acaap_ncsrs-013113.htm

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:	01-31-2013

ITEM 1. REPORTS TO STOCKHOLDERS.

JANUARY 31, 2013

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	24
Statement of Assets and Liabilities	29
Statement of Operations	33
Statement of Changes in Net Assets	37
Notes to Financial Statements	42
Financial Highlights	66
Additional Information	95

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

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing our semiannual report for the six months ended January 31, 2013. 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, key factors that affected asset returns, and other insights regarding the investment markets, we encourage you to visit our website, americancentury.com. Also, the next annual report will provide additional perspective from our portfolio management team.

“Risk-On” Rebound After Second-Quarter Slump in 2012

Capital market performance from July 31, 2012 to January 31, 2013 reflected rebounds in investor sentiment and riskier asset returns from their slump in the second quarter of last year. Second-quarter concerns about the European financial system and slowing global economic growth translated to further aggressive monetary intervention by major central banks, including the U.S. Federal Reserve (the Fed), the European Central Bank, and the Bank of Japan.

Aggressive monetary policy, which included a third round of bond buying (“quantitative easing”) by the Fed (“QE3”), helped trigger increased optimism about the financial and economic outlooks for slumping developed nations. This encouraged investors to take more risk and reach for yield, boosting the performance of stocks and high-yield bonds over government bonds.

The risk-on rebound was especially notable in non-U.S. equity markets—the MSCI EAFE Index (a popular non-U.S. stock benchmark) returned 18.60% for the six-month period, compared with 9.91% for the S&P 500 Index, representing the U.S. stock market. High-yield U.S. bond benchmarks also posted gains, while U.S. and global treasury securities indices generally retreated. The 10-year U.S. Treasury yield rose from 1.47% to 1.99%.

The U.S. and global economies are showing signs of growing at a quicker pace this year, but in the U.S. we still expect that pace to be subpar, hampered by high unemployment and lingering fiscal concerns. Inflation expectations and rising interest rates are also potential wild cards. Under these conditions, we continue to believe in a disciplined, diversified, long-term investment approach, using professionally managed stock and bond portfolios for meeting financial goals. We appreciate your continued trust in us in this challenging environment.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

The board has once again completed its annual review of the advisory contract between the American Century Investments mutual funds overseen by the board and the funds’ advisor, American Century Investment Management, Inc. This process, often referred to as the 15(c) review, involves the independent directors considering all of the material monitored throughout the year and evaluating a wide range of factors to determine whether the management fee paid by each fund to the advisor is reasonable.

The independent directors’ rationale for this decision is provided in detail in this, or in a previous, report. However, there are several highlights that should be of interest to all shareholders.

•	Fund performance and client service continue to be rated among the industry’s best.

•	Target date and other asset allocation products continue to successfully gather assets and industry acclaim.

•	Compliance programs continue to function successfully with no issues impacting shareholder interests.

•	Fees were found to be within an acceptable competitive range, with minor fee waivers being negotiated on five funds.

Knowing that most shareholders are long term investors, the board was particularly pleased with our succession planning review. Talented professionals are being added within portfolio management and experienced managers have been added to the senior management team.

Overall it was a very positive review for the American Century Investments mutual funds during a challenging market environment.

Best personal regards,

Don Pratt

Performance

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG Income Portfolio
Investor Class	ARTOX	5.51%	9.01%	4.81%	5.63%	8/31/04
Russell 3000 Index	—	11.24%	16.90%	4.44%	6.40%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.44%	5.21%	—
Institutional Class	ATTIX	5.62%	9.23%	5.02%	5.83%	8/31/04
A Class(2) No sales charge* With sales charge*	ARTAX	5.46% -0.63%	8.74% 2.49%	4.54% 3.31%	5.37% 4.63%	8/31/04
C Class No sales charge* With sales charge*	ATTCX	5.03% 4.03%	7.93% 7.93%	— —	7.56% 7.56%	3/1/10
R Class	ARSRX	5.32%	8.48%	4.28%	5.10%	8/31/04

Sales charges include initial sales chars 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 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, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2015 Portfolio
Investor Class	ARFIX	5.74%	9.31%	4.57%	6.17%	8/31/04
Russell 3000 Index	—	11.24%	16.90%	4.44%	6.40%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.44%	5.21%	—
Institutional Class	ARNIX	5.87%	9.52%	4.79%	6.39%	8/31/04
A Class(2) No sales charge* With sales charge*	ARFAX	5.65% -0.45%	9.04% 2.80%	4.31% 3.08%	5.91% 5.17%	8/31/04
C Class No sales charge* With sales charge*	AFNCX	5.28% 4.28%	8.20% 8.20%	— —	7.87% 7.87%	3/1/10
R Class	ARFRX	5.56%	8.76%	4.05%	5.65%	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.

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2020 Portfolio
Investor Class	ARBVX	6.46%	10.08%	4.41%	5/30/08
Russell 3000 Index	—	11.24%	16.90%	4.05%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.94%	—
Institutional Class	ARBSX	6.57%	10.30%	4.61%	5/30/08
A Class(2) No sales charge* With sales charge*	ARBMX	6.29% 0.16%	9.70% 3.37%	4.13% 2.82%	5/30/08
C Class No sales charge* With sales charge*	ARNCX	5.87% 4.87%	8.95% 8.95%	8.30% 8.30%	3/1/10
R Class	ARBRX	6.12%	9.43%	3.88%	5/30/08

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2025 Portfolio
Investor Class	ARWIX	7.03%	10.67%	4.47%	6.56%	8/31/04
Russell 3000 Index	—	11.24%	16.90%	4.44%	6.40%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.44%	5.21%	—
Institutional Class	ARWFX	7.16%	10.90%	4.67%	6.77%	8/31/04
A Class(2) No sales charge* With sales charge*	ARWAX	6.93% 0.78%	10.49% 4.17%	4.21% 2.98%	6.30% 5.55%	8/31/04
C Class No sales charge* With sales charge*	ARWCX	6.54% 5.54%	9.63% 9.63%	— —	8.67% 8.67%	3/1/10
R Class	ARWRX	6.75%	10.12%	3.95%	6.03%	8/31/04

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2030 Portfolio
Investor Class	ARCVX	7.73%	11.36%	3.89%	5/30/08
Russell 3000 Index	—	11.24%	16.90%	4.05%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.94%	—
Institutional Class	ARCSX	7.94%	11.70%	4.09%	5/30/08
A Class(2) No sales charge* With sales charge*	ARCMX	7.67% 1.51%	11.21% 4.84%	3.61% 2.31%	5/30/08
C Class No sales charge* With sales charge*	ARWOX	7.25% 6.25%	10.33% 10.33%	8.97% 8.97%	3/1/10
R Class	ARCRX	7.50%	10.81%	3.36%	5/30/08

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2035 Portfolio
Investor Class	ARYIX	8.56%	12.24%	4.13%	6.80%	8/31/04
Russell 3000 Index	—	11.24%	16.90%	4.44%	6.40%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.44%	5.21%	—
Institutional Class	ARLIX	8.69%	12.55%	4.34%	7.02%	8/31/04
A Class(2) No sales charge* With sales charge*	ARYAX	8.46% 2.22%	11.96% 5.49%	3.87% 2.65%	6.54% 5.79%	8/31/04
C Class No sales charge* With sales charge*	ARLCX	7.97% 6.97%	11.19% 11.19%	— —	9.42% 9.42%	3/1/10
R Class	ARYRX	8.27%	11.77%	3.61%	6.28%	8/31/04

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2040 Portfolio
Investor Class	ARDVX	9.39%	13.12%	3.88%	5/30/08
Russell 3000 Index	—	11.24%	16.90%	4.05%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.94%	—
Institutional Class	ARDSX	9.40%	13.36%	4.07%	5/30/08
A Class(2) No sales charge* With sales charge*	ARDMX	9.12% 2.83%	12.85% 6.34%	3.61% 2.31%	5/30/08
C Class No sales charge* With sales charge*	ARNOX	8.81% 7.81%	11.98% 11.98%	9.86% 9.86%	3/1/10
R Class	ARDRX	9.06%	12.56%	3.36%	5/30/08

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2045 Portfolio
Investor Class	AROIX	9.85%	13.66%	4.04%	6.94%	8/31/04
Russell 3000 Index	—	11.24%	16.90%	4.44%	6.40%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.44%	5.21%	—
Institutional Class	AOOIX	9.90%	13.79%	4.23%	7.15%	8/31/04
A Class(2) No sales charge* With sales charge*	AROAX	9.67% 3.38%	13.38% 6.83%	3.76% 2.55%	6.67% 5.92%	8/31/04
C Class No sales charge* With sales charge*	AROCX	9.25% 8.25%	12.50% 12.50%	— —	10.08% 10.08%	3/1/10
R Class	ARORX	9.47%	13.00%	3.50%	6.40%	8/31/04

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2050 Portfolio
Investor Class	ARFVX	10.17%	13.90%	3.33%	5/30/08
Russell 3000 Index	—	11.24%	16.90%	4.05%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.94%	—
Institutional Class	ARFSX	10.27%	14.24%	3.55%	5/30/08
A Class(2) No sales charge* With sales charge*	ARFMX	10.00% 3.71%	13.73% 7.23%	3.07% 1.78%	5/30/08
C Class No sales charge* With sales charge*	ARFDX	9.59% 8.59%	12.84% 12.84%	10.24% 10.24%	3/1/10
R Class	ARFWX	9.83%	13.33%	2.82%	5/30/08

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

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

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	Since Inception	Inception Date
LIVESTRONG 2055 Portfolio
Investor Class	AREVX	10.29%	14.21%	7.14%	3/31/11
Russell 3000 Index	—	11.24%	16.90%	8.71%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.90%	—
Institutional Class	ARENX	10.40%	14.44%	7.34%	3/31/11
A Class No sales charge* With sales charge*	AREMX	10.13% 3.80%	13.82% 7.28%	6.83% 3.45%	3/31/11
C Class No sales charge* With sales charge*	AREFX	9.72% 8.72%	13.07% 13.07%	6.07% 6.07%	3/31/11
R Class	AREOX	9.96%	13.53%	6.58%	3/31/11

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

Total Annual Fund Operating Expenses
	Investor Class	Institutional Class	A Class	C Class	R Class
LIVESTRONG Income Portfolio	0.77%	0.57%	1.02%	1.77%	1.27%
LIVESTRONG 2015 Portfolio	0.80%	0.60%	1.05%	1.80%	1.30%
LIVESTRONG 2020 Portfolio	0.83%	0.63%	1.08%	1.83%	1.33%
LIVESTRONG 2025 Portfolio	0.86%	0.66%	1.11%	1.86%	1.36%
LIVESTRONG 2030 Portfolio	0.88%	0.68%	1.13%	1.88%	1.38%
LIVESTRONG 2035 Portfolio	0.91%	0.71%	1.16%	1.91%	1.41%
LIVESTRONG 2040 Portfolio	0.95%	0.75%	1.20%	1.95%	1.45%
LIVESTRONG 2045 Portfolio	0.98%	0.78%	1.23%	1.98%	1.48%
LIVESTRONG 2050 Portfolio	1.00%	0.80%	1.25%	2.00%	1.50%
LIVESTRONG 2055 Portfolio	1.01%	0.81%	1.26%	2.01%	1.51%

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

Portfolio Characteristics

Underlying Fund Allocations(1) as a % of net assets as of January 31, 2013
	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		10.0	%		9.7	%		9.5	%		9.2	%		9.2	%
NT Growth Fund		6.5	%		7.0	%		7.9	%		9.5	%		11.2	%
NT Large Company Value Fund		11.0	%		11.0	%		11.3	%		11.5	%		12.3	%
NT Mid Cap Value Fund		4.0	%		4.3	%		5.1	%		5.5	%		5.3	%
NT Small Company Fund		2.0	%		2.0	%		2.0	%		2.6	%		3.5	%
NT VistaSM Fund		2.5	%		3.0	%		4.0	%		4.7	%		5.0	%
Real Estate Fund		1.0	%		1.1	%		1.3	%		1.6	%		1.8	%
NT Emerging Markets Fund		—			0.5	%		1.7	%		2.5	%		3.0	%
NT International Growth Fund		5.0	%		5.2	%		6.3	%		7.2	%		8.7	%
Total Equity		45.0	%		46.8	%		52.1	%		57.3	%		63.3	%
Fixed Income
High-Yield Fund		3.8	%		3.7	%		3.6	%		3.4	%		3.0	%
Inflation-Adjusted Bond Fund		7.6	%		7.5	%		7.2	%		6.7	%		6.1	%
NT Diversified Bond Fund		26.6	%		26.3	%		25.0	%		23.6	%		21.1	%
International Bond Fund		7.0	%		6.7	%		5.6	%		4.0	%		1.5	%
Total Fixed Income		45.0	%		44.2	%		41.4	%		37.7	%		31.7	%
Premium Money Market Fund		10.0	%		9.0	%		6.5	%		5.0	%		5.0	%
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.

Underlying Fund Allocations(1) as a % of net assets as of January 31, 2013
	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		9.7	%		10.2	%		10.2	%		10.5	%		10.7	%
NT Growth Fund		13.0	%		14.0	%		14.7	%		14.9	%		15.2	%
NT Large Company Value Fund		13.0	%		14.0	%		14.7	%		15.2	%		15.5	%
NT Mid Cap Value Fund		5.7	%		6.8	%		7.3	%		7.2	%		7.5	%
NT Small Company Fund		4.2	%		4.0	%		4.3	%		4.8	%		5.0	%
NT VistaSM Fund		5.8	%		6.8	%		7.3	%		7.3	%		7.6	%
Real Estate Fund		2.1	%		2.3	%		2.5	%		2.8	%		3.0	%
NT Emerging Markets Fund		3.5	%		4.5	%		5.3	%		6.3	%		6.5	%
NT International Growth Fund		10.0	%		10.0	%		10.0	%		9.8	%		9.5	%
Total Equity		70.2	%		76.3	%		80.8	%		83.3	%		85.0	%
Fixed Income
High-Yield Fund		2.6	%		2.2	%		1.9	%		1.6	%		1.5	%
Inflation-Adjusted Bond Fund		5.2	%		4.4	%		3.8	%		3.3	%		3.0	%
NT Diversified Bond Fund		18.0	%		15.6	%		13.5	%		11.8	%		10.5	%
Total Fixed Income		25.8	%		22.2	%		19.2	%		16.7	%		15.0	%
Premium Money Market Fund		4.0	%		1.5	%		—			—			—
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

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, 2012 to January 31, 2013.

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 – 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 – 1/31/13	Effective Annualized Expense Ratio(2)
LIVESTRONG Income Portfolio
Actual
Investor Class	$1,000	$1,055.10	$1.04	0.20%	$4.04	0.78%
Institutional Class	$1,000	$1,056.20	$0.00	0.00%(3)	$3.01	0.58%
A Class	$1,000	$1,054.60	$2.33	0.45%	$5.33	1.03%
C Class	$1,000	$1,050.30	$6.20	1.20%	$9.20	1.78%
R Class	$1,000	$1,053.20	$3.62	0.70%	$6.62	1.28%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$3.97	0.78%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$2.96	0.58%
A Class	$1,000	$1,022.94	$2.29	0.45%	$5.24	1.03%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.05	1.78%
R Class	$1,000	$1,021.68	$3.57	0.70%	$6.51	1.28%

(1)

Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. The fees and expenses of the underlying American Century Investments funds in which the fund invests are not included in the class’s annualized expense ratio.

(2)

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

(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%.

