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:	01-31-2012

ITEM 1. REPORTS TO STOCKHOLDERS.

SEMIANNUAL REPORT JANUARY 31, 2012

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	27
Additional Information	30

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, 2012. This report offers a macroeconomic and financial market 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 website, americancentury.com. Click on the “Fund Performance” and “Insights & News” headings at the top of our Individual Investors site. Also, the next annual report, dated July 31, 2012, will provide additional market perspective and commentary from our portfolio management team.

Macroeconomic and Financial Market Overview

This six-month reporting period differed markedly from the 12 months that preceded it. As the period covered by this report opened in August 2011, U.S. stock investors had just enjoyed a span—during the last five months of 2010 and the first seven months of 2011—in which the broad market climbed approximately 20%, boosted by growth and optimism related to monetary and fiscal intervention in 2010. Meanwhile, U.S. bond returns were generally lower and more mixed.

However, U.S. economic growth slowed considerably in 2011 from its 2010 levels, and optimism faded as financial and economic challenges emerged. High fuel prices, declining U.S. home values, stubbornly high U.S. unemployment rates, natural disasters, federal budget management concerns in the U.S., and a resurgence of the European sovereign debt crisis ebbed the economic tide and investors’ risk tolerance.

Six-month returns, as of January 31, 2012, generally reflected a more risk-averse investor mindset—U.S. Treasury bonds with maturities of 10 years or longer returned 10% or more, compared with 2–3% returns for broad U.S. stock indices. But the reporting period returns also reflected some renewed optimism about U.S. economic growth prospects and European debt solutions as 2011 ended and 2012 began, when higher risk tolerances returned to the markets.

More market volatility appears likely in 2012, however, as uncertainties regarding European debt, economic strength, government budget deficits, and the U.S. presidential election sway investors. We believe strongly in adhering to a disciplined, diversified, long-term investment approach during volatile periods, and we appreciate your continued trust in us during these unsettled times.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

The board of directors of the funds was pleased at the announcement of a new strategic partner for the investment advisor to the American Century Investments funds. Canadian Imperial Bank of Commerce (CIBC), a leading Canadian financial institution, purchased the 41 percent economic interest in American Century Companies, the parent corporation of the advisor, previously held by JPMorgan Chase & Co. Based in Toronto, CIBC provides a full range of retail and wholesale banking services to almost 11 million clients through approximately 1,100 branches and offices in Canada, the U.S. and around the world. This transaction will benefit fund shareholders by bolstering the financial strength of the advisor and providing a strategic partner to help support its growth initiative to broaden non-U.S. distribution of its products and services.

The board also has been briefed throughout the year on the impact on fund performance of the European banking crisis, the U.S. deficit reduction debates, and the pace of economic growth. While the performance of all funds has been affected, the majority of American Century Investments funds overseen by the board are exceeding their benchmarks for the five- and ten-year periods ended December 31, 2011. This is commendable performance, particularly in these challenging market conditions.

We are completing another year of board oversight on your behalf. We appreciate any comments you would like to share with the board. Send them to me at dhpratt@fundboardchair.com. Thank you for your continued investment in American Century Investments funds.

Best regards,

Don Pratt

Performance

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
One Choice Portfolio: Very Conservative — Investor Class	AONIX	2.84%	6.50%	4.45%	4.96%	9/30/04
One Choice Portfolio: Conservative — Investor Class	AOCIX	2.27%	5.96%	3.96%	5.45%	9/30/04
One Choice Portfolio: Moderate — Investor Class	AOMIX	0.60%	4.03%	3.00%	5.91%	9/30/04
One Choice Portfolio: Aggressive — Investor Class	AOGIX	-0.98%	2.27%	2.24%	6.05%	9/30/04
One Choice Portfolio: Very Aggressive — Investor Class	AOVIX	-2.16%	0.55%	0.76%	5.65%	9/30/04
Russell 3000 Index	—	2.12%	3.86%	0.60%	4.90%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.70%	5.60%	—

(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 the date of this report.)

Total Annual Fund Operating Expenses
One Choice Portfolio: Very Conservative — Investor Class	0.64%
One Choice Portfolio: Conservative — Investor Class	0.75%
One Choice Portfolio: Moderate — Investor Class	0.85%
One Choice Portfolio: Aggressive — Investor Class	0.95%
One Choice Portfolio: Very Aggressive — Investor Class	1.02%

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

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

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, 2012(1)
	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Equity
Core Equity Plus Fund	1.0%	2.0%	4.0%	4.5%	4.7%
Equity Growth Fund	4.1%	7.0%	12.0%	9.9%	13.0%
Growth Fund	2.5%	4.7%	8.1%	14.6%	17.8%
Large Company Value Fund	8.0%	11.0%	9.4%	8.4%	10.5%
Mid Cap Value Fund	5.1%	6.7%	5.5%	4.7%	6.0%
Real Estate Fund	2.0%	2.0%	2.0%	2.0%	2.0%
Small Company Fund	1.0%	1.5%	2.0%	2.3%	2.5%
VistaSM Fund	1.5%	4.0%	7.1%	13.6%	16.4%
Emerging Markets Fund	—	—	4.1%	6.7%	7.6%
International Growth Fund	—	6.0%	10.0%	12.5%	15.5%
Total Equity	25.2%	44.9%	64.2%	79.2%	96.0%
Fixed Income
Diversified Bond Fund	32.0%	30.0%	18.0%	10.1%	3.0%
High-Yield Fund	—	—	4.6%	6.0%	—
Inflation-Adjusted Bond Fund	9.9%	9.1%	5.7%	3.8%	—
International Bond Fund	10.0%	8.0%	2.9%	—	—
Total Fixed Income	51.9%	47.1%	31.2%	19.9%	3.0%
Prime Money Market Fund	22.9%	8.0%	4.6%	0.9%	1.0%
Other Assets and Liabilities	—(2)	—(2)	—(2)	—(2)	—(2)

(1)	Underlying fund investments represent Investor Class.

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

Shareholder Fee Example

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, 2011 to January 31, 2012.

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 8/1/11	Ending Account Value 1/31/12	Expenses Paid During Period(1) 8/1/11 - 1/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/11 - 1/31/12	Effective Annualized Expense Ratio(2)
One Choice Portfolio: Very Conservative
Actual
Investor Class	$1,000	$1,028.40	$0.00	0.00%(3)	$3.16	0.62%
Hypothetical
Investor Class	$1,000	$1,025.14	$0.00	0.00%(3)	$3.15	0.62%
One Choice Portfolio: Conservative
Actual
Investor Class	$1,000	$1,022.70	$0.00	0.00%(3)	$3.86	0.76%
Hypothetical
Investor Class	$1,000	$1,025.14	$0.00	0.00%(3)	$3.86	0.76%
One Choice Portfolio: Moderate
Actual
Investor Class	$1,000	$1,006.00	$0.00	0.00%(3)	$4.44	0.88%
Hypothetical
Investor Class	$1,000	$1,025.14	$0.00	0.00%(3)	$4.47	0.88%
One Choice Portfolio: Aggressive
Actual
Investor Class	$1,000	$990.20	$0.00	0.00%(3)	$4.95	0.99%
Hypothetical
Investor Class	$1,000	$1,025.14	$0.00	0.00%(3)	$5.03	0.99%
One Choice Portfolio: Very Aggressive
Actual
Investor Class	$1,000	$978.40	$0.00	0.00%(3)	$5.12	1.03%
Hypothetical
Investor Class	$1,000	$1,025.14	$0.00	0.00%(3)	$5.23	1.03%

(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 366, to reflect the one-half year period. The fees and expenses of the underlying American Century Investments funds in which the fund invests are not included in the class’s annualized expense ratio.

(2)

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

(3)	Other expenses, which include 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, 2012 (UNAUDITED)

	Shares		Value
One Choice Portfolio: Very Conservative
Mutual Funds(1) — 100.0%
DOMESTIC FIXED INCOME FUNDS — 41.9%
Diversified Bond Fund Investor Class		7,315,189		$81,052,298
Inflation-Adjusted Bond Fund Investor Class		1,932,887		25,166,189
				106,218,487
DOMESTIC EQUITY FUNDS — 25.2%
Core Equity Plus Fund Investor Class		244,117		2,533,931
Equity Growth Fund Investor Class		459,624		10,332,353
Growth Fund Investor Class		245,776		6,449,158
Large Company Value Fund Investor Class		3,530,504		20,159,179
Mid Cap Value Fund Investor Class		1,054,413		12,906,011
Real Estate Fund Investor Class		243,332		5,202,433
Small Company Fund Investor Class		311,073		2,578,794
Vista Fund Investor Class(2)		234,608		3,854,610
				64,016,469
MONEY MARKET FUNDS — 22.9%
Prime Money Market Fund Investor Class		57,968,346		57,968,346
INTERNATIONAL FIXED INCOME FUNDS — 10.0%
International Bond Fund Investor Class		1,738,116		25,254,824
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $231,539,548)				253,458,126
OTHER ASSETS AND LIABILITIES†				75,140
TOTAL NET ASSETS — 100.0%				$253,533,266

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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: Conservative
Mutual Funds(1) — 100.0%
DOMESTIC FIXED INCOME FUNDS — 39.1%
Diversified Bond Fund Investor Class		13,659,201		$151,343,944
Inflation-Adjusted Bond Fund Investor Class		3,497,035		45,531,401
				196,875,345
DOMESTIC EQUITY FUNDS — 38.9%
Core Equity Plus Fund Investor Class		970,223		10,070,920
Equity Growth Fund Investor Class		1,567,259		35,231,986
Growth Fund Investor Class		910,799		23,899,356
Large Company Value Fund Investor Class		9,683,113		55,290,573
Mid Cap Value Fund Investor Class		2,779,253		34,018,060
Real Estate Fund Investor Class		473,592		10,125,403
Small Company Fund Investor Class		911,121		7,553,190
Vista Fund Investor Class(2)		1,222,049		20,078,269
				196,267,757
MONEY MARKET FUNDS — 8.0%
Prime Money Market Fund Investor Class		40,283,679		40,283,679
INTERNATIONAL FIXED INCOME FUNDS — 8.0%
International Bond Fund Investor Class		2,772,449		40,283,679
INTERNATIONAL EQUITY FUNDS — 6.0%
International Growth Fund Investor Class		2,994,628		30,305,636
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $453,912,655)				504,016,096
OTHER ASSETS AND LIABILITIES†				103,874
TOTAL NET ASSETS — 100.0%				$504,119,970

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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: Moderate
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 50.1%
Core Equity Plus Fund Investor Class		3,228,146		$33,508,151
Equity Growth Fund Investor Class		4,458,303		100,222,643
Growth Fund Investor Class		2,583,567		67,792,792
Large Company Value Fund Investor Class		13,784,996		78,712,326
Mid Cap Value Fund Investor Class		3,765,714		46,092,337
Real Estate Fund Investor Class		795,358		17,004,752
Small Company Fund Investor Class		2,045,174		16,954,496
Vista Fund Investor Class(2)		3,582,940		58,867,697
				419,155,194
DOMESTIC FIXED INCOME FUNDS — 28.3%
Diversified Bond Fund Investor Class		13,627,236		150,989,773
High-Yield Fund Investor Class		6,367,066		38,075,053
Inflation-Adjusted Bond Fund Investor Class		3,642,035		47,419,294
				236,484,120
INTERNATIONAL EQUITY FUNDS — 14.1%
Emerging Markets Fund Investor Class(2)		4,441,024		34,284,707
International Growth Fund Investor Class		8,292,356		83,918,641
				118,203,348
MONEY MARKET FUNDS — 4.6%
Prime Money Market Fund Investor Class		38,745,079		38,745,079
INTERNATIONAL FIXED INCOME FUNDS — 2.9%
International Bond Fund Investor Class		1,636,054		23,771,863
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $746,224,382)				836,359,604
OTHER ASSETS AND LIABILITIES†				85,921
TOTAL NET ASSETS — 100.0%				$836,445,525

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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: Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 60.0%
Core Equity Plus Fund Investor Class		2,331,507		$24,201,041
Equity Growth Fund Investor Class		2,382,326		53,554,698
Growth Fund Investor Class		3,008,379		78,939,872
Large Company Value Fund Investor Class		7,882,512		45,009,145
Mid Cap Value Fund Investor Class		2,086,790		25,542,305
Real Estate Fund Investor Class		512,798		10,963,628
Small Company Fund Investor Class		1,483,535		12,298,508
Vista Fund Investor Class(2)		4,454,978		73,195,286
				323,704,483
DOMESTIC FIXED INCOME FUNDS — 19.9%
Diversified Bond Fund Investor Class		4,914,985		54,458,032
High-Yield Fund Investor Class		5,379,310		32,168,276
Inflation-Adjusted Bond Fund Investor Class		1,570,121		20,442,981
				107,069,289
INTERNATIONAL EQUITY FUNDS — 19.2%
Emerging Markets Fund Investor Class(2)		4,653,614		35,925,901
International Growth Fund Investor Class		6,664,454		67,444,275
				103,370,176
MONEY MARKET FUNDS — 0.9%
Prime Money Market Fund Investor Class		4,995,759		4,995,759
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $479,773,648)				539,139,707
OTHER ASSETS AND LIABILITIES†				35,950
TOTAL NET ASSETS — 100.0%				$539,175,657

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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: Very Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 72.9%
Core Equity Plus Fund Investor Class		883,059		$9,166,151
Equity Growth Fund Investor Class		1,116,274		25,093,835
Growth Fund Investor Class		1,310,535		34,388,441
Large Company Value Fund Investor Class		3,544,075		20,236,668
Mid Cap Value Fund Investor Class		951,674		11,648,491
Real Estate Fund Investor Class		182,929		3,911,026
Small Company Fund Investor Class		585,888		4,857,011
Vista Fund Investor Class(2)		1,933,952		31,774,836
				141,076,459
INTERNATIONAL EQUITY FUNDS — 23.1%
Emerging Markets Fund Investor Class(2)		1,894,180		14,623,068
International Growth Fund Investor Class		2,967,060		30,026,647
				44,649,715
DOMESTIC FIXED INCOME FUNDS — 3.0%
Diversified Bond Fund Investor Class		524,047		5,806,442
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class		1,905,662		1,905,662
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $169,089,198)				193,438,278
OTHER ASSETS AND LIABILITIES†				67
TOTAL NET ASSETS — 100.0%				$193,438,345

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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, 2012 (UNAUDITED)
	Very Conservative			Conservative			Moderate
Assets
Investment securities in affiliates, at value (cost of $231,539,548, $453,912,655 and $746,224,382, respectively)		$253,458,126			$504,016,096			$836,359,604
Cash		—			75,000			12,500
Receivable for investments sold		—			13,158,252			—
Receivable for capital shares sold		420,038			1,124,475			10,661,216
Distributions receivable from affiliates		191,905			365,681			490,993
		254,070,069			518,739,504			847,524,313

Liabilities
Payable for investments purchased		383,408			365,681			10,293,483
Payable for capital shares redeemed		153,395			14,253,853			785,305
		536,803			14,619,534			11,078,788

Net Assets		$253,533,266			$504,119,970			$836,445,525

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		22,742,700			43,863,168			70,097,054

Net Asset Value Per Share		$11.15			$11.49			$11.93

Net Assets Consist of:
Capital (par value and paid-in surplus)		$237,420,056			$480,276,190			$818,121,828
Undistributed net investment income		203,387			384,970			519,905
Accumulated net realized loss		(6,008,755	)		(26,644,631	)		(72,331,430	)
Net unrealized appreciation		21,918,578			50,103,441			90,135,222
		$253,533,266			$504,119,970			$836,445,525

See Notes to Financial Statements.

JANUARY 31, 2012 (UNAUDITED)
	Aggressive			Very Aggressive
Assets
Investment securities in affiliates, at value (cost of $479,773,648 and $169,089,198, respectively)		$539,139,707			$193,438,278
Cash		26,581			—
Receivable for capital shares sold		5,133,307			623,896
Distributions receivable from affiliates		263,140			13,798
		544,562,735			194,075,972

Liabilities
Payable for investments purchased		5,057,490			506,573
Payable for capital shares redeemed		329,588			131,054
		5,387,078			637,627

Net Assets		$539,175,657			$193,438,345

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		44,016,914			15,828,552

Net Asset Value Per Share		$12.25			$12.22

Net Assets Consist of:
Capital (par value and paid-in surplus)		$525,915,392			$196,594,129
Undistributed net investment income		278,947			13,070
Accumulated net realized loss		(46,384,741	)		(27,517,934	)
Net unrealized appreciation		59,366,059			24,349,080
		$539,175,657			$193,438,345

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED)
	Very Conservative			Conservative			Moderate
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$3,459,139			$7,305,769			$9,630,186

Expenses:
Directors’ fees and expenses		4,011			8,378			13,724
Other expenses		—			32			43
		4,011			8,410			13,767

Net investment income (loss)		3,455,128			7,297,359			9,616,419

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(209,231	)		(2,991,582	)		(6,328,053	)
Capital gain distributions received from underlying funds		1,411,903			3,474,107			5,568,378
		1,202,672			482,525			(759,675	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		2,788,342			4,180,969			(3,323,757	)

Net realized and unrealized gain (loss) on affiliates		3,991,014			4,663,494			(4,083,432	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$7,446,142			$11,960,853			$5,532,987

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED)
	Aggressive			Very Aggressive
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$5,068,365			$1,225,651

Expenses:
Directors’ fees and expenses		8,870			3,360

Net investment income (loss)		5,059,495			1,222,291

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(5,161,501	)		(2,978,562	)
Capital gain distributions received from underlying funds		4,345,534			1,624,343
		(815,967	)		(1,354,219	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		(7,879,359	)		(4,458,857	)

Net realized and unrealized gain (loss) on affiliates		(8,695,326	)		(5,813,076	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$(3,635,831	)		$(4,590,785	)

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	Very Conservative						Conservative
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$3,455,128			$3,814,122			$7,297,359			$8,318,059
Net realized gain (loss)		1,202,672			2,132,555			482,525			(801,932	)
Change in net unrealized appreciation (depreciation)		2,788,342			7,717,853			4,180,969			33,445,395
Net increase (decrease) in net assets resulting from operations		7,446,142			13,664,530			11,960,853			40,961,522

Distributions to Shareholders
From net investment income		(3,464,073	)		(3,783,399	)		(7,357,286	)		(8,225,768	)
From net realized gains		(292,624	)		—			—			—
Decrease in net assets from distributions		(3,756,697	)		(3,783,399	)		(7,357,286	)		(8,225,768	)

Capital Share Transactions
Proceeds from shares sold		80,505,548			94,829,453			92,120,026			172,785,885
Proceeds from reinvestment of distributions		3,667,539			3,705,056			7,213,995			8,052,124
Payments for shares redeemed		(40,868,940	)		(60,398,749	)		(66,144,041	)		(73,795,552	)
Net increase (decrease) in net assets from capital share transactions		43,304,147			38,135,760			33,189,980			107,042,457

Net increase (decrease) in net assets		46,993,592			48,016,891			37,793,547			139,778,211

Net Assets
Beginning of period		206,539,674			158,522,783			466,326,423			326,548,212
End of period		$253,533,266			$206,539,674			$504,119,970			$466,326,423

Undistributed net investment income		$203,387			$212,332			$384,970			$444,897

Transactions in Shares of the Funds
Sold		7,401,523			8,772,183			8,283,051			15,453,330
Issued in reinvestment of distributions		337,254			345,542			651,494			728,292
Redeemed		(3,745,831	)		(5,600,260	)		(5,935,271	)		(6,649,688	)
Net increase (decrease) in shares of the funds		3,992,946			3,517,465			2,999,274			9,531,934

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	Moderate						Aggressive
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$9,616,419			$13,174,010			$5,059,495			$7,212,238
Net realized gain (loss)		(759,675	)		(5,272,264	)		(815,967	)		(3,850,305	)
Change in net unrealized appreciation (depreciation)		(3,323,757	)		91,450,334			(7,879,359	)		75,608,596
Net increase (decrease) in net assets resulting from operations		5,532,987			99,352,080			(3,635,831	)		78,970,529

Distributions to Shareholders
From net investment income		(9,784,769	)		(13,050,284	)		(8,508,086	)		(6,747,826	)

Capital Share Transactions
Proceeds from shares sold		110,720,031			197,207,466			66,783,148			109,117,908
Proceeds from reinvestment of distributions		9,581,542			12,771,873			8,406,891			6,666,304
Payments for shares redeemed		(83,089,294	)		(127,129,405	)		(47,101,482	)		(85,824,926	)
Net increase (decrease) in net assets from capital share transactions		37,212,279			82,849,934			28,088,557			29,959,286

Net increase (decrease) in net assets		32,960,497			169,151,730			15,944,640			102,181,989

Net Assets
Beginning of period		803,485,028			634,333,298			523,231,017			421,049,028
End of period		$836,445,525			$803,485,028			$539,175,657			$523,231,017

Undistributed net investment income		$519,905			$688,255			$278,947			$3,727,538

Transactions in Shares of the Funds
Sold		9,664,416			16,875,171			5,708,704			8,966,120
Issued in reinvestment of distributions		844,061			1,100,826			719,768			552,762
Redeemed		(7,326,697	)		(10,928,387	)		(4,018,295	)		(7,088,849	)
Net increase (decrease) in shares of the funds		3,181,780			7,047,610			2,410,177			2,430,033

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	Very Aggressive
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$1,222,291			$1,639,996
Net realized gain (loss)		(1,354,219	)		(3,125,066	)
Change in net unrealized appreciation (depreciation)		(4,458,857	)		35,450,590
Net increase (decrease) in net assets resulting from operations		(4,590,785	)		33,965,520

Distributions to Shareholders
From net investment income		(1,927,419	)		(1,593,820	)

Capital Share Transactions
Proceeds from shares sold		17,589,506			47,465,390
Proceeds from reinvestment of distributions		1,889,649			1,567,813
Payments for shares redeemed		(22,636,800	)		(42,076,077	)
Net increase (decrease) in net assets from capital share transactions		(3,157,645	)		6,957,126

Net increase (decrease) in net assets		(9,675,849	)		39,328,826

Net Assets
Beginning of period		203,114,194			163,785,368
End of period		$193,438,345			$203,114,194

Undistributed net investment income		$13,070			$718,198

Transactions in Shares of the Funds
Sold		1,516,653			3,886,123
Issued in reinvestment of distributions		163,041			129,038
Redeemed		(1,948,864	)		(3,485,006	)
Net increase (decrease) in shares of the funds		(269,170	)		530,155

See Notes to Financial Statements.

