,284		7,055,260		39,791,664
Mid Cap Value Fund Investor Class		—		22,132,637		—		—			83,469		1,853,278		23,573,697
Real Estate Fund Investor Class		413,404		58,292		243,588		(46,427	)		58,292		405,209		7,682,762
Small Company Fund Investor Class		760,916		4,946		321,133		(83,301	)		4,946		729,605		5,698,211
Value Fund Investor Class		4,209,813		177,233		23,305,864		(262,923	)		177,233		—		—
Vista Fund Investor Class(2)		993,547		708,689		842,076		(149,355	)		—		990,167		16,684,321
Diversified Bond Fund Investor Class		9,115,626		20,677,713		5,141,575		(76,231	)		2,606,790		10,545,686		113,155,215
Inflation-Adjusted Bond Fund Investor Class		2,393,982		5,496,936		—		—			441,678		2,853,777		33,674,573
International Bond Fund Investor Class		1,852,002		4,851,801		374,091		(17,548	)		1,273,246		2,175,599		30,262,577
Prime Money Market Fund Investor Class		24,171,296		5,603,598		—		—			1,340		29,774,894		29,774,894
International Growth Fund Investor Class		2,098,871		720,877		1,610,961		(64,323	)		137,527		2,020,235		22,606,433
				$63,359,212		$35,474,041		$(1,259,396	)		$5,372,110				$376,818,160

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Moderate
Equity Growth Fund Investor Class		5,383,922		$4,688,077		$1,071,835		$(220,071	)		$737,821		5,579,199		$118,502,194
Growth Fund Investor Class		2,484,326		205,698		2,325,417		268,322			205,698		2,388,791		63,040,207
Large Company Value Fund Investor Class		11,806,209		1,630,848		1,185,541		(365,706	)		518,948		11,960,031		67,454,573
Mid Cap Value Fund Investor Class		—		34,594,842		—		—			129,764		2,895,943		36,836,393
Real Estate Fund Investor Class		801,373		196,274		428,294		(73,796	)		113,473		791,898		15,014,378
Small Company Fund Investor Class		1,979,244		12,865		922,450		(250,425	)		12,865		1,890,603		14,765,612
Value Fund Investor Class		6,314,585		265,735		38,148,206		(3,585,624	)		265,735		—		—
Vista Fund Investor Class(2)		3,364,248		1,867,705		3,465,506		(648,233	)		—		3,284,035		55,335,987
Diversified Bond Fund Investor Class		11,809,683		30,501,234		15,073,861		(233,235	)		3,310,134		13,240,744		142,073,187
High-Yield Fund Investor Class		2,116,445		9,040,155		—		—			592,903		3,609,435		22,342,403
Inflation-Adjusted Bond Fund Investor Class		3,093,751		8,306,635		—		—			581,193		3,787,965		44,697,989
Emerging Markets Fund Investor Class(2)		3,514,509		690,344		2,382,244		(160,578	)		—		3,321,687		29,064,762
International Growth Fund Investor Class		6,659,564		3,463,977		3,699,397		(419,882	)		447,403		6,667,917		74,613,987
Prime Money Market Fund Investor Class		30,436,868		6,626,893		—		—			1,642		37,063,761		37,063,761
International Bond Fund Investor Class		1,345,295		3,737,318		20,273		(1,298	)		930,258		1,614,989		22,464,499
				$105,828,600		$68,723,024		$(5,690,526	)		$7,847,837				$743,269,932