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 – 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 – 1/31/13	Effective Annualized Expense Ratio(2)
LIVESTRONG 2015 Portfolio
Actual
Investor Class	$1,000	$1,057.40	$1.04	0.20%	$4.15	0.80%
Institutional Class	$1,000	$1,058.70	$0.00	0.00%(3)	$3.11	0.60%
A Class	$1,000	$1,056.50	$2.33	0.45%	$5.44	1.05%
C Class	$1,000	$1,052.80	$6.21	1.20%	$9.31	1.80%
R Class	$1,000	$1,055.60	$3.63	0.70%	$6.74	1.30%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.08	0.80%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.06	0.60%
A Class	$1,000	$1,022.94	$2.29	0.45%	$5.35	1.05%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.15	1.80%
R Class	$1,000	$1,021.68	$3.57	0.70%	$6.61	1.30%
LIVESTRONG 2020 Portfolio
Actual
Investor Class	$1,000	$1,064.60	$1.04	0.20%	$4.32	0.83%
Institutional Class	$1,000	$1,065.70	$0.00	0.00%(3)	$3.28	0.63%
A Class	$1,000	$1,062.90	$2.34	0.45%	$5.62	1.08%
C Class	$1,000	$1,058.70	$6.23	1.20%	$9.50	1.83%
R Class	$1,000	$1,061.20	$3.64	0.70%	$6.91	1.33%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.23	0.83%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.21	0.63%
A Class	$1,000	$1,022.94	$2.29	0.45%	$5.50	1.08%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.30	1.83%
R Class	$1,000	$1,021.68	$3.57	0.70%	$6.77	1.33%

(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%.

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 – 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 – 1/31/13	Effective Annualized Expense Ratio(2)
LIVESTRONG 2025 Portfolio
Actual
Investor Class	$1,000	$1,070.30	$1.04	0.20%	$4.49	0.86%
Institutional Class	$1,000	$1,071.60	$0.00	0.00%(3)	$3.45	0.66%
A Class	$1,000	$1,069.30	$2.35	0.45%	$5.79	1.11%
C Class	$1,000	$1,065.40	$6.25	1.20%	$9.68	1.86%
R Class	$1,000	$1,067.50	$3.65	0.70%	$7.09	1.36%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.38	0.86%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.36	0.66%
A Class	$1,000	$1,022.94	$2.29	0.45%	$5.65	1.11%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.45	1.86%
R Class	$1,000	$1,021.68	$3.57	0.70%	$6.92	1.36%
LIVESTRONG 2030 Portfolio
Actual
Investor Class	$1,000	$1,077.30	$1.05	0.20%	$4.61	0.88%
Institutional Class	$1,000	$1,079.40	$0.00	0.00%(3)	$3.56	0.68%
A Class	$1,000	$1,076.70	$2.36	0.45%	$5.91	1.13%
C Class	$1,000	$1,072.50	$6.27	1.20%	$9.82	1.88%
R Class	$1,000	$1,075.00	$3.66	0.70%	$7.22	1.38%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.48	0.88%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.47	0.68%
A Class	$1,000	$1,022.94	$2.29	0.45%	$5.75	1.13%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.55	1.88%
R Class	$1,000	$1,021.68	$3.57	0.70%	$7.02	1.38%

(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%.

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 – 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 – 1/31/13	Effective Annualized Expense Ratio(2)
LIVESTRONG 2035 Portfolio
Actual
Investor Class	$1,000	$1,085.60	$1.05	0.20%	$4.78	0.91%
Institutional Class	$1,000	$1,086.90	$0.00	0.00%(3)	$3.73	0.71%
A Class	$1,000	$1,084.60	$2.36	0.45%	$6.10	1.16%
C Class	$1,000	$1,079.70	$6.29	1.20%	$10.01	1.91%
R Class	$1,000	$1,082.70	$3.67	0.70%	$7.40	1.41%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.63	0.91%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.62	0.71%
A Class	$1,000	$1,022.94	$2.29	0.45%	$5.90	1.16%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.70	1.91%
R Class	$1,000	$1,021.68	$3.57	0.70%	$7.17	1.41%
LIVESTRONG 2040 Portfolio
Actual
Investor Class	$1,000	$1,093.90	$1.06	0.20%	$5.01	0.95%
Institutional Class	$1,000	$1,094.00	$0.00	0.00%(3)	$3.96	0.75%
A Class	$1,000	$1,091.20	$2.37	0.45%	$6.33	1.20%
C Class	$1,000	$1,088.10	$6.32	1.20%	$10.26	1.95%
R Class	$1,000	$1,090.60	$3.69	0.70%	$7.64	1.45%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.84	0.95%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.82	0.75%
A Class	$1,000	$1,022.94	$2.29	0.45%	$6.11	1.20%
C Class	$1,000	$1,019.16	$6.11	1.20%	$9.91	1.95%
R Class	$1,000	$1,021.68	$3.57	0.70%	$7.38	1.45%

(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%.

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 – 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 – 1/31/13	Effective Annualized Expense Ratio(2)
LIVESTRONG 2045 Portfolio
Actual
Investor Class	$1,000	$1,098.50	$1.06	0.20%	$5.18	0.98%
Institutional Class	$1,000	$1,099.00	$0.00	0.00%(3)	$4.13	0.78%
A Class	$1,000	$1,096.70	$2.38	0.45%	$6.50	1.23%
C Class	$1,000	$1,092.50	$6.33	1.20%	$10.44	1.98%
R Class	$1,000	$1,094.70	$3.70	0.70%	$7.81	1.48%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$4.99	0.98%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.97	0.78%
A Class	$1,000	$1,022.94	$2.29	0.45%	$6.26	1.23%
C Class	$1,000	$1,019.16	$6.11	1.20%	$10.06	1.98%
R Class	$1,000	$1,021.68	$3.57	0.70%	$7.53	1.48%
LIVESTRONG 2050 Portfolio
Actual
Investor Class	$1,000	$1,101.70	$1.06	0.20%	$5.30	1.00%
Institutional Class	$1,000	$1,102.70	$0.00	0.00%(3)	$4.24	0.80%
A Class	$1,000	$1,100.00	$2.38	0.45%	$6.62	1.25%
C Class	$1,000	$1,095.90	$6.34	1.20%	$10.57	2.00%
R Class	$1,000	$1,098.30	$3.70	0.70%	$7.93	1.50%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$5.09	1.00%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$4.08	0.80%
A Class	$1,000	$1,022.94	$2.29	0.45%	$6.36	1.25%
C Class	$1,000	$1,019.16	$6.11	1.20%	$10.16	2.00%
R Class	$1,000	$1,021.68	$3.57	0.70%	$7.63	1.50%

(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%.

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 – 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 – 1/31/13	Effective Annualized Expense Ratio(2)
LIVESTRONG 2055 Portfolio
Actual
Investor Class	$1,000	$1,102.90	$1.06	0.20%	$5.30	1.00%
Institutional Class	$1,000	$1,104.00	$0.00	0.00%(3)	$4.24	0.80%
A Class	$1,000	$1,101.30	$2.38	0.45%	$6.62	1.25%
C Class	$1,000	$1,097.20	$6.34	1.20%	$10.57	2.00%
R Class	$1,000	$1,099.60	$3.70	0.70%	$7.94	1.50%
Hypothetical
Investor Class	$1,000	$1,024.20	$1.02	0.20%	$5.09	1.00%
Institutional Class	$1,000	$1,025.21	$0.00	0.00%(3)	$4.08	0.80%
A Class	$1,000	$1,022.94	$2.29	0.45%	$6.36	1.25%
C Class	$1,000	$1,019.16	$6.11	1.20%	$10.16	2.00%
R Class	$1,000	$1,021.68	$3.57	0.70%	$7.63	1.50%

(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, 2013 (UNAUDITED)

	Shares	Value
LIVESTRONG Income Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 40.0%
NT Core Equity Plus Fund Institutional Class	1,042,849	$ 12,639,330
NT Equity Growth Fund Institutional Class	3,912,174	42,094,993
NT Growth Fund Institutional Class	2,109,699	27,362,792
NT Large Company Value Fund Institutional Class	4,601,699	46,293,088
NT Mid Cap Value Fund Institutional Class	1,560,520	16,900,436
NT Small Company Fund Institutional Class	966,105	8,530,705
NT Vista Fund Institutional Class	925,786	10,637,287
Real Estate Fund Institutional Class	172,515	4,217,989
		168,676,620
DOMESTIC FIXED INCOME FUNDS — 38.0%
High-Yield Fund Institutional Class	2,552,725	16,005,585
Inflation-Adjusted Bond Fund Institutional Class	2,443,770	31,964,515
NT Diversified Bond Fund Institutional Class	10,241,385	112,245,574
		160,215,674
MONEY MARKET FUNDS — 10.0%
Premium Money Market Fund Investor Class	42,213,304	42,213,304
INTERNATIONAL FIXED INCOME FUNDS — 7.0%
International Bond Fund Institutional Class	2,059,175	29,487,380
INTERNATIONAL EQUITY FUNDS — 5.0%
NT International Growth Fund Institutional Class	2,011,321	21,078,642
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $358,800,029)		421,671,620
OTHER ASSETS AND LIABILITIES†		219
TOTAL NET ASSETS — 100.0%		$421,671,839

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.

	Shares	Value
LIVESTRONG 2015 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 41.1%
NT Core Equity Plus Fund Institutional Class	2,574,168	$ 31,198,921
NT Equity Growth Fund Institutional Class	9,423,783	101,399,900
NT Growth Fund Institutional Class	5,611,907	72,786,430
NT Large Company Value Fund Institutional Class	11,369,131	114,373,458
NT Mid Cap Value Fund Institutional Class	4,093,921	44,337,168
NT Small Company Fund Institutional Class	2,383,281	21,044,375
NT Vista Fund Institutional Class	2,741,200	31,496,386
Real Estate Fund Institutional Class	467,135	11,421,460
		428,058,098
DOMESTIC FIXED INCOME FUNDS — 37.5%
High-Yield Fund Institutional Class	6,219,640	38,997,142
Inflation-Adjusted Bond Fund Institutional Class	5,981,779	78,241,663
NT Diversified Bond Fund Institutional Class	24,975,362	273,729,964
		390,968,769
MONEY MARKET FUNDS — 9.0%
Premium Money Market Fund Investor Class	93,865,158	93,865,158
INTERNATIONAL FIXED INCOME FUNDS — 6.7%
International Bond Fund Institutional Class	4,850,749	69,462,720
INTERNATIONAL EQUITY FUNDS — 5.7%
NT Emerging Markets Fund Institutional Class	485,025	5,175,216
NT International Growth Fund Institutional Class	5,215,536	54,658,818
		59,834,034
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $898,734,728)		1,042,188,779
OTHER ASSETS AND LIABILITIES†		613
TOTAL NET ASSETS — 100.0%		$1,042,189,392

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.

See Notes to Financial Statements.

	Shares	Value
LIVESTRONG 2020 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 44.1%
NT Core Equity Plus Fund Institutional Class	1,971,242	$ 23,891,451
NT Equity Growth Fund Institutional Class	7,015,917	75,491,270
NT Growth Fund Institutional Class	4,875,617	63,236,757
NT Large Company Value Fund Institutional Class	8,924,620	89,781,682
NT Mid Cap Value Fund Institutional Class	3,702,967	40,103,127
NT Small Company Fund Institutional Class	1,809,042	15,973,837
NT Vista Fund Institutional Class	2,782,822	31,974,626
Real Estate Fund Institutional Class	434,390	10,620,846
		351,073,596
DOMESTIC FIXED INCOME FUNDS — 35.8%
High-Yield Fund Institutional Class	4,522,357	28,355,179
Inflation-Adjusted Bond Fund Institutional Class	4,376,510	57,244,756
NT Diversified Bond Fund Institutional Class	18,132,742	198,734,857
		284,334,792
INTERNATIONAL EQUITY FUNDS — 8.0%
NT Emerging Markets Fund Institutional Class	1,289,667	13,760,751
NT International Growth Fund Institutional Class	4,736,643	49,640,023
		63,400,774
MONEY MARKET FUNDS — 6.5%
Premium Money Market Fund Investor Class	51,504,328	51,504,328
INTERNATIONAL FIXED INCOME FUNDS — 5.6%
International Bond Fund Institutional Class	3,103,405	44,440,767
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $700,640,398)		794,754,257
OTHER ASSETS AND LIABILITIES†		(1,678)
TOTAL NET ASSETS — 100.0%		$794,752,579

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.

	Shares	Value
LIVESTRONG 2025 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 47.6%
NT Core Equity Plus Fund Institutional Class	3,717,886	$ 45,060,777
NT Equity Growth Fund Institutional Class	12,889,292	138,688,785
NT Growth Fund Institutional Class	10,978,677	142,393,444
NT Large Company Value Fund Institutional Class	17,132,484	172,352,790
NT Mid Cap Value Fund Institutional Class	7,641,529	82,757,759
NT Small Company Fund Institutional Class	4,469,658	39,467,081
NT Vista Fund Institutional Class	6,128,942	70,421,547
Real Estate Fund Institutional Class	978,218	23,917,428
		715,059,611
DOMESTIC FIXED INCOME FUNDS — 33.7%
High-Yield Fund Institutional Class	8,106,145	50,825,527
Inflation-Adjusted Bond Fund Institutional Class	7,727,358	101,073,837
NT Diversified Bond Fund Institutional Class	32,216,859	353,096,770
		504,996,134
INTERNATIONAL EQUITY FUNDS — 9.7%
NT Emerging Markets Fund Institutional Class	3,499,194	37,336,403
NT International Growth Fund Institutional Class	10,384,675	108,831,391
		146,167,794
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class	74,999,374	74,999,374
INTERNATIONAL FIXED INCOME FUNDS — 4.0%
International Bond Fund Institutional Class	4,182,430	59,892,393
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,279,880,487)		1,501,115,306
OTHER ASSETS AND LIABILITIES†		5,003
TOTAL NET ASSETS — 100.0%		$1,501,120,309

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.

See Notes to Financial Statements.

	Shares	Value
LIVESTRONG 2030 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 51.6%
NT Core Equity Plus Fund Institutional Class	1,942,558	$ 23,543,800
NT Equity Growth Fund Institutional Class	6,222,958	66,959,030
NT Growth Fund Institutional Class	6,267,425	81,288,497
NT Large Company Value Fund Institutional Class	8,838,138	88,911,667
NT Mid Cap Value Fund Institutional Class	3,533,836	38,271,440
NT Small Company Fund Institutional Class	2,887,867	25,499,866
NT Vista Fund Institutional Class	3,166,946	36,388,208
Real Estate Fund Institutional Class	542,005	13,252,027
		374,114,535
DOMESTIC FIXED INCOME FUNDS — 30.2%
High-Yield Fund Institutional Class	3,511,473	22,016,937
Inflation-Adjusted Bond Fund Institutional Class	3,389,337	44,332,532
NT Diversified Bond Fund Institutional Class	13,937,478	152,754,764
		219,104,233
INTERNATIONAL EQUITY FUNDS — 11.7%
NT Emerging Markets Fund Institutional Class	2,034,437	21,707,447
NT International Growth Fund Institutional Class	6,069,689	63,610,344
		85,317,791
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class	36,198,884	36,198,884
INTERNATIONAL FIXED INCOME FUNDS — 1.5%
International Bond Fund Institutional Class	752,877	10,781,195
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $632,341,753)		725,516,638
OTHER ASSETS AND LIABILITIES†		2,026
TOTAL NET ASSETS — 100.0%		$725,518,664

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.