Notes to Financial Statements

JANUARY 31, 2012 (UNAUDITED)

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. 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 will assume the risks associated with their underlying funds. 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

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).

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 2008. 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 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.

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’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., 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.

4. Investment Transactions

Investment transactions for the six months ended January 31, 2012 were as follows:


	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Purchases	$63,139,724	$93,964,123	$145,427,545	$87,903,446	$21,269,939
Sales	$18,800,383	$57,463,837	$102,900,339	$58,953,896	$23,508,436

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, 2012 follows:


	July 31, 2011											January 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Very Conservative
Diversified Bond Fund Investor Class		6,041,121		$18,242,525		$4,178,494		$27,287			$2,418,159		7,315,189		$81,052,298
Inflation-Adjusted Bond Fund Investor Class		1,644,028		4,438,739		684,958		36,715			701,290		1,932,887		25,166,189
Core Equity Plus Fund Investor Class		—		2,409,583		—		—			1,098		244,117		2,533,931
Equity Growth Fund Investor Class		467,493		3,516,225		3,782,763		94,131			90,617		459,624		10,332,353
Growth Fund Investor Class		228,796		1,825,479		1,487,184		(31,249	)		243,410		245,776		6,449,158
Large Company Value Fund Investor Class		2,761,401		7,137,962		3,509,981		(152,572	)		199,903		3,530,504		20,159,179
Mid Cap Value Fund Investor Class		736,240		4,830,721		1,330,030		(88,564	)		694,248		1,054,413		12,906,011
Real Estate Fund Investor Class		198,109		1,497,771		708,541		(3,417	)		64,354		243,332		5,202,433
Small Company Fund Investor Class		252,408		646,459		255,849		(14,992	)		2,649		311,073		2,578,794
Vista Fund Investor Class(2)		235,678		1,288,997		1,437,037		(74,192	)		—		234,608		3,854,610
Prime Money Market Fund Investor Class		47,372,238		11,740,469		1,144,361		—			2,592		57,968,346		57,968,346
International Bond Fund Investor Class		1,384,407		5,564,794		490,416		(2,378	)		452,722		1,738,116		25,254,824
				$63,139,724		$19,009,614		$(209,231	)		$4,871,042				$253,458,126

(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, 2011											January 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Conservative
Diversified Bond Fund Investor Class		12,934,678		$25,665,578		$17,626,124		$120,790			$4,675,328		13,659,201		$151,343,944
Inflation-Adjusted Bond Fund Investor Class		3,385,240		6,287,839		4,621,130		248,821			1,280,733		3,497,035		45,531,401
Core Equity Plus Fund Investor Class		—		9,888,389		315,032		15,764			4,507		970,223		10,070,920
Equity Growth Fund Investor Class		1,880,738		5,475,672		13,640,804		(1,250,272	)		330,353		1,567,259		35,231,986
Growth Fund Investor Class		894,126		4,349,507		4,304,037		(161,424	)		944,723		910,799		23,899,356
Large Company Value Fund Investor Class		8,649,421		8,689,734		4,752,811		(1,163,056	)		570,987		9,683,113		55,290,573
Mid Cap Value Fund Investor Class		2,285,733		7,355,938		1,921,799		(182,627	)		1,920,641		2,779,253		34,018,060
Real Estate Fund Investor Class		441,012		1,504,617		976,175		(13,890	)		131,760		473,592		10,125,403
Small Company Fund Investor Class		843,385		1,006,826		709,428		(135,264	)		8,461		911,121		7,553,190
Vista Fund Investor Class(2)		1,181,374		4,096,212		3,996,237		(330,342	)		—		1,222,049		20,078,269
Prime Money Market Fund Investor Class		37,616,913		5,690,696		3,023,930		—			1,854		40,283,679		40,283,679
International Bond Fund Investor Class		2,514,891		6,988,986		3,377,850		9,645			758,381		2,772,449		40,283,679
International Growth Fund Investor Class		2,388,907		6,964,129		1,190,062		(149,727	)		152,148		2,994,628		30,305,636
				$93,964,123		$60,455,419		$(2,991,582	)		$10,779,876				$504,016,096

(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, 2011											January 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Moderate
Core Equity Plus Fund Investor Class		—		$31,848,853		—		—			$14,520		3,228,146		$33,508,151
Equity Growth Fund Investor Class		5,778,978		9,029,890		$44,034,486		$(6,539,283	)		942,253		4,458,303		100,222,643
Growth Fund Investor Class		2,509,085		8,406,369		6,588,915		165,757			2,561,722		2,583,567		67,792,792
Large Company Value Fund Investor Class		12,840,900		5,965,461		1,644,175		(466,584	)		800,445		13,784,996		78,712,326
Mid Cap Value Fund Investor Class		3,164,295		6,975,099		881		(125	)		2,508,845		3,765,714		46,092,337
Real Estate Fund Investor Class		793,128		1,408,151		1,371,674		28,706			212,958		795,358		17,004,752
Small Company Fund Investor Class		1,929,489		1,787,303		1,322,886		(320,202	)		18,739		2,045,174		16,954,496
Vista Fund Investor Class(2)		3,392,225		8,940,601		6,946,230		(723,579	)		—		3,582,940		58,867,697
Diversified Bond Fund Investor Class		14,106,618		24,553,350		29,173,246		723,720			4,779,496		13,627,236		150,989,773
High-Yield Fund Investor Class		3,961,078		15,209,967		953,663		(73,489	)		1,114,706		6,367,066		38,075,053
Inflation-Adjusted Bond Fund Investor Class		3,949,353		4,206,036		7,228,062		959,679			1,371,512		3,642,035		47,419,294
Emerging Markets Fund Investor Class(2)		3,512,383		6,974,384		114,254		(20,876	)		—		4,441,024		34,284,707
International Growth Fund Investor Class		6,960,663		13,954,341		1,104,114		(163,086	)		408,327		8,292,356		83,918,641
Prime Money Market Fund Investor Class		40,704,725		3,439,396		5,399,042		—			1,871		38,745,079		38,745,079
International Bond Fund Investor Class		1,674,984		2,728,344		3,346,764		101,309			463,170		1,636,054		23,771,863
				$145,427,545		$109,228,392		$(6,328,053	)		$15,198,564				$836,359,604

(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, 2011											January 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Aggressive
Core Equity Plus Fund Investor Class		—		$23,095,131		$97,488		$314			$10,531		2,331,507		$24,201,041
Equity Growth Fund Investor Class		3,441,314		2,948,918		30,170,302		(4,619,431	)		522,849		2,382,326		53,554,698
Growth Fund Investor Class		2,913,516		7,829,982		5,529,718		205,200			2,993,546		3,008,379		78,939,872
Large Company Value Fund Investor Class		7,508,693		2,965,355		1,444,110		(398,458	)		457,098		7,882,512		45,009,145
Mid Cap Value Fund Investor Class		1,773,033		3,796,780		131,772		(15,019	)		1,387,417		2,086,790		25,542,305
Real Estate Fund Investor Class		510,097		838,175		885,987		(79,117	)		137,372		512,798		10,963,628
Small Company Fund Investor Class		1,439,867		919,464		855,272		(223,697	)		13,411		1,483,535		12,298,508
Vista Fund Investor Class(2)		4,169,480		9,038,336		5,432,879		(475,037	)		—		4,454,978		73,195,286
Diversified Bond Fund Investor Class		5,303,321		8,173,442		12,135,552		353,771			1,774,033		4,914,985		54,458,032
High-Yield Fund Investor Class		4,300,034		7,613,552		1,269,741		(86,699	)		1,200,051		5,379,310		32,168,276
Inflation-Adjusted Bond Fund Investor Class		1,691,490		1,901,593		3,126,539		353,385			588,303		1,570,121		20,442,981
Emerging Markets Fund Investor Class(2)		3,746,515		6,881,324		380,372		(68,307	)		—		4,653,614		35,925,901
International Growth Fund Investor Class		5,660,440		10,296,007		691,238		(108,406	)		329,069		6,664,454		67,444,275
Prime Money Market Fund Investor Class		5,354,799		1,605,387		1,964,427		—			219		4,995,759		4,995,759
				$87,903,446		$64,115,397		$(5,161,501	)		$9,413,899				$539,139,707

(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, 2011											January 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Very Aggressive
Core Equity Plus Fund Investor Class		—		$8,933,153		$208,530		$7,462			$4,067		883,059		$9,166,151
Equity Growth Fund Investor Class		1,642,050		871,858		13,974,035		(1,965,909	)		247,783		1,116,274		25,093,835
Growth Fund Investor Class		1,382,976		1,752,089		3,627,761		(12,092	)		1,330,646		1,310,535		34,388,441
Large Company Value Fund Investor Class		3,645,888		826,926		1,930,523		(568,360	)		212,211		3,544,075		20,236,668
Mid Cap Value Fund Investor Class		893,015		1,209,252		556,803		(48,620	)		667,736		951,674		11,648,491
Real Estate Fund Investor Class		196,230		226,973		471,650		29,905			51,818		182,929		3,911,026
Small Company Fund Investor Class		625,252		133,706		587,181		(130,591	)		5,659		585,888		4,857,011
Vista Fund Investor Class(2)		1,975,785		1,688,383		2,623,026		(202,100	)		—		1,933,952		31,774,836
Emerging Markets Fund Investor Class(2)		1,682,295		1,898,468		433,382		(71,093	)		—		1,894,180		14,623,068
International Growth Fund Investor Class		2,729,654		2,777,194		512,325		(64,653	)		145,679		2,967,060		30,026,647
Diversified Bond Fund Investor Class		566,948		783,165		1,213,151		47,489			184,304		524,047		5,806,442
Prime Money Market Fund Investor Class		2,085,521		168,772		348,631		—			91		1,905,662		1,905,662
				$21,269,939		$26,486,998		$(2,978,562	)		$2,849,994				$193,438,278

(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

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, 2012, Moderate and Aggressive owned 41% and 30%, respectively, of the total outstanding shares of Core Equity Plus Fund. As of January 31, 2012, the funds, in aggregate, owned 98% of the total outstanding shares of the underlying Core Equity Plus Fund.

7. 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.

8. 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, 2012, the components of investments for federal income tax purposes were as follows:


	Very Conservative		Conservative		Moderate
Federal tax cost of investments		$239,082,729		$474,907,632		$795,448,389
Gross tax appreciation of investments		$14,375,397		$29,108,464		$41,202,502
Gross tax depreciation of investments		—		—		(291,287	)
Net tax appreciation (depreciation) of investments		$14,375,397		$29,108,464		$40,911,215


	Aggressive			Very Aggressive
Federal tax cost of investments		$512,349,514			$186,212,618
Gross tax appreciation of investments		$28,483,777			$7,623,711
Gross tax depreciation of investments		(1,693,584	)		(398,051	)
Net tax appreciation (depreciation) of investments		$26,790,193			$7,225,660

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, 2011:


	Very Conservative		Conservative			Moderate			Aggressive			Very Aggressive
Accumulated capital losses		—		$(4,146,917	)		$(17,505,551	)		$(10,416,129	)		$(7,417,112	)
Capital loss deferrals		—		$(3,282,343	)		$(6,473,313	)		$(3,917,240	)		$(2,256,614	)

The capital loss deferrals represent net capital losses incurred in the nine-month period ended July 31, 2011. The funds have elected to treat such losses as having been incurred in the following fiscal year for federal income tax purposes.

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. Capital loss carryovers expire as follows:


	2017			2018			2019
Very Conservative		—			—			—
Conservative		$(685,394	)		$(3,067,145	)		$(394,378	)
Moderate		$(3,239,053	)		$(11,515,723	)		$(2,750,775	)
Aggressive		$(2,141,306	)		$(5,491,772	)		$(2,783,051	)
Very Aggressive		$(2,321,712	)		$(2,861,624	)		$(2,233,776	)

The Regulated Investment Company Modernization Act of 2010 allows the funds to carry forward capital losses incurred in future taxable years for an unlimited period. Any losses incurred during future taxable years will be required to be utilized prior to the losses which carry an expiration date. As a result, capital loss carryforwards may be more likely to expire unused.

Financial Highlights

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)

One Choice Portfolio: Very Conservative — Investor Class
2012(4)	$11.02	0.17	0.13	0.30	(0.16)	(0.01)	(0.17)	$11.15	2.84%	0.00%(5)(6)	3.04%(5)	8%	$253,533
2011	$10.41	0.23	0.61	0.84	(0.23)	—	(0.23)	$11.02	8.16%	0.00%(6)	2.15%	17%	$206,540
2010	$9.88	0.23	0.53	0.76	(0.23)	—	(0.23)	$10.41	7.73%	0.01%	2.25%	15%	$158,523
2009	$10.36	0.30	(0.40)	(0.10)	(0.32)	(0.06)	(0.38)	$9.88	(0.87)%	0.00%(6)	3.13%	42%	$114,699
2008	$10.55	0.43	(0.12)	0.31	(0.46)	(0.04)	(0.50)	$10.36	2.91%	0.00%(6)	4.06%	17%	$84,601
2007	$10.23	0.40	0.33	0.73	(0.39)	(0.02)	(0.41)	$10.55	7.23%	0.00%(6)	3.83%	17%	$40,983
One Choice Portfolio: Conservative — Investor Class
2012(4)	$11.41	0.17	0.08	0.25	(0.17)	—	(0.17)	$11.49	2.27%	0.00%(5)(6)	3.09%(5)	12%	$504,120
2011	$10.42	0.24	0.99	1.23	(0.24)	—	(0.24)	$11.41	11.90%	0.00%(6)	2.16%	10%	$466,326
2010	$9.69	0.23	0.73	0.96	(0.23)	—	(0.23)	$10.42	9.99%	0.00%(6)	2.29%	7%	$326,548
2009	$10.89	0.29	(0.98)	(0.69)	(0.31)	(0.20)	(0.51)	$9.69	(6.05)%	0.00%(6)	3.13%	40%	$252,404
2008	$11.38	0.44	(0.40)	0.04	(0.45)	(0.08)	(0.53)	$10.89	0.18%	0.00%(6)	3.85%	18%	$283,076
2007	$10.66	0.35	0.75	1.10	(0.35)	(0.03)	(0.38)	$11.38	10.41%	0.00%(6)	3.14%	7%	$227,830

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)

One Choice Portfolio: Moderate — Investor Class
2012(4)	$12.01	0.14	(0.08)	0.06	(0.14)	—	(0.14)	$11.93	0.60%	0.00%(5)(6)	2.50%(5)	13%	$836,446
2011	$10.60	0.21	1.41	1.62	(0.21)	—	(0.21)	$12.01	15.35%	0.00%(6)	1.80%	11%	$803,485
2010	$9.65	0.20	0.94	1.14	(0.19)	—	(0.19)	$10.60	11.90%	0.01%	1.89%	9%	$634,333
2009	$11.73	0.24	(1.70)	(1.46)	(0.26)	(0.36)	(0.62)	$9.65	(11.94)%	0.00%(6)	2.63%	32%	$542,182
2008	$12.58	0.43	(0.70)	(0.27)	(0.44)	(0.14)	(0.58)	$11.73	(2.37)%	0.00%(6)	3.44%	18%	$651,833
2007	$11.34	0.35	1.29	1.64	(0.35)	(0.05)	(0.40)	$12.58	14.56%	0.00%(6)	2.85%	7%	$586,377
One Choice Portfolio: Aggressive — Investor Class
2012(4)	$12.58	0.12	(0.25)	(0.13)	(0.20)	—	(0.20)	$12.25	(0.98)%	0.00%(5)(6)	2.05%(5)	12%	$539,176
2011	$10.75	0.18	1.82	2.00	(0.17)	—	(0.17)	$12.58	18.67%	0.00%(6)	1.48%	11%	$523,231
2010	$9.62	0.17	1.11	1.28	(0.15)	—	(0.15)	$10.75	13.33%	0.01%	1.58%	8%	$421,049
2009	$12.62	0.20	(2.49)	(2.29)	(0.24)	(0.47)	(0.71)	$9.62	(17.28)%	0.00%(6)	2.12%	27%	$351,089
2008	$13.69	0.41	(0.90)	(0.49)	(0.40)	(0.18)	(0.58)	$12.62	(3.97)%	0.00%(6)	3.07%	17%	$426,087
2007	$11.83	0.32	1.87	2.19	(0.28)	(0.05)	(0.33)	$13.69	18.78%	0.00%(6)	2.46%	7%	$397,022

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)

One Choice Portfolio: Very Aggressive — Investor Class
2012(4)	$12.62	0.08	(0.36)	(0.28)	(0.12)	—	(0.12)	$12.22	(2.16)%	0.00%(5)(6)	1.31%(5)	11%	$193,438
2011	$10.52	0.11	2.09	2.20	(0.10)	—	(0.10)	$12.62	20.97%	0.00%(6)	0.87%	18%	$203,114
2010	$9.36	0.10	1.15	1.25	(0.09)	—	(0.09)	$10.52	13.39%	0.01%	0.93%	9%	$163,785
2009	$13.11	0.13	(3.17)	(3.04)	(0.14)	(0.57)	(0.71)	$9.36	(22.35)%	0.00%(6)	1.48%	23%	$146,096
2008	$14.58	0.36	(1.27)	(0.91)	(0.37)	(0.19)	(0.56)	$13.11	(6.63)%	0.00%(6)	2.53%	15%	$181,459
2007	$12.23	0.25	2.40	2.65	(0.24)	(0.06)	(0.30)	$14.58	21.87%	0.00%(6)	1.85%	8%	$168,844

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

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.

Notes

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

CL-SAN-74621 1203

JANUARY 31, 2012

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

LIVESTRONG® 2055 Portfolio

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Portfolio Characteristics	15
Shareholder Fee Examples	17
Schedule of Investments	23
Statement of Assets and Liabilities	28
Statement of Operations	32
Statement of Changes in Net Assets	36
Notes to Financial Statements	41
Financial Highlights	66
Additional Information	95

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.

President’s Letter

Jonathan Thomas

Dear Investor:

Macroeconomic and Financial Market Overview

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

challenging market conditions.

Best regards,

Don Pratt

Performance

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG Income Portfolio
Investor Class	ARTOX	2.40%	5.81%	3.94%	5.18%	8/31/04
Russell 3000 Index	—	2.12%	3.86%	0.60%	5.06%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.70%	5.57%	—
Institutional Class	ATTIX	2.42%	5.92%	4.15%	5.39%	8/31/04
A Class(2) No sales charge* With sales charge*	ARTAX	2.27% -3.65%	5.55% -0.54%	3.70% 2.48%	4.92% 4.09%	8/31/04
C Class No sales charge* With sales charge*	ATTCX	1.87% 0.87%	4.76% 4.76%	— —	7.38% 7.38%	3/1/10
R Class	ARSRX	2.14%	5.29%	3.42%	4.65%	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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

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, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2015 Portfolio
Investor Class	ARFIX	2.18%	5.56%	3.69%	5.76%	8/31/04
Russell 3000 Index	—	2.12%	3.86%	0.60%	5.06%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.70%	5.57%	—
Institutional Class	ARNIX	2.30%	5.76%	3.91%	5.98%	8/31/04
A Class(2) No sales charge* With sales charge*	ARFAX	2.01% -3.82%	5.29% -0.75%	3.44% 2.23%	5.50% 4.66%	8/31/04
C Class No sales charge* With sales charge*	AFNCX	1.67% 0.67%	4.59% 4.59%	— —	7.71% 7.71%	3/1/10
R Class	ARFRX	1.93%	5.03%	3.19%	5.24%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2020 Portfolio
Investor Class	ARBVX	1.81%	5.16%	2.92%	5/30/08
Russell 3000 Index	—	2.12%	3.86%	0.80%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.89%	—
Institutional Class	ARBSX	1.92%	5.37%	3.12%	5/30/08
A Class(2) No sales charge* With sales charge*	ARBMX	1.66% -4.17%	5.00% -1.02%	2.67% 1.03%	5/30/08
C Class No sales charge* With sales charge*	ARNCX	1.29% 0.29%	4.21% 4.21%	7.98% 7.98%	3/1/10
R Class	ARBRX	1.60%	4.74%	2.42%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2025 Portfolio
Investor Class	ARWIX	1.53%	4.73%	3.14%	6.02%	8/31/04
Russell 3000 Index	—	2.12%	3.86%	0.60%	5.06%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.70%	5.57%	—
Institutional Class	ARWFX	1.65%	4.94%	3.35%	6.23%	8/31/04
A Class(2) No sales charge* With sales charge*	ARWAX	1.37% -4.47%	4.38% -1.64%	2.87% 1.65%	5.75% 4.91%	8/31/04
C Class No sales charge* With sales charge*	ARWCX	0.94% -0.06%	3.68% 3.68%	— —	8.18% 8.18%	3/1/10
R Class	ARWRX	1.28%	4.21%	2.61%	5.49%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2030 Portfolio
Investor Class	ARCVX	1.19%	4.16%	1.94%	5/30/08
Russell 3000 Index	—	2.12%	3.86%	0.80%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.89%	—
Institutional Class	ARCSX	1.19%	4.37%	2.12%	5/30/08
A Class(2) No sales charge* With sales charge*	ARCMX	0.93% -4.88%	3.80% -2.15%	1.64% 0.02%	5/30/08
C Class No sales charge* With sales charge*	ARWOX	0.67% -0.32%	3.12% 3.12%	8.29% 8.29%	3/1/10
R Class	ARCRX	0.88%	3.64%	1.42%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2035 Portfolio
Investor Class	ARYIX	0.84%	3.74%	2.36%	6.09%	8/31/04
Russell 3000 Index	—	2.12%	3.86%	0.60%	5.06%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.70%	5.57%	—
Institutional Class	ARLIX	0.88%	3.94%	2.55%	6.30%	8/31/04
A Class(2) No sales charge* With sales charge*	ARYAX	0.75% -5.03%	3.57% -2.38%	2.11% 0.90%	5.83% 4.99%	8/31/04
C Class No sales charge* With sales charge*	ARLCX	0.32% -0.68%	2.62% 2.62%	— —	8.52% 8.52%	3/1/10
R Class	ARYRX	0.58%	3.22%	1.84%	5.56%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2040 Portfolio
Investor Class	ARDVX	0.62%	3.38%	1.51%	5/30/08
Russell 3000 Index	—	2.12%	3.86%	0.80%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.89%	—
Institutional Class	ARDSX	0.62%	3.49%	1.68%	5/30/08
A Class(2) No sales charge* With sales charge*	ARDMX	0.37% -5.43%	3.02% -2.90%	1.23% -0.39%	5/30/08
C Class No sales charge* With sales charge*	ARNOX	0.02% -0.97%	2.36% 2.36%	8.79% 8.79%	3/1/10
R Class	ARDRX	0.32%	2.87%	0.99%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2045 Portfolio
Investor Class	AROIX	0.29%	3.07%	1.90%	6.07%	8/31/04
Russell 3000 Index	—	2.12%	3.86%	0.60%	5.06%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.70%	5.57%	—
Institutional Class	AOOIX	0.48%	3.36%	2.12%	6.28%	8/31/04
A Class(2) No sales charge* With sales charge*	AROAX	0.20% -5.59%	2.82% -3.12%	1.63% 0.44%	5.80% 4.96%	8/31/04
C Class No sales charge* With sales charge*	AROCX	-0.15% -1.14%	2.05% 2.05%	— —	8.86% 8.86%	3/1/10
R Class	ARORX	0.11%	2.56%	1.41%	5.55%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2050 Portfolio
Investor Class	ARFVX	0.27%	2.98%	0.63%	5/30/08
Russell 3000 Index	—	2.12%	3.86%	0.80%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.66%	6.89%	—
Institutional Class	ARFSX	0.26%	3.07%	0.82%	5/30/08
A Class(2) No sales charge* With sales charge*	ARFMX	0.02% -5.71%	2.62% -3.31%	0.35% -1.25%	5/30/08
C Class No sales charge* With sales charge*	ARFDX	-0.32% -1.31%	1.96% 1.96%	8.92% 8.92%	3/1/10
R Class	ARFWX	-0.03%	2.47%	0.14%	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.