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010											January 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Aggressive
Equity Growth Fund Investor Class		3,228,542		$3,637,380		$374,234		$(76,467	)		$447,723		3,398,078		$72,175,176
Growth Fund Investor Class		2,880,752		875,354		1,939,710		156,070			244,481		2,835,468		74,828,003
Large Company Value Fund Investor Class		6,914,154		1,577,806		495,180		(136,707	)		307,807		7,150,777		40,330,380
Mid Cap Value Fund Investor Class		—		19,764,046		—		—			74,316		1,654,623		21,046,801
Real Estate Fund Investor Class		523,311		211,755		40,845		(12,155	)		75,415		533,360		10,112,510
Small Company Fund Investor Class		1,454,226		80,961		363,802		(104,963	)		9,527		1,432,310		11,186,343
Value Fund Investor Class		3,505,285		226,656		21,663,732		(2,396,393	)		147,572		—		—
Vista Fund Investor Class(2)		4,264,812		1,010,723		4,180,214		(736,705	)		—		4,093,073		68,968,272
Diversified Bond Fund Investor Class		4,844,778		14,151,026		11,250,482		(81,958	)		1,314,264		5,114,428		54,877,809
High-Yield Fund Investor Class		2,763,803		7,873,192		—		—			732,398		4,061,417		25,140,169
Inflation-Adjusted Bond Fund Investor Class		1,346,656		4,015,714		—		—			258,210		1,680,841		19,833,926
Emerging Markets Fund Investor Class(2)		3,724,268		407,692		1,774,482		(135,406	)		—		3,568,993		31,228,686
International Growth Fund Investor Class		5,517,161		2,808,377		2,376,183		(359,795	)		379,142		5,586,679		62,514,942
Prime Money Market Fund Investor Class		3,975,011		877,008		—		—			213		4,852,019		4,852,019
				$57,517,690		$44,458,864		$(3,884,479	)		$3,991,068				$497,095,036

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

	July 31, 2010												January 31, 2011
Fund/ Underlying Fund	Share Balance			Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Very Aggressive
Equity Growth Fund Investor Class		1,539,503			$2,423,644		$1,065,488		$(256,093	)		$212,900		1,620,654		$34,422,691
Growth Fund Investor Class		1,359,294			1,375,450		1,637,565		63,455			115,804		1,345,549		35,509,043
Large Company Value Fund Investor Class		3,337,311			1,170,061		785,330		(238,502	)		148,431		3,458,361		19,505,155
Mid Cap Value Fund Investor Class		—			10,099,587		40,591		244			37,676		841,920		10,709,220
Real Estate Fund Investor Class		202,106			264,718		139,396		(29,651	)		28,921		210,398		3,989,148
Small Company Fund Investor Class		624,321	��		100,542		285,794		(76,904	)		4,068		611,056		4,772,344
Value Fund Investor Class		1,751,620			509,158		11,292,115		(1,264,299	)		73,678		—		—
Vista Fund Investor Class(2)		2,003,218			2,208,104		3,222,142		(504,575	)		—		1,958,670		33,003,593
Emerging Markets Fund Investor Class(2)		1,653,803			1,454,794		1,504,874		(97,137	)		—		1,647,151		14,412,570
International Growth Fund Investor Class		2,643,319			2,838,758		2,700,296		(393,706	)		182,856		2,686,853		30,065,883
Diversified Bond Fund Investor Class		577,457			1,870,381		2,190,483		29,697			148,040		544,924		5,847,032
Prime Money Market Fund Investor Class		1,535,120			415,992		—		—			85		1,951,112		1,951,112
					$24,731,189		$24,864,074		$(2,767,471	)		$952,459				$194,187,791

(1)	Distributions received includes distributions from net investment income and from capital gains, if any, from the underlying funds.

(2)	Non-income producing.

6. Investments in Underlying Funds

7. Fair Value Measurements

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

•	Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for similar securities, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.); or

•	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 Schedule of Investments provides additional information on the funds’ portfolio holdings.

8. Risk Factors

Some of the underlying funds invest in foreign securities. There are certain risks involved in investing in foreign securities. These risks include those resulting from future adverse political, social, and economic developments, fluctuations in currency exchange rates, the possible imposition of exchange controls, and other foreign laws or restrictions. Investing in emerging markets may accentuate these risks.

9. Federal Tax Information

As of January 31, 2011, the components of investments for federal income tax purposes were as follows:

	Very Conservative			Conservative		Moderate			Aggressive			Very Aggressive
Federal tax cost of investments		$167,121,120			$361,530,807		$716,772,566			$473,487,104			$186,479,357
Gross tax appreciation of investments		$7,289,498			$15,287,353		$28,198,286			$28,106,204			$10,225,553
Gross tax depreciation of investments		(66,735	)		—		(1,700,920	)		(4,498,272	)		(2,517,119	)
Net tax appreciation (depreciation) of investments		$7,222,763			$15,287,353		$26,497,366			$23,607,932			$7,708,434

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

Following are the capital loss carryovers and capital loss deferral amounts as of July 31, 2010:

	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Accumulated capital losses	$(106,397)	$(3,752,539)	$(14,754,776)	$(7,633,078)	$(5,183,336)
Capital loss deferrals	$(101,761)	$(138,812)	$(1,500,675)	$(1,838,770)	$(1,566,804)