	Shares	Value
LIVESTRONG 2035 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 56.7%
NT Core Equity Plus Fund Institutional Class	2,903,994	$ 35,196,406
NT Equity Growth Fund Institutional Class	9,813,967	105,598,287
NT Growth Fund Institutional Class	10,846,972	140,685,232
NT Large Company Value Fund Institutional Class	13,992,144	140,760,971
NT Mid Cap Value Fund Institutional Class	5,767,269	62,459,518
NT Small Company Fund Institutional Class	5,142,561	45,408,816
NT Vista Fund Institutional Class	5,464,170	62,783,310
Real Estate Fund Institutional Class	923,354	22,576,015
		615,468,555
DOMESTIC FIXED INCOME FUNDS — 25.8%
High-Yield Fund Institutional Class	4,400,574	27,591,599
Inflation-Adjusted Bond Fund Institutional Class	4,331,866	56,660,805
NT Diversified Bond Fund Institutional Class	17,835,412	195,476,114
		279,728,518
INTERNATIONAL EQUITY FUNDS — 13.5%
NT Emerging Markets Fund Institutional Class	3,570,710	38,099,479
NT International Growth Fund Institutional Class	10,343,487	108,399,742
		146,499,221
MONEY MARKET FUNDS — 4.0%
Premium Money Market Fund Investor Class	43,437,445	43,437,445
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $922,254,636)		1,085,133,739
OTHER ASSETS AND LIABILITIES†		8,479
TOTAL NET ASSETS — 100.0%		$1,085,142,218

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.

See Notes to Financial Statements.

	Shares	Value
LIVESTRONG 2040 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 61.8%
NT Core Equity Plus Fund Institutional Class	1,519,363	$ 18,414,674
NT Equity Growth Fund Institutional Class	4,684,417	50,404,327
NT Growth Fund Institutional Class	5,308,198	68,847,327
NT Large Company Value Fund Institutional Class	6,844,847	68,859,164
NT Mid Cap Value Fund Institutional Class	3,075,729	33,310,149
NT Small Company Fund Institutional Class	2,247,358	19,844,170
NT Vista Fund Institutional Class	2,912,784	33,467,891
Real Estate Fund Institutional Class	469,167	11,471,123
		304,618,825
DOMESTIC FIXED INCOME FUNDS — 22.2%
High-Yield Fund Institutional Class	1,732,882	10,865,170
Inflation-Adjusted Bond Fund Institutional Class	1,667,817	21,815,052
NT Diversified Bond Fund Institutional Class	7,026,061	77,005,627
		109,685,849
INTERNATIONAL EQUITY FUNDS — 14.5%
NT Emerging Markets Fund Institutional Class	2,090,511	22,305,747
NT International Growth Fund Institutional Class	4,709,183	49,352,233
		71,657,980
MONEY MARKET FUNDS — 1.5%
Premium Money Market Fund Investor Class	7,404,751	7,404,751
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $432,372,855)		493,367,405
OTHER ASSETS AND LIABILITIES†		1,091
TOTAL NET ASSETS — 100.0%		$493,368,496

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.

	Shares	Value
LIVESTRONG 2045 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 65.5%
NT Core Equity Plus Fund Institutional Class	2,655,194	$ 32,180,951
NT Equity Growth Fund Institutional Class	6,810,715	73,283,289
NT Growth Fund Institutional Class	8,103,941	105,108,117
NT Large Company Value Fund Institutional Class	10,475,862	105,387,172
NT Mid Cap Value Fund Institutional Class	4,801,249	51,997,524
NT Small Company Fund Institutional Class	3,447,118	30,438,050
NT Vista Fund Institutional Class	4,524,281	51,983,989
Real Estate Fund Institutional Class	749,469	18,324,517
		468,703,609
DOMESTIC FIXED INCOME FUNDS — 19.2%
High-Yield Fund Institutional Class	2,166,666	13,584,995
Inflation-Adjusted Bond Fund Institutional Class	2,088,882	27,322,580
NT Diversified Bond Fund Institutional Class	8,795,193	96,395,318
		137,302,893
INTERNATIONAL EQUITY FUNDS — 15.3%
NT Emerging Markets Fund Institutional Class	3,539,422	37,765,634
NT International Growth Fund Institutional Class	6,828,371	71,561,323
		109,326,957
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $611,231,361)		715,333,459
OTHER ASSETS AND LIABILITIES†		189
TOTAL NET ASSETS — 100.0%		$715,333,648

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.

See Notes to Financial Statements.

	Shares	Value
LIVESTRONG 2050 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 67.2%
NT Core Equity Plus Fund Institutional Class	935,890	$ 11,342,989
NT Equity Growth Fund Institutional Class	2,460,134	26,471,045
NT Growth Fund Institutional Class	2,909,732	37,739,229
NT Large Company Value Fund Institutional Class	3,818,047	38,409,557
NT Mid Cap Value Fund Institutional Class	1,691,245	18,316,189
NT Small Company Fund Institutional Class	1,364,187	12,045,768
NT Vista Fund Institutional Class	1,599,702	18,380,573
Real Estate Fund Institutional Class	290,603	7,105,233
		169,810,583
DOMESTIC FIXED INCOME FUNDS — 16.7%
High-Yield Fund Institutional Class	663,789	4,161,959
Inflation-Adjusted Bond Fund Institutional Class	639,793	8,368,487
NT Diversified Bond Fund Institutional Class	2,706,701	29,665,438
		42,195,884
INTERNATIONAL EQUITY FUNDS — 16.1%
NT Emerging Markets Fund Institutional Class	1,490,512	15,903,761
NT International Growth Fund Institutional Class	2,350,821	24,636,599
		40,540,360
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $225,743,473)		252,546,827
OTHER ASSETS AND LIABILITIES†		(2,986)
TOTAL NET ASSETS — 100.0%		$252,543,841

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.

	Shares	Value
LIVESTRONG 2055 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 69.0%
NT Core Equity Plus Fund Institutional Class	99,720	$ 1,208,603
NT Equity Growth Fund Institutional Class	268,419	2,888,185
NT Growth Fund Institutional Class	315,826	4,096,263
NT Large Company Value Fund Institutional Class	413,899	4,163,828
NT Mid Cap Value Fund Institutional Class	186,660	2,021,526
NT Small Company Fund Institutional Class	153,726	1,357,403
NT Vista Fund Institutional Class	176,912	2,032,715
Real Estate Fund Institutional Class	32,840	802,933
		18,571,456
INTERNATIONAL EQUITY FUNDS — 16.0%
NT Emerging Markets Fund Institutional Class	164,699	1,757,342
NT International Growth Fund Institutional Class	243,981	2,556,922
		4,314,264
DOMESTIC FIXED INCOME FUNDS — 15.0%
High-Yield Fund Institutional Class	64,269	402,966
Inflation-Adjusted Bond Fund Institutional Class	61,949	810,288
NT Diversified Bond Fund Institutional Class	258,107	2,828,853
		4,042,107
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $25,258,191)		26,927,827
OTHER ASSETS AND LIABILITIES†		6
TOTAL NET ASSETS — 100.0%		$26,927,833

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.

See Notes to Financial Statements.

Statement of Assets and Liabilities

JANUARY 31, 2013 (UNAUDITED)
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Assets
Investment securities in affiliates, at value (cost of $358,800,029, $898,734,728 and $700,640,398, respectively)		$421,671,620			$1,042,188,779			$794,754,257
Cash		93,253			243,774			176,203
Receivable for investments sold		1,841,482			6,474,224			—
Receivable for capital shares sold		405,627			1,383,137			1,580,542
Distributions receivable from affiliates		237,816			577,540			414,052
		424,249,798			1,050,867,454			796,925,054

Liabilities
Payable for investments purchased		237,597			577,006			1,318,227
Payable for capital shares redeemed		2,243,958			7,848,961			671,890
Accrued administrative fees		54,146			147,689			101,294
Distribution and service fees payable		42,258			104,406			81,064
		2,577,959			8,678,062			2,172,475

Net Assets		$421,671,839			$1,042,189,392			$794,752,579

Net Assets Consist of:
Capital (par value and paid-in surplus)		$365,676,989			$908,871,381			$695,912,707
Undistributed net investment income		105,273			307,957			203,976
Accumulated undistributed net realized gain (loss)		(6,982,014	)		(10,443,997	)		4,522,037
Net unrealized appreciation		62,871,591			143,454,051			94,113,859
		$421,671,839			$1,042,189,392			$794,752,579

Fund/Class	Net Assets	Shares outstanding	Net asset value per share
LIVESTRONG Income Portfolio
Investor Class, $0.01 Par Value	$174,391,644	14,593,746	$11.95
Institutional Class, $0.01 Par Value	$98,689,161	8,255,435	$11.95
A Class, $0.01 Par Value	$99,176,609	8,300,932	$11.95*
C Class, $0.01 Par Value	$961,548	80,425	$11.96
R Class, $0.01 Par Value	$48,452,877	4,058,583	$11.94
LIVESTRONG 2015 Portfolio
Investor Class, $0.01 Par Value	$502,481,143	39,844,760	$12.61
Institutional Class, $0.01 Par Value	$160,562,522	12,721,574	$12.62
A Class, $0.01 Par Value	$268,453,358	21,293,443	$12.61*
C Class, $0.01 Par Value	$3,143,384	248,953	$12.63
R Class, $0.01 Par Value	$107,548,985	8,530,771	$12.61
LIVESTRONG 2020 Portfolio
Investor Class, $0.01 Par Value	$313,766,507	28,469,288	$11.02
Institutional Class, $0.01 Par Value	$177,247,399	16,083,792	$11.02
A Class, $0.01 Par Value	$217,226,294	19,722,157	$11.01*
C Class, $0.01 Par Value	$3,413,461	309,232	$11.04
R Class, $0.01 Par Value	$83,098,918	7,545,162	$11.01

*	Maximum offering price $12.68, $13.38 and $11.68 (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, 2013 (UNAUDITED)
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio		LIVESTRONG 2035 Portfolio
Assets
Investment securities in affiliates, at value (cost of $1,279,880,487, $632,341,753 and $922,254,636, respectively)		$1,501,115,306			$725,516,638		$1,085,133,739
Cash		348,662			168,812		253,201
Receivable for investments sold		5,941,214			—		4,147,037
Receivable for capital shares sold		1,822,857			1,034,076		1,451,414
Distributions receivable from affiliates		745,245			318,950		407,662
		1,509,973,284			727,038,476		1,091,393,053

Liabilities
Payable for investments purchased		744,556			617,499		407,282
Payable for capital shares redeemed		7,747,869			727,821		5,581,662
Accrued administrative fees		208,508			92,536		147,903
Distribution and service fees payable		152,042			81,956		113,988
		8,852,975			1,519,812		6,250,835

Net Assets		$1,501,120,309			$725,518,664		$1,085,142,218

Net Assets Consist of:
Capital (par value and paid-in surplus)		$1,292,761,542			$627,383,045		$928,530,726
Undistributed net investment income		383,051			121,044		140,168
Accumulated undistributed net realized gain (loss)		(13,259,103	)		4,839,690		(6,407,779	)
Net unrealized appreciation		221,234,819			93,174,885		162,879,103
		$1,501,120,309			$725,518,664		$1,085,142,218

Fund/Class	Net Assets	Shares outstanding	Net asset value per share
LIVESTRONG 2025 Portfolio
Investor Class, $0.01 Par Value	$690,466,047	53,114,291	$13.00
Institutional Class, $0.01 Par Value	$253,687,828	19,517,456	$13.00
A Class, $0.01 Par Value	$399,884,468	30,765,607	$13.00*
C Class, $0.01 Par Value	$5,027,005	386,125	$13.02
R Class, $0.01 Par Value	$152,054,961	11,702,622	$12.99
LIVESTRONG 2030 Portfolio
Investor Class, $0.01 Par Value	$259,394,311	23,723,239	$10.93
Institutional Class, $0.01 Par Value	$163,084,832	14,920,646	$10.93
A Class, $0.01 Par Value	$213,275,174	19,528,858	$10.92*
C Class, $0.01 Par Value	$2,251,287	205,659	$10.95
R Class, $0.01 Par Value	$87,513,060	8,011,775	$10.92
LIVESTRONG 2035 Portfolio
Investor Class, $0.01 Par Value	$473,808,901	34,937,614	$13.56
Institutional Class, $0.01 Par Value	$193,239,435	14,239,818	$13.57
A Class, $0.01 Par Value	$294,639,573	21,727,275	$13.56*
C Class, $0.01 Par Value	$2,581,663	190,220	$13.57
R Class, $0.01 Par Value	$120,872,646	8,913,646	$13.56

*	Maximum offering price $13.79, $11.59 and $14.39 (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, 2013 (UNAUDITED)
	LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Assets
Investment securities in affiliates, at value (cost of $432,372,855, $611,231,361 and $225,743,473, respectively)		$493,367,405		$715,333,459			$252,546,827
Cash		106,418		157,340			51,982
Receivable for investments sold		—		608,593			—
Receivable for capital shares sold		1,320,220		1,056,231			338,896
Distributions receivable from affiliates		158,443		199,284			60,713
		494,952,486		717,354,907			252,998,418

Liabilities
Payable for investments purchased		568,653		199,099			208,702
Payable for capital shares redeemed		905,297		1,659,426			192,094
Accrued administrative fees		59,794		91,538			28,530
Distribution and service fees payable		50,246		71,196			25,251
		1,583,990		2,021,259			454,577

Net Assets		$493,368,496		$715,333,648			$252,543,841

Net Assets Consist of:
Capital (par value and paid-in surplus)		$428,463,823		$616,527,757			$223,519,536
Undistributed net investment income		34,148		31,559			4,146
Accumulated undistributed net realized gain (loss)		3,875,975		(5,327,766	)		2,216,805
Net unrealized appreciation		60,994,550		104,102,098			26,803,354
		$493,368,496		$715,333,648			$252,543,841

Fund/Class	Net Assets	Shares outstanding	Net asset value per share
LIVESTRONG 2040 Portfolio
Investor Class, $0.01 Par Value	$173,966,993	15,793,504	$11.02
Institutional Class, $0.01 Par Value	$128,289,853	11,647,972	$11.01
A Class, $0.01 Par Value	$139,592,954	12,676,079	$11.01*
C Class, $0.01 Par Value	$1,356,653	123,108	$11.02
R Class, $0.01 Par Value	$50,162,043	4,557,164	$11.01
LIVESTRONG 2045 Portfolio
Investor Class, $0.01 Par Value	$292,214,465	21,209,670	$13.78
Institutional Class, $0.01 Par Value	$159,152,202	11,545,704	$13.78
A Class, $0.01 Par Value	$185,904,154	13,500,757	$13.77*
C Class, $0.01 Par Value	$911,548	66,100	$13.79
R Class, $0.01 Par Value	$77,151,279	5,601,032	$13.77
LIVESTRONG 2050 Portfolio
Investor Class, $0.01 Par Value	$79,293,116	7,309,001	$10.85
Institutional Class, $0.01 Par Value	$77,401,685	7,129,193	$10.86
A Class, $0.01 Par Value	$71,046,555	6,550,453	$10.85*
C Class, $0.01 Par Value	$1,297,771	119,441	$10.87
R Class, $0.01 Par Value	$23,504,714	2,166,706	$10.85

*	Maximum offering price $11.68, $14.61 and $11.51 (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, 2013 (UNAUDITED)
	LIVESTRONG 2055 Portfolio
Assets
Investment securities in affiliates, at value (cost of $25,258,191)		$26,927,827
Cash		5,676
Receivable for capital shares sold		105,581
Distributions receivable from affiliates		5,643
		27,044,727

Liabilities
Payable for investments purchased		81,685
Payable for capital shares redeemed		29,329
Accrued administrative fees		3,247
Distribution and service fees payable		2,633
		116,894

Net Assets		$26,927,833

Net Assets Consist of:
Capital (par value and paid-in surplus)		$25,101,911
Accumulated net investment loss		(2,300	)
Undistributed net realized gain		158,586
Net unrealized appreciation		1,669,636
		$26,927,833