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 the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Returns as of January 31, 2012
	Ticker Symbol	6 months(1)	Since Inception(1)	Inception Date
LIVESTRONG 2055 Portfolio
Investor Class	AREVX	0.21%	-0.59%	3/31/11
Russell 3000 Index	—	2.12%	-0.24%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.25%	8.33%	—
Institutional Class	ARENX	0.37%	-0.44%	3/31/11
A Class No sales charge* With sales charge*	AREMX	0.13% -5.59%	-0.77% -6.48%	3/31/11
C Class No sales charge* With sales charge*	AREFX	-0.23% -1.23%	-1.43% -2.42%	3/31/11
R Class	AREOX	0.04%	-0.96%	3/31/11

(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 the LIVESTRONG Portfolio’s asset allocations as of the date of this report.)

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. 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.

Total Annual Fund Operating Expenses
	Investor Class	Institutional Class	A Class	C Class	R Class
LIVESTRONG Income Portfolio	0.75%	0.55%	1.00%	1.75%	1.25%
LIVESTRONG 2015 Portfolio	0.78%	0.58%	1.03%	1.78%	1.28%
LIVESTRONG 2020 Portfolio	0.81%	0.61%	1.06%	1.81%	1.31%
LIVESTRONG 2025 Portfolio	0.83%	0.63%	1.08%	1.83%	1.33%
LIVESTRONG 2030 Portfolio	0.86%	0.66%	1.11%	1.86%	1.36%
LIVESTRONG 2035 Portfolio	0.89%	0.69%	1.14%	1.89%	1.39%
LIVESTRONG 2040 Portfolio	0.92%	0.72%	1.17%	1.92%	1.42%
LIVESTRONG 2045 Portfolio	0.93%	0.73%	1.18%	1.93%	1.43%
LIVESTRONG 2050 Portfolio	0.95%	0.75%	1.20%	1.95%	1.45%
LIVESTRONG 2055 Portfolio	0.98%	0.78%	1.23%	1.98%	1.48%

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.

Portfolio Characteristics

Underlying Fund Allocations(1) as a % of net assets as of January 31, 2012
	LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
Equity
NT Core Equity Plus Fund	3.0%	3.0%	3.0%	3.0%	3.3%
NT Equity Growth Fund	9.9%	9.7%	9.5%	9.2%	9.2%
NT Growth Fund	6.6%	7.3%	8.2%	9.8%	11.7%
NT Large Company Value Fund	10.9%	10.9%	11.2%	11.5%	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%	2.0%	2.9%	3.8%
NT VistaSM Fund	2.5%	3.0%	4.0%	4.7%	5.0%
Real Estate Fund	1.0%	1.2%	1.4%	1.7%	1.9%
NT Emerging Markets Fund	—	0.7%	1.8%	2.6%	3.1%
NT International Growth Fund	5.1%	5.6%	6.5%	7.7%	9.0%
Total Equity	45.0%	47.9%	52.8%	58.6%	64.4%
Fixed Income
High-Yield Fund	3.8%	3.7%	3.5%	3.3%	3.0%
Inflation-Adjusted Bond Fund	7.6%	7.5%	7.2%	6.6%	5.9%
NT Diversified Bond Fund	26.6%	26.0%	25.1%	23.1%	20.7%
International Bond Fund	7.0%	6.4%	5.4%	3.5%	1.0%
Total Fixed Income	45.0%	43.6%	41.2%	36.5%	30.6%
Premium Money Market Fund	9.9%	8.5%	6.0%	4.9%	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, 2012
	LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
Equity
NT Core Equity Plus Fund	3.2%	3.7%	4.5%	4.5%	4.5%
NT Equity Growth Fund	9.6%	10.2%	10.2%	10.5%	10.7%
NT Growth Fund	13.0%	14.0%	14.7%	15.0%	15.2%
NT Large Company Value Fund	12.8%	13.9%	14.7%	15.2%	15.4%
NT Mid Cap Value Fund	6.0%	7.0%	7.2%	7.5%	7.5%
NT Small Company Fund	4.2%	4.0%	4.2%	4.7%	5.0%
NT VistaSM Fund	6.0%	7.0%	7.2%	7.4%	7.5%
Real Estate Fund	2.2%	2.4%	2.7%	2.9%	3.0%
NT Emerging Markets Fund	3.9%	4.8%	5.9%	6.3%	6.6%
NT International Growth Fund	9.8%	10.0%	10.0%	9.8%	9.5%
Total Equity	70.7%	77.0%	81.3%	83.8%	84.9%
Fixed Income
High-Yield Fund	2.5%	2.2%	1.8%	1.6%	1.5%
Inflation-Adjusted Bond Fund	5.2%	4.3%	3.7%	3.2%	3.0%
NT Diversified Bond Fund	18.1%	15.5%	13.2%	11.4%	10.6%
Total Fixed Income	25.8%	22.0%	18.7%	16.2%	15.1%
Premium Money Market Fund	3.5%	1.0%	—	—	—
Other Assets and Liabilities	—(2)	—(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.

Shareholder Fee Example

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, 2011 to January 31, 2012.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 8/1/11	Ending Account Value 1/31/12	Expenses Paid During Period(1) 8/1/11 – 1/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/11 – 1/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG Income Portfolio
Actual
Investor Class	$1,000	$1,024.00	$1.07	0.21%	$3.92	0.77%
Institutional Class	$1,000	$1,024.20	$0.05	0.01%	$2.90	0.57%
A Class	$1,000	$1,022.70	$2.34	0.46%	$5.19	1.02%
C Class	$1,000	$1,018.70	$6.14	1.21%	$8.98	1.77%
R Class	$1,000	$1,021.40	$3.61	0.71%	$6.45	1.27%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$3.91	0.77%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$2.90	0.57%
A Class	$1,000	$1,022.82	$2.34	0.46%	$5.18	1.02%
C Class	$1,000	$1,019.05	$6.14	1.21%	$8.97	1.77%
R Class	$1,000	$1,021.57	$3.61	0.71%	$6.44	1.27%
LIVESTRONG 2015 Portfolio
Actual
Investor Class	$1,000	$1,021.80	$1.07	0.21%	$4.01	0.79%
Institutional Class	$1,000	$1,023.00	$0.05	0.01%	$3.00	0.59%
A Class	$1,000	$1,020.10	$2.34	0.46%	$5.28	1.04%
C Class	$1,000	$1,016.70	$6.13	1.21%	$9.07	1.79%
R Class	$1,000	$1,019.30	$3.60	0.71%	$6.55	1.29%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.01	0.79%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.00	0.59%
A Class	$1,000	$1,022.82	$2.34	0.46%	$5.28	1.04%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.07	1.79%
R Class	$1,000	$1,021.57	$3.61	0.71%	$6.55	1.29%

(1)

(2)


	Beginning Account Value 8/1/11	Ending Account Value 1/31/12	Expenses Paid During Period(1) 8/1/11 – 1/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/11 – 1/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2020 Portfolio
Actual
Investor Class	$1,000	$1,018.10	$1.07	0.21%	$4.21	0.83%
Institutional Class	$1,000	$1,019.20	$0.05	0.01%	$3.20	0.63%
A Class	$1,000	$1,016.60	$2.33	0.46%	$5.47	1.08%
C Class	$1,000	$1,012.90	$6.12	1.21%	$9.26	1.83%
R Class	$1,000	$1,016.00	$3.60	0.71%	$6.74	1.33%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.22	0.83%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.20	0.63%
A Class	$1,000	$1,022.82	$2.34	0.46%	$5.48	1.08%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.27	1.83%
R Class	$1,000	$1,021.57	$3.61	0.71%	$6.75	1.33%
LIVESTRONG 2025 Portfolio
Actual
Investor Class	$1,000	$1,015.30	$1.06	0.21%	$4.36	0.86%
Institutional Class	$1,000	$1,016.50	$0.05	0.01%	$3.35	0.66%
A Class	$1,000	$1,013.70	$2.33	0.46%	$5.62	1.11%
C Class	$1,000	$1,009.40	$6.11	1.21%	$9.39	1.86%
R Class	$1,000	$1,012.80	$3.59	0.71%	$6.88	1.36%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.37	0.86%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.35	0.66%
A Class	$1,000	$1,022.82	$2.34	0.46%	$5.63	1.11%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.42	1.86%
R Class	$1,000	$1,021.57	$3.61	0.71%	$6.90	1.36%

(1)

(2)


	Beginning Account Value 8/1/11	Ending Account Value 1/31/12	Expenses Paid During Period(1) 8/1/11 – 1/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/11 – 1/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2030 Portfolio
Actual
Investor Class	$1,000	$1,011.90	$1.06	0.21%	$4.45	0.88%
Institutional Class	$1,000	$1,011.90	$0.05	0.01%	$3.44	0.68%
A Class	$1,000	$1,009.30	$2.32	0.46%	$5.71	1.13%
C Class	$1,000	$1,006.70	$6.10	1.21%	$9.48	1.88%
R Class	$1,000	$1,008.80	$3.59	0.71%	$6.97	1.38%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.47	0.88%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.46	0.68%
A Class	$1,000	$1,022.82	$2.34	0.46%	$5.74	1.13%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.53	1.88%
R Class	$1,000	$1,021.57	$3.61	0.71%	$7.00	1.38%
LIVESTRONG 2035 Portfolio
Actual
Investor Class	$1,000	$1,008.40	$1.06	0.21%	$4.59	0.91%
Institutional Class	$1,000	$1,008.80	$0.05	0.01%	$3.59	0.71%
A Class	$1,000	$1,007.50	$2.32	0.46%	$5.85	1.16%
C Class	$1,000	$1,003.20	$6.09	1.21%	$9.62	1.91%
R Class	$1,000	$1,005.80	$3.58	0.71%	$7.11	1.41%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.62	0.91%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.61	0.71%
A Class	$1,000	$1,022.82	$2.34	0.46%	$5.89	1.16%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.68	1.91%
R Class	$1,000	$1,021.57	$3.61	0.71%	$7.15	1.41%

(1)

(2)


	Beginning Account Value 8/1/11	Ending Account Value 1/31/12	Expenses Paid During Period(1) 8/1/11 – 1/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/11 – 1/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2040 Portfolio
Actual
Investor Class	$1,000	$1,006.20	$1.06	0.21%	$4.79	0.95%
Institutional Class	$1,000	$1,006.20	$0.05	0.01%	$3.78	0.75%
A Class	$1,000	$1,003.70	$2.32	0.46%	$6.04	1.20%
C Class	$1,000	$1,000.20	$6.08	1.21%	$9.80	1.95%
R Class	$1,000	$1,003.20	$3.58	0.71%	$7.30	1.45%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.82	0.95%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.81	0.75%
A Class	$1,000	$1,022.82	$2.34	0.46%	$6.09	1.20%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.88	1.95%
R Class	$1,000	$1,021.57	$3.61	0.71%	$7.35	1.45%
LIVESTRONG 2045 Portfolio
Actual
Investor Class	$1,000	$1,002.90	$1.06	0.21%	$4.88	0.97%
Institutional Class	$1,000	$1,004.80	$0.05	0.01%	$3.88	0.77%
A Class	$1,000	$1,002.00	$2.31	0.46%	$6.14	1.22%
C Class	$1,000	$998.50	$6.08	1.21%	$9.90	1.97%
R Class	$1,000	$1,001.10	$3.57	0.71%	$7.39	1.47%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$4.93	0.97%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$3.91	0.77%
A Class	$1,000	$1,022.82	$2.34	0.46%	$6.19	1.22%
C Class	$1,000	$1,019.05	$6.14	1.21%	$9.98	1.97%
R Class	$1,000	$1,021.57	$3.61	0.71%	$7.46	1.47%

(1)

(2)


	Beginning Account Value 8/1/11	Ending Account Value 1/31/12	Expenses Paid During Period(1) 8/1/11 – 1/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/11 – 1/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2050 Portfolio
Actual
Investor Class	$1,000	$1,002.70	$1.06	0.21%	$4.98	0.99%
Institutional Class	$1,000	$1,002.60	$0.05	0.01%	$3.98	0.79%
A Class	$1,000	$1,000.20	$2.31	0.46%	$6.23	1.24%
C Class	$1,000	$996.80	$6.07	1.21%	$9.99	1.99%
R Class	$1,000	$999.70	$3.57	0.71%	$7.49	1.49%
Hypothetical
Investor Class	$1,000	$1,024.08	$1.07	0.21%	$5.03	0.99%
Institutional Class	$1,000	$1,025.09	$0.05	0.01%	$4.01	0.79%
A Class	$1,000	$1,022.82	$2.34	0.46%	$6.29	1.24%
C Class	$1,000	$1,019.05	$6.14	1.21%	$10.08	1.99%
R Class	$1,000	$1,021.57	$3.61	0.71%	$7.56	1.49%
LIVESTRONG 2055 Portfolio
Actual
Investor Class	$1,000	$1,002.10	$1.01	0.20%	$4.98	0.99%
Institutional Class	$1,000	$1,003.70	$0.00	0.00%(3)	$3.98	0.79%
A Class	$1,000	$1,001.30	$2.26	0.45%	$6.24	1.24%
C Class	$1,000	$997.70	$6.03	1.20%	$9.99	1.99%
R Class	$1,000	$1,000.40	$3.52	0.70%	$7.49	1.49%
Hypothetical
Investor Class	$1,000	$1,024.13	$1.02	0.20%	$5.03	0.99%
Institutional Class	$1,000	$1,025.14	$0.00	0.00%(3)	$4.01	0.79%
A Class	$1,000	$1,022.87	$2.29	0.45%	$6.29	1.24%
C Class	$1,000	$1,019.10	$6.09	1.20%	$10.08	1.99%
R Class	$1,000	$1,021.62	$3.56	0.70%	$7.56	1.49%

(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, 2012 (UNAUDITED)

	Shares		Value
LIVESTRONG Income Portfolio
Mutual Funds(1) — 99.9%
DOMESTIC EQUITY FUNDS — 40.0%
NT Core Equity Plus Fund Institutional Class		943,317		$9,951,990
NT Equity Growth Fund Institutional Class		3,355,138		33,081,665
NT Growth Fund Institutional Class		1,803,605		21,931,832
NT Large Company Value Fund Institutional Class		4,158,165		36,259,198
NT Mid Cap Value Fund Institutional Class		1,379,322		13,338,045
NT Small Company Fund Institutional Class		814,823		6,763,034
NT Vista Fund Institutional Class		832,256		8,372,497
Real Estate Fund Institutional Class		160,402		3,437,423
				133,135,684
DOMESTIC FIXED INCOME FUNDS — 38.0%
High-Yield Fund Institutional Class		2,092,368		12,512,360
Inflation-Adjusted Bond Fund Institutional Class		1,936,190		25,209,196
NT Diversified Bond Fund Institutional Class		8,082,028		88,740,665
				126,462,221
MONEY MARKET FUNDS — 9.9%
Premium Money Market Fund Investor Class		33,017,966		33,017,966
INTERNATIONAL FIXED INCOME FUNDS — 7.0%
International Bond Fund Institutional Class		1,600,980		23,262,242
INTERNATIONAL EQUITY FUNDS — 5.0%
NT International Growth Fund Institutional Class		1,899,431		16,885,940
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $288,946,852)				332,764,053
OTHER ASSETS AND LIABILITIES — 0.1%				230,637
TOTAL NET ASSETS — 100.0%				$332,994,690

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.

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2015 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 41.6%
NT Core Equity Plus Fund Institutional Class		2,299,408		$24,258,750
NT Equity Growth Fund Institutional Class		8,073,536		79,605,061
NT Growth Fund Institutional Class		4,920,198		59,829,604
NT Large Company Value Fund Institutional Class		10,235,685		89,255,170
NT Mid Cap Value Fund Institutional Class		3,785,734		36,608,049
NT Small Company Fund Institutional Class		1,979,747		16,431,896
NT Vista Fund Institutional Class		2,455,292		24,700,241
Real Estate Fund Institutional Class		451,230		9,669,867
				340,358,638
DOMESTIC FIXED INCOME FUNDS — 37.2%
High-Yield Fund Institutional Class		5,089,508		30,435,258
Inflation-Adjusted Bond Fund Institutional Class		4,701,210		61,209,757
NT Diversified Bond Fund Institutional Class		19,335,521		212,304,017
				303,949,032
MONEY MARKET FUNDS — 8.5%
Premium Money Market Fund Investor Class		69,042,894		69,042,894
INTERNATIONAL FIXED INCOME FUNDS — 6.4%
International Bond Fund Institutional Class		3,620,636		52,607,842
INTERNATIONAL EQUITY FUNDS — 6.3%
NT Emerging Markets Fund Institutional Class(2)		661,028		6,174,005
NT International Growth Fund Institutional Class		5,111,349		45,439,896
				51,613,901
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $725,672,547)				817,572,307
OTHER ASSETS AND LIABILITIES†				109,748
TOTAL NET ASSETS — 100.0%				$817,682,055

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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
LIVESTRONG 2020 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 44.5%
NT Core Equity Plus Fund Institutional Class		1,485,432		$15,671,306
NT Equity Growth Fund Institutional Class		5,044,447		49,738,246
NT Growth Fund Institutional Class		3,565,133		43,352,022
NT Large Company Value Fund Institutional Class		6,740,819		58,779,941
NT Mid Cap Value Fund Institutional Class		2,842,019		27,482,328
NT Small Company Fund Institutional Class		1,262,567		10,479,308
NT Vista Fund Institutional Class		2,071,378		20,838,059
Real Estate Fund Institutional Class		346,951		7,435,151
				233,776,361
DOMESTIC FIXED INCOME FUNDS — 35.8%
High-Yield Fund Institutional Class		3,105,578		18,571,354
Inflation-Adjusted Bond Fund Institutional Class		2,894,862		37,691,108
NT Diversified Bond Fund Institutional Class		11,991,060		131,661,843
				187,924,305
INTERNATIONAL EQUITY FUNDS — 8.3%
NT Emerging Markets Fund Institutional Class(2)		1,001,042		9,349,732
NT International Growth Fund Institutional Class		3,843,170		34,165,784
				43,515,516
MONEY MARKET FUNDS — 6.0%
Premium Money Market Fund Investor Class		31,386,555		31,386,555
INTERNATIONAL FIXED INCOME FUNDS — 5.4%
International Bond Fund Institutional Class		1,952,111		28,364,170
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $470,154,279)				524,966,907
OTHER ASSETS AND LIABILITIES†				5,995
TOTAL NET ASSETS — 100.0%				$524,972,902

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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 2025 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 48.3%
NT Core Equity Plus Fund Institutional Class		3,142,530		$33,153,693
NT Equity Growth Fund Institutional Class		10,494,558		103,476,343
NT Growth Fund Institutional Class		8,990,158		109,320,323
NT Large Company Value Fund Institutional Class		14,703,431		128,213,922
NT Mid Cap Value Fund Institutional Class		6,340,608		61,313,681
NT Small Company Fund Institutional Class		3,879,771		32,202,102
NT Vista Fund Institutional Class		5,289,286		53,210,220
Real Estate Fund Institutional Class		881,044		18,880,781
				539,771,065
DOMESTIC FIXED INCOME FUNDS — 33.0%
High-Yield Fund Institutional Class		6,135,338		36,689,320
Inflation-Adjusted Bond Fund Institutional Class		5,650,244		73,566,175
NT Diversified Bond Fund Institutional Class		23,465,630		257,652,621
				367,908,116
INTERNATIONAL EQUITY FUNDS — 10.3%
NT Emerging Markets Fund Institutional Class(2)		3,130,447		29,238,379
NT International Growth Fund Institutional Class		9,596,072		85,309,079
				114,547,458
MONEY MARKET FUNDS — 4.9%
Premium Money Market Fund Investor Class		55,105,343		55,105,343
INTERNATIONAL FIXED INCOME FUNDS — 3.5%
International Bond Fund Institutional Class		2,683,510		38,991,394
TOTAL INVESTMENT SECURITIES — 100.0%(Cost $985,359,389)				1,116,323,376
OTHER ASSETS AND LIABILITIES†				153,740
TOTAL NET ASSETS — 100.0%				$1,116,477,116