	2017			2018
Very Conservative		—			$(106,397	)
Conservative		$(685,394	)		$(3,067,145	)
Moderate		$(3,239,053	)		$(11,515,723	)
Aggressive		$(2,141,306	)		$(5,491,772	)
Very Aggressive		$(2,321,712	)		$(2,861,624	)

The capital loss deferrals represent net capital losses incurred in the nine- month period ended July 31, 2010. The funds have elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

One Choice Portfolio: Very Conservative — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.41			$9.88			$10.36			$10.55			$10.23			$10.27
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.23			0.30			0.43			0.40			0.37
Net Realized and Unrealized Gain (Loss)		0.31			0.53			(0.40	)		(0.12	)		0.33			(0.04	)
Total From Investment Operations		0.46			0.76			(0.10	)		0.31			0.73			0.33
Distributions
From Net Investment Income		(0.15	)		(0.23	)		(0.32	)		(0.46	)		(0.39	)		(0.36	)
From Net Realized Gains		—			—			(0.06	)		(0.04	)		(0.02	)		(0.01	)
Total Distributions		(0.15	)		(0.23	)		(0.38	)		(0.50	)		(0.41	)		(0.37	)
Net Asset Value, End of Period		$10.72			$10.41			$9.88			$10.36			$10.55			$10.23

Total Return(3)		4.44	%		7.73	%		(0.87	)%		2.91	%		7.23	%		3.27	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.00	%(5)(6)		0.01	%		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.78	%(6)		2.25	%		3.13	%		4.06	%		3.83	%		3.67	%
Portfolio Turnover Rate		12	%		15	%		42	%		17	%		17	%		34	%
Net Assets, End of Period (in thousands)		$174,815			$158,523			$114,699			$84,601			$40,983			$10,852

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Ratio was less than 0.005%.

(6)	Annualized.

See Notes to Financial Statements.

One Choice Portfolio: Conservative — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.42			$9.69			$10.89			$11.38			$10.66			$10.54
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.23			0.29			0.44			0.35			0.34
Net Realized and Unrealized Gain (Loss)		0.68			0.73			(0.98	)		(0.40	)		0.75			0.12
Total From Investment Operations		0.83			0.96			(0.69	)		0.04			1.10			0.46
Distributions
From Net Investment Income		(0.15	)		(0.23	)		(0.31	)		(0.45	)		(0.35	)		(0.33	)
From Net Realized Gains		—			—			(0.20	)		(0.08	)		(0.03	)		(0.01	)
Total Distributions		(0.15	)		(0.23	)		(0.51	)		(0.53	)		(0.38	)		(0.34	)
Net Asset Value, End of Period		$11.10			$10.42			$9.69			$10.89			$11.38			$10.66

Total Return(3)		8.00	%		9.99	%		(6.05	)%		0.18	%		10.41	%		4.45	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.00	%(5)(6)		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.74	%(5)(6)		2.29	%		3.13	%		3.85	%		3.14	%		3.23	%
Portfolio Turnover Rate		10	%		7	%		40	%		18	%		7	%		8	%
Net Assets, End of Period (in thousands)		$377,057			$326,548			$252,404			$283,076			$227,830			$110,384

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Ratio was less than 0.005%.

(6)	Annualized.

See Notes to Financial Statements.

One Choice Portfolio: Moderate — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.60			$9.65			$11.73			$12.58			$11.34			$10.97
Income From Investment Operations
Net Investment Income (Loss)(2)		0.12			0.20			0.24			0.43			0.35			0.34
Net Realized and Unrealized Gain (Loss)		1.10			0.94			(1.70	)		(0.70	)		1.29			0.38
Total From Investment Operations		1.22			1.14			(1.46	)		(0.27	)		1.64			0.72
Distributions
From Net Investment Income		(0.12	)		(0.19	)		(0.26	)		(0.44	)		(0.35	)		(0.34	)
From Net Realized Gains		—			—			(0.36	)		(0.14	)		(0.05	)		(0.01	)
Total Distributions		(0.12	)		(0.19	)		(0.62	)		(0.58	)		(0.40	)		(0.35	)
Net Asset Value, End of Period		$11.70			$10.60			$9.65			$11.73			$12.58			$11.34

Total Return(3)		11.54	%		11.90	%		(11.94	)%		(2.37	)%		14.56	%		6.68	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.00	%(5)(6)		0.01	%		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.10	%(6)		1.89	%		2.63	%		3.44	%		2.85	%		3.02	%
Portfolio Turnover Rate		9	%		9	%		32	%		18	%		7	%		7	%
Net Assets, End of Period (in thousands)		$743,304			$634,333			$542,182			$651,833			$586,377			$253,610

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Ratio was less than 0.005%.