Fund/Class	Net Assets	Shares outstanding	Net asset value per share
LIVESTRONG 2055 Portfolio
Investor Class, $0.01 Par Value	$10,503,291	950,040	$11.06
Institutional Class, $0.01 Par Value	$6,262,310	566,445	$11.06
A Class, $0.01 Par Value	$7,334,634	663,895	$11.05*
C Class, $0.01 Par Value	$125,839	11,391	$11.05
R Class, $0.01 Par Value	$2,701,759	244,458	$11.05

*	Maximum offering price $11.72 (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, 2013 (UNAUDITED)
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio		LIVESTRONG 2020 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$5,692,101			$14,175,265		$9,908,693

Expenses:
Administrative fees:
Investor Class		150,801			461,927		261,454
A Class		103,580			256,965		191,400
C Class		874			2,792		2,842
R Class		43,789			95,279		69,742
Distribution and service fees:
A Class		129,475			321,206		239,250
C Class		4,371			13,956		14,209
R Class		109,473			238,198		174,355
Directors’ fees and expenses		9,075			22,130		15,681
Other expenses		—			136		—
		551,438			1,412,589		968,933

Net investment income (loss)		5,140,663			12,762,676		8,939,760

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(11,018	)		208,240		(178,080	)
Capital gain distributions received from underlying funds		4,477,127			11,265,728		8,116,857
		4,466,109			11,473,968		7,938,777

Change in net unrealized appreciation (depreciation) on investments in underlying funds		10,615,164			28,713,243		24,011,186

Net realized and unrealized gain (loss) on affiliates		15,081,273			40,187,211		31,949,963

Net Increase (Decrease) in Net Assets Resulting from Operations		$20,221,936			$52,949,887		$40,889,723

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED)
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio			LIVESTRONG 2035 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$19,626,932			$8,549,067			$13,068,805

Expenses:
Administrative fees:
Investor Class		618,348			212,304			418,371
A Class		363,877			182,056			263,506
C Class		4,407			2,020			2,110
R Class		139,865			77,805			111,809
Distribution and service fees:
A Class		454,847			227,570			329,383
C Class		22,036			10,097			10,552
R Class		349,662			194,511			279,524
Directors’ fees and expenses		31,130			14,588			22,381
		1,984,172			920,951			1,437,636

Net investment income (loss)		17,642,760			7,628,116			11,631,169

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(7,339	)		(275,935	)		(341,321	)
Capital gain distributions received from underlying funds		17,055,120			8,311,363			13,872,435
		17,047,781			8,035,428			13,531,114

Change in net unrealized appreciation (depreciation) on investments in underlying funds		56,307,764			29,245,291			53,599,518

Net realized and unrealized gain (loss) on affiliates		73,355,545			37,280,719			67,130,632

Net Increase (Decrease) in Net Assets Resulting from Operations		$90,998,305			$44,908,835			$78,761,801

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED)
	LIVESTRONG 2040 Portfolio			LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$5,513,643			$8,433,199			$2,770,554

Expenses:
Administrative fees:
Investor Class		140,166			251,449			62,035
A Class		117,721			163,616			60,492
C Class		1,048			865			959
R Class		42,592			69,279			19,378
Distribution and service fees:
A Class		147,152			204,519			75,615
C Class		5,240			4,327			4,795
R Class		106,480			173,197			48,445
Directors’ fees and expenses		9,298			14,231			4,729
		569,697			881,483			276,448

Net investment income (loss)		4,943,946			7,551,716			2,494,106

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(250,871	)		(334,731	)		(153,537	)
Capital gain distributions received from underlying funds		6,099,331			9,548,305			3,325,091
		5,848,460			9,213,574			3,171,554

Change in net unrealized appreciation (depreciation) on investments in underlying funds		24,766,036			41,713,350			14,298,732

Net realized and unrealized gain (loss) on affiliates		30,614,496			50,926,924			17,470,286

Net Increase (Decrease) in Net Assets Resulting from Operations		$35,558,442			$58,478,640			$19,964,392

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED)
	LIVESTRONG 2055 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$238,220

Expenses:
Administrative fees:
Investor Class		5,787
A Class		4,907
C Class		105
R Class		1,876
Distribution and service fees:
A Class		6,134
C Class		526
R Class		4,689
Directors’ fees and expenses		386
		24,410

Net investment income (loss)		213,810

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(16,424	)
Capital gain distributions received from underlying funds		301,506
		285,082

Change in net unrealized appreciation (depreciation) on investments in underlying funds		1,277,608

Net realized and unrealized gain (loss) on affiliates		1,562,690

Net Increase (Decrease) in Net Assets Resulting from Operations		$1,776,500

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	LIVESTRONG Income Portfolio						LIVESTRONG 2015 Portfolio
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$5,140,663			$7,171,217			$12,762,676			$17,595,552
Net realized gain (loss)		4,466,109			4,944,235			11,473,968			7,841,248
Change in net unrealized appreciation (depreciation)		10,615,164			6,871,351			28,713,243			20,775,825
Net increase (decrease) in net assets resulting from operations		20,221,936			18,986,803			52,949,887			46,212,625

Distributions to Shareholders
From net investment income:
Investor Class		(2,125,890	)		(2,187,611	)		(9,289,549	)		(7,838,571	)
Institutional Class		(1,400,251	)		(2,585,674	)		(3,341,324	)		(4,072,861	)
A Class		(1,217,445	)		(1,928,951	)		(4,369,628	)		(4,143,809	)
C Class		(7,756	)		(8,286	)		(29,334	)		(15,317	)
R Class		(501,759	)		(519,173	)		(1,437,662	)		(1,171,673	)
From net realized gains:
Investor Class		(1,725,796	)		—			(3,680,481	)		—
Institutional Class		(1,035,833	)		—			(1,200,865	)		—
A Class		(995,765	)		—			(1,986,010	)		—
C Class		(10,008	)		—			(23,852	)		—
R Class		(492,170	)		—			(765,762	)		—
Decrease in net assets from distributions		(9,512,673	)		(7,229,695	)		(26,124,467	)		(17,242,231	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		63,467,016			36,694,164			135,340,211			115,537,471

Net increase (decrease) in net assets		74,176,279			48,451,272			162,165,631			144,507,865

Net Assets
Beginning of period		347,495,560			299,044,288			880,023,761			735,515,896
End of period		$421,671,839			$347,495,560			$1,042,189,392			$880,023,761

Undistributed net investment income		$105,273			$217,711			$307,957			$6,012,778

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	LIVESTRONG 2020 Portfolio						LIVESTRONG 2025 Portfolio
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$8,939,760			$11,010,269			$17,642,760			$22,433,836
Net realized gain (loss)		7,938,777			5,835,930			17,047,781			8,404,517
Change in net unrealized appreciation (depreciation)		24,011,186			12,566,331			56,307,764			25,689,808
Net increase (decrease) in net assets resulting from operations		40,889,723			29,412,530			90,998,305			56,528,161

Distributions to Shareholders
From net investment income:
Investor Class		(5,192,741	)		(2,737,663	)		(11,938,501	)		(9,508,871	)
Institutional Class		(3,426,595	)		(4,008,922	)		(4,901,730	)		(5,441,026	)
A Class		(3,109,162	)		(2,725,776	)		(6,051,832	)		(5,135,370	)
C Class		(26,318	)		(9,415	)		(40,813	)		(23,576	)
R Class		(964,118	)		(683,076	)		(1,950,749	)		(1,626,743	)
From net realized gains:
Investor Class		(2,479,231	)		(415,940	)		(4,233,193	)		—
Institutional Class		(1,474,446	)		(558,701	)		(1,568,185	)		—
A Class		(1,719,772	)		(466,808	)		(2,480,785	)		—
C Class		(27,759	)		(2,605	)		(31,460	)		—
R Class		(633,751	)		(134,029	)		(947,538	)		—
Decrease in net assets from distributions		(19,053,893	)		(11,742,935	)		(34,144,786	)		(21,735,586	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		210,624,188			108,986,100			247,993,976			145,649,813

Net increase (decrease) in net assets		232,460,018			126,655,695			304,847,495			180,442,388

Net Assets
Beginning of period		562,292,561			435,636,866			1,196,272,814			1,015,830,426
End of period		$794,752,579			$562,292,561			$1,501,120,309			$1,196,272,814

Undistributed net investment income		$203,976			$3,983,150			$383,051			$7,623,916

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	LIVESTRONG 2030 Portfolio						LIVESTRONG 2035 Portfolio
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$7,628,116			$8,409,080			$11,631,169			$13,304,783
Net realized gain (loss)		8,035,428			4,635,869			13,531,114			7,143,940
Change in net unrealized appreciation (depreciation)		29,245,291			9,996,355			53,599,518			15,096,275
Net increase (decrease) in net assets resulting from operations		44,908,835			23,041,304			78,761,801			35,544,998

Distributions to Shareholders
From net investment income:
Investor Class		(3,947,509	)		(1,830,257	)		(7,251,291	)		(5,406,930	)
Institutional Class		(2,876,603	)		(3,077,742	)		(3,384,856	)		(3,029,165	)
A Class		(2,719,375	)		(2,149,526	)		(3,840,071	)		(3,139,941	)
C Class		(15,058	)		(9,176	)		(15,225	)		(6,446	)
R Class		(951,818	)		(543,391	)		(1,346,130	)		(1,032,297	)
From net realized gains:
Investor Class		(1,975,916	)		(232,302	)		(3,542,839	)		—
Institutional Class		(1,286,938	)		(353,815	)		(1,475,970	)		—
A Class		(1,599,427	)		(313,828	)		(2,207,333	)		—
C Class		(18,623	)		(2,436	)		(18,642	)		—
R Class		(678,597	)		(93,365	)		(940,223	)		—
Decrease in net assets from distributions		(16,069,864	)		(8,605,838	)		(24,022,580	)		(12,614,779	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		190,274,895			119,392,493			175,745,764			154,007,455

Net increase (decrease) in net assets		219,113,866			133,827,959			230,484,985			176,937,674

Net Assets
Beginning of period		506,404,798			372,576,839			854,657,233			677,719,559
End of period		$725,518,664			$506,404,798			$1,085,142,218			$854,657,233

Undistributed net investment income		$121,044			$3,003,291			$140,168			$4,346,572

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	LIVESTRONG 2040 Portfolio						LIVESTRONG 2045 Portfolio
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$4,943,946			$4,450,020			$7,551,716			$7,413,545
Net realized gain (loss)		5,848,460			2,490,465			9,213,574			3,289,947
Change in net unrealized appreciation (depreciation)		24,766,036			6,010,271			41,713,350			8,691,559
Net increase (decrease) in net assets resulting from operations		35,558,442			12,950,756			58,478,640			19,395,051

Distributions to Shareholders
From net investment income:
Investor Class		(2,367,781	)		(1,011,328	)		(4,114,710	)		(2,810,973	)
Institutional Class		(2,042,725	)		(1,534,527	)		(2,639,178	)		(1,950,267	)
A Class		(1,534,267	)		(1,150,842	)		(2,255,071	)		(1,677,792	)
C Class		(6,481	)		(1,828	)		(5,979	)		(2,642	)
R Class		(453,379	)		(253,308	)		(771,653	)		(547,065	)
From net realized gains:
Investor Class		(1,215,141	)		(155,119	)		(1,865,928	)		—
Institutional Class		(925,592	)		(211,151	)		(1,061,612	)		—
A Class		(944,512	)		(206,049	)		(1,215,722	)		—
C Class		(9,941	)		(658	)		(7,436	)		—
R Class		(348,689	)		(54,461	)		(512,841	)		—
Decrease in net assets from distributions		(9,848,508	)		(4,579,271	)		(14,450,130	)		(6,988,739	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		142,612,308			105,177,975			121,872,682			124,508,655

Net increase (decrease) in net assets		168,322,242			113,549,460			165,901,192			136,914,967

Net Assets
Beginning of period		325,046,254			211,496,794			549,432,456			412,517,489
End of period		$493,368,496			$325,046,254			$715,333,648			$549,432,456

Undistributed net investment income		$34,148			$1,494,835			$31,559			$2,266,434

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	LIVESTRONG 2050 Portfolio						LIVESTRONG 2055 Portfolio
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$2,494,106			$1,811,853			$213,810			$65,496
Net realized gain (loss)		3,171,554			1,260,850			285,082			(75,380	)
Change in net unrealized appreciation (depreciation)		14,298,732			3,181,937			1,277,608			405,755
Net increase (decrease) in net assets resulting from operations		19,964,392			6,254,640			1,776,500			395,871

Distributions to Shareholders
From net investment income:
Investor Class		(987,428	)		(373,242	)		(82,911	)		(11,220	)
Institutional Class		(1,159,504	)		(608,639	)		(82,101	)		(13,191	)
A Class		(738,212	)		(447,045	)		(68,247	)		(6,923	)
C Class		(5,144	)		(1,921	)		(394	)		(14	)
R Class		(197,591	)		(102,650	)		(17,415	)		(876	)
From net realized gains:
Investor Class		(524,327	)		(39,193	)		(15,397	)		—
Institutional Class		(539,850	)		(56,556	)		(13,250	)		—
A Class		(475,028	)		(56,066	)		(15,618	)		—
C Class		(9,121	)		(578	)		(296	)		—
R Class		(161,483	)		(15,980	)		(5,185	)		—
Decrease in net assets from distributions		(4,797,688	)		(1,701,870	)		(300,814	)		(32,224	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		68,005,224			76,526,183			13,144,686			11,142,359

Net increase (decrease) in net assets		83,171,928			81,078,953			14,620,372			11,506,006

Net Assets
Beginning of period		169,371,913			88,292,960			12,307,461			801,455
End of period		$252,543,841			$169,371,913			$26,927,833			$12,307,461

Accumulated undistributed net investment income (loss)		$4,146			$597,919			$(2,300	)		$34,958

See Notes to Financial Statements.

Notes to Financial Statements

JANUARY 31, 2013 (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 offer the Investor Class, the Institutional Class, the A Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is not charged an administrative fee.

2. Significant Accounting Policies

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

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value per share as of the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. Investments in the underlying funds are valued at their reported net asset value.

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

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

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

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio, LIVESTRONG 2020 Portfolio, LIVESTRONG 2025 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2035 Portfolio, LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio, and LIVESTRONG 2050 Portfolio are no longer subject to examination by tax authorities for years prior to 2009. All tax years for LIVESTRONG 2055 Portfolio remain subject to examination by 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.

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

3. Fees and Transactions with Related Parties

Administrative Fees — The corporation has entered into an agreement with American Century Investment Management, Inc. (ACIM), under which ACIM provides the funds with shareholder services in exchange for an administrative fee (the fee). The fee is computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The rate of the fee for the Investor Class, A Class, C Class and R Class is 0.20%. There is no administrative fee for the Institutional Class.

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. These fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the six months ended January 31, 2013 are detailed in the Statement of Operations.