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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
LIVESTRONG 2030 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 52.3%
NT Core Equity Plus Fund Institutional Class		1,393,492		$14,701,340
NT Equity Growth Fund Institutional Class		4,248,450		41,889,715
NT Growth Fund Institutional Class		4,376,014		53,212,334
NT Large Company Value Fund Institutional Class		6,349,123		55,364,353
NT Mid Cap Value Fund Institutional Class		2,459,085		23,779,351
NT Small Company Fund Institutional Class		2,099,279		17,424,013
NT Vista Fund Institutional Class		2,242,006		22,554,577
Real Estate Fund Institutional Class		406,425		8,709,697
				237,635,380
DOMESTIC FIXED INCOME FUNDS — 29.6%
High-Yield Fund Institutional Class		2,270,350		13,576,694
Inflation-Adjusted Bond Fund Institutional Class		2,066,049		26,899,954
NT Diversified Bond Fund Institutional Class		8,551,171		93,891,860
				134,368,508
INTERNATIONAL EQUITY FUNDS — 12.1%
NT Emerging Markets Fund Institutional Class(2)		1,488,363		13,901,310
NT International Growth Fund Institutional Class		4,600,023		40,894,206
				54,795,516
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class		22,621,455		22,621,455
INTERNATIONAL FIXED INCOME FUNDS — 1.0%
International Bond Fund Institutional Class		309,006		4,489,856
TOTAL INVESTMENT SECURITIES — 100.0%(Cost $403,888,461)				453,910,715
OTHER ASSETS AND LIABILITIES†				15,531
TOTAL NET ASSETS — 100.0%				$453,926,246

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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 2035 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 57.0%
NT Core Equity Plus Fund Institutional Class		2,312,627		$24,398,211
NT Equity Growth Fund Institutional Class		7,459,071		73,546,436
NT Growth Fund Institutional Class		8,181,878		99,491,636
NT Large Company Value Fund Institutional Class		11,203,729		97,696,514
NT Mid Cap Value Fund Institutional Class		4,706,317		45,510,088
NT Small Company Fund Institutional Class		3,814,384		31,659,388
NT Vista Fund Institutional Class		4,546,004		45,732,798
Real Estate Fund Institutional Class		776,429		16,638,882
				434,673,953
DOMESTIC FIXED INCOME FUNDS — 25.8%
High-Yield Fund Institutional Class		3,225,397		19,287,873
Inflation-Adjusted Bond Fund Institutional Class		3,036,534		39,535,670
NT Diversified Bond Fund Institutional Class		12,563,574		137,948,043
				196,771,586
INTERNATIONAL EQUITY FUNDS — 13.7%
NT Emerging Markets Fund Institutional Class(2)		3,157,468		29,490,751
NT International Growth Fund Institutional Class		8,412,441		74,786,600
				104,277,351
MONEY MARKET FUNDS — 3.5%
Premium Money Market Fund Investor Class		26,255,217		26,255,217
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $677,494,151)				761,978,107
OTHER ASSETS AND LIABILITIES†				236,524
TOTAL NET ASSETS — 100.0%				$762,214,631

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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
LIVESTRONG 2040 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 62.2%
NT Core Equity Plus Fund Institutional Class		922,602		$9,733,452
NT Equity Growth Fund Institutional Class		2,707,869		26,699,592
NT Growth Fund Institutional Class		3,015,963		36,674,109
NT Large Company Value Fund Institutional Class		4,175,422		36,409,682
NT Mid Cap Value Fund Institutional Class		1,885,314		18,230,991
NT Small Company Fund Institutional Class		1,256,771		10,431,202
NT Vista Fund Institutional Class		1,808,128		18,189,773
Real Estate Fund Institutional Class		297,097		6,366,789
				162,735,590
DOMESTIC FIXED INCOME FUNDS — 22.0%
High-Yield Fund Institutional Class		939,380		5,617,493
Inflation-Adjusted Bond Fund Institutional Class		868,587		11,308,997
NT Diversified Bond Fund Institutional Class		3,685,482		40,466,587
				57,393,077
INTERNATIONAL EQUITY FUNDS — 14.8%
NT Emerging Markets Fund Institutional Class(2)		1,352,673		12,633,962
NT International Growth Fund Institutional Class		2,940,013		26,136,720
				38,770,682
MONEY MARKET FUNDS — 1.0%
Premium Money Market Fund Investor Class		2,551,397		2,551,397
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $234,196,426)				261,450,746
OTHER ASSETS AND LIABILITIES†				34,832
TOTAL NET ASSETS — 100.0%				$261,485,578

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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 2045 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 65.4%
NT Core Equity Plus Fund Institutional Class		1,952,218		$20,595,903
NT Equity Growth Fund Institutional Class		4,775,782		47,089,210
NT Growth Fund Institutional Class		5,599,440		68,089,186
NT Large Company Value Fund Institutional Class		7,761,912		67,683,875
NT Mid Cap Value Fund Institutional Class		3,450,983		33,371,008
NT Small Company Fund Institutional Class		2,356,161		19,556,135
NT Vista Fund Institutional Class		3,299,858		33,196,575
Real Estate Fund Institutional Class		575,663		12,336,448
				301,918,340
DOMESTIC FIXED INCOME FUNDS — 18.7%
High-Yield Fund Institutional Class		1,423,513		8,512,606
Inflation-Adjusted Bond Fund Institutional Class		1,323,011		17,225,606
NT Diversified Bond Fund Institutional Class		5,527,549		60,692,483
				86,430,695
INTERNATIONAL EQUITY FUNDS — 15.9%
NT Emerging Markets Fund Institutional Class(2)		2,901,448		27,099,527
NT International Growth Fund Institutional Class		5,192,576		46,162,002
				73,261,529
TOTAL INVESTMENT SECURITIES — 100.0%(Cost $414,457,097)				461,610,564
OTHER ASSETS AND LIABILITIES†				141,190
TOTAL NET ASSETS — 100.0%				$461,751,754

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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
LIVESTRONG 2050 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 67.7%
NT Core Equity Plus Fund Institutional Class		517,123		$5,455,649
NT Equity Growth Fund Institutional Class		1,289,748		12,716,918
NT Growth Fund Institutional Class		1,494,901		18,177,995
NT Large Company Value Fund Institutional Class		2,113,162		18,426,771
NT Mid Cap Value Fund Institutional Class		939,546		9,085,405
NT Small Company Fund Institutional Class		691,931		5,743,025
NT Vista Fund Institutional Class		899,511		9,049,079
Real Estate Fund Institutional Class		165,723		3,551,448
				82,206,290
DOMESTIC FIXED INCOME FUNDS — 16.2%
High-Yield Fund Institutional Class		324,376		1,939,767
Inflation-Adjusted Bond Fund Institutional Class		299,861		3,904,185
NT Diversified Bond Fund Institutional Class		1,256,343		13,794,650
				19,638,602
INTERNATIONAL EQUITY FUNDS — 16.1%
NT Emerging Markets Fund Institutional Class(2)		818,241		7,642,371
NT International Growth Fund Institutional Class		1,332,135		11,842,684
				19,485,055
TOTAL INVESTMENT SECURITIES — 100.0%(Cost $112,880,283)				121,329,947
OTHER ASSETS AND LIABILITIES†				7,904
TOTAL NET ASSETS — 100.0%				$121,337,851

Notes to Schedule of Investments

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

(1)	Investments are funds within the American Century Investments family of funds, 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 2055 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 68.8%
NT Core Equity Plus Fund Institutional Class		19,388		$204,545
NT Equity Growth Fund Institutional Class		49,457		487,644
NT Growth Fund Institutional Class		56,911		692,043
NT Large Company Value Fund Institutional Class		80,335		700,525
NT Mid Cap Value Fund Institutional Class		35,181		340,201
NT Small Company Fund Institutional Class		27,226		225,977
NT Vista Fund Institutional Class		33,632		338,341
Real Estate Fund Institutional Class		6,348		136,040
				3,125,316
INTERNATIONAL EQUITY FUNDS — 16.1%
NT Emerging Markets Fund Institutional Class(2)		31,816		297,159
NT International Growth Fund Institutional Class		48,537		431,492
				728,651
DOMESTIC FIXED INCOME FUNDS — 15.1%
High-Yield Fund Institutional Class		11,433		68,371
Inflation-Adjusted Bond Fund Institutional Class		10,546		137,315
NT Diversified Bond Fund Institutional Class		43,715		479,992
				685,678
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $4,370,790)				4,539,645
OTHER ASSETS AND LIABILITIES†				351
TOTAL NET ASSETS — 100.0%				$4,539,996

Notes to Schedule of Investments

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

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

(2)	Non-income producing.

Statement of Assets and Liabilities

JANUARY 31, 2012 (UNAUDITED)
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Assets
Investment securities in affiliates, at value (cost of $288,946,852, $725,672,547 and $470,154,279, respectively)		$332,764,053			$817,572,307			$524,966,907
Cash		67,523			175,390			102,516
Receivable for capital shares sold		644,935			1,084,571			1,203,878
Distributions receivable from affiliates		264,304			634,282			385,072
		333,740,815			819,466,550			526,658,373

Liabilities
Payable for investments purchased		390,532			1,127,157			1,315,801
Payable for capital shares redeemed		285,697			475,940			263,568
Accrued administrative fees		37,074			106,837			55,852
Distribution and service fees payable		32,822			74,561			50,250
		746,125			1,784,495			1,685,471

Net Assets		$332,994,690			$817,682,055			$524,972,902

Net Assets Consist of:
Capital (par value and paid-in surplus)		$296,692,758			$739,091,624			$466,668,943
Undistributed net investment income		208,464			486,701			298,370
Accumulated undistributed net realized gain (loss)		(7,723,733	)		(13,796,030	)		3,192,961
Net unrealized appreciation		43,817,201			91,899,760			54,812,628
		$332,994,690			$817,682,055			$524,972,902


Fund/Class	Net assets		Shares outstanding		Net asset value per share
LIVESTRONG Income Portfolio
Investor Class, $0.01 Par Value		$96,480,189		8,530,362		$11.31
Institutional Class, $0.01 Par Value		$107,685,614		9,518,532		$11.31
A Class, $0.01 Par Value		$99,014,556		8,756,011		$11.31	*
C Class, $0.01 Par Value		$630,565		55,718		$11.32
R Class, $0.01 Par Value		$29,183,766		2,582,713		$11.30
LIVESTRONG 2015 Portfolio
Investor Class, $0.01 Par Value		$359,623,216		30,311,434		$11.86
Institutional Class, $0.01 Par Value		$169,960,711		14,314,451		$11.87
A Class, $0.01 Par Value		$216,373,263		18,242,984		$11.86	*
C Class, $0.01 Par Value		$1,465,532		123,396		$11.88
R Class, $0.01 Par Value		$70,259,333		5,923,869		$11.86
LIVESTRONG 2020 Portfolio
Investor Class, $0.01 Par Value		$147,070,348		14,285,762		$10.29
Institutional Class, $0.01 Par Value		$177,360,786		17,231,283		$10.29
A Class, $0.01 Par Value		$153,697,797		14,938,932		$10.29	*
C Class, $0.01 Par Value		$907,956		88,067		$10.31
R Class, $0.01 Par Value		$45,936,015		4,465,243		$10.29

*	Maximum offering price $12.00, $12.58 and $10.92 (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, 2012 (UNAUDITED)

	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio		LIVESTRONG 2035 Portfolio
Assets
Investment securities in affiliates, at value (cost of $985,359,389, $403,888,461 and $677,494,151, respectively)		$1,116,323,376			$453,910,715		$761,978,107
Cash		237,312			92,334		220,374
Receivable for investments sold		—			—		62,315
Receivable for capital shares sold		1,704,147			969,960		1,725,207
Distributions receivable from affiliates		766,861			276,908		407,094
		1,119,031,696			455,249,917		764,393,097

Liabilities
Payable for investments purchased		899,134			1,021,715		407,094
Payable for capital shares redeemed		1,409,136			206,404		1,595,221
Accrued administrative fees		142,228			48,218		99,207
Distribution and service fees payable		104,082			47,334		76,944
		2,554,580			1,323,671		2,178,466

Net Assets		$1,116,477,116			$453,926,246		$762,214,631

Net Assets Consist of:
Capital (par value and paid-in surplus)		$1,003,986,889			$400,017,231		$686,868,334
Undistributed net investment income		562,152			195,519		250,813
Accumulated undistributed net realized gain (loss)		(19,035,912	)		3,691,242		(9,388,472	)
Net unrealized appreciation		130,963,987			50,022,254		84,483,956
		$1,116,477,116			$453,926,246		$762,214,631


Fund/Class	Net assets		Shares outstanding		Net asset value per share
LIVESTRONG 2025 Portfolio
Investor Class, $0.01 Par Value		$468,039,362		38,851,669		$12.05
Institutional Class, $0.01 Par Value		$254,234,141		21,104,425		$12.05
A Class, $0.01 Par Value		$287,440,905		23,864,609		$12.04	*
C Class, $0.01 Par Value		$2,353,661		195,115		$12.06
R Class, $0.01 Par Value		$104,409,047		8,671,744		$12.04
LIVESTRONG 2030 Portfolio
Investor Class, $0.01 Par Value		$111,635,174		11,090,498		$10.07
Institutional Class, $0.01 Par Value		$154,466,571		15,355,161		$10.06
A Class, $0.01 Par Value		$143,842,681		14,307,341		$10.05	*
C Class, $0.01 Par Value		$1,185,929		117,690		$10.08
R Class, $0.01 Par Value		$42,795,891		4,255,909		$10.06
LIVESTRONG 2035 Portfolio
Investor Class, $0.01 Par Value		$314,359,349		25,379,807		$12.39
Institutional Class, $0.01 Par Value		$157,862,646		12,736,917		$12.39
A Class, $0.01 Par Value		$208,458,640		16,830,705		$12.39	*
C Class, $0.01 Par Value		$954,643		77,021		$12.39
R Class, $0.01 Par Value		$80,579,353		6,506,354		$12.38

*	Maximum offering price $12.77, $10.66 and $13.15 (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, 2012 (UNAUDITED)
	LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Assets
Investment securities in affiliates, at value (cost of $234,196,426, $414,457,097 and $112,880,283, respectively)		$261,450,746		$461,610,564			$121,329,947
Cash		53,715		99,745			24,454
Receivable for capital shares sold		393,140		1,081,098			285,174
Distributions receivable from affiliates		118,143		178,002			39,746
		262,015,744		462,969,409			121,679,321

Liabilities
Payable for investments purchased		197,927		670,818			221,865
Payable for capital shares redeemed		276,655		443,638			94,292
Accrued administrative fees		28,555		57,578			12,703
Distribution and service fees payable		27,029		45,621			12,610
		530,166		1,217,655			341,470

Net Assets		$261,485,578		$461,751,754			$121,337,851

Net Assets Consist of:
Capital (par value and paid-in surplus)		$231,561,560		$423,245,567			$111,769,550
Undistributed net investment income		66,969		80,670			15,089
Accumulated undistributed net realized gain (loss)		2,602,729		(8,727,950	)		1,103,548
Net unrealized appreciation		27,254,320		47,153,467			8,449,664
		$261,485,578		$461,751,754			$121,337,851


Fund/Class	Net assets		Shares outstanding		Net asset value per share
LIVESTRONG 2040 Portfolio
Investor Class, $0.01 Par Value		$67,520,270		6,774,769		$9.97
Institutional Class, $0.01 Par Value		$84,720,766		8,502,676		$9.96
A Class, $0.01 Par Value		$86,158,568		8,647,188		$9.96	*
C Class, $0.01 Par Value		$321,693		32,269		$9.97
R Class, $0.01 Par Value		$22,764,281		2,286,050		$9.96
LIVESTRONG 2045 Portfolio
Investor Class, $0.01 Par Value		$180,205,071		14,521,843		$12.41
Institutional Class, $0.01 Par Value		$109,121,271		8,789,462		$12.42
A Class, $0.01 Par Value		$123,063,994		9,922,726		$12.40	*
C Class, $0.01 Par Value		$418,041		33,659		$12.42
R Class, $0.01 Par Value		$48,943,377		3,945,235		$12.41
LIVESTRONG 2050 Portfolio
Investor Class, $0.01 Par Value		$30,210,523		3,102,583		$9.74
Institutional Class, $0.01 Par Value		$41,348,475		4,243,207		$9.74
A Class, $0.01 Par Value		$38,271,289		3,931,338		$9.73	*
C Class, $0.01 Par Value		$403,660		41,396		$9.75
R Class, $0.01 Par Value		$11,103,904		1,140,378		$9.74

*	Maximum offering price $10.57, $13.16 and $10.32 (net asset value divided by 0.9425) for LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio and LIVESTRONG 2050 Portfolio, respectively.

See Notes to Financial Statements.

JANUARY 31, 2012 (UNAUDITED)
	LIVESTRONG 2055 Portfolio
Assets
Investment securities in affiliates, at value (cost of $4,370,790)		$4,539,645
Cash		643
Receivable for capital shares sold		15,418
Distributions receivable from affiliates		1,274
		4,556,980

Liabilities
Payable for investments purchased		7,406
Payable for capital shares redeemed		8,911
Accrued administrative fees		400
Distribution and service fees payable		267
		16,984

Net Assets		$4,539,996

Net Assets Consist of:
Capital (par value and paid-in surplus)		$4,361,435
Undistributed net investment income		569
Undistributed net realized gain		9,137
Net unrealized appreciation		168,855
		$4,539,996


Fund/Class	Net assets		Shares outstanding		Net asset value per share
LIVESTRONG 2055 Portfolio
Investor Class, $0.01 Par Value		$1,367,354		138,932		$9.84
Institutional Class, $0.01 Par Value		$1,963,796		199,519		$9.84
A Class, $0.01 Par Value		$1,013,174		103,015		$9.84	*
C Class, $0.01 Par Value		$10,643		1,083		$9.83
R Class, $0.01 Par Value		$185,029		18,809		$9.84

*	Maximum offering price $10.44 (net asset value divided by 0.9425) for LIVESTRONG 2055 Portfolio.

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED)
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$5,225,617			$13,068,286			$7,834,531

Expenses:
Administrative fees:
Investor Class		85,682			328,603			116,718
A Class		89,328			192,003			131,009
C Class		553			1,018			625
R Class		24,686			61,248			37,450
Distribution and service fees:
A Class		111,660			240,003			163,761
C Class		2,762			5,091			3,127
R Class		61,716			153,119			93,626
Directors’ fees and expenses		7,341			17,726			10,911
		383,728			998,811			557,227

Net investment income (loss)		4,841,889			12,069,475			7,277,304

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		831,457			(1,071,867	)		211,335
Capital gain distributions received from underlying funds		3,577,596			9,378,080			5,947,519
		4,409,053			8,306,213			6,158,854

Change in net unrealized appreciation (depreciation) on investments in underlying funds		(1,567,875	)		(2,065,223	)		(2,723,714	)

Net realized and unrealized gain (loss) on affiliates		2,841,178			6,240,990			3,435,140

Net Increase (Decrease) in Net Assets Resulting from Operations		$7,683,067			$18,310,465			$10,712,444

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED)
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio			LIVESTRONG 2035 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$16,728,724			$6,046,213			$10,173,190

Expenses:
Administrative fees:
Investor Class		426,869			88,593			279,456
A Class		255,050			120,992			182,654
C Class		1,778			888			645
R Class		91,955			36,212			72,189
Distribution and service fees:
A Class		318,813			151,240			228,318
C Class		8,890			4,437			3,227
R Class		229,887			90,530			180,472
Directors’ fees and expenses		24,151			9,655			16,629
		1,357,393			502,547			963,590

Net investment income (loss)		15,371,331			5,543,666			9,209,600

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(3,883,184	)		(35,252	)		(1,714,064	)
Capital gain distributions received from underlying funds		14,297,512			6,056,242			11,223,418
		10,414,328			6,020,990			9,509,354

Change in net unrealized appreciation (depreciation) on investments in underlying funds		(8,273,260	)		(3,910,985	)		(9,699,354	)

Net realized and unrealized gain (loss) on affiliates		2,141,068			2,110,005			(190,000	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$17,512,399			$7,653,671			$9,019,600

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED)
	LIVESTRONG 2040 Portfolio			LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$3,288,877			$5,785,442			$1,350,359

Expenses:
Administrative fees:
Investor Class		53,310			157,990			22,652
A Class		72,128			107,329			31,954
C Class		232			359			277
R Class		18,788			41,745			8,953
Distribution and service fees:
A Class		90,160			134,162			39,942
C Class		1,161			1,795			1,384
R Class		46,969			104,362			22,383
Directors’ fees and expenses		5,512			9,930			2,433
		288,260			557,672			129,978

Net investment income (loss)		3,000,617			5,227,770			1,220,381

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(249,006	)		(2,743,248	)		(195,322	)
Capital gain distributions received from underlying funds		3,892,347			7,183,046			1,813,302
		3,643,341			4,439,798			1,617,980

Change in net unrealized appreciation (depreciation) on investments in underlying funds		(2,963,923	)		(6,543,722	)		(873,021	)

Net realized and unrealized gain (loss) on affiliates		679,418			(2,103,924	)		744,959

Net Increase (Decrease) in Net Assets Resulting from Operations		$3,680,035			$3,123,846			$1,965,340

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED)
	LIVESTRONG 2055 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$33,400

Expenses:
Administrative fees:
Investor Class		707
A Class		558
C Class		5
R Class		65
Distribution and service fees:
A Class		697
C Class		27
R Class		163
Directors’ fees and expenses		45
		2,267

Net investment income (loss)		31,133

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(39,580	)
Capital gain distributions received from underlying funds		50,061
		10,481

Change in net unrealized appreciation (depreciation) on investments in underlying funds		182,582