(6)	Annualized.

See Notes to Financial Statements.

One Choice Portfolio: Aggressive — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.75			$9.62			$12.62			$13.69			$11.83			$11.26
Income From Investment Operations
Net Investment Income (Loss)(2)		0.10			0.17			0.20			0.41			0.32			0.31
Net Realized and Unrealized Gain (Loss)		1.50			1.11			(2.49	)		(0.90	)		1.87			0.56
Total From Investment Operations		1.60			1.28			(2.29	)		(0.49	)		2.19			0.87
Distributions
From Net Investment Income		(0.17	)		(0.15	)		(0.24	)		(0.40	)		(0.28	)		(0.29	)
From Net Realized Gains		—			—			(0.47	)		(0.18	)		(0.05	)		(0.01	)
Total Distributions		(0.17	)		(0.15	)		(0.71	)		(0.58	)		(0.33	)		(0.30	)
Net Asset Value, End of Period		$12.18			$10.75			$9.62			$12.62			$13.69			$11.83

Total Return(3)		14.90	%		13.33	%		(17.28	)%		(3.97	)%		18.78	%		7.84	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.00	%(5)(6)		0.01	%		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.64	%(6)		1.58	%		2.12	%		3.07	%		2.46	%		2.68	%
Portfolio Turnover Rate		9	%		8	%		27	%		17	%		7	%		6	%
Net Assets, End of Period (in thousands)		$497,117			$421,049			$351,089			$426,087			$397,022			$191,350

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Ratio was less than 0.005%.

(6)	Annualized.

See Notes to Financial Statements.

One Choice Portfolio: Very Aggressive — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011(1)			2010			2009			2008			2007			2006
Per-Share Data
Net Asset Value, Beginning of Period		$10.52			$9.36			$13.11			$14.58			$12.23			$11.48
Income From Investment Operations
Net Investment Income (Loss)(2)		0.06			0.10			0.13			0.36			0.25			0.25
Net Realized and Unrealized Gain (Loss)		1.80			1.15			(3.17	)		(1.27	)		2.40			0.78
Total From Investment Operations		1.86			1.25			(3.04	)		(0.91	)		2.65			1.03
Distributions
From Net Investment Income		(0.10	)		(0.09	)		(0.14	)		(0.37	)		(0.24	)		(0.27	)
From Net Realized Gains		—			—			(0.57	)		(0.19	)		(0.06	)		(0.01	)
Total Distributions		(0.10	)		(0.09	)		(0.71	)		(0.56	)		(0.30	)		(0.28	)
Net Asset Value, End of Period		$12.28			$10.52			$9.36			$13.11			$14.58			$12.23

Total Return(3)		17.71	%		13.39	%		(22.35	)%		(6.63	)%		21.87	%		9.00	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.00	%(5)(6)		0.01	%		0.00	%(5)		0.00	%(5)		0.00	%(5)		0.00	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.04	%(6)		0.93	%		1.48	%		2.53	%		1.85	%		2.08	%
Portfolio Turnover Rate		13	%		9	%		23	%		15	%		8	%		9	%
Net Assets, End of Period (in thousands)		$194,250			$163,785			$146,096			$181,459			$168,844			$77,262

(1)	Six months ended January 31, 2011 (unaudited).

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

(3)	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.

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

(5)	Ratio was less than 0.005%.

(6)	Annualized.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

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American Century Asset Allocation Portfolios, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

American Century Investment Services, Inc., Distributor

CL-SAN-70751 1103

ITEM 2. CODE OF ETHICS.

Not applicable for semiannual report filings.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semiannual report filings.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semiannual report filings.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

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)

Not applicable for semiannual report filings.

(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:	March 31, 2011

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:	March 31, 2011

By:	/s/ Robert J. Leach
	Name:	Robert J. Leach
	Title:	Vice President, Treasurer, and
		Chief Financial Officer
		(principal financial officer)

Date:	March 31, 2011

American Century Asset Allocation Portfolios N-CSRSCertified semi-annual shareholder report (management investment company)