Acquired Fund Fees and Expenses — Each fund will indirectly realize its pro rata share of the fees and expenses of the underlying funds in which it invests. These fees and expenses are already reflected in the valuation of the underlying funds.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, ACIS, and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC. 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, 2013 were as follows:

	LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
Purchases	$100,187,291	$173,100,652	$240,793,183	$277,537,588	$223,077,451
Sales	$36,488,051	$39,821,556	$32,034,546	$28,593,363	$32,837,957

	LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
Purchases	$197,474,832	$161,428,613	$134,951,265	$74,639,203	$14,455,066
Sales	$20,229,417	$17,543,948	$10,409,188	$5,582,986	$1,092,350

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, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG Income Portfolio
Investor Class
Sold		5,104,717			$60,629,570			5,646,932			$63,990,396
Issued in reinvestment of distributions		324,637			3,792,659			192,161			2,134,278
Redeemed		(1,901,267	)		(22,539,463	)		(2,064,519	)		(23,118,867	)
		3,528,087			41,882,766			3,774,574			43,005,807
Institutional Class
Sold		2,637,831			31,388,172			3,560,637			40,313,439
Issued in reinvestment of distributions		204,032			2,384,710			231,838			2,571,810
Redeemed		(1,024,307	)		(12,138,007	)		(6,678,409	)		(76,338,602	)
		1,817,556			21,634,875			(2,885,934	)		(33,453,353	)
A Class
Sold		2,675,247			31,689,078			4,751,909			53,398,546
Issued in reinvestment of distributions		169,484			1,981,075			154,483			1,710,373
Redeemed		(3,601,425	)		(42,701,492	)		(3,612,954	)		(40,855,442	)
		(756,694	)		(9,031,339	)		1,293,438			14,253,477
C Class
Sold		11,297			133,628			28,505			319,609
Issued in reinvestment of distributions		1,487			17,362			741			8,181
Redeemed		(2,123	)		(25,070	)		(7,379	)		(82,237	)
		10,661			125,920			21,867			245,553
R Class
Sold		1,364,792			16,136,191			1,915,959			21,670,485
Issued in reinvestment of distributions		82,681			964,591			44,984			498,014
Redeemed		(697,688	)		(8,245,988	)		(845,413	)		(9,525,819	)
		749,785			8,854,794			1,115,530			12,642,680
Net increase (decrease)		5,349,395			$63,467,016			3,319,475			$36,694,164

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2015 Portfolio
Investor Class
Sold		8,395,535			$105,484,610			12,422,856			$147,323,918
Issued in reinvestment of distributions		1,036,523			12,728,497			663,845			7,640,848
Redeemed		(4,207,208	)		(52,815,574	)		(5,624,480	)		(66,135,026	)
		5,224,850			65,397,533			7,462,221			88,829,740
Institutional Class
Sold		3,544,414			44,607,099			4,253,870			50,930,909
Issued in reinvestment of distributions		360,857			4,431,323			353,831			4,072,600
Redeemed		(1,370,064	)		(17,182,573	)		(9,139,005	)		(110,142,044	)
		2,535,207			31,855,849			(4,531,304	)		(55,138,535	)
A Class
Sold		5,357,126			67,009,167			9,836,898			115,812,844
Issued in reinvestment of distributions		453,814			5,572,833			302,857			3,485,888
Redeemed		(4,312,561	)		(54,051,662	)		(5,397,114	)		(63,926,048	)
		1,498,379			18,530,338			4,742,641			55,372,684
C Class
Sold		119,870			1,496,038			117,324			1,384,701
Issued in reinvestment of distributions		3,789			46,602			1,016			11,713
Redeemed		(48,624	)		(605,721	)		(23,346	)		(274,354	)
		75,035			936,919			94,994			1,122,060
R Class
Sold		2,726,524			34,123,109			3,593,265			42,395,369
Issued in reinvestment of distributions		169,289			2,078,871			95,611			1,100,478
Redeemed		(1,406,374	)		(17,582,408	)		(1,542,007	)		(18,144,325	)
		1,489,439			18,619,572			2,146,869			25,351,522
Net increase (decrease)		10,822,910			$135,340,211			9,915,421			$115,537,471

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2020 Portfolio
Investor Class
Sold		9,413,439			$103,021,356			12,968,836			$134,534,608
Issued in reinvestment of distributions		715,865			7,659,751			315,956			3,146,918
Redeemed		(2,174,202	)		(23,801,701	)		(2,981,069	)		(30,578,709	)
		7,955,102			86,879,406			10,303,723			107,102,817
Institutional Class
Sold		7,390,204			81,300,722			4,719,891			48,779,799
Issued in reinvestment of distributions		458,041			4,901,041			458,924			4,566,297
Redeemed		(1,144,386	)		(12,482,075	)		(12,079,915	)		(127,529,964	)
		6,703,859			73,719,688			(6,901,100	)		(74,183,868	)
A Class
Sold		6,372,857			69,496,887			8,750,064			89,950,120
Issued in reinvestment of distributions		422,453			4,516,026			311,638			3,100,800
Redeemed		(4,063,969	)		(44,318,812	)		(4,084,349	)		(42,559,491	)
		2,731,341			29,694,101			4,977,353			50,491,429
C Class
Sold		118,240			1,291,957			174,001			1,805,448
Issued in reinvestment of distributions		4,935			52,903			1,069			10,665
Redeemed		(31,141	)		(340,408	)		(13,763	)		(138,906	)
		92,034			1,004,452			161,307			1,677,207
R Class
Sold		2,741,583			29,868,173			3,589,034			36,996,671
Issued in reinvestment of distributions		142,703			1,526,922			78,413			780,992
Redeemed		(1,108,781	)		(12,068,554	)		(1,350,356	)		(13,879,148	)
		1,775,505			19,326,541			2,317,091			23,898,515
Net increase (decrease)		19,257,841			$210,624,188			10,858,374			$108,986,100

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2025 Portfolio
Investor Class
Sold		10,935,615			$140,354,404			14,443,333			$173,963,485
Issued in reinvestment of distributions		1,263,056			15,889,240			802,334			9,323,127
Redeemed		(3,596,694	)		(46,126,342	)		(5,848,491	)		(69,835,717	)
		8,601,977			110,117,302			9,397,176			113,450,895
Institutional Class
Sold		5,854,548			75,115,857			7,639,183			92,454,473
Issued in reinvestment of distributions		502,576			6,317,375			468,061			5,438,871
Redeemed		(1,412,801	)		(18,129,890	)		(14,709,166	)		(179,334,095	)
		4,944,323			63,303,342			(6,601,922	)		(81,440,751	)
A Class
Sold		8,236,224			105,400,138			12,360,451			147,669,922
Issued in reinvestment of distributions		606,009			7,623,588			376,396			4,373,716
Redeemed		(4,375,533	)		(56,140,792	)		(6,497,300	)		(78,008,967	)
		4,466,700			56,882,934			6,239,547			74,034,671
C Class
Sold		131,991			1,684,310			176,345			2,125,037
Issued in reinvestment of distributions		5,688			71,730			1,990			23,185
Redeemed		(33,420	)		(424,215	)		(28,459	)		(343,054	)
		104,259			1,331,825			149,876			1,805,168
R Class
Sold		2,921,602			37,381,124			4,933,286			59,197,487
Issued in reinvestment of distributions		214,976			2,704,400			129,525			1,505,082
Redeemed		(1,860,888	)		(23,726,951	)		(1,924,581	)		(22,902,739	)
		1,275,690			16,358,573			3,138,230			37,799,830
Net increase (decrease)		19,392,949			$247,993,976			12,322,907			$145,649,813

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2030 Portfolio
Investor Class
Sold		8,292,548			$89,330,850			10,694,134			$108,555,346
Issued in reinvestment of distributions		561,198			5,909,411			212,068			2,054,940
Redeemed		(1,554,801	)		(16,727,475	)		(2,040,370	)		(20,468,814	)
		7,298,945			78,512,786			8,865,832			90,141,472
Institutional Class
Sold		6,459,956			69,803,050			6,010,456			60,901,759
Issued in reinvestment of distributions		395,398			4,163,541			354,499			3,431,557
Redeemed		(993,572	)		(10,644,783	)		(11,522,059	)		(118,774,329	)
		5,861,782			63,321,808			(5,157,104	)		(54,441,013	)
A Class
Sold		7,085,054			75,979,237			8,019,941			80,461,767
Issued in reinvestment of distributions		388,007			4,081,835			248,039			2,401,021
Redeemed		(4,339,345	)		(46,475,994	)		(3,194,936	)		(32,630,899	)
		3,133,716			33,585,078			5,073,044			50,231,889
C Class
Sold		62,028			663,104			89,788			886,613
Issued in reinvestment of distributions		3,084			32,568			1,101			10,689
Redeemed		(13,260	)		(141,963	)		(8,923	)		(88,492	)
		51,852			553,709			81,966			808,810
R Class
Sold		2,521,159			27,030,188			4,577,554			46,603,680
Issued in reinvestment of distributions		148,104			1,559,529			62,434			604,366
Redeemed		(1,337,006	)		(14,288,203	)		(1,453,660	)		(14,556,711	)
		1,332,257			14,301,514			3,186,328			32,651,335
Net increase (decrease)		17,678,552			$190,274,895			12,050,066			$119,392,493

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2035 Portfolio
Investor Class
Sold		7,520,317			$100,019,883			10,156,123			$125,701,944
Issued in reinvestment of distributions		818,633			10,650,420			447,439			5,320,049
Redeemed		(2,638,489	)		(35,015,735	)		(3,525,313	)		(43,327,043	)
		5,700,461			75,654,568			7,078,249			87,694,950
Institutional Class
Sold		4,202,457			55,894,459			5,256,357			65,533,010
Issued in reinvestment of distributions		354,611			4,613,488			254,760			3,029,082
Redeemed		(1,082,927	)		(14,385,350	)		(7,065,965	)		(88,754,801	)
		3,474,141			46,122,597			(1,554,848	)		(20,192,709	)
A Class
Sold		5,822,278			77,230,911			9,179,098			112,642,306
Issued in reinvestment of distributions		419,559			5,458,461			222,857			2,649,773
Redeemed		(3,227,466	)		(42,920,668	)		(4,627,764	)		(57,133,487	)
		3,014,371			39,768,704			4,774,191			58,158,592
C Class
Sold		87,935			1,155,037			64,941			802,822
Issued in reinvestment of distributions		2,597			33,832			531			6,328
Redeemed		(9,762	)		(131,580	)		(6,593	)		(77,805	)
		80,770			1,057,289			58,879			731,345
R Class
Sold		2,250,548			29,780,112			3,862,558			47,636,608
Issued in reinvestment of distributions		165,122			2,148,238			80,668			959,142
Redeemed		(1,419,801	)		(18,785,744	)		(1,719,035	)		(20,980,473	)
		995,869			13,142,606			2,224,191			27,615,277
Net increase (decrease)		13,265,612			$175,745,764			12,580,662			$154,007,455

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2040 Portfolio
Investor Class
Sold		6,116,242			$65,690,036			7,057,461			$70,783,508
Issued in reinvestment of distributions		340,253			3,579,466			122,039			1,164,244
Redeemed		(1,065,817	)		(11,459,286	)		(1,169,465	)		(11,569,620	)
		5,390,678			57,810,216			6,010,035			60,378,132
Institutional Class
Sold		5,268,621			56,909,134			3,776,364			37,682,387
Issued in reinvestment of distributions		282,159			2,968,317			183,177			1,745,678
Redeemed		(698,509	)		(7,451,539	)		(4,915,879	)		(50,019,329	)
		4,852,271			52,425,912			(956,338	)		(10,591,264	)
A Class
Sold		4,466,264			47,846,679			5,755,522			57,301,737
Issued in reinvestment of distributions		221,993			2,335,369			137,747			1,314,106
Redeemed		(2,744,449	)		(29,297,575	)		(2,055,023	)		(20,679,903	)
		1,943,808			20,884,473			3,838,246			37,935,940
C Class
Sold		70,422			750,917			45,306			448,375
Issued in reinvestment of distributions		1,536			16,193			249			2,382
Redeemed		(3,271	)		(35,117	)		(12,450	)		(119,524	)
		68,687			731,993			33,105			331,233
R Class
Sold		1,552,974			16,605,726			2,457,687			24,699,242
Issued in reinvestment of distributions		73,570			773,949			30,789			293,420
Redeemed		(622,339	)		(6,619,961	)		(795,633	)		(7,868,728	)
		1,004,205			10,759,714			1,692,843			17,123,934
Net increase (decrease)		13,259,649			$142,612,308			10,617,891			$105,177,975

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2045 Portfolio
Investor Class
Sold		4,888,963			$65,587,455			6,599,488			$81,818,895
Issued in reinvestment of distributions		447,874			5,876,112			232,611			2,756,448
Redeemed		(1,453,804	)		(19,431,635	)		(2,036,922	)		(25,039,771	)
		3,883,033			52,031,932			4,795,177			59,535,572
Institutional Class
Sold		2,866,141			38,390,810			4,721,714			58,801,519
Issued in reinvestment of distributions		275,262			3,614,185			164,394			1,949,717
Redeemed		(684,917	)		(9,157,506	)		(4,562,852	)		(55,973,622	)
		2,456,486			32,847,489			323,256			4,777,614
A Class
Sold		3,589,820			47,935,863			5,713,213			70,172,011
Issued in reinvestment of distributions		243,458			3,194,164			126,180			1,495,230
Redeemed		(1,815,865	)		(24,290,019	)		(2,668,501	)		(32,878,588	)
		2,017,413			26,840,008			3,170,892			38,788,653
C Class
Sold		32,231			428,457			24,341			303,617
Issued in reinvestment of distributions		1,005			13,216			222			2,633
Redeemed		(16,649	)		(225,915	)		(4,047	)		(48,730	)
		16,587			215,758			20,516			257,520
R Class
Sold		1,401,646			18,713,655			2,739,722			33,863,762
Issued in reinvestment of distributions		93,228			1,224,088			43,449			515,302
Redeemed		(751,624	)		(10,000,248	)		(1,075,859	)		(13,229,768	)
		743,250			9,937,495			1,707,312			21,149,296
Net increase (decrease)		9,116,769			$121,872,682			10,017,153			$124,508,655

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2050 Portfolio
Investor Class
Sold		2,830,779			$29,822,748			3,372,720			$32,957,155
Issued in reinvestment of distributions		146,269			1,509,492			44,258			411,156
Redeemed		(487,527	)		(5,127,713	)		(625,339	)		(5,949,426	)
		2,489,521			26,204,527			2,791,639			27,418,885
Institutional Class
Sold		2,560,860			26,994,200			3,204,167			30,914,804
Issued in reinvestment of distributions		164,666			1,699,354			71,526			665,195
Redeemed		(479,630	)		(5,027,673	)		(1,504,227	)		(14,718,295	)
		2,245,896			23,665,881			1,771,466			16,861,704
A Class
Sold		2,195,305			23,072,900			3,247,193			31,512,717
Issued in reinvestment of distributions		114,358			1,180,176			53,153			493,789
Redeemed		(1,233,974	)		(12,920,827	)		(834,591	)		(8,104,329	)
		1,075,689			11,332,249			2,465,755			23,902,177
C Class
Sold		69,149			725,695			52,241			481,017
Issued in reinvestment of distributions		1,356			14,016			257			2,392
Redeemed		(3,814	)		(39,377	)		(11,599	)		(109,490	)
		66,691			700,334			40,899			373,919
R Class
Sold		801,289			8,403,048			1,240,804			12,183,099
Issued in reinvestment of distributions		33,465			345,363			12,279			114,191
Redeemed		(253,671	)		(2,646,178	)		(444,762	)		(4,327,792	)
		581,083			6,102,233			808,321			7,969,498
Net increase (decrease)		6,458,880			$68,005,224			7,878,080			$76,526,183