Net realized and unrealized gain (loss) on affiliates		193,063

Net Increase (Decrease) in Net Assets Resulting from Operations		$224,196

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	LIVESTRONG Income Portfolio						LIVESTRONG 2015 Portfolio
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$4,841,889			$6,005,847			$12,069,475			$13,959,046
Net realized gain (loss)		4,409,053			901,037			8,306,213			1,100,779
Change in net unrealized appreciation (depreciation)		(1,567,875	)		21,890,812			(2,065,223	)		57,062,232
Net increase (decrease) in net assets resulting from operations		7,683,067			28,797,696			18,310,465			72,122,057

Distributions to Shareholders
From net investment income:
Investor Class		(1,430,249	)		(1,724,983	)		(7,838,571	)		(5,333,544	)
Institutional Class		(1,714,942	)		(2,309,912	)		(4,072,861	)		(3,791,219	)
A Class		(1,389,237	)		(1,561,535	)		(4,143,809	)		(2,591,640	)
C Class		(6,687	)		(2,247	)		(15,317	)		(4,239	)
R Class		(368,499	)		(345,895	)		(1,171,673	)		(733,657	)
Decrease in net assets from distributions		(4,909,614	)		(5,944,572	)		(17,242,231	)		(12,454,299	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		31,176,949			53,820,893			81,097,925			155,640,909

Net increase (decrease) in net assets		33,950,402			76,674,017			82,166,159			215,308,667

Net Assets
Beginning of period		299,044,288			222,370,271			735,515,896			520,207,229
End of period		$332,994,690			$299,044,288			$817,682,055			$735,515,896

Undistributed net investment income		$208,464			$276,189			$486,701			$5,659,457

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	LIVESTRONG 2020 Portfolio						LIVESTRONG 2025 Portfolio
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$7,277,304			$7,600,129			$15,371,331			$16,947,593
Net realized gain (loss)		6,158,854			1,064,921			10,414,328			643,480
Change in net unrealized appreciation (depreciation)		(2,723,714	)		33,449,748			(8,273,260	)		91,238,346
Net increase (decrease) in net assets resulting from operations		10,712,444			42,114,798			17,512,399			108,829,419

Distributions to Shareholders
From net investment income:
Investor Class		(2,737,667	)		(1,251,611	)		(9,508,130	)		(6,320,322	)
Institutional Class		(4,008,922	)		(3,174,240	)		(5,441,026	)		(4,809,062	)
A Class		(2,725,776	)		(1,600,256	)		(5,135,370	)		(2,997,497	)
C Class		(9,415	)		(1,434	)		(23,576	)		(6,415	)
R Class		(683,076	)		(313,422	)		(1,626,743	)		(858,031	)
From net realized gains:
Investor Class		(415,933	)		(21,207	)		—			—
Institutional Class		(558,701	)		(48,531	)		—			—
A Class		(466,808	)		(31,282	)		—			—
C Class		(2,605	)		(52	)		—			—
R Class		(134,029	)		(7,252	)		—			—
Decrease in net assets from distributions		(11,742,932	)		(6,449,287	)		(21,734,845	)		(14,991,327	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		90,366,524			132,548,877			104,869,136			234,218,288

Net increase (decrease) in net assets		89,336,036			168,214,388			100,646,690			328,056,380

Net Assets
Beginning of period		435,636,866			267,422,478			1,015,830,426			687,774,046
End of period		$524,972,902			$435,636,866			$1,116,477,116			$1,015,830,426

Undistributed net investment income		$298,370			$3,185,922			$562,152			$6,925,666

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	LIVESTRONG 2030 Portfolio						LIVESTRONG 2035 Portfolio
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012				July 31, 2011
Operations
Net investment income (loss)		$5,543,666			$5,211,275			$9,209,600				$9,234,986
Net realized gain (loss)	��	6,020,990			565,675			9,509,354				(236,088	)
Change in net unrealized appreciation (depreciation)		(3,910,985	)		32,437,621			(9,699,354	)			68,489,867
Net increase (decrease) in net assets resulting from operations		7,653,671			38,214,571			9,019,600				77,488,765

Distributions to Shareholders
From net investment income:
Investor Class		(1,830,257	)		(699,294	)		(5,407,506	)			(3,478,203	)
Institutional Class		(3,077,742	)		(2,191,429	)		(3,029,165	)			(2,410,054	)
A Class		(2,149,526	)		(1,152,037	)		(3,139,941	)			(1,691,054	)
C Class		(9,176	)		(1,835	)		(6,446	)			(1,324	)
R Class		(543,391	)		(230,484	)		(1,032,297	)			(535,965	)
From net realized gains:
Investor Class		(232,302	)		(9,274	)		—				—
Institutional Class		(353,815	)		(25,676	)		—				—
A Class		(313,828	)		(18,301	)		—				—
C Class		(2,436	)		(71	)		—				—
R Class		(93,365	)		(4,560	)		—				—
Decrease in net assets from distributions		(8,605,838	)		(4,332,961	)		(12,615,355	)			(8,116,600	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		82,301,574			119,289,463			88,090,827				171,881,322

Net increase (decrease) in net assets		81,349,407			153,171,073			84,495,072				241,253,487

Net Assets
Beginning of period		372,576,839			219,405,766			677,719,559				436,466,072
End of period		$453,926,246			$372,576,839			$762,214,631		��		$677,719,559

Undistributed net investment income		$195,519			$2,261,945			$250,813				$3,656,568

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011
	LIVESTRONG 2040 Portfolio						LIVESTRONG 2045 Portfolio
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$3,000,617			$2,514,633			$5,227,770			$4,981,567
Net realized gain (loss)		3,643,341			406,719			4,439,798			127,884
Change in net unrealized appreciation (depreciation)		(2,963,923	)		19,668,743			(6,543,722	)		43,454,062
Net increase (decrease) in net assets resulting from operations		3,680,035			22,590,095			3,123,846			48,563,513

Distributions to Shareholders
From net investment income:
Investor Class		(1,011,328	)		(356,923	)		(2,811,079	)		(1,700,220	)
Institutional Class		(1,534,527	)		(974,609	)		(1,950,150	)		(1,510,177	)
A Class		(1,150,842	)		(588,456	)		(1,677,792	)		(855,162	)
C Class		(1,828	)		(370	)		(2,642	)		(844	)
R Class		(253,308	)		(104,220	)		(547,065	)		(234,012	)
From net realized gains:
Investor Class		(155,119	)		(2,106	)		—			—
Institutional Class		(211,151	)		(5,017	)		—			—
A Class		(206,049	)		(4,245	)		—			—
C Class		(658	)		(8	)		—			—
R Class		(54,461	)		(967	)		—			—
Decrease in net assets from distributions		(4,579,271	)		(2,036,921	)		(6,988,728	)		(4,300,415	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		50,888,020			76,311,904			53,099,147			122,889,608

Net increase (decrease) in net assets		49,988,784			96,865,078			49,234,265			167,152,706

Net Assets
Beginning of period		211,496,794			114,631,716			412,517,489			245,364,783
End of period		$261,485,578			$211,496,794			$461,751,754			$412,517,489

Undistributed net investment income		$66,969			$1,018,185			$80,670			$1,841,628

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2012 (UNAUDITED) AND YEAR ENDED JULY 31, 2011 (EXCEPT AS NOTED)
	LIVESTRONG 2050 Portfolio						LIVESTRONG 2055 Portfolio
Increase (Decrease) in Net Assets	January 31, 2012			July 31, 2011			January 31, 2012			July 31, 2011(1)
Operations
Net investment income (loss)		$1,220,381			$812,257			$31,133			$1,637
Net realized gain (loss)		1,617,980			58,773			10,481			(1,344	)
Change in net unrealized appreciation (depreciation)		(873,021	)		7,050,407			182,582			(13,727	)
Net increase (decrease) in net assets resulting from operations		1,965,340			7,921,437			224,196			(13,434	)

Distributions to Shareholders
From net investment income:
Investor Class		(373,242	)		(138,426	)		(11,220	)		—
Institutional Class		(608,639	)		(246,806	)		(13,191	)		—
A Class		(447,045	)		(190,143	)		(6,923	)		—
C Class		(1,921	)		(128	)		(14	)		—
R Class		(102,650	)		(32,005	)		(876	)		—
From net realized gains:
Investor Class		(39,193	)		(3,036	)		—			—
Institutional Class		(56,556	)		(4,632	)		—	��		—
A Class		(56,066	)		(5,288	)		—			—
C Class		(578	)		(18	)		—			—
R Class		(15,980	)		(1,216	)		—			—
Decrease in net assets from distributions		(1,701,870	)		(621,698	)		(32,224	)		—

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		32,781,421			45,713,998			3,546,569			814,889

Net increase (decrease) in net assets		33,044,891			53,013,737			3,738,541			801,455

Net Assets
Beginning of period		88,292,960			35,279,223			801,455			—
End of period		$121,337,851			$88,292,960			$4,539,996			$801,455

Undistributed net investment income		$15,089			$328,205			$569			$1,660

(1)	March 31, 2011 (fund inception) through July 31, 2011.

See Notes to Financial Statements.

Notes to Financial Statements

JANUARY 31, 2012 (UNAUDITED)

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. 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 and LIVESTRONG 2055 Portfolio (collectively, the funds) are ten 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 funds will assume the risks associated with their underlying funds. The investment objective of LIVESTRONG Income Portfolio is to seek current income. Capital appreciation is a secondary objective. The investment objectives of the nine 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. All classes of the LIVESTRONG 2055 Portfolio commenced sale on March 31, 2011, the fund’s inception date.

2. Significant Accounting Policies

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

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 2008. For LIVESTRONG 2020 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2040 Portfolio, LIVESTRONG 2050 Portfolio and LIVESTRONG 2055 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 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 nine target-date LIVESTRONG Portfolios. 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 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, 2012 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., 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.

4. Investment Transactions

Investment transactions for the six months ended January 31, 2012 were as follows:


	LIVESTRONG Income Portfolio		LIVESTRONG 2015 Portfolio		LIVESTRONG 2020 Portfolio		LIVESTRONG 2025 Portfolio		LIVESTRONG 2030 Portfolio
Purchases		$73,455,515		$166,769,134		$132,183,779		$229,207,019		$117,298,542
Sales		$38,999,332		$81,575,633		$40,341,359		$116,557,625		$32,018,429


	LIVESTRONG 2035 Portfolio		LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio		LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Purchases		$157,251,260		$71,747,190		$102,422,277		$42,458,416		$4,058,637
Sales		$61,531,724		$18,580,034		$44,054,949		$8,352,092		$463,449

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, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG Income Portfolio
Investor Class
Sold		2,247,415			$24,670,895			3,867,867			$42,746,431
Issued in reinvestment of distributions		127,753			1,392,472			155,283			1,683,466
Redeemed		(1,135,891	)		(12,466,211	)		(6,712,956	)		(72,499,924	)
		1,239,277			13,597,156			(2,689,806	)		(28,070,027	)
Institutional Class
Sold		1,445,448			15,901,588			7,608,774			81,683,539
Issued in reinvestment of distributions		157,498			1,714,919			211,596			2,309,880
Redeemed		(1,408,227	)		(15,292,407	)		(2,313,001	)		(25,510,658	)
		194,719			2,324,100			5,507,369			58,482,761
A Class
Sold		2,110,838			23,108,614			2,975,540			32,599,481
Issued in reinvestment of distributions		112,308			1,224,559			130,319			1,418,248
Redeemed		(1,231,323	)		(13,446,400	)		(1,975,483	)		(21,576,962	)
		991,823			10,886,773			1,130,376			12,440,767
C Class
Sold		11,471			124,905			46,109			511,586
Issued in reinvestment of distributions		605			6,623			204			2,247
Redeemed		(4,255	)		(46,186	)		(1,822	)		(20,716	)
		7,821			85,342			44,491			493,117
R Class
Sold		705,939			7,755,795			1,591,574			17,255,984
Issued in reinvestment of distributions		32,379			353,142			30,276			329,787
Redeemed		(348,873	)		(3,825,359	)		(649,385	)		(7,111,496	)
		389,445			4,283,578			972,465			10,474,275
Net increase (decrease)		2,823,085			$31,176,949			4,964,895			$53,820,893


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2015 Portfolio
Investor Class
Sold		5,706,139			$65,853,143			11,156,886			$128,979,615
Issued in reinvestment of distributions		663,845			7,640,848			456,276			5,196,986
Redeemed		(3,216,239	)		(37,027,581	)		(10,863,090	)		(123,997,448	)
		3,153,745			36,466,410			750,072			10,179,153
Institutional Class
Sold		1,347,567			15,589,872			9,277,338			105,509,436
Issued in reinvestment of distributions		353,831			4,072,600			332,835			3,790,986
Redeemed		(2,104,618	)		(24,086,478	)		(2,524,446	)		(29,360,607	)
		(403,220	)		(4,424,006	)		7,085,727			79,939,815
A Class
Sold		5,310,367			61,121,709			7,720,590			88,905,443
Issued in reinvestment of distributions		302,857			3,485,888			198,382			2,259,566
Redeemed		(2,422,663	)		(27,916,625	)		(3,656,632	)		(42,235,354	)
		3,190,561			36,690,972			4,262,340			48,929,655
C Class
Sold		53,834			621,159			61,713			710,815
Issued in reinvestment of distributions		1,016			11,713			324			3,701
Redeemed		(10,378	)		(118,004	)		(108	)		(1,242	)
		44,472			514,868			61,929			713,274
R Class
Sold		1,670,980			19,192,516			2,913,661			33,525,194
Issued in reinvestment of distributions		95,611			1,100,478			58,136			662,176
Redeemed		(737,185	)		(8,443,313	)		(1,584,978	)		(18,308,358	)
		1,029,406			11,849,681			1,386,819			15,879,012
Net increase (decrease)		7,014,964			$81,097,925			13,546,887			$155,640,909


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2020 Portfolio
Investor Class
Sold		5,170,352			$51,960,089			6,865,875			$68,849,965
Issued in reinvestment of distributions		315,956			3,146,918			127,634			1,268,657
Redeemed		(1,411,009	)		(14,112,275	)		(10,504,064	)		(103,745,796	)
		4,075,299			40,994,732			(3,510,555	)		(33,357,174	)
Institutional Class
Sold		1,841,786			18,520,770			13,414,480			132,514,016
Issued in reinvestment of distributions		458,924			4,566,297			324,222			3,222,771
Redeemed		(1,350,460	)		(13,505,710	)		(2,218,519	)		(22,406,681	)
		950,250			9,581,357			11,520,183			113,330,106
A Class
Sold		3,827,933			38,322,187			5,445,993			54,732,597
Issued in reinvestment of distributions		311,638			3,100,800			163,615			1,626,334
Redeemed		(1,214,102	)		(12,133,246	)		(2,266,762	)		(22,813,355	)
		2,925,469			29,289,741			3,342,846			33,545,576
C Class
Sold		40,449			407,599			45,936			470,849
Issued in reinvestment of distributions		1,069			10,665			149			1,486
Redeemed		(9,342	)		(92,675	)		(1,290	)		(13,184	)
		32,176			325,589			44,795			459,151
R Class
Sold		1,455,173			14,603,034			2,453,434			24,730,819
Issued in reinvestment of distributions		78,413			780,992			31,418			312,291
Redeemed		(520,909	)		(5,208,921	)		(642,886	)		(6,471,892	)
		1,012,677			10,175,105			1,841,966			18,571,218
Net increase (decrease)		8,995,871			$90,366,524			13,239,235			$132,548,877


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2025 Portfolio
Investor Class
Sold		6,138,875			$71,504,621			12,752,896			$150,342,919
Issued in reinvestment of distributions		802,271			9,322,387			530,420			6,174,094
Redeemed		(3,204,615	)		(37,292,811	)		(14,626,385	)		(168,543,171	)
		3,736,531			43,534,197			(1,343,069	)		(12,026,158	)
Institutional Class
Sold		2,808,567			32,790,057			13,600,216			156,668,821
Issued in reinvestment of distributions		468,061			5,438,871			413,076			4,808,201
Redeemed		(3,347,258	)		(37,994,503	)		(2,451,632	)		(29,060,912	)
		(70,630	)		234,425			11,561,660			132,416,110
A Class
Sold		6,497,699			75,462,355			10,405,113			121,888,544
Issued in reinvestment of distributions		376,396			4,373,716			221,596			2,579,376
Redeemed		(3,068,846	)		(35,656,337	)		(3,848,946	)		(45,394,188	)
		3,805,249			44,179,734			6,777,763			79,073,732
C Class
Sold		74,992			874,266			100,115			1,180,327
Issued in reinvestment of distributions		1,990			23,185			528			6,163
Redeemed		(13,857	)		(163,311	)		(3,355	)		(40,211	)
		63,125			734,140			97,288			1,146,279
R Class
Sold		2,293,315			26,729,574			4,399,874			51,593,119
Issued in reinvestment of distributions		129,525			1,505,082			64,903			755,471
Redeemed		(1,039,798	)		(12,048,016	)		(1,587,166	)		(18,740,265	)
		1,383,042			16,186,640			2,877,611			33,608,325
Net increase (decrease)		8,917,317			$104,869,136			19,971,253			$234,218,288


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2030 Portfolio
Investor Class
Sold		4,258,569			$41,527,052			5,363,095			$52,926,770
Issued in reinvestment of distributions		212,068			2,054,940			71,995			704,106
Redeemed		(938,601	)		(9,142,343	)		(9,046,568	)		(86,396,863	)
		3,532,036			34,439,649			(3,611,478	)		(32,765,987	)
Institutional Class
Sold		1,960,517			19,075,692			11,718,795			112,747,909
Issued in reinvestment of distributions		354,499			3,431,557			226,930			2,217,105
Redeemed		(1,175,823	)		(11,402,764	)		(1,487,108	)		(14,820,482	)
		1,139,193			11,104,485			10,458,617			100,144,532
A Class
Sold		3,624,087			35,147,523			5,438,752			53,421,379
Issued in reinvestment of distributions		248,039			2,401,021			119,652			1,169,003
Redeemed		(886,883	)		(8,592,819	)		(2,205,021	)		(21,646,603	)
		2,985,243			28,955,725			3,353,383			32,943,779
C Class
Sold		49,980			477,290			54,034			539,916
Issued in reinvestment of distributions		1,101			10,689			161			1,578
Redeemed		(5,232	)		(50,216	)		(504	)		(5,215	)
		45,849			437,763			53,691			536,279
R Class
Sold		1,367,155			13,276,198			2,494,652			24,607,018
Issued in reinvestment of distributions		62,434			604,366			23,482			229,425
Redeemed		(666,870	)		(6,516,612	)		(645,225	)		(6,405,583	)
		762,719			7,363,952			1,872,909			18,430,860
Net increase (decrease)		8,465,040			$82,301,574			12,127,122			$119,289,463


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2035 Portfolio
Investor Class
Sold		4,475,612			$53,353,774			7,857,599			$95,418,889
Issued in reinvestment of distributions		447,487			5,320,625			283,143			3,409,036
Redeemed		(1,702,196	)		(20,168,599	)		(7,206,648	)		(85,091,646	)
		3,220,903			38,505,800			934,094			13,736,279
Institutional Class
Sold		1,589,027			18,876,299			7,498,851			88,940,009
Issued in reinvestment of distributions		254,760			3,029,082			199,997			2,409,965
Redeemed		(1,427,395	)		(16,579,384	)		(1,450,179	)		(17,807,836	)
		416,392			5,325,997			6,248,669			73,542,138
A Class
Sold		4,615,874			54,665,680			7,534,662			91,327,934
Issued in reinvestment of distributions		222,857			2,649,773			119,673			1,440,869
Redeemed		(1,946,739	)		(23,011,265	)		(3,161,740	)		(38,247,261	)
		2,891,992			34,304,188			4,492,595			54,521,542
C Class
Sold		31,510			378,907			46,298			564,443
Issued in reinvestment of distributions		531			6,328			110			1,324
Redeemed		(5,591	)		(64,961	)		(3,789	)		(46,245	)
		26,450			320,274			42,619			519,522
R Class
Sold		1,673,733			19,880,942			3,730,770			45,259,912
Issued in reinvestment of distributions		80,668			959,142			39,416			474,568
Redeemed		(941,633	)		(11,205,516	)		(1,316,014	)		(16,172,639	)
		812,768			9,634,568			2,454,172			29,561,841
Net increase (decrease)		7,368,505			$88,090,827			14,172,149			$171,881,322


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2040 Portfolio
Investor Class
Sold		2,816,242			$26,968,762			3,121,276			$30,538,435
Issued in reinvestment of distributions		122,039			1,164,244			36,838			358,439
Redeemed		(556,303	)		(5,315,754	)		(3,577,668	)		(33,694,763	)
		2,381,978			22,817,252			(419,554	)		(2,797,889	)
Institutional Class
Sold		1,379,370			13,112,046			6,006,881			57,724,990
Issued in reinvestment of distributions		183,177			1,745,678			100,681			979,626
Redeemed		(811,910	)		(7,723,131	)		(943,462	)		(9,346,083	)
		750,637			7,134,593			5,164,100			49,358,533
A Class
Sold		2,342,602			22,379,633			3,386,044			33,115,794
Issued in reinvestment of distributions		137,747			1,314,106			60,882			592,379
Redeemed		(727,186	)		(6,905,825	)		(1,398,781	)		(13,590,131	)
		1,753,163			16,787,914			2,048,145			20,118,042
C Class
Sold		18,027			168,747			14,000			140,277
Issued in reinvestment of distributions		249			2,382			39			378
Redeemed		(7,323	)		(67,536	)		(592	)		(6,005	)
		10,953			103,593			13,447			134,650
R Class
Sold		784,905			7,520,584			1,342,347			13,157,079
Issued in reinvestment of distributions		30,789			293,420			10,511			102,270
Redeemed		(389,760	)		(3,769,336	)		(386,730	)		(3,760,781	)
		425,934			4,044,668			966,128			9,498,568
Net increase (decrease)		5,322,665			$50,888,020			7,772,266			$76,311,904