	Six months ended January 31, 2013						Year ended July 31, 2012
	Shares			Amount			Shares			Amount
LIVESTRONG 2055 Portfolio
Investor Class
Sold		635,775			$6,844,225			445,679			$4,421,777
Issued in reinvestment of distributions		9,360			98,281			1,193			11,205
Redeemed		(79,974	)		(853,829	)		(101,345	)		(998,562	)
		565,161			6,088,677			345,527			3,434,420
Institutional Class
Sold		280,354			3,001,102			508,053			4,994,615
Issued in reinvestment of distributions		9,081			95,351			1,405			13,191
Redeemed		(109,326	)		(1,171,523	)		(161,343	)		(1,594,825	)
		180,109			1,924,930			348,115			3,412,981
A Class
Sold		455,897			4,861,810			363,321			3,583,648
Issued in reinvestment of distributions		7,862			82,547			738			6,923
Redeemed		(119,870	)		(1,276,895	)		(46,166	)		(463,017	)
		343,889			3,667,462			317,893			3,127,554
C Class
Sold		2,693			28,339			8,641			85,931
Issued in reinvestment of distributions		65			683			1			14
Redeemed		(7	)		(75	)		(502	)		(4,983	)
		2,751			28,947			8,140			80,962
R Class
Sold		172,423			1,828,568			126,415			1,266,300
Issued in reinvestment of distributions		2,149			22,562			93			876
Redeemed		(39,160	)		(416,460	)		(18,073	)		(180,734	)
		135,412			1,434,670			108,435			1,086,442
Net increase (decrease)		1,227,322			$13,144,686			1,128,110			$11,142,359

6. Affiliated Company Transactions

Investments are funds within the American Century Investments family of funds, of which certain funds may be deemed to be under common control because of the same board of directors. A summary of transactions for each underlying fund for the six months ended January 31, 2013 follows:

	July 31, 2012											January 31, 2013
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		943,431		$2,223,421		$1,079,420		$5,118			$261,533		1,042,849		$12,639,330
NT Equity Growth Fund Institutional Class		3,359,605		10,848,577		5,104,838		(26,033	)		2,311,366		3,912,174		42,094,993
NT Growth Fund Institutional Class		1,786,456		6,508,216		2,388,170		(37,962	)		1,000,493		2,109,699		27,362,792
NT Large Company Value Fund Institutional Class		4,177,117		9,126,629		5,121,907		6,769			978,672		4,601,699		46,293,088
NT Mid Cap Value Fund Institutional Class		1,402,010		3,020,042		1,404,540		10,624			650,624		1,560,520		16,900,436
NT Small Company Fund Institutional Class		839,198		1,807,962		748,625		1,350			461,944		966,105		8,530,705
NT Vista Fund Institutional Class		834,795		1,738,412		761,712		(5,402	)		16,690		925,786		10,637,287
Real Estate Fund Institutional Class		146,969		725,763		125,794		(4,956	)		42,492		172,515		4,217,989
High-Yield Fund Institutional Class		2,165,914		3,232,176		821,660		(4,548	)		610,737		2,552,725		16,005,585
Inflation-Adjusted Bond Fund Institutional Class		1,982,806		8,404,029		2,277,803		7,848			689,289		2,443,770		31,964,515
NT Diversified Bond Fund Institutional Class		8,257,704		31,677,122		9,672,732		(5,624	)		2,351,355		10,241,385		112,245,574
Premium Money Market Fund Investor Class		34,761,888		10,123,855		2,672,439		—			1,941		42,213,304		42,213,304
International Bond Fund Institutional Class		1,679,263		7,628,543		2,093,711		(9,149	)		503,139		2,059,175		29,487,380
NT International Growth Fund Institutional Class		1,922,365		3,122,544		2,225,718		50,947			288,953		2,011,321		21,078,642
				$100,187,291		$36,499,069		$(11,018	)		$10,169,228				$421,671,620

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

	July 31, 2012											January 31, 2013
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		2,390,599		$3,027,989		$922,199		$17,609			$652,854		2,574,168		$31,198,921
NT Equity Growth Fund Institutional Class		8,301,220		17,724,520		6,112,525		(72,925	)		5,652,232		9,423,783		101,399,900
NT Growth Fund Institutional Class		4,959,081		11,389,762		3,050,066		7,473			2,692,761		5,611,907		72,786,430
NT Large Company Value Fund Institutional Class		10,584,839		13,172,578		5,811,173		54,008			2,459,302		11,369,131		114,373,458
NT Mid Cap Value Fund Institutional Class		3,890,798		4,271,960		2,214,683		28,800			1,737,320		4,093,921		44,337,168
NT Small Company Fund Institutional Class		2,126,736		2,985,337		869,968		(8,169	)		1,156,616		2,383,281		21,044,375
NT Vista Fund Institutional Class		2,539,034		2,594,911		429,698		19,680			49,968		2,741,200		31,496,386
Real Estate Fund Institutional Class		420,775		1,192,077		120,965		3,822			117,508		467,135		11,421,460
High-Yield Fund Institutional Class		5,414,715		5,022,779		—		—			1,495,457		6,219,640		38,997,142
Inflation-Adjusted Bond Fund Institutional Class		4,956,388		14,612,278		1,001,046		(7,066	)		1,691,000		5,981,779		78,241,663
NT Diversified Bond Fund Institutional Class		20,502,259		61,701,487		12,084,136		(53,127	)		5,774,688		24,975,362		273,729,964
Premium Money Market Fund Investor Class		77,061,666		17,538,116		734,624		—			4,275		93,865,158		93,865,158
International Bond Fund Institutional Class		3,979,540		13,271,004		576,407		—			1,192,390		4,850,749		69,462,720
NT Emerging Markets Fund Institutional Class		601,196		53,923		1,061,618		135,856			—		485,025		5,175,216
NT International Growth Fund Institutional Class		5,231,088		4,541,931		4,624,208		82,279			764,622		5,215,536		54,658,818
				$173,100,652		$39,613,316		$208,240			$25,440,993				$1,042,188,779

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

	July 31, 2012											January 31, 2013
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		1,527,327		$5,923,684		$791,248		$(8,740	)		$468,106		1,971,242		$23,891,451
NT Equity Growth Fund Institutional Class		5,166,501		22,495,087		3,098,702		(43,682	)		3,875,538		7,015,917		75,491,270
NT Growth Fund Institutional Class		3,612,565		19,561,858		3,402,092		(49,801	)		2,192,209		4,875,617		63,236,757
NT Large Company Value Fund Institutional Class		6,915,890		22,477,058		3,332,927		(35,023	)		1,753,884		8,924,620		89,781,682
NT Mid Cap Value Fund Institutional Class		2,904,792		10,063,183		1,870,314		(19,252	)		1,432,234		3,702,967		40,103,127
NT Small Company Fund Institutional Class		1,358,447		4,435,403		658,432		(11,755	)		818,104		1,809,042		15,973,837
NT Vista Fund Institutional Class		2,161,742		7,729,695		1,036,395		(14,382	)		47,559		2,782,822		31,974,626
Real Estate Fund Institutional Class		328,371		2,698,183		215,099		(8,016	)		102,962		434,390		10,620,846
High-Yield Fund Institutional Class		3,304,070		8,481,274		890,760		(9,370	)		993,634		4,522,357		28,355,179
Inflation-Adjusted Bond Fund Institutional Class		3,033,421		19,895,154		2,022,197		1,170			1,177,610		4,376,510		57,244,756
NT Diversified Bond Fund Institutional Class		12,561,991		70,418,130		8,568,361		6,446			3,836,632		18,132,742		198,734,857
NT Emerging Markets Fund Institutional Class		1,067,325		2,666,700		446,716		(19,923	)		—		1,289,667		13,760,751
NT International Growth Fund Institutional Class		3,971,338		10,654,222		3,024,709		31,480			639,008		4,736,643		49,640,023
Premium Money Market Fund Investor Class		35,177,103		17,755,683		1,428,458		—			2,129		51,504,328		51,504,328
International Bond Fund Institutional Class		2,136,745		15,537,869		1,426,216		2,768			685,941		3,103,405		44,440,767
				$240,793,183		$32,212,626		$(178,080	)		$18,025,550				$794,754,257

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

	July 31, 2012											January 31, 2013
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		3,250,717		$5,993,178		$612,141		$8,749			$922,751		3,717,886		$45,060,777
NT Equity Growth Fund Institutional Class		10,766,551		25,987,790		3,891,710		(96,084	)		7,546,782		12,889,292		138,688,785
NT Growth Fund Institutional Class		9,110,642		26,791,950		2,903,597		(27,588	)		5,179,465		10,978,677		142,393,444
NT Large Company Value Fund Institutional Class		15,112,679		22,829,545		3,806,991		26,065			3,611,470		17,132,484		172,352,790
NT Mid Cap Value Fund Institutional Class		6,643,037		11,523,509		1,321,434		47,911			3,151,814		7,641,529		82,757,759
NT Small Company Fund Institutional Class		3,947,074		6,610,108		2,302,887		(6,308	)		2,124,503		4,469,658		39,467,081
NT Vista Fund Institutional Class		5,408,310		8,488,562		772,056		2,465			109,880		6,128,942		70,421,547
Real Estate Fund Institutional Class		825,369		3,565,218		—		—			240,153		978,218		23,917,428
High-Yield Fund Institutional Class		6,578,085		9,519,203		—		—			1,893,298		8,106,145		50,825,527
Inflation-Adjusted Bond Fund Institutional Class		6,003,576		23,309,875		406,936		304			2,162,872		7,727,358		101,073,837
NT Diversified Bond Fund Institutional Class		24,854,951		87,756,940		6,009,350		(20,726	)		7,260,094		32,216,859		353,096,770
NT Emerging Markets Fund Institutional Class		3,283,139		2,644,775		519,933		(21,652	)		—		3,499,194		37,336,403
NT International Growth Fund Institutional Class		9,828,946		11,394,196		5,873,757		79,525			1,489,457		10,384,675		108,831,391
Premium Money Market Fund Investor Class		59,881,950		15,148,162		30,738		—			3,360		74,999,374		74,999,374
International Bond Fund Institutional Class		3,098,722		15,974,577		149,172		—			986,153		4,182,430		59,892,393
				$277,537,588		$28,600,702		$(7,339	)		$36,682,052				$1,501,115,306

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

	July 31, 2012											January 31, 2013
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		1,491,503		$6,171,559		$957,437		$(8,965	)		$461,218		1,942,558		$23,543,800
NT Equity Growth Fund Institutional Class		4,534,797		20,781,708		3,042,476		(34,702	)		3,432,756		6,222,958		66,959,030
NT Growth Fund Institutional Class		4,612,041		25,951,899		4,755,520		(70,766	)		2,802,286		6,267,425		81,288,497
NT Large Company Value Fund Institutional Class		6,782,795		23,145,309		3,535,996		(21,951	)		1,739,537		8,838,138		88,911,667
NT Mid Cap Value Fund Institutional Class		2,685,003		10,225,404		1,515,124		(19,232	)		1,366,080		3,533,836		38,271,440
NT Small Company Fund Institutional Class		2,253,093		7,598,631		2,317,647		(43,461	)		1,304,150		2,887,867		25,499,866
NT Vista Fund Institutional Class		2,435,953		9,373,181		1,486,095		(18,226	)		54,030		3,166,946		36,388,208
Real Estate Fund Institutional Class		403,233		3,635,217		394,805		(14,099	)		128,182		542,005		13,252,027
High-Yield Fund Institutional Class		2,520,709		6,900,649		727,026		(8,117	)		765,878		3,511,473		22,016,937
Inflation-Adjusted Bond Fund Institutional Class		2,284,960		16,293,888		1,603,117		801			906,258		3,389,337		44,332,532
NT Diversified Bond Fund Institutional Class		9,420,248		56,603,329		6,434,949		21,243			2,925,712		13,937,478		152,754,764
NT Emerging Markets Fund Institutional Class		1,649,273		4,783,703		972,153		(73,065	)		—		2,034,437		21,707,447
NT International Growth Fund Institutional Class		4,982,532		14,557,450		3,756,175		13,715			813,560		6,069,689		63,610,344
Premium Money Market Fund Investor Class		25,366,804		12,070,640		1,238,560		—			1,511		36,198,884		36,198,884
International Bond Fund Institutional Class		437,707		4,984,884		376,812		890			159,272		752,877		10,781,195
				$223,077,451		$33,113,892		$(275,935	)		$16,860,430				$725,516,638

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

	July 31, 2012											January 31, 2013
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		2,518,988		$4,738,377		$295,756		$4,422			$709,871		2,903,994		$35,196,406
NT Equity Growth Fund Institutional Class		8,074,607		20,404,169		2,264,195		(69,754	)		5,645,895		9,813,967		105,598,287
NT Growth Fund Institutional Class		8,807,150		27,615,135		1,523,233		(28,440	)		5,015,054		10,846,972		140,685,232
NT Large Company Value Fund Institutional Class		12,167,453		19,033,863		1,783,604		(21,098	)		2,898,092		13,992,144		140,760,971
NT Mid Cap Value Fund Institutional Class		5,080,596		8,201,765		1,187,449		3,550			2,341,276		5,767,269		62,459,518
NT Small Company Fund Institutional Class		4,292,075		7,933,346		888,125		(51,869	)		2,399,164		5,142,561		45,408,816
NT Vista Fund Institutional Class		4,840,447		7,699,286		1,011,471		(2,708	)		96,148		5,464,170		62,783,310
Real Estate Fund Institutional Class		771,440		3,549,409		—		—			225,845		923,354		22,576,015
High-Yield Fund Institutional Class		3,581,135		5,109,598		—		—			1,013,437		4,400,574		27,591,599
Inflation-Adjusted Bond Fund Institutional Class		3,322,924		13,793,571		411,402		(2,085	)		1,188,915		4,331,866		56,660,805
NT Diversified Bond Fund Institutional Class		13,768,000		51,109,245		6,026,687		(25,240	)		3,954,724		17,835,412		195,476,114
NT Emerging Markets Fund Institutional Class		3,369,064		3,238,428		1,203,997		(64,617	)		—		3,570,710		38,099,479
NT International Growth Fund Institutional Class		9,351,486		13,588,659		3,915,798		(83,482	)		1,450,946		10,343,487		108,399,742
Premium Money Market Fund Investor Class		32,036,485		11,459,981		59,021		—			1,873		43,437,445		43,437,445
				$197,474,832		$20,570,738		$(341,321	)		$26,941,240				$1,085,133,739

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

	July 31, 2012											January 31, 2013
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		1,105,545		$5,384,846		$599,730		$(4,269	)		$354,480		1,519,363		$18,414,674
NT Equity Growth Fund Institutional Class		3,225,417		17,089,494		1,757,130		(19,891	)		2,513,135		4,684,417		50,404,327
NT Growth Fund Institutional Class		3,607,363		24,220,607		2,426,310		(25,364	)		2,296,959		5,308,198		68,847,327
NT Large Company Value Fund Institutional Class		4,984,032		19,815,063		2,043,116		(3,287	)		1,312,340		6,844,847		68,859,164
NT Mid Cap Value Fund Institutional Class		2,260,844		9,580,915		1,222,677		(19,858	)		1,158,262		3,075,729		33,310,149
NT Small Company Fund Institutional Class		1,573,431		6,535,583		880,243		(26,589	)		983,219		2,247,358		19,844,170
NT Vista Fund Institutional Class		2,153,929		9,507,214		1,311,543		(22,623	)		48,035		2,912,784		33,467,891
Real Estate Fund Institutional Class		327,896		3,567,712		264,847		(9,471	)		109,242		469,167		11,471,123
High-Yield Fund Institutional Class		1,159,364		3,897,292		323,378		(3,610	)		361,773		1,732,882		10,865,170
Inflation-Adjusted Bond Fund Institutional Class		1,063,741		8,765,942		727,908		220			437,744		1,667,817		21,815,052
NT Diversified Bond Fund Institutional Class		4,501,664		30,901,097		2,877,709		7,597			1,422,768		7,026,061		77,005,627
NT Emerging Markets Fund Institutional Class		1,634,762		5,667,818		1,115,791		(89,830	)		—		2,090,511		22,305,747
NT International Growth Fund Institutional Class		3,604,118		12,957,850		2,038,820		(33,896	)		614,738		4,709,183		49,352,233
Premium Money Market Fund Investor Class		4,073,188		3,537,180		205,617		—			279		7,404,751		7,404,751
				$161,428,613		$17,794,819		$(250,871	)		$11,612,974				$493,367,405

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

	July 31, 2012											January 31, 2013
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		2,243,457		$4,920,675		$170,171		$(1,418	)		$639,137		2,655,194		$32,180,951
NT Equity Growth Fund Institutional Class		5,460,534		15,574,135		1,474,866		(53,705	)		3,850,967		6,810,715		73,283,289
NT Growth Fund Institutional Class		6,428,036		22,638,131		1,201,874		(23,614	)		3,694,254		8,103,941		105,108,117
NT Large Company Value Fund Institutional Class		8,880,192		15,531,847		373,293		(14,108	)		2,132,152		10,475,862		105,387,172
NT Mid Cap Value Fund Institutional Class		4,029,865		8,088,910		186,002		(6,389	)		1,911,136		4,801,249		51,997,524
NT Small Company Fund Institutional Class		2,827,526		5,711,560		591,475		(52,577	)		1,591,626		3,447,118		30,438,050
NT Vista Fund Institutional Class		3,839,534		7,624,573		253,500		(3,531	)		78,715		4,524,281		51,983,989
Real Estate Fund Institutional Class		612,651		3,201,937		—		—			181,428		749,469		18,324,517
High-Yield Fund Institutional Class		1,697,991		2,922,943		—		—			487,866		2,166,666		13,584,995
Inflation-Adjusted Bond Fund Institutional Class		1,549,978		7,304,081		161,032		(212	)		564,298		2,088,882		27,322,580
NT Diversified Bond Fund Institutional Class		6,513,102		27,606,128		2,305,525		(3,043	)		1,908,839		8,795,193		96,395,318
NT Emerging Markets Fund Institutional Class		3,283,043		4,255,325		1,693,257		(117,549	)		—		3,539,422		37,765,634
NT International Growth Fund Institutional Class		6,094,048		9,571,020		2,332,924		(58,585	)		941,086		6,828,371		71,561,323
				$134,951,265		$10,743,919		$(334,731	)		$17,981,504				$715,333,459

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

	July 31, 2012											January 31, 2013
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		691,586		$3,032,961		$206,793		$(2,341	)		$218,864		935,890		$11,342,989
NT Equity Growth Fund Institutional Class		1,724,371		8,246,412		503,601		(7,069	)		1,334,247		2,460,134		26,471,045
NT Growth Fund Institutional Class		2,015,143		12,242,491		754,577		(9,734	)		1,284,286		2,909,732		37,739,229
NT Large Company Value Fund Institutional Class		2,828,432		10,068,633		618,278		(6,478	)		738,435		3,818,047		38,409,557
NT Mid Cap Value Fund Institutional Class		1,264,534		4,802,392		433,216		(18,692	)		644,023		1,691,245		18,316,189
NT Small Company Fund Institutional Class		974,167		3,692,702		420,374		(21,370	)		606,000		1,364,187		12,045,768
NT Vista Fund Institutional Class		1,204,860		4,685,516		410,934		(7,932	)		26,929		1,599,702		18,380,573
Real Estate Fund Institutional Class		206,815		2,037,856		74,543		(3,094	)		67,589		290,603		7,105,233
High-Yield Fund Institutional Class		451,058		1,396,817		71,312		(796	)		140,887		663,789		4,161,959
Inflation-Adjusted Bond Fund Institutional Class		414,111		3,182,069		181,901		(24	)		168,109		639,793		8,368,487
NT Diversified Bond Fund Institutional Class		1,743,952		11,546,058		856,983		1,642			554,509		2,706,701		29,665,438
NT Emerging Markets Fund Institutional Class		1,150,083		3,855,479		460,432		(48,340	)		—		1,490,512		15,903,761
NT International Growth Fund Institutional Class		1,831,658		5,849,817		743,579		(29,309	)		311,767		2,350,821		24,636,599
				$74,639,203		$5,736,523		$(153,537	)		$6,095,645				$252,546,827

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

	July 31, 2012											January 31, 2013
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		50,151		$611,840		$35,891		$(222	)		$19,551		99,720		$1,208,603
NT Equity Growth Fund Institutional Class		128,167		1,647,062		171,938		(4,816	)		120,586		268,419		2,888,185
NT Growth Fund Institutional Class		148,776		2,266,618		120,050		(2,811	)		118,200		315,826		4,096,263
NT Large Company Value Fund Institutional Class		208,951		2,112,666		142,300		(1,461	)		64,120		413,899		4,163,828
NT Mid Cap Value Fund Institutional Class		93,260		1,034,445		69,582		(266	)		57,291		186,660		2,021,526
NT Small Company Fund Institutional Class		74,362		759,866		88,403		(3,354	)		56,485		153,726		1,357,403
NT Vista Fund Institutional Class		88,867		1,031,938		71,129		(1,419	)		2,523		176,912		2,032,715
Real Estate Fund Institutional Class		15,600		435,687		29,138		(608	)		6,142		32,840		802,933
NT Emerging Markets Fund Institutional Class		87,371		893,591		98,475		135			—		164,699		1,757,342
NT International Growth Fund Institutional Class		130,645		1,241,020		108,676		(110	)		27,441		243,981		2,556,922
High-Yield Fund Institutional Class		30,137		228,649		15,712		(38	)		11,063		64,269		402,966
Inflation-Adjusted Bond Fund Institutional Class		27,675		488,502		34,113		(321	)		13,403		61,949		810,288
NT Diversified Bond Fund Institutional Class		115,567		1,703,182		123,367		(1,133	)		42,921		258,107		2,828,853
				$14,455,066		$1,108,774		$(16,424	)		$539,726				$26,927,827

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

7. Investments in Underlying Funds

As of January 31, 2013, 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

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

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

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

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

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

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

9. 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, 2013, 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		$370,416,026		$920,806,593		$704,287,503		$1,310,433,590		$635,881,519
Gross tax appreciation of investments		$51,255,594		$121,382,186		$90,466,754		$190,681,716		$89,688,151
Gross tax depreciation of investments		—		—		—		—		(53,032	)
Net tax appreciation (depreciation) of investments		$51,255,594		$121,382,186		$90,466,754		$190,681,716		$89,635,119

	LIVESTRONG 2035 Portfolio		LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio		LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Federal tax cost of investments		$942,580,285		$434,617,552		$626,099,450		$226,853,199		$25,404,252
Gross tax appreciation of investments		$142,553,454		$58,749,853		$89,234,009		$25,693,628		$1,547,807
Gross tax depreciation of investments		—		—		—		—		(24,232	)
Net tax appreciation (depreciation) of investments		$142,553,454		$58,749,853		$89,234,009		$25,693,628		$1,523,575

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.

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
2013(4)	$11.61	0.17	0.46	0.63	(0.16)	(0.13)	(0.29)	$11.95	5.51%	0.20%(5)	2.72%(5)	10%	$174,392
2012	$11.23	0.25	0.39	0.64	(0.26)	—	(0.26)	$11.61	5.81%	0.21%	2.21%	28%	$128,450
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
Institutional Class
2013(4)	$11.61	0.18	0.47	0.65	(0.18)	(0.13)	(0.31)	$11.95	5.62%	0.00%(5)(6)	2.92%(5)	10%	$98,689
2012	$11.24	0.27	0.38	0.65	(0.28)	—	(0.28)	$11.61	5.92%	0.01%	2.41%	28%	$74,759
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%(6)	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%(6)	3.81%	26%	$9,737

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(7)
2013(4)	$11.60	0.14	0.49	0.63	(0.15)	(0.13)	(0.28)	$11.95	5.46%	0.45%(5)	2.47%(5)	10%	$99,177
2012	$11.23	0.23	0.37	0.60	(0.23)	—	(0.23)	$11.60	5.46%	0.46%	1.96%	28%	$105,111
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
C Class
2013(4)	$11.61	0.11	0.47	0.58	(0.10)	(0.13)	(0.23)	$11.96	5.03%	1.20%(5)	1.72%(5)	10%	$962
2012	$11.24	0.14	0.38	0.52	(0.15)	—	(0.15)	$11.61	4.69%	1.21%	1.21%	28%	$810
2011	$10.27	0.09	1.02	1.11	(0.14)	—	(0.14)	$11.24	10.87%	1.21%	1.26%	10%	$538
2010(8)	$10.15	0.03	0.12	0.15	(0.03)	—	(0.03)	$10.27	1.51%	1.21%(5)	0.77%(5)	13%(9)	$35
R Class
2013(4)	$11.59	0.13	0.48	0.61	(0.13)	(0.13)	(0.26)	$11.94	5.32%	0.70%(5)	2.22%(5)	10%	$48,453
2012	$11.22	0.18	0.39	0.57	(0.20)	—	(0.20)	$11.59	5.20%	0.71%	1.71%	28%	$38,365
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

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, 2013 (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 2015 Portfolio
Investor Class
2013(4)	$12.26	0.17	0.53	0.70	(0.25)	(0.10)	(0.35)	$12.61	5.74%	0.20%(5)	2.74%(5)	4%	$502,481
2012	$11.88	0.26	0.39	0.65	(0.27)	—	(0.27)	$12.26	5.63%	0.21%	2.22%	19%	$424,416
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
Institutional Class
2013(4)	$12.28	0.19	0.52	0.71	(0.27)	(0.10)	(0.37)	$12.62	5.87%	0.00%(5)(6)	2.94%(5)	4%	$160,563
2012	$11.90	0.29	0.38	0.67	(0.29)	—	(0.29)	$12.28	5.83%	0.01%	2.42%	19%	$125,106
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
A Class(7)
2013(4)	$12.24	0.15	0.54	0.69	(0.22)	(0.10)	(0.32)	$12.61	5.65%	0.45%(5)	2.49%(5)	4%	$268,453
2012	$11.87	0.23	0.38	0.61	(0.24)	—	(0.24)	$12.24	5.28%	0.46%	1.97%	19%	$242,298
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

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
2013(4)	$12.21	0.12	0.52	0.64	(0.12)	(0.10)	(0.22)	$12.63	5.28%	1.20%(5)	1.74%(5)	4%	$3,143
2012	$11.84	0.13	0.39	0.52	(0.15)	—	(0.15)	$12.21	4.50%	1.21%	1.22%	19%	$2,124
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
2013(4)	$12.22	0.14	0.53	0.67	(0.18)	(0.10)	(0.28)	$12.61	5.56%	0.70%(5)	2.24%(5)	4%	$107,549
2012	$11.85	0.20	0.38	0.58	(0.21)	—	(0.21)	$12.22	5.02%	0.71%	1.72%	19%	$86,079
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

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, 2013 (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
2013(4)	$10.64	0.15	0.53	0.68	(0.20)	(0.10)	(0.30)	$11.02	6.46%	0.20%(5)	2.77%(5)	5%	$313,767
2012	$10.37	0.21	0.32	0.53	(0.23)	(0.03)	(0.26)	$10.64	5.27%	0.21%	2.14%	28%	$218,341
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
2013(4)	$10.65	0.17	0.52	0.69	(0.22)	(0.10)	(0.32)	$11.02	6.57%	0.00%(5)(8)	2.97%(5)	5%	$177,247
2012	$10.38	0.25	0.30	0.55	(0.25)	(0.03)	(0.28)	$10.65	5.48%	0.01%	2.34%	28%	$99,935
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)
2013(4)	$10.62	0.14	0.52	0.66	(0.17)	(0.10)	(0.27)	$11.01	6.29%	0.45%(5)	2.52%(5)	5%	$217,226
2012	$10.36	0.20	0.29	0.49	(0.20)	(0.03)	(0.23)	$10.62	4.92%	0.46%	1.89%	28%	$180,502
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
2013(4)	$10.61	0.10	0.52	0.62	(0.09)	(0.10)	(0.19)	$11.04	5.87%	1.20%(5)	1.77%(5)	5%	$3,413
2012	$10.34	0.10	0.32	0.42	(0.12)	(0.03)	(0.15)	$10.61	4.23%	1.21%	1.14%	28%	$2,304
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
2013(4)	$10.61	0.12	0.53	0.65	(0.15)	(0.10)	(0.25)	$11.01	6.12%	0.70%(5)	2.27%(5)	5%	$83,099
2012	$10.34	0.16	0.31	0.47	(0.17)	(0.03)	(0.20)	$10.61	4.76%	0.71%	1.64%	28%	$61,212
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, 2013 (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
2013(4)	$12.46	0.17	0.70	0.87	(0.24)	(0.09)	(0.33)	$13.00	7.03%	0.20%(5)	2.71%(5)	2%	$690,466
2012	$12.13	0.25	0.34	0.59	(0.26)	—	(0.26)	$12.46	4.99%	0.21%	2.07%	21%	$554,462
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
Institutional Class
2013(4)	$12.47	0.19	0.70	0.89	(0.27)	(0.09)	(0.36)	$13.00	7.16%	0.00%(5)(6)	2.91%(5)	2%	$253,688
2012	$12.14	0.27	0.34	0.61	(0.28)	—	(0.28)	$12.47	5.20%	0.01%	2.27%	21%	$181,693
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%(6)	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%(6)	3.60%	18%	$44,611
A Class(7)
2013(4)	$12.44	0.16	0.70	0.86	(0.21)	(0.09)	(0.30)	$13.00	6.93%	0.45%(5)	2.46%(5)	2%	$399,884
2012	$12.11	0.22	0.34	0.56	(0.23)	—	(0.23)	$12.44	4.73%	0.46%	1.82%	21%	$327,130
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

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
2013(4)	$12.41	0.11	0.70	0.81	(0.11)	(0.09)	(0.20)	$13.02	6.54%	1.20%(5)	1.71%(5)	2%	$5,027
2012	$12.09	0.12	0.34	0.46	(0.14)	—	(0.14)	$12.41	3.87%	1.21%	1.07%	21%	$3,498
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(8)	$10.58	0.02	0.14	0.16	—	—	—	$10.74	1.51%	1.21%(5)	0.43%(5)	10%(9)	$373
R Class
2013(4)	$12.42	0.14	0.70	0.84	(0.18)	(0.09)	(0.27)	$12.99	6.75%	0.70%(5)	2.21%(5)	2%	$152,055
2012	$12.09	0.19	0.34	0.53	(0.20)	—	(0.20)	$12.42	4.48%	0.71%	1.57%	21%	$129,489
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