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2045 Portfolio
Investor Class
Sold		2,782,270			$33,002,678			5,094,092			$62,481,188
Issued in reinvestment of distributions		232,611			2,756,448			137,157			1,662,335
Redeemed		(1,024,498	)		(12,117,778	)		(3,184,460	)		(38,024,344	)
		1,990,383			23,641,348			2,046,789			26,119,179
Institutional Class
Sold		1,615,284			19,101,260			4,498,010			53,455,953
Issued in reinvestment of distributions		164,394			1,949,717			124,561			1,509,685
Redeemed		(1,756,178	)		(20,090,914	)		(1,194,531	)		(14,654,783	)
		23,500			960,063			3,428,040			40,310,855
A Class
Sold		2,750,836			32,467,994			4,662,028			56,851,789
Issued in reinvestment of distributions		126,180			1,495,230			63,916			774,024
Redeemed		(1,266,742	)		(14,958,289	)		(1,662,022	)		(20,214,587	)
		1,610,274			19,004,935			3,063,922			37,411,226
C Class
Sold		6,839			80,903			25,168			306,827
Issued in reinvestment of distributions		222			2,633			70			844
Redeemed		(2,399	)		(27,271	)		(1,746	)		(20,523	)
		4,662			56,265			23,492			287,148
R Class
Sold		1,189,774			14,095,295			2,181,976			26,647,337
Issued in reinvestment of distributions		43,449			515,302			17,525			212,407
Redeemed		(438,458	)		(5,174,061	)		(654,923	)		(8,098,544	)
		794,765			9,436,536			1,544,578			18,761,200
Net increase (decrease)		4,423,584			$53,099,147			10,106,821			$122,889,608


	Six months ended January 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2050 Portfolio
Investor Class
Sold		1,388,684			$12,955,759			1,500,061			$14,391,166
Issued in reinvestment of distributions		44,258			411,156			14,770			140,608
Redeemed		(358,200	)		(3,283,017	)		(697,174	)		(6,488,405	)
		1,074,742			10,083,898			817,657			8,043,369
Institutional Class
Sold		1,511,867			13,984,083			2,732,002			26,246,124
Issued in reinvestment of distributions		71,526			665,195			26,412			251,438
Redeemed		(452,017	)		(4,136,706	)		(648,954	)		(6,326,069	)
		1,131,376			10,512,572			2,109,460			20,171,493
A Class
Sold		1,262,609			11,678,267			2,117,804			20,226,086
Issued in reinvestment of distributions		53,153			493,789			20,528			195,431
Redeemed		(393,433	)		(3,645,803	)		(725,333	)		(6,974,110	)
		922,329			8,526,253			1,412,999			13,447,407
C Class
Sold		37,518			333,903			8,259			77,698
Issued in reinvestment of distributions		257			2,392			15			146
Redeemed		(8,230	)		(75,911	)		(227	)		(2,208	)
		29,545			260,384			8,047			75,636
R Class
Sold		447,832			4,190,898			582,450			5,627,679
Issued in reinvestment of distributions		12,279			114,191			3,259			31,025
Redeemed		(97,035	)		(906,775	)		(173,457	)		(1,682,611	)
		363,076			3,398,314			412,252			3,976,093
Net increase (decrease)		3,521,068			$32,781,421			4,760,415			$45,713,998


	Six months ended January 31, 2012						Period ended July 31, 2011(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2055 Portfolio
Investor Class
Sold		116,632			$1,089,511			45,465			$458,728
Issued in reinvestment of distributions		1,193			11,205			—			—
Redeemed		(18,245	)		(172,228	)		(6,113	)		(61,520	)
		99,580			928,488			39,352			397,208
Institutional Class
Sold		188,301			1,763,233			38,584			388,975
Issued in reinvestment of distributions		1,405			13,191			—			—
Redeemed		(28,408	)		(268,548	)		(363	)		(3,718	)
		161,298			1,507,876			38,221			385,257
A Class
Sold		106,696			987,782			2,113			21,314
Issued in reinvestment of distributions		738			6,923			—			—
Redeemed		(6,532	)		(60,660	)		—			—
		100,902			934,045			2,113			21,314
C Class
Sold		581			5,597			500			5,000
Issued in reinvestment of distributions		2			14			—			—
		583			5,611			500			5,000
R Class
Sold		18,714			175,239			611			6,110
Issued in reinvestment of distributions		93			876			—			—
Redeemed		(609	)		(5,566	)		—			—
		18,198			170,549			611			6,110
Net increase (decrease)		380,561			$3,546,569			80,797			$814,889

(1)	March 31, 2011 (fund inception) through July 31, 2011.

6. Affiliated Company Transactions


	July 31, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG Income Portfolio
NT Core Equity Plus Fund Institutional Class		—		$9,477,855		$36,288		$218			$3,881		943,317		$9,951,990
NT Equity Growth Fund Institutional Class		3,809,560		7,815,710		11,622,553		974,524			1,619,247		3,355,138		33,081,665
NT Growth Fund Institutional Class		1,547,706		4,020,158		1,226,768		(72,192	)		637,936		1,803,605		21,931,832
NT Large Company Value Fund Institutional Class		3,811,026		5,743,303		3,278,080		(279,256	)		379,221		4,158,165		36,259,198
NT Mid Cap Value Fund Institutional Class		1,141,255		2,782,607		674,954		(76,928	)		1,107,332		1,379,322		13,338,045
NT Small Company Fund Institutional Class		656,316		1,642,945		448,689		(25,261	)		521,598		814,823		6,763,034
NT Vista Fund Institutional Class		676,274		2,055,047		631,947		(49,357	)		123,977		832,256		8,372,497
Real Estate Fund Institutional Class		142,599		555,883		212,570		(2,341	)		45,610		160,402		3,437,423
High-Yield Fund Institutional Class		1,865,156		1,512,879		210,765		(14,268	)		556,199		2,092,368		12,512,360
Inflation-Adjusted Bond Fund Institutional Class		1,839,721		3,916,688		2,459,668		226,376			703,929		1,936,190		25,209,196
NT Diversified Bond Fund Institutional Class		7,438,053		19,023,309		11,872,483		179,834			2,499,795		8,082,028		88,740,665
Premium Money Market Fund Investor Class		30,139,926		5,724,755		2,846,715		—			1,508		33,017,966		33,017,966
International Bond Fund Institutional Class		1,415,907		4,579,313		1,921,526		57,248			471,815		1,600,980		23,262,242
NT International Growth Fund Institutional Class		1,444,074		4,605,063		724,869		(87,140	)		131,165		1,899,431		16,885,940
				$73,455,515		$38,167,875		$831,457			$8,803,213				$332,764,053

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


	July 31, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2015 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$23,000,156		—		—			$9,784		2,299,408		$24,258,750
NT Equity Growth Fund Institutional Class		9,141,749		16,738,077		$28,503,891		$(352,251	)		4,018,722		8,073,536		79,605,061
NT Growth Fund Institutional Class		4,325,052		8,851,165		2,394,872		(98,099	)		1,806,933		4,920,198		59,829,604
NT Large Company Value Fund Institutional Class		9,352,451		11,738,526		6,063,057		(987,526	)		958,799		10,235,685		89,255,170
NT Mid Cap Value Fund Institutional Class		3,137,879		6,566,176		662,966		(57,841	)		3,168,593		3,785,734		36,608,049
NT Small Company Fund Institutional Class		1,574,723		3,697,449		687,690		(65,714	)		1,334,639		1,979,747		16,431,896
NT Vista Fund Institutional Class		2,078,971		4,628,756		1,213,918		(88,591	)		378,231		2,455,292		24,700,241
Real Estate Fund Institutional Class		420,418		1,142,342		558,888		17,522			133,693		451,230		9,669,867
High-Yield Fund Institutional Class		4,444,513		3,771,315		65,760		(4,817	)		1,362,672		5,089,508		30,435,258
Inflation-Adjusted Bond Fund Institutional Class		4,430,842		10,201,463		6,127,157		617,447			1,745,747		4,701,210		61,209,757
NT Diversified Bond Fund Institutional Class		17,850,926		41,060,799		24,747,275		167,395			6,094,449		19,335,521		212,304,017
Premium Money Market Fund Investor Class		61,073,697		13,219,285		5,250,088		—			3,123		69,042,894		69,042,894
International Bond Fund Institutional Class		3,174,979		10,695,688		4,390,292		29,999			1,064,005		3,620,636		52,607,842
NT Emerging Markets Fund Institutional Class(2)		609,882		646,435		195,156		(29,371	)		—		661,028		6,174,005
NT International Growth Fund Institutional Class		4,034,890		10,811,502		1,786,490		(220,020	)		366,976		5,111,349		45,439,896
				$166,769,134		$82,647,500		$(1,071,867	)		$22,446,366				$817,572,307

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2020 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$14,886,805		—		—			$5,968		1,485,432		$15,671,306
NT Equity Growth Fund Institutional Class		5,291,922		11,696,477		$14,540,654		$161,517			2,361,616		5,044,447		49,738,246
NT Growth Fund Institutional Class		2,988,657		7,848,702		1,440,064		(78,140	)		1,245,309		3,565,133		43,352,022
NT Large Company Value Fund Institutional Class		5,669,354		9,828,556		1,292,682		(108,007	)		585,085		6,740,819		58,779,941
NT Mid Cap Value Fund Institutional Class		2,188,104		6,084,431		—		—			2,236,263		2,842,019		27,482,328
NT Small Company Fund Institutional Class		1,012,997		2,454,880		598,460		(45,222	)		804,828		1,262,567		10,479,308
NT Vista Fund Institutional Class		1,620,383		4,536,193		325,681		(34,606	)		306,887		2,071,378		20,838,059
Real Estate Fund Institutional Class		298,974		1,111,067		192,710		1,101			98,188		346,951		7,435,151
High-Yield Fund Institutional Class		2,516,284		3,491,891		71,554		(5,250	)		781,038		3,105,578		18,571,354
Inflation-Adjusted Bond Fund Institutional Class		2,488,738		9,137,842		3,606,346		321,663			1,015,870		2,894,862		37,691,108
NT Diversified Bond Fund Institutional Class		10,138,888		33,251,120		13,026,329		59,418			3,557,105		11,991,060		131,661,843
NT Emerging Markets Fund Institutional Class(2)		742,812		2,286,341		—		—			—		1,001,042		9,349,732
NT International Growth Fund Institutional Class		2,787,782		9,294,061		294,032		(47,487	)		262,765		3,843,170		34,165,784
Premium Money Market Fund Investor Class		25,265,656		8,588,705		2,467,806		—			1,321		31,386,555		31,386,555
International Bond Fund Institutional Class		1,568,846		7,686,708		2,273,706		(13,652	)		519,807		1,952,111		28,364,170
				$132,183,779		$40,130,024		$211,335			$13,782,050				$524,966,907

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2025 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$31,441,789		—		—			$13,186		3,142,530		$33,153,693
NT Equity Growth Fund Institutional Class		12,208,924		18,094,051		$36,935,381		$(1,360,962	)		5,167,935		10,494,558		103,476,343
NT Growth Fund Institutional Class		8,138,978		16,252,875		7,344,402		(563,653	)		3,258,693		8,990,158		109,320,323
NT Large Company Value Fund Institutional Class		13,743,641		13,381,714		6,823,419		(1,162,203	)		1,365,311		14,703,431		128,213,922
NT Mid Cap Value Fund Institutional Class		5,352,697		11,019,417		2,197,666		(319,154	)		5,180,353		6,340,608		61,313,681
NT Small Company Fund Institutional Class		3,228,528		6,974,064		2,249,594		(189,784	)		2,543,921		3,879,771		32,202,102
NT Vista Fund Institutional Class		4,367,045		11,172,839		2,897,457		(300,015	)		811,858		5,289,286		53,210,220
Real Estate Fund Institutional Class		825,558		2,567,112		1,492,413		(12,316	)		257,332		881,044		18,880,781
High-Yield Fund Institutional Class		5,482,852		4,059,550		287,951		(29,732	)		1,634,113		6,135,338		36,689,320
Inflation-Adjusted Bond Fund Institutional Class		5,404,546		12,733,642		8,882,282		715,679			2,069,920		5,650,244		73,566,175
NT Diversified Bond Fund Institutional Class		21,697,686		55,642,424		36,275,121		204,697			7,291,383		23,465,630		257,652,621
NT Emerging Markets Fund Institutional Class(2)		2,383,190		7,113,524		724,795		(119,931	)		—		3,130,447		29,238,379
NT International Growth Fund Institutional Class		7,785,848		19,034,998		4,282,694		(664,358	)		680,236		9,596,072		85,309,079
Premium Money Market Fund Investor Class		51,475,048		10,126,859		6,496,564		—			2,497		55,105,343		55,105,343
International Bond Fund Institutional Class		2,248,422		9,592,161		3,551,070		(81,452	)		749,498		2,683,510		38,991,394
				$229,207,019		$120,440,809		$(3,883,184	)		$31,026,236				$1,116,323,376

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2030 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$13,963,659		—		—			$5,638		1,393,492		$14,701,340
NT Equity Growth Fund Institutional Class		4,576,108		9,641,977		$13,271,904		$5,751			2,011,934		4,248,450		41,889,715
NT Growth Fund Institutional Class		3,575,184		9,913,913		903,597		(59,466	)		1,541,952		4,376,014		53,212,334
NT Large Company Value Fund Institutional Class		5,302,532		9,228,528		839,626		(69,306	)		551,732		6,349,123		55,364,353
NT Mid Cap Value Fund Institutional Class		1,884,291		5,382,914		—		—			1,953,238		2,459,085		23,779,351
NT Small Company Fund Institutional Class		1,610,307		4,123,126		387,315		(36,250	)		1,356,760		2,099,279		17,424,013
NT Vista Fund Institutional Class		1,724,400		5,024,239		123,197		(14,553	)		332,129		2,242,006		22,554,577
Real Estate Fund Institutional Class		343,442		1,340,586		148,326		(1,332	)		115,876		406,425		8,709,697
High-Yield Fund Institutional Class		1,808,624		2,906,677		248,205		(18,145	)		569,990		2,270,350		13,576,694
Inflation-Adjusted Bond Fund Institutional Class		1,761,582		6,869,468		2,735,538		233,218			730,067		2,066,049		26,899,954
NT Diversified Bond Fund Institutional Class		7,112,661		25,557,467		9,805,997		76,149			2,544,743		8,551,171		93,891,860
NT Emerging Markets Fund Institutional Class(2)		1,049,109		3,880,088		24,987		(4,752	)		—		1,488,363		13,901,310
NT International Growth Fund Institutional Class		3,364,661		11,564,695		1,128,857		(153,235	)		316,068		4,600,023		40,894,206
Premium Money Market Fund Investor Class		18,896,501		5,879,119		2,154,165		—			973		22,621,455		22,621,455
International Bond Fund Institutional Class		188,699		2,022,086		281,967		6,669			71,355		309,006		4,489,856
				$117,298,542		$32,053,681		$(35,252	)		$12,102,455				$453,910,715

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2035 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$23,142,534		—		—			$9,699		2,312,627		$24,398,211
NT Equity Growth Fund Institutional Class		8,709,549		10,716,597		$24,244,403		$(846,540	)		3,673,566		7,459,071		73,546,436
NT Growth Fund Institutional Class		7,145,093		12,268,766		563,790		(45,320	)		2,952,896		8,181,878		99,491,636
NT Large Company Value Fund Institutional Class		10,354,278		9,656,268		3,496,335		(636,194	)		1,029,887		11,203,729		97,696,514
NT Mid Cap Value Fund Institutional Class		3,924,103		7,475,558		251,193		(44,036	)		3,864,416		4,706,317		45,510,088
NT Small Company Fund Institutional Class		3,084,092		6,252,415		762,251		(70,880	)		2,532,172		3,814,384		31,659,388
NT Vista Fund Institutional Class		3,697,733		8,251,476		350,875		(38,103	)		694,150		4,546,004		45,732,798
Real Estate Fund Institutional Class		708,485		1,916,275		665,401		(31,424	)		227,870		776,429		16,638,882
High-Yield Fund Institutional Class		2,782,415		2,601,529		30,843		(2,259	)		848,553		3,225,397		19,287,873
Inflation-Adjusted Bond Fund Institutional Class		2,797,469		8,677,704		5,207,885		415,202			1,098,869		3,036,534		39,535,670
NT Diversified Bond Fund Institutional Class		11,340,729		34,598,167		21,183,791		123,128			3,870,615		12,563,574		137,948,043
NT Emerging Markets Fund Institutional Class(2)		2,487,174		6,796,660		1,176,065		(193,980	)		—		3,157,468		29,490,751
NT International Growth Fund Institutional Class		6,548,853		17,611,502		1,954,643		(343,658	)		592,767		8,412,441		74,786,600
Premium Money Market Fund Investor Class		22,327,721		7,285,809		3,358,313		—			1,148		26,255,217		26,255,217
				$157,251,260		$63,245,788		$(1,714,064	)		$21,396,608				$761,978,107

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2040 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$9,240,278		—		—			$3,770		922,602		$9,733,452
NT Equity Growth Fund Institutional Class		2,942,545		6,419,596		$9,123,382		$(181,860	)		1,277,196		2,707,869		26,699,592
NT Growth Fund Institutional Class		2,395,813		7,308,849		258,407		(21,048	)		1,060,087		3,015,963		36,674,109
NT Large Company Value Fund Institutional Class		3,511,373		6,293,905		951,727		(80,168	)		361,361		4,175,422		36,409,682
NT Mid Cap Value Fund Institutional Class		1,433,027		4,242,980		—		—			1,486,838		1,885,314		18,230,991
NT Small Company Fund Institutional Class		931,595		2,572,396		54,722		(7,930	)		804,506		1,256,771		10,431,202
NT Vista Fund Institutional Class		1,345,207		4,399,257		22,695		(2,221	)		271,562		1,808,128		18,189,773
Real Estate Fund Institutional Class		244,192		1,076,124		67,991		(955	)		83,114		297,097		6,366,789
High-Yield Fund Institutional Class		733,674		1,196,526		—		—			234,201		939,380		5,617,493
Inflation-Adjusted Bond Fund Institutional Class		728,615		3,194,867		1,282,705		113,133			307,054		868,587		11,308,997
NT Diversified Bond Fund Institutional Class		3,040,141		13,147,417		6,070,295		37,873			1,088,473		3,685,482		40,466,587
NT Emerging Markets Fund Institutional Class(2)		949,917		3,740,131		288,185		(50,086	)		—		1,352,673		12,633,962
NT International Growth Fund Institutional Class		2,090,083		7,618,411		356,262		(55,744	)		202,964		2,940,013		26,136,720
Premium Money Market Fund Investor Class		1,607,613		1,296,453		352,669		—			98		2,551,397		2,551,397
				$71,747,190		$18,829,040		$(249,006	)		$7,181,224				$261,450,746

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2045 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$19,544,913		—		—			$8,150		1,952,218		$20,595,903
NT Equity Growth Fund Institutional Class		5,994,389		8,043,779		$21,118,132		$(1,003,145	)		2,328,297		4,775,782		47,089,210
NT Growth Fund Institutional Class		4,902,948		8,892,729		1,071,251		(160,688	)		2,012,587		5,599,440		68,089,186
NT Large Company Value Fund Institutional Class		7,185,959		7,699,431		3,621,641		(771,863	)		702,465		7,761,912		67,683,875
NT Mid Cap Value Fund Institutional Class		2,904,380		5,854,248		852,881		(143,383	)		2,793,286		3,450,983		33,371,008
NT Small Company Fund Institutional Class		1,927,123		3,949,414		731,917		(104,799	)		1,546,861		2,356,161		19,556,135
NT Vista Fund Institutional Class		2,727,233		6,153,853		834,598		(114,378	)		506,377		3,299,858		33,196,575
Real Estate Fund Institutional Class		535,859		1,505,119		812,988		(78,719	)		168,549		575,663		12,336,448
High-Yield Fund Institutional Class		1,260,918		1,254,782		333,272		(34,990	)		372,489		1,423,513		8,512,606
Inflation-Adjusted Bond Fund Institutional Class		1,238,125		4,154,205		2,865,301		199,334			475,915		1,323,011		17,225,606
NT Diversified Bond Fund Institutional Class		5,019,718		16,930,623		11,363,666		53,339			1,688,064		5,527,549		60,692,483
NT Emerging Markets Fund Institutional Class(2)		2,192,602		6,903,350		881,362		(173,366	)		—		2,901,448		27,099,527
NT International Growth Fund Institutional Class		4,073,692		11,535,831		2,311,188		(410,590	)		365,448		5,192,576		46,162,002
				$102,422,277		$46,798,197		$(2,743,248	)		$12,968,488				$461,610,564

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2050 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$5,186,996		—		—			$2,017		517,123		$5,455,649
NT Equity Growth Fund Institutional Class		1,321,173		4,179,476		$4,775,258		$(144,163	)		578,483		1,289,748		12,716,918
NT Growth Fund Institutional Class		1,075,701		4,932,822		149,046		(11,687	)		503,003		1,494,901		18,177,995
NT Large Company Value Fund Institutional Class		1,589,778		4,531,572		260,543		(25,765	)		172,296		2,113,162		18,426,771
NT Mid Cap Value Fund Institutional Class		644,206		2,773,767		—		—			698,971		939,546		9,085,405
NT Small Company Fund Institutional Class		465,927		1,832,606		77,440		(11,200	)		421,101		691,931		5,743,025
NT Vista Fund Institutional Class		606,842		2,858,132		102,964		(12,928	)		128,731		899,511		9,049,079
Real Estate Fund Institutional Class		123,739		837,298		36,498		(1,397	)		43,580		165,723		3,551,448
High-Yield Fund Institutional Class		226,920		580,238		11,718		(858	)		76,028		324,376		1,939,767
Inflation-Adjusted Bond Fund Institutional Class		223,841		1,532,440		519,761		36,002			101,347		299,861		3,904,185
NT Diversified Bond Fund Institutional Class		928,073		5,961,786		2,370,905		15,485			350,421		1,256,343		13,794,650
NT Emerging Markets Fund Institutional Class(2)		515,573		2,857,565		209,421		(35,146	)		—		818,241		7,642,371
NT International Growth Fund Institutional Class		830,596		4,393,718		33,860		(3,665	)		87,683		1,332,135		11,842,684
				$42,458,416		$8,547,414		$(195,322	)		$3,163,661				$121,329,947

(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, 2011											January 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2055 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$196,383		$918		$(2	)		$61		19,388		$204,545
NT Equity Growth Fund Institutional Class		12,141		487,744		147,947		(7,238	)		15,163		49,457		487,644
NT Growth Fund Institutional Class		9,885		595,659		58,891		(4,788	)		14,381		56,911		692,043
NT Large Company Value Fund Institutional Class		14,565		589,173		58,708		(5,738	)		3,962		80,335		700,525
NT Mid Cap Value Fund Institutional Class		5,859		301,108		28,772		(2,933	)		18,395		35,181		340,201
NT Small Company Fund Institutional Class		4,494		200,396		24,022		(2,704	)		11,867		27,226		225,977
NT Vista Fund Institutional Class		5,555		299,962		34,796		(4,260	)		3,625		33,632		338,341
Real Estate Fund Institutional Class		1,146		112,955		12,122		(505	)		1,198		6,348		136,040
NT Emerging Markets Fund Institutional Class(2)		4,750		268,766		34,868		(5,345	)		—		31,816		297,159
NT International Growth Fund Institutional Class		7,408		388,603		41,459		(5,274	)		2,405		48,537		431,492
High-Yield Fund Institutional Class		1,984		60,012		5,185		(332	)		1,664		11,433		68,371
Inflation-Adjusted Bond Fund Institutional Class		1,951		123,082		11,881		(201	)		2,779		10,546		137,315
NT Diversified Bond Fund Institutional Class		7,921		434,794		43,460		(260	)		7,961		43,715		479,992
				$4,058,637		$503,029		$(39,580	)		$83,461				$4,539,645

(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, 2012, LIVESTRONG 2025 Portfolio owned 25% of the total outstanding shares of NT Diversified Bond Fund.

As of January 31, 2012, the funds, in aggregate, owned 100% of the total outstanding shares of the underlying NT Core Equity Plus Fund, 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

•	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.

9. Federal Tax Information

As of January 31, 2012, 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		$300,318,563		$746,926,540		$473,166,136		$1,014,231,173		$406,331,313
Gross tax appreciation of investments		$32,445,490		$70,645,767		$51,800,771		$102,092,203		$47,579,402
Gross tax depreciation of investments		—		—		—		—		—
Net tax appreciation (depreciation) of investments		$32,445,490		$70,645,767		$51,800,771		$102,092,203		$47,579,402


	LIVESTRONG 2035 Portfolio		LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio		LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Federal tax cost of investments		$695,373,959		$235,369,236		$427,796,170		$113,471,342		$4,411,802
Gross tax appreciation of investments		$66,604,148		$26,081,510		$33,814,394		$7,858,605		$127,843
Gross tax depreciation of investments		—		—		—		—		—
Net tax appreciation (depreciation) of investments		$66,604,148		$26,081,510		$33,814,394		$7,858,605		$127,843

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 as of July 31, 2011:


	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio		LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio
Accumulated capital losses		$(1,387,475	)		$(2,729,468	)		—		$(3,646,587	)		—


	LIVESTRONG 2035 Portfolio			LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Accumulated capital losses		$(2,543,639	)		—		$(1,780,341	)		—		—


	2017			2018
LIVESTRONG Income Portfolio		—			$(1,387,475	)
LIVESTRONG 2015 Portfolio		—			$(2,729,468	)
LIVESTRONG 2025 Portfolio		—			$(3,646,587	)
LIVESTRONG 2035 Portfolio		—			$(2,543,639	)
LIVESTRONG 2045 Portfolio		$(49,022	)		$(1,731,319	)

Financial Highlights

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG Income Portfolio
Investor Class
2012(4)	$11.23	0.18	0.08	0.26	(0.18)	—	(0.18)	$11.31	2.40%	0.21%(5)	3.28%(5)	13%	$96,480
2011	$10.27	0.24	0.97	1.21	(0.25)	—	(0.25)	$11.23	11.87%	0.21%	2.26%	10%	$81,907
2010	$9.53	0.22	0.74	0.96	(0.22)	—	(0.22)	$10.27	10.15%	0.21%	2.19%	13%	$102,497
2009	$10.64	0.24	(0.95)	(0.71)	(0.31)	(0.09)	(0.40)	$9.53	(6.44)%	0.20%	2.64%	51%	$95,441
2008	$11.06	0.40	(0.38)	0.02	(0.42)	(0.02)	(0.44)	$10.64	0.11%	0.20%	3.61%	26%	$49,378
2007	$10.45	0.33	0.75	1.08	(0.32)	(0.15)	(0.47)	$11.06	10.51%	0.20%	3.03%	22%	$44,109
Institutional Class
2012(4)	$11.24	0.19	0.07	0.26	(0.19)	—	(0.19)	$11.31	2.42%	0.01%(5)	3.48%(5)	13%	$107,686
2011	$10.27	0.28	0.96	1.24	(0.27)	—	(0.27)	$11.24	12.20%	0.01%	2.46%	10%	$104,778
2010	$9.53	0.24	0.74	0.98	(0.24)	—	(0.24)	$10.27	10.37%	0.01%	2.39%	13%	$39,202
2009	$10.64	0.26	(0.95)	(0.69)	(0.33)	(0.09)	(0.42)	$9.53	(6.25)%	0.00%(9)	2.84%	51%	$25,088
2008	$11.06	0.42	(0.38)	0.04	(0.44)	(0.02)	(0.46)	$10.64	0.31%	0.00%(9)	3.81%	26%	$9,737
2007	$10.45	0.35	0.75	1.10	(0.34)	(0.15)	(0.49)	$11.06	10.73%	0.00%(9)	3.23%	22%	$8,285

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
A Class(6)
2012(4)	$11.23	0.17	0.08	0.25	(0.17)	—	(0.17)	$11.31	2.27%	0.46%(5)	3.03%(5)	13%	$99,015
2011	$10.27	0.22	0.96	1.18	(0.22)	—	(0.22)	$11.23	11.60%	0.46%	2.01%	10%	$87,205
2010	$9.53	0.19	0.75	0.94	(0.20)	—	(0.20)	$10.27	9.87%	0.46%	1.94%	13%	$68,110
2009	$10.64	0.21	(0.94)	(0.73)	(0.29)	(0.09)	(0.38)	$9.53	(6.67)%	0.45%	2.39%	51%	$34,202
2008	$11.05	0.35	(0.35)	—	(0.39)	(0.02)	(0.41)	$10.64	(0.05)%	0.45%	3.36%	26%	$8,285
2007	$10.45	0.31	0.74	1.05	(0.30)	(0.15)	(0.45)	$11.05	10.13%	0.45%	2.78%	22%	$8,129
C Class
2012(4)	$11.24	0.13	0.08	0.21	(0.13)	—	(0.13)	$11.32	1.87%	1.21%(5)	2.28%(5)	13%	$631
2011	$10.27	0.09	1.02	1.11	(0.14)	—	(0.14)	$11.24	10.87%	1.21%	1.26%	10%	$538
2010(7)	$10.15	0.03	0.12	0.15	(0.03)	—	(0.03)	$10.27	1.51%	1.21%(5)	0.77%(5)	13%(8)	$35
R Class
2012(4)	$11.22	0.15	0.08	0.23	(0.15)	—	(0.15)	$11.30	2.14%	0.71%(5)	2.78%(5)	13%	$29,184
2011	$10.26	0.19	0.96	1.15	(0.19)	—	(0.19)	$11.22	11.33%	0.71%	1.76%	10%	$24,616
2010	$9.52	0.16	0.75	0.91	(0.17)	—	(0.17)	$10.26	9.61%	0.71%	1.69%	13%	$12,527
2009	$10.63	0.18	(0.93)	(0.75)	(0.27)	(0.09)	(0.36)	$9.52	(6.91)%	0.70%	2.14%	51%	$3,466
2008	$11.05	0.30	(0.34)	(0.04)	(0.36)	(0.02)	(0.38)	$10.63	(0.40)%	0.70%	3.11%	26%	$351
2007	$10.44	0.27	0.76	1.03	(0.27)	(0.15)	(0.42)	$11.05	9.97%	0.70%	2.53%	22%	$112

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

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

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

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

(9)	Ratio was less than 0.005%.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2015 Portfolio
Investor Class
2012(4)	$11.88	0.19	0.06	0.25	(0.27)	—	(0.27)	$11.86	2.18%	0.21%(5)	3.29%(5)	11%	$359,623
2011	$10.76	0.25	1.11	1.36	(0.24)	—	(0.24)	$11.88	12.72%	0.21%	2.21%	4%	$322,747
2010	$9.87	0.22	0.86	1.08	(0.19)	—	(0.19)	$10.76	11.00%	0.21%	2.11%	9%	$284,172
2009	$11.39	0.26	(1.29)	(1.03)	(0.35)	(0.14)	(0.49)	$9.87	(8.63)%	0.20%	2.78%	28%	$217,149
2008	$11.91	0.43	(0.49)	(0.06)	(0.41)	(0.05)	(0.46)	$11.39	(0.67)%	0.20%	3.62%	20%	$161,838
2007	$11.09	0.32	1.04	1.36	(0.27)	(0.27)	(0.54)	$11.91	12.46%	0.20%	2.74%	18%	$139,725
Institutional Class
2012(4)	$11.90	0.20	0.06	0.26	(0.29)	—	(0.29)	$11.87	2.30%	0.01%(5)	3.49%(5)	11%	$169,961
2011	$10.78	0.29	1.09	1.38	(0.26)	—	(0.26)	$11.90	12.92%	0.01%	2.41%	4%	$175,214
2010	$9.89	0.25	0.85	1.10	(0.21)	—	(0.21)	$10.78	11.20%	0.01%	2.31%	9%	$82,264
2009	$11.41	0.24	(1.25)	(1.01)	(0.37)	(0.14)	(0.51)	$9.89	(8.42)%	0.00%(6)	2.98%	28%	$59,500
2008	$11.93	0.44	(0.48)	(0.04)	(0.43)	(0.05)	(0.48)	$11.41	(0.46)%	0.00%(6)	3.82%	20%	$17,845
2007	$11.10	0.34	1.05	1.39	(0.29)	(0.27)	(0.56)	$11.93	12.77%	0.00%(6)	2.94%	18%	$15,736
A Class(7)
2012(4)	$11.87	0.18	0.05	0.23	(0.24)	—	(0.24)	$11.86	2.01%	0.46%(5)	3.04%(5)	11%	$216,373
2011	$10.75	0.22	1.11	1.33	(0.21)	—	(0.21)	$11.87	12.44%	0.46%	1.96%	4%	$178,615
2010	$9.86	0.19	0.86	1.05	(0.16)	—	(0.16)	$10.75	10.73%	0.46%	1.86%	9%	$115,945
2009	$11.37	0.25	(1.29)	(1.04)	(0.33)	(0.14)	(0.47)	$9.86	(8.79)%	0.45%	2.53%	28%	$40,386
2008	$11.89	0.38	(0.47)	(0.09)	(0.38)	(0.05)	(0.43)	$11.37	(0.93)%	0.45%	3.37%	20%	$24,384
2007	$11.07	0.30	1.03	1.33	(0.24)	(0.27)	(0.51)	$11.89	12.20%	0.45%	2.49%	18%	$19,270


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$11.84	0.14	0.05	0.19	(0.15)	—	(0.15)	$11.88	1.67%	1.21%(5)	2.29%(5)	11%	$1,466
2011	$10.72	0.12	1.12	1.24	(0.12)	—	(0.12)	$11.84	11.62%	1.21%	1.21%	4%	$934
2010(8)	$10.55	0.04	0.13	0.17	—	—	—	$10.72	1.61%	1.21%(5)	0.83%(5)	9%(9)	$182
R Class
2012(4)	$11.85	0.16	0.06	0.22	(0.21)	—	(0.21)	$11.86	1.93%	0.71%(5)	2.79%(5)	11%	$70,259
2011	$10.73	0.20	1.10	1.30	(0.18)	—	(0.18)	$11.85	12.18%	0.71%	1.71%	4%	$58,006
2010	$9.84	0.16	0.87	1.03	(0.14)	—	(0.14)	$10.73	10.47%	0.71%	1.61%	9%	$37,643
2009	$11.36	0.18	(1.25)	(1.07)	(0.31)	(0.14)	(0.45)	$9.84	(9.12)%	0.70%	2.28%	28%	$13,316
2008	$11.88	0.39	(0.51)	(0.12)	(0.35)	(0.05)	(0.40)	$11.36	(1.19)%	0.70%	3.12%	20%	$4,165
2007	$11.06	0.25	1.05	1.30	(0.21)	(0.27)	(0.48)	$11.88	11.92%	0.70%	2.24%	18%	$3,187

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

(6)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2020 Portfolio
Investor Class
2012(4)	$10.37	0.17	0.01	0.18	(0.23)	(0.03)	(0.26)	$10.29	1.81%	0.21%(5)	3.27%(5)	9%	$147,070
2011	$9.30	0.20	1.06	1.26	(0.19)	—(6)	(0.19)	$10.37	13.66%	0.21%	2.13%	4%	$105,921
2010	$8.47	0.19	0.80	0.99	(0.15)	(0.01)	(0.16)	$9.30	11.69%	0.21%	1.99%	8%	$127,604
2009	$9.49	0.13	(1.03)	(0.90)	(0.12)	—	(0.12)	$8.47	(9.38)%	0.20%	1.70%	53%	$91,329
2008(7)	$10.00	0.03	(0.54)	(0.51)	—	—	—	$9.49	(5.10)%	0.20%(5)	1.89%(5)	0%	$1,073
Institutional Class
2012(4)	$10.38	0.17	0.02	0.19	(0.25)	(0.03)	(0.28)	$10.29	1.92%	0.01%(5)	3.47%(5)	9%	$177,361
2011	$9.31	0.24	1.04	1.28	(0.21)	—(6)	(0.21)	$10.38	13.88%	0.01%	2.33%	4%	$169,034
2010	$8.47	0.20	0.81	1.01	(0.16)	(0.01)	(0.17)	$9.31	11.90%	0.01%	2.19%	8%	$44,304
2009	$9.50	0.15	(1.05)	(0.90)	(0.13)	—	(0.13)	$8.47	(9.26)%	0.00%(8)	1.90%	53%	$21,532
2008(7)	$10.00	0.04	(0.54)	(0.50)	—	—	—	$9.50	(5.00)%	0.00%(5)(8)	2.09%(5)	0%	$16
A Class(9)
2012(4)	$10.36	0.15	0.01	0.16	(0.20)	(0.03)	(0.23)	$10.29	1.66%	0.46%(5)	3.02%(5)	9%	$153,698
2011	$9.28	0.19	1.05	1.24	(0.16)	—(6)	(0.16)	$10.36	13.51%	0.46%	1.88%	4%	$124,401
2010	$8.45	0.15	0.81	0.96	(0.12)	(0.01)	(0.13)	$9.28	11.43%	0.46%	1.74%	8%	$80,483
2009	$9.49	0.15	(1.08)	(0.93)	(0.11)	—	(0.11)	$8.45	(9.72)%	0.45%	1.45%	53%	$3,882
2008(7)	$10.00	0.04	(0.55)	(0.51)	—	—	—	$9.49	(5.10)%	0.45%(5)	1.64%(5)	0%	$6


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$10.34	0.13	(0.01)	0.12	(0.12)	(0.03)	(0.15)	$10.31	1.29%	1.21%(5)	2.27%(5)	9%	$908
2011	$9.26	0.10	1.07	1.17	(0.09)	—(6)	(0.09)	$10.34	12.68%	1.21%	1.13%	4%	$578
2010(10)	$9.12	0.03	0.11	0.14	—	—	—	$9.26	1.54%	1.21%(5)	0.67%(5)	8%(11)	$103
R Class
2012(4)	$10.34	0.14	0.01	0.15	(0.17)	(0.03)	(0.20)	$10.29	1.60%	0.71%(5)	2.77%(5)	9%	$45,936
2011	$9.27	0.16	1.05	1.21	(0.14)	—(6)	(0.14)	$10.34	13.13%	0.71%	1.63%	4%	$35,703
2010	$8.44	0.13	0.81	0.94	(0.10)	(0.01)	(0.11)	$9.27	11.17%	0.71%	1.49%	8%	$14,928
2009	$9.49	0.14	(1.10)	(0.96)	(0.09)	—	(0.09)	$8.44	(9.96)%	0.70%	1.20%	53%	$3,274
2008(7)	$10.00	0.03	(0.54)	(0.51)	—	—	—	$9.49	(5.10)%	0.70%(5)	1.39%(5)	0%	$6

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

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

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

(8)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2025 Portfolio
Investor Class
2012(4)	$12.13	0.18	—(5)	0.18	(0.26)	—	(0.26)	$12.05	1.53%	0.21%(6)	3.10%(6)	11%	$468,039
2011	$10.78	0.23	1.34	1.57	(0.22)	—	(0.22)	$12.13	14.60%	0.21%	1.98%	3%	$425,965
2010	$9.76	0.19	1.00	1.19	(0.17)	—	(0.17)	$10.78	12.19%	0.21%	1.83%	10%	$393,154
2009	$11.63	0.22	(1.63)	(1.41)	(0.30)	(0.16)	(0.46)	$9.76	(11.64)%	0.20%	2.43%	22%	$313,816
2008	$12.35	0.42	(0.69)	(0.27)	(0.40)	(0.05)	(0.45)	$11.63	(2.39)%	0.20%	3.40%	18%	$215,024
2007	$11.49	0.28	1.34	1.62	(0.24)	(0.52)	(0.76)	$12.35	14.45%	0.20%	2.34%	18%	$174,984
Institutional Class
2012(4)	$12.14	0.19	—(5)	0.19	(0.28)	—	(0.28)	$12.05	1.65%	0.01%(6)	3.30%(6)	11%	$254,234
2011	$10.79	0.27	1.32	1.59	(0.24)	—	(0.24)	$12.14	14.82%	0.01%	2.18%	3%	$257,121
2010	$9.77	0.21	1.00	1.21	(0.19)	—	(0.19)	$10.79	12.40%	0.01%	2.03%	10%	$103,770
2009	$11.64	0.24	(1.63)	(1.39)	(0.32)	(0.16)	(0.48)	$9.77	(11.45)%	0.00%(7)	2.63%	22%	$78,031
2008	$12.37	0.43	(0.69)	(0.26)	(0.42)	(0.05)	(0.47)	$11.64	(2.27)%	0.00%(7)	3.60%	18%	$44,611
2007	$11.51	0.31	1.34	1.65	(0.27)	(0.52)	(0.79)	$12.37	14.67%	0.00%(7)	2.54%	18%	$44,250
A Class(8)
2012(4)	$12.11	0.17	(0.01)	0.16	(0.23)	—	(0.23)	$12.04	1.37%	0.46%(6)	2.85%(6)	11%	$287,441
2011	$10.77	0.20	1.33	1.53	(0.19)	—	(0.19)	$12.11	14.23%	0.46%	1.73%	3%	$242,996
2010	$9.74	0.16	1.01	1.17	(0.14)	—	(0.14)	$10.77	12.03%	0.46%	1.58%	10%	$143,045
2009	$11.61	0.21	(1.64)	(1.43)	(0.28)	(0.16)	(0.44)	$9.74	(11.89)%	0.45%	2.18%	22%	$49,723
2008	$12.34	0.35	(0.66)	(0.31)	(0.37)	(0.05)	(0.42)	$11.61	(2.73)%	0.45%	3.15%	18%	$28,073
2007	$11.48	0.26	1.33	1.59	(0.21)	(0.52)	(0.73)	$12.34	14.17%	0.45%	2.09%	18%	$17,076


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$12.09	0.13	(0.02)	0.11	(0.14)	—	(0.14)	$12.06	0.94%	1.21%(6)	2.10%(6)	11%	$2,354
2011	$10.74	0.11	1.34	1.45	(0.10)	—	(0.10)	$12.09	13.50%	1.21%	0.98%	3%	$1,595
2010(9)	$10.58	0.02	0.14	0.16	—	—	—	$10.74	1.51%	1.21%(6)	0.43%(6)	10%(10)	$373
R Class
2012(4)	$12.09	0.15	—(5)	0.15	(0.20)	—	(0.20)	$12.04	1.28%	0.71%(6)	2.60%(6)	11%	$104,409
2011	$10.75	0.17	1.33	1.50	(0.16)	—	(0.16)	$12.09	13.97%	0.71%	1.48%	3%	$88,153
2010	$9.73	0.14	0.99	1.13	(0.11)	—	(0.11)	$10.75	11.66%	0.71%	1.33%	10%	$47,433
2009	$11.60	0.16	(1.62)	(1.46)	(0.25)	(0.16)	(0.41)	$9.73	(12.12)%	0.70%	1.93%	22%	$16,344
2008	$12.32	0.36	(0.70)	(0.34)	(0.33)	(0.05)	(0.38)	$11.60	(2.90)%	0.70%	2.90%	18%	$2,746
2007	$11.46	0.22	1.34	1.56	(0.18)	(0.52)	(0.70)	$12.32	13.90%	0.70%	1.84%	18%	$1,378

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

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

(6)	Annualized.