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, 2013 (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 2030 Portfolio
Investor Class
2013(4)	$10.41	0.14	0.65	0.79	(0.18)	(0.09)	(0.27)	$10.93	7.73%	0.20%(5)	2.62%(5)	6%	$259,394
2012	$10.17	0.18	0.27	0.45	(0.19)	(0.02)	(0.21)	$10.41	4.60%	0.21%	1.87%	28%	$170,955
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
2013(4)	$10.42	0.16	0.64	0.80	(0.20)	(0.09)	(0.29)	$10.93	7.94%	0.00%(5)(8)	2.82%(5)	6%	$163,085
2012	$10.18	0.21	0.26	0.47	(0.21)	(0.02)	(0.23)	$10.42	4.71%	0.01%	2.07%	28%	$94,349
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)
2013(4)	$10.38	0.13	0.66	0.79	(0.16)	(0.09)	(0.25)	$10.92	7.67%	0.45%(5)	2.37%(5)	6%	$213,275
2012	$10.15	0.17	0.24	0.41	(0.16)	(0.02)	(0.18)	$10.38	4.25%	0.46%	1.62%	28%	$170,227
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
2013(4)	$10.37	0.09	0.65	0.74	(0.07)	(0.09)	(0.16)	$10.95	7.25%	1.20%(5)	1.62%(5)	6%	$2,251
2012	$10.13	0.09	0.26	0.35	(0.09)	(0.02)	(0.11)	$10.37	3.57%	1.21%	0.87%	28%	$1,595
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
2013(4)	$10.37	0.11	0.66	0.77	(0.13)	(0.09)	(0.22)	$10.92	7.50%	0.70%(5)	2.12%(5)	6%	$87,513
2012	$10.14	0.13	0.26	0.39	(0.14)	(0.02)	(0.16)	$10.37	3.99%	0.71%	1.37%	28%	$69,278
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, 2013 (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
2013(4)	$12.81	0.17	0.91	1.08	(0.22)	(0.11)	(0.33)	$13.56	8.56%	0.20%(5)	2.51%(5)	2%	$473,809
2012	$12.52	0.22	0.30	0.52	(0.23)	—	(0.23)	$12.81	4.26%	0.21%	1.82%	16%	$374,544
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
Institutional Class
2013(4)	$12.83	0.18	0.92	1.10	(0.25)	(0.11)	(0.36)	$13.57	8.69%	0.00%(5)(6)	2.71%(5)	2%	$193,239
2012	$12.54	0.25	0.29	0.54	(0.25)	—	(0.25)	$12.83	4.46%	0.01%	2.02%	16%	$138,143
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
A Class(7)
2013(4)	$12.79	0.15	0.92	1.07	(0.19)	(0.11)	(0.30)	$13.56	8.46%	0.45%(5)	2.26%(5)	2%	$294,640
2012	$12.50	0.20	0.29	0.49	(0.20)	—	(0.20)	$12.79	4.00%	0.46%	1.57%	16%	$239,410
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

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
2013(4)	$12.76	0.10	0.91	1.01	(0.09)	(0.11)	(0.20)	$13.57	7.97%	1.20%(5)	1.51%(5)	2%	$2,582
2012	$12.46	0.09	0.32	0.41	(0.11)	—	(0.11)	$12.76	3.31%	1.21%	0.82%	16%	$1,396
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
2013(4)	$12.78	0.13	0.92	1.05	(0.16)	(0.11)	(0.27)	$13.56	8.27%	0.70%(5)	2.01%(5)	2%	$120,873
2012	$12.48	0.16	0.31	0.47	(0.17)	—	(0.17)	$12.78	3.83%	0.71%	1.32%	16%	$101,164
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

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, 2013 (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
2013(4)	$10.31	0.14	0.81	0.95	(0.16)	(0.08)	(0.24)	$11.02	9.39%	0.20%(5)	2.57%(5)	4%	$173,967
2012	$10.11	0.17	0.23	0.40	(0.17)	(0.03)	(0.20)	$10.31	4.05%	0.21%	1.71%	20%	$107,290
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
2013(4)	$10.32	0.15	0.80	0.95	(0.18)	(0.08)	(0.26)	$11.01	9.40%	0.00%(5)(8)	2.77%(5)	4%	$128,290
2012	$10.12	0.19	0.23	0.42	(0.19)	(0.03)	(0.22)	$10.32	4.26%	0.01%	1.91%	20%	$70,149
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)
2013(4)	$10.30	0.12	0.81	0.93	(0.14)	(0.08)	(0.22)	$11.01	9.12%	0.45%(5)	2.32%(5)	4%	$139,593
2012	$10.10	0.15	0.22	0.37	(0.14)	(0.03)	(0.17)	$10.30	3.80%	0.46%	1.46%	20%	$110,524
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
2013(4)	$10.26	0.09	0.80	0.89	(0.05)	(0.08)	(0.13)	$11.02	8.81%	1.20%(5)	1.57%(5)	4%	$1,357
2012	$10.07	0.06	0.23	0.29	(0.07)	(0.03)	(0.10)	$10.26	2.93%	1.21%	0.71%	20%	$559
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
2013(4)	$10.28	0.11	0.81	0.92	(0.11)	(0.08)	(0.19)	$11.01	9.06%	0.70%(5)	2.07%(5)	4%	$50,162
2012	$10.08	0.12	0.23	0.35	(0.12)	(0.03)	(0.15)	$10.28	3.54%	0.71%	1.21%	20%	$36,524
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 Highlight

(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, 2013 (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
2013(4)	$12.84	0.17	1.08	1.25	(0.21)	(0.10)	(0.31)	$13.78	9.85%	0.20%(5)	2.50%(5)	2%	$292,214
2012	$12.59	0.20	0.26	0.46	(0.21)	—	(0.21)	$12.84	3.76%	0.21%	1.66%	14%	$222,501
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
Institutional Class
2013(4)	$12.86	0.18	1.08	1.26	(0.24)	(0.10)	(0.34)	$13.78	9.90%	0.00%(5)(6)	2.70%(5)	2%	$159,152
2012	$12.60	0.23	0.26	0.49	(0.23)	—	(0.23)	$12.86	4.04%	0.01%	1.86%	14%	$116,894
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
A Class(7)
2013(4)	$12.82	0.15	1.08	1.23	(0.18)	(0.10)	(0.28)	$13.77	9.67%	0.45%(5)	2.25%(5)	2%	$185,904
2012	$12.56	0.18	0.26	0.44	(0.18)	—	(0.18)	$12.82	3.59%	0.46%	1.41%	14%	$147,197
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

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
2013(4)	$12.79	0.12	1.06	1.18	(0.08)	(0.10)	(0.18)	$13.79	9.25%	1.20%(5)	1.50%(5)	2%	$912
2012	$12.53	0.08	0.27	0.35	(0.09)	—	(0.09)	$12.79	2.82%	1.21%	0.66%	14%	$633
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
2013(4)	$12.81	0.13	1.08	1.21	(0.15)	(0.10)	(0.25)	$13.77	9.47%	0.70%(5)	2.00%(5)	2%	$77,151
2012	$12.55	0.14	0.27	0.41	(0.15)	—	(0.15)	$12.81	3.33%	0.71%	1.16%	14%	$62,208
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

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, 2013 (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
2013(4)	$10.07	0.13	0.88	1.01	(0.15)	(0.08)	(0.23)	$10.85	10.17%	0.20%(5)	2.49%(5)	3%	$79,293
2012	$9.88	0.14	0.21	0.35	(0.14)	(0.02)	(0.16)	$10.07	3.67%	0.21%	1.53%	12%	$48,553
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
2013(4)	$10.09	0.14	0.88	1.02	(0.17)	(0.08)	(0.25)	$10.86	10.27%	0.00%(5)(8)	2.69%(5)	3%	$77,402
2012	$9.90	0.17	0.20	0.37	(0.16)	(0.02)	(0.18)	$10.09	3.87%	0.01%	1.73%	12%	$49,284
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)
2013(4)	$10.06	0.11	0.89	1.00	(0.13)	(0.08)	(0.21)	$10.85	10.00%	0.45%(5)	2.24%(5)	3%	$71,047
2012	$9.87	0.13	0.20	0.33	(0.12)	(0.02)	(0.14)	$10.06	3.41%	0.46%	1.28%	12%	$55,073
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
2013(4)	$10.04	0.09	0.87	0.96	(0.05)	(0.08)	(0.13)	$10.87	9.59%	1.20%(5)	1.49%(5)	3%	$1,298
2012	$9.85	0.05	0.21	0.26	(0.05)	(0.02)	(0.07)	$10.04	2.64%	1.21%	0.53%	12%	$530
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
2013(4)	$10.05	0.10	0.88	0.98	(0.10)	(0.08)	(0.18)	$10.85	9.83%	0.70%(5)	1.99%(5)	3%	$23,505
2012	$9.86	0.10	0.21	0.31	(0.10)	(0.02)	(0.12)	$10.05	3.16%	0.71%	1.03%	12%	$15,933
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, 2013 (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 2055 Portfolio
Investor Class
2013(4)	$10.19	0.13	0.91	1.04	(0.14)	(0.03)	(0.17)	$11.06	10.29%	0.20%(5)	2.48%(5)	6%	$10,503
2012	$9.92	0.12	0.25	0.37	(0.10)	—	(0.10)	$10.19	3.78%	0.20%	1.25%	44%	$3,920
2011(6)	$10.00	0.03	(0.11)	(0.08)	—	—	—	$9.92	(0.80)%	0.20%(5)	0.86%(5)	12%	$390
Institutional Class
2013(4)	$10.20	0.14	0.91	1.05	(0.16)	(0.03)	(0.19)	$11.06	10.40%	0.00%(5)(7)	2.68%(5)	6%	$6,262
2012	$9.92	0.14	0.25	0.39	(0.11)	—	(0.11)	$10.20	4.04%	0.00%(7)	1.45%	44%	$3,939
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
2013(4)	$10.17	0.13	0.90	1.03	(0.12)	(0.03)	(0.15)	$11.05	10.13%	0.45%(5)	2.23%(5)	6%	$7,335
2012	$9.91	0.10	0.24	0.34	(0.08)	—	(0.08)	$10.17	3.49%	0.45%	1.00%	44%	$3,253
2011(6)	$10.00	0.02	(0.11)	(0.09)	—	—	—	$9.91	(0.90)%	0.45%(5)	0.61%(5)	12%	$21
C Class
2013(4)	$10.13	0.08	0.91	0.99	(0.04)	(0.03)	(0.07)	$11.05	9.72%	1.20%(5)	1.48%(5)	6%	$126
2012	$9.88	0.02	0.26	0.28	(0.03)	—	(0.03)	$10.13	2.81%	1.20%	0.25%	44%	$87
2011(6)	$10.00	(0.01)	(0.11)	(0.12)	—	—	—	$9.88	(1.20)%	1.20%(5)	(0.14)%(5)	12%	$5
R Class
2013(4)	$10.16	0.11	0.90	1.01	(0.09)	(0.03)	(0.12)	$11.05	9.96%	0.70%(5)	1.98%(5)	6%	$2,702
2012	$9.90	0.06	0.26	0.32	(0.06)	—	(0.06)	$10.16	3.29%	0.70%	0.75%	44%	$1,108
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, 2013 (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

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

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

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

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

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

Proxy Voting 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.

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-77773 1303

SEMIANNUAL REPORT JANUARY 31, 2013

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

President’s Letter

Jonathan Thomas

Dear Investor:

“Risk-On” Rebound After Second-Quarter Slump in 2012

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

The independent directors’ rationale for this decision is provided in detail in this, or in a previous, report. However, there are several highlights that should be of interest to all shareholders.

•	Fund performance and client service continue to be rated among the industry’s best.

•	Target date and other asset allocation products continue to successfully gather assets and industry acclaim.

•	Compliance programs continue to function successfully with no issues impacting shareholder interests.

•	Fees were found to be within an acceptable competitive range, with minor fee waivers being negotiated on five funds.

Overall it was a very positive review for the American Century Investments mutual funds during a challenging market environment.

Best personal regards,

Don Pratt

Performance

Total Returns as of January 31, 2013
				Average Annual Returns
	Ticker Symbol	6 months(1)	1 year	5 years	Since Inception	Inception Date
One Choice Portfolio: Very Conservative — Investor Class	AONIX	2.77%	5.59%	4.45%	5.04%	9/30/04
One Choice Portfolio: Conservative — Investor Class	AOCIX	5.38%	8.93%	4.80%	5.86%	9/30/04
One Choice Portfolio: Moderate — Investor Class	AOMIX	7.98%	11.85%	4.52%	6.60%	9/30/04
One Choice Portfolio: Aggressive — Investor Class	AOGIX	9.90%	13.76%	4.01%	6.95%	9/30/04
One Choice Portfolio: Very Aggressive — Investor Class	AOVIX	11.62%	15.27%	2.96%	6.76%	9/30/04
Russell 3000 Index	—	11.24%	16.90%	4.44%	6.27%	—
Barclays U.S. Aggregate Bond Index	—	-0.29%	2.59%	5.44%	5.23%	—

(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 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	0.62%
One Choice Portfolio: Conservative — Investor Class	0.76%
One Choice Portfolio: Moderate — Investor Class	0.90%
One Choice Portfolio: Aggressive — Investor Class	1.01%
One Choice Portfolio: Very Aggressive — Investor Class	1.07%

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 Commentary

Underlying Fund Allocations as a % of net assets as of January 31, 2013(1)
	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Equity
Core Equity Plus Fund	1.0%	2.0%	4.0%	4.5%	4.8%
Equity Growth Fund	4.0%	7.1%	12.1%	10.0%	13.0%
Growth Fund	3.5%	5.8%	8.9%	15.4%	18.7%
Large Company Value Fund	7.0%	10.1%	8.6%	7.6%	9.5%
Mid Cap Value Fund	5.1%	6.8%	5.6%	4.8%	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%	4.1%	7.1%	13.5%	16.5%
Emerging Markets Fund	—	—	4.0%	6.5%	7.5%
International Growth Fund	—	6.0%	10.0%	12.5%	15.5%
Total Equity	25.1%	45.4%	64.3%	79.1%	96.0%
Fixed Income
Diversified Bond Fund	32.0%	29.9%	18.0%	10.0%	3.0%
High-Yield Fund	—	—	3.9%	5.9%	—
Inflation-Adjusted Bond Fund	10.0%	8.9%	5.9%	4.0%	—
Short Duration Fund	6.9%	—	—	—	—
Short Duration Inflation Protection Bond Fund	8.0%	—	—	—	—
International Bond Fund	10.0%	7.9%	3.0%	—	—
Total Fixed Income	66.9%	46.7%	30.8%	19.9%	3.0%
Prime Money Market Fund	8.0%	7.9%	4.9%	1.0%	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

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, 2012 to January 31, 2013.

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 8/1/12	Ending Account Value 1/31/13	Expenses Paid During Period(1) 8/1/12 - 1/31/13	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 8/1/12 - 1/31/13	Effective Annualized Expense Ratio(2)
One Choice Portfolio: Very Conservative
Actual
Investor Class	$1,000	$1,027.70	$0.00	0.00%(3)	$3.22	0.63%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.21	0.63%
One Choice Portfolio: Conservative
Actual
Investor Class	$1,000	$1,053.80	$0.00	0.00%(3)	$3.93	0.76%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$3.87	0.76%
One Choice Portfolio: Moderate
Actual
Investor Class	$1,000	$1,079.80	$0.00	0.00%(3)	$4.72	0.90%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$4.58	0.90%
One Choice Portfolio: Aggressive
Actual
Investor Class	$1,000	$1,099.00	$0.00	0.00%(3)	$5.24	0.99%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$5.04	0.99%
One Choice Portfolio: Very Aggressive
Actual
Investor Class	$1,000	$1,116.20	$0.00	0.00%(3)	$5.76	1.08%
Hypothetical
Investor Class	$1,000	$1,025.21	$0.00	0.00%(3)	$5.50	1.08%

(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, 2013 (UNAUDITED)

	Shares	Value
One Choice Portfolio: Very Conservative
Mutual Funds(1) — 100.0%
DOMESTIC FIXED INCOME FUNDS — 56.9%
Diversified Bond Fund Investor Class	9,427,754	$104,270,960
Inflation-Adjusted Bond Fund Investor Class	2,491,298	32,586,183
Short Duration Fund Investor Class	2,154,741	22,710,969
Short Duration Inflation Protection Bond Fund Investor Class	2,452,869	25,975,879
		185,543,991
DOMESTIC EQUITY FUNDS — 25.1%
Core Equity Plus Fund Investor Class	277,081	3,302,800
Equity Growth Fund Investor Class	508,560	13,105,600
Growth Fund Investor Class	409,202	11,445,391
Large Company Value Fund Investor Class	3,422,763	22,829,827
Mid Cap Value Fund Investor Class	1,190,338	16,414,759
Real Estate Fund Investor Class	267,242	6,520,716
Small Company Fund Investor Class	357,446	3,309,950
Vista Fund Investor Class(2)	264,867	4,966,255
		81,895,298
INTERNATIONAL FIXED INCOME