(7)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2030 Portfolio
Investor Class
2012(4)	$10.17	0.14	(0.03)	0.11	(0.19)	(0.02)	(0.21)	$10.07	1.19%	0.21%(5)	2.90%(5)	8%	$111,635
2011	$8.95	0.16	1.21	1.37	(0.15)	—(6)	(0.15)	$10.17	15.41%	0.21%	1.76%	4%	$76,884
2010	$8.04	0.14	0.89	1.03	(0.11)	(0.01)	(0.12)	$8.95	12.90%	0.21%	1.63%	7%	$99,983
2009	$9.39	0.10	(1.36)	(1.26)	(0.09)	—	(0.09)	$8.04	(13.30)%	0.20%	1.48%	43%	$70,382
2008(7)	$10.00	0.02	(0.63)	(0.61)	—	—	—	$9.39	(6.10)%	0.20%(5)	1.49%(5)	4%	$626
Institutional Class
2012(4)	$10.18	0.15	(0.04)	0.11	(0.21)	(0.02)	(0.23)	$10.06	1.19%	0.01%(5)	3.10%(5)	8%	$154,467
2011	$8.95	0.20	1.20	1.40	(0.17)	—(6)	(0.17)	$10.18	15.62%	0.01%	1.96%	4%	$144,661
2010	$8.05	0.16	0.88	1.04	(0.13)	(0.01)	(0.14)	$8.95	13.11%	0.01%	1.83%	7%	$33,647
2009	$9.40	0.12	(1.37)	(1.25)	(0.10)	—	(0.10)	$8.05	(13.18)%	0.00%(8)	1.68%	43%	$17,528
2008(7)	$10.00	0.04	(0.64)	(0.60)	—	—	—	$9.40	(6.00)%	0.00%(5)(8)	1.69%(5)	4%	$6
A Class(9)
2012(4)	$10.15	0.13	(0.05)	0.08	(0.16)	(0.02)	(0.18)	$10.05	0.93%	0.46%(5)	2.65%(5)	8%	$143,843
2011	$8.93	0.15	1.20	1.35	(0.13)	—(6)	(0.13)	$10.15	15.15%	0.46%	1.51%	4%	$114,892
2010	$8.03	0.12	0.88	1.00	(0.09)	(0.01)	(0.10)	$8.93	12.51%	0.46%	1.38%	7%	$71,159
2009	$9.39	0.11	(1.39)	(1.28)	(0.08)	—	(0.08)	$8.03	(13.53)%	0.45%	1.23%	43%	$3,378
2008(7)	$10.00	0.03	(0.64)	(0.61)	—	—	—	$9.39	(6.10)%	0.45%(5)	1.24%(5)	4%	$6


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$10.13	0.10	(0.04)	0.06	(0.09)	(0.02)	(0.11)	$10.08	0.67%	1.21%(5)	1.90%(5)	8%	$1,186
2011	$8.92	0.06	1.20	1.26	(0.05)	—(6)	(0.05)	$10.13	14.18%	1.21%	0.76%	4%	$728
2010(10)	$8.80	0.02	0.10	0.12	—	—	—	$8.92	1.36%	1.21%(5)	0.41%(5)	7%(11)	$162
R Class
2012(4)	$10.14	0.12	(0.04)	0.08	(0.14)	(0.02)	(0.16)	$10.06	0.88%	0.71%(5)	2.40%(5)	8%	$42,796
2011	$8.92	0.12	1.20	1.32	(0.10)	—(6)	(0.10)	$10.14	14.88%	0.71%	1.26%	4%	$35,411
2010	$8.02	0.10	0.88	0.98	(0.07)	(0.01)	(0.08)	$8.92	12.24%	0.71%	1.13%	7%	$14,455
2009	$9.39	0.12	(1.42)	(1.30)	(0.07)	—	(0.07)	$8.02	(13.76)%	0.70%	0.98%	43%	$3,573
2008(7)	$10.00	0.02	(0.63)	(0.61)	—	—	—	$9.39	(6.10)%	0.70%(5)	0.99%(5)	4%	$6

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

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

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

(8)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2035 Portfolio
Investor Class
2012(4)	$12.52	0.17	(0.07)	0.10	(0.23)	—	(0.23)	$12.39	0.84%	0.21%(5)	2.78%(5)	9%	$314,359
2011	$10.92	0.20	1.59	1.79	(0.19)	—	(0.19)	$12.52	16.44%	0.21%	1.68%	3%	$277,333
2010	$9.74	0.17	1.15	1.32	(0.14)	—	(0.14)	$10.92	13.58%	0.21%	1.54%	8%	$231,716
2009	$12.10	0.19	(2.13)	(1.94)	(0.24)	(0.18)	(0.42)	$9.74	(15.54)%	0.20%	2.12%	18%	$170,455
2008	$13.09	0.41	(0.95)	(0.54)	(0.40)	(0.05)	(0.45)	$12.10	(4.33)%	0.20%	3.19%	16%	$128,815
2007	$11.85	0.24	1.71	1.95	(0.19)	(0.52)	(0.71)	$13.09	16.86%	0.20%	1.87%	23%	$91,220
Institutional Class
2012(4)	$12.54	0.18	(0.08)	0.10	(0.25)	—	(0.25)	$12.39	0.88%	0.01%(5)	2.98%(5)	9%	$157,863
2011	$10.93	0.24	1.58	1.82	(0.21)	—	(0.21)	$12.54	16.75%	0.01%	1.88%	3%	$154,449
2010	$9.76	0.19	1.14	1.33	(0.16)	—	(0.16)	$10.93	13.68%	0.01%	1.74%	8%	$66,385
2009	$12.12	0.20	(2.12)	(1.92)	(0.26)	(0.18)	(0.44)	$9.76	(15.34)%	0.00%(6)	2.32%	18%	$46,544
2008	$13.11	0.44	(0.95)	(0.51)	(0.43)	(0.05)	(0.48)	$12.12	(4.13)%	0.00%(6)	3.39%	16%	$24,120
2007	$11.87	0.26	1.72	1.98	(0.22)	(0.52)	(0.74)	$13.11	17.07%	0.00%(6)	2.07%	23%	$22,314
A Class(7)
2012(4)	$12.50	0.15	(0.06)	0.09	(0.20)	—	(0.20)	$12.39	0.75%	0.46%(5)	2.53%(5)	9%	$208,459
2011	$10.90	0.17	1.59	1.76	(0.16)	—	(0.16)	$12.50	16.17%	0.46%	1.43%	3%	$174,230
2010	$9.73	0.14	1.14	1.28	(0.11)	—	(0.11)	$10.90	13.21%	0.46%	1.29%	8%	$103,002
2009	$12.09	0.17	(2.13)	(1.96)	(0.22)	(0.18)	(0.40)	$9.73	(15.77)%	0.45%	1.87%	18%	$32,896
2008	$13.08	0.35	(0.92)	(0.57)	(0.37)	(0.05)	(0.42)	$12.09	(4.58)%	0.45%	2.94%	16%	$19,145
2007	$11.83	0.21	1.72	1.93	(0.16)	(0.52)	(0.68)	$13.08	16.67%	0.45%	1.62%	23%	$13,378


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$12.46	0.11	(0.07)	0.04	(0.11)	—	(0.11)	$12.39	0.32%	1.21%(5)	�� 1.78%(5)	9%	$955
2011	$10.87	0.07	1.59	1.66	(0.07)	—	(0.07)	$12.46	15.25%	1.21%	0.68%	3%	$630
2010(8)	$10.74	0.01	0.12	0.13	—	—	—	$10.87	1.21%	1.21%(5)	0.29%(5)	8%(9)	$86
R Class
2012(4)	$12.48	0.14	(0.07)	0.07	(0.17)	—	(0.17)	$12.38	0.58%	0.71%(5)	2.28%(5)	9%	$80,579
2011	$10.89	0.14	1.58	1.72	(0.13)	—	(0.13)	$12.48	15.80%	0.71%	1.18%	3%	$71,077
2010	$9.72	0.11	1.15	1.26	(0.09)	—	(0.09)	$10.89	12.93%	0.71%	1.04%	8%	$35,276
2009	$12.07	0.14	(2.11)	(1.97)	(0.20)	(0.18)	(0.38)	$9.72	(15.92)%	0.70%	1.62%	18%	$10,785
2008	$13.06	0.43	(1.03)	(0.60)	(0.34)	(0.05)	(0.39)	$12.07	(4.84)%	0.70%	2.69%	16%	$2,178
2007	$11.82	0.18	1.71	1.89	(0.13)	(0.52)	(0.65)	$13.06	16.30%	0.70%	1.37%	23%	$975

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

(6)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2040 Portfolio
Investor Class
2012(4)	$10.11	0.14	(0.08)	0.06	(0.17)	(0.03)	(0.20)	$9.97	0.62%	0.21%(5)	2.76%(5)	8%	$67,520
2011	$8.72	0.14	1.39	1.53	(0.14)	—(6)	(0.14)	$10.11	17.57%	0.21%	1.57%	5%	$44,433
2010	$7.75	0.12	0.95	1.07	(0.09)	(0.01)	(0.10)	$8.72	13.80%	0.21%	1.40%	3%	$41,985
2009	$9.29	0.09	(1.54)	(1.45)	(0.09)	—	(0.09)	$7.75	(15.53)%	0.20%	1.38%	25%	$24,386
2008(7)	$10.00	0.01	(0.72)	(0.71)	—	—	—	$9.29	(7.10)%	0.20%(5)	1.10%(5)	3%	$831
Institutional Class
2012(4)	$10.12	0.14	(0.08)	0.06	(0.19)	(0.03)	(0.22)	$9.96	0.62%	0.01%(5)	2.96%(5)	8%	$84,721
2011	$8.73	0.18	1.37	1.55	(0.16)	—(6)	(0.16)	$10.12	17.78%	0.01%	1.77%	5%	$78,468
2010	$7.75	0.14	0.96	1.10	(0.11)	(0.01)	(0.12)	$8.73	14.16%	0.01%	1.60%	3%	$22,593
2009	$9.29	0.11	(1.56)	(1.45)	(0.09)	—	(0.09)	$7.75	(15.43)%	0.00%(8)	1.58%	25%	$9,846
2008(7)	$10.00	0.03	(0.74)	(0.71)	—	—	—	$9.29	(7.10)%	0.00%(5)(8)	1.30%(5)	3%	$6
A Class(9)
2012(4)	$10.10	0.12	(0.09)	0.03	(0.14)	(0.03)	(0.17)	$9.96	0.37%	0.46%(5)	2.51%(5)	8%	$86,159
2011	$8.71	0.13	1.37	1.50	(0.11)	—(6)	(0.11)	$10.10	17.29%	0.46%	1.32%	5%	$69,629
2010	$7.73	0.09	0.97	1.06	(0.07)	(0.01)	(0.08)	$8.71	13.68%	0.46%	1.15%	3%	$42,212
2009	$9.29	0.09	(1.57)	(1.48)	(0.08)	—	(0.08)	$7.73	(15.87)%	0.45%	1.13%	25%	$1,551
2008(7)	$10.00	0.02	(0.73)	(0.71)	—	—	—	$9.29	(7.10)%	0.45%(5)	0.85%(5)	3%	$6


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$10.07	0.08	(0.08)	—	(0.07)	(0.03)	(0.10)	$9.97	0.02%	1.21%(5)	1.76%(5)	8%	$322
2011	$8.68	0.05	1.38	1.43	(0.04)	—(6)	(0.04)	$10.07	16.46%	1.21%	0.57%	5%	$215
2010(10)	$8.60	—(6)	0.08	0.08	—	—	—	$8.68	0.93%	1.21%(5)	0.12%(5)	3%(11)	$68
R Class
2012(4)	$10.08	0.11	(0.08)	0.03	(0.12)	(0.03)	(0.15)	$9.96	0.32%	0.71%(5)	2.26%(5)	8%	$22,764
2011	$8.69	0.10	1.38	1.48	(0.09)	—(6)	(0.09)	$10.08	17.03%	0.71%	1.07%	5%	$18,752
2010	$7.72	0.08	0.95	1.03	(0.05)	(0.01)	(0.06)	$8.69	13.28%	0.71%	0.90%	3%	$7,773
2009	$9.28	0.10	(1.59)	(1.49)	(0.07)	—	(0.07)	$7.72	(16.01)%	0.70%	0.88%	25%	$2,347
2008(7)	$10.00	0.02	(0.74)	(0.72)	—	—	—	$9.28	(7.20)%	0.70%(5)	0.60%(5)	3%	$6

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

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

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

(8)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2045 Portfolio
Investor Class
2012(4)	$12.59	0.16	(0.13)	0.03	(0.21)	—	(0.21)	$12.41	0.29%	0.21%(5)	2.62%(5)	11%	$180,205
2011	$10.82	0.18	1.76	1.94	(0.17)	—	(0.17)	$12.59	17.98%	0.21%	1.51%	2%	$157,711
2010	$9.59	0.14	1.22	1.36	(0.13)	—	(0.13)	$10.82	14.16%	0.21%	1.35%	9%	$113,447
2009	$12.24	0.18	(2.41)	(2.23)	(0.22)	(0.20)	(0.42)	$9.59	(17.74)%	0.20%	1.99%	18%	$85,095
2008	$13.40	0.42	(1.12)	(0.70)	(0.41)	(0.05)	(0.46)	$12.24	(5.53)%	0.20%	3.19%	18%	$72,649
2007	$11.96	0.22	1.92	2.14	(0.17)	(0.53)	(0.70)	$13.40	18.23%	0.20%	1.62%	25%	$48,229
Institutional Class
2012(4)	$12.60	0.17	(0.12)	0.05	(0.23)	—	(0.23)	$12.42	0.48%	0.01%(5)	2.82%(5)	11%	$109,121
2011	$10.83	0.21	1.75	1.96	(0.19)	—	(0.19)	$12.60	18.10%	0.01%	1.71%	2%	$110,477
2010	$9.60	0.16	1.22	1.38	(0.15)	—	(0.15)	$10.83	14.48%	0.01%	1.55%	9%	$57,836
2009	$12.25	0.20	(2.41)	(2.21)	(0.24)	(0.20)	(0.44)	$9.60	(17.56)%	0.00%(6)	2.19%	18%	$34,639
2008	$13.42	0.44	(1.12)	(0.68)	(0.44)	(0.05)	(0.49)	$12.25	(5.40)%	0.00%(6)	3.39%	18%	$31,054
2007	$11.98	0.23	1.93	2.16	(0.19)	(0.53)	(0.72)	$13.42	18.44%	0.00%(6)	1.82%	25%	$28,483
A Class(7)
2012(4)	$12.56	0.14	(0.12)	0.02	(0.18)	—	(0.18)	$12.40	0.20%	0.46%(5)	2.37%(5)	11%	$123,064
2011	$10.80	0.15	1.75	1.90	(0.14)	—	(0.14)	$12.56	17.63%	0.46%	1.26%	2%	$104,426
2010	$9.57	0.11	1.22	1.33	(0.10)	—	(0.10)	$10.80	13.90%	0.46%	1.10%	9%	$56,695
2009	$12.22	0.15	(2.40)	(2.25)	(0.20)	(0.20)	(0.40)	$9.57	(17.98)%	0.45%	1.74%	18%	$17,537
2008	$13.38	0.39	(1.13)	(0.74)	(0.37)	(0.05)	(0.42)	$12.22	(5.78)%	0.45%	2.94%	18%	$11,411
2007	$11.94	0.18	1.92	2.10	(0.13)	(0.53)	(0.66)	$13.38	17.96%	0.45%	1.37%	25%	$9,091


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$12.53	0.09	(0.11)	(0.02)	(0.09)	—	(0.09)	$12.42	(0.15)%	1.21%(5)	1.62%(5)	11%	$418
2011	$10.78	0.03	1.77	1.80	(0.05)	—	(0.05)	$12.53	16.68%	1.21%	0.51%	2%	$363
2010(8)	$10.67	0.01	0.10	0.11	—	—	—	$10.78	1.03%	1.21%(5)	0.14%(5)	9%(9)	$59
R Class
2012(4)	$12.55	0.13	(0.12)	0.01	(0.15)	—	(0.15)	$12.41	0.11%	0.71%(5)	2.12%(5)	11%	$48,943
2011	$10.79	0.12	1.75	1.87	(0.11)	—	(0.11)	$12.55	17.35%	0.71%	1.01%	2%	$39,540
2010	$9.56	0.09	1.21	1.30	(0.07)	—	(0.07)	$10.79	13.63%	0.71%	0.85%	9%	$17,327
2009	$12.21	0.11	(2.38)	(2.27)	(0.18)	(0.20)	(0.38)	$9.56	(18.20)%	0.70%	1.49%	18%	$4,966
2008	$13.36	0.38	(1.14)	(0.76)	(0.34)	(0.05)	(0.39)	$12.21	(5.96)%	0.70%	2.69%	18%	$1,403
2007	$11.93	0.12	1.94	2.06	(0.10)	(0.53)	(0.63)	$13.36	17.58%	0.70%	1.12%	25%	$753

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

(6)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2050 Portfolio
Investor Class
2012(4)	$9.88	0.12	(0.10)	0.02	(0.14)	(0.02)	(0.16)	$9.74	0.27%	0.21%(5)	2.57%(5)	8%	$30,211
2011	$8.45	0.13	1.42	1.55	(0.12)	—(6)	(0.12)	$9.88	18.35%	0.21%	1.37%	6%	$20,035
2010	$7.46	0.10	0.97	1.07	(0.08)	—(6)	(0.08)	$8.45	14.33%	0.22%	1.17%	13%	$10,225
2009	$9.23	0.10	(1.80)	(1.70)	(0.07)	—	(0.07)	$7.46	(18.30)%	0.20%	1.57%	26%	$3,454
2008(7)	$10.00	0.02	(0.79)	(0.77)	—	—	—	$9.23	(7.70)%	0.20%(5)	1.16%(5)	3%	$464
Institutional Class
2012(4)	$9.90	0.13	(0.11)	0.02	(0.16)	(0.02)	(0.18)	$9.74	0.26%	0.01%(5)	2.77%(5)	8%	$41,348
2011	$8.46	0.15	1.43	1.58	(0.14)	—(6)	(0.14)	$9.90	18.69%	0.01%	1.57%	6%	$30,796
2010	$7.47	0.12	0.96	1.08	(0.09)	—(6)	(0.09)	$8.46	14.54%	0.02%	1.37%	13%	$8,482
2009	$9.23	0.12	(1.80)	(1.68)	(0.08)	—	(0.08)	$7.47	(18.09)%	0.00%(8)	1.77%	26%	$3,179
2008(7)	$10.00	0.03	(0.80)	(0.77)	—	—	—	$9.23	(7.70)%	0.00%(5)(8)	1.36%(5)	3%	$6
A Class(9)
2012(4)	$9.87	0.11	(0.11)	—	(0.12)	(0.02)	(0.14)	$9.73	0.02%	0.46%(5)	2.32%(5)	8%	$38,271
2011	$8.44	0.11	1.41	1.52	(0.09)	—(6)	(0.09)	$9.87	18.08%	0.46%	1.12%	6%	$29,685
2010	$7.45	0.07	0.97	1.04	(0.05)	—(6)	(0.05)	$8.44	14.06%	0.47%	0.92%	13%	$13,463
2009	$9.23	0.07	(1.79)	(1.72)	(0.06)	—	(0.06)	$7.45	(18.52)%	0.45%	1.32%	26%	$336
2008(7)	$10.00	0.02	(0.79)	(0.77)	—	—	—	$9.23	(7.70)%	0.45%(5)	0.91%(5)	3%	$6


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012(4)	$9.85	0.08	(0.11)	(0.03)	(0.05)	(0.02)	(0.07)	$9.75	(0.32)%	1.21%(5)	1.57%(5)	8%	$404
2011	$8.42	0.05	1.40	1.45	(0.02)	—(6)	(0.02)	$9.85	17.23%	1.21%	0.37%	6%	$117
2010(10)	$8.35	—(6)	0.07	0.07	—	—	—	$8.42	0.84%	1.22%(5)	0.06%(5)	13%(11)	$32
R Class
2012(4)	$9.86	0.10	(0.10)	—	(0.10)	(0.02)	(0.12)	$9.74	(0.03)%	0.71%(5)	2.07%(5)	8%	$11,104
2011	$8.43	0.09	1.41	1.50	(0.07)	—(6)	(0.07)	$9.86	17.80%	0.71%	0.87%	6%	$7,660
2010	$7.44	0.06	0.96	1.02	(0.03)	—(6)	(0.03)	$8.43	13.79%	0.73%	0.66%	13%	$3,076
2009	$9.22	0.08	(1.81)	(1.73)	(0.05)	—	(0.05)	$7.44	(18.66)%	0.70%	1.07%	26%	$186
2008(7)	$10.00	0.02	(0.80)	(0.78)	—	—	—	$9.22	(7.80)%	0.70%(5)	0.66%(5)	3%	$6

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

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

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

(8)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2055 Portfolio
Investor Class
2012(4)	$9.92	0.13	(0.11)	0.02	(0.10)	$9.84	0.21%	0.20%(5)	2.90%(5)	21%	$1,367
2011(6)	$10.00	0.03	(0.11)	(0.08)	—	$9.92	(0.80)%	0.20%(5)	0.86%(5)	12%	$390
Institutional Class
2012(4)	$9.92	0.15	(0.12)	0.03	(0.11)	$9.84	0.37%	0.00%(5)(7)	3.10%(5)	21%	$1,964
2011(6)	$10.00	0.04	(0.12)	(0.08)	—	$9.92	(0.80)%	0.00%(5)(7)	1.06%(5)	12%	$379
A Class
2012(4)	$9.91	0.13	(0.12)	0.01	(0.08)	$9.84	0.13%	0.45%(5)	2.65%(5)	21%	$1,013
2011(6)	$10.00	0.02	(0.11)	(0.09)	—	$9.91	(0.90)%	0.45%(5)	0.61%(5)	12%	$21
C Class
2012(4)	$9.88	0.06	(0.08)	(0.02)	(0.03)	$9.83	(0.23)%	1.20%(5)	1.90%(5)	21%	$11
2011(6)	$10.00	(0.01)	(0.11)	(0.12)	—	$9.88	(1.20)%	1.20%(5)	(0.14)%(5)	12%	$5
R Class
2012(4)	$9.90	0.14	(0.14)	—	(0.06)	$9.84	0.04%	0.70%(5)	2.40%(5)	21%	$185
2011(6)	$10.00	0.01	(0.11)	(0.10)	—	$9.90	(1.00)%	0.70%(5)	0.36%(5)	12%	$6

Notes to Financial Highlights

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

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

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

(4)	Six months ended January 31, 2012 (unaudited).

(5)	Annualized.

(6)	March 31, 2011 (fund inception) through July 31, 2011.

(7)	Ratio was less than 0.005%.

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

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

Notes

Contact Us	americancentury.com
Automated Information Line	1-800-345-8765
Investor Services Representative	1-800-345-2021 or 816-531-5575
Investors Using Advisors	1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans	1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies	1-800-345-6488
Telecommunications Device for the Deaf	1-800-634-4113

American Century Asset Allocation Portfolios, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-74620 1203

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 30, 2012

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 30, 2012

By:	/s/ C. Jean Wade
	Name:	C. Jean Wade
	Title:	Vice President, Treasurer, and
		Chief Financial Officer
		(principal financial officer)

Date:	March 30, 2012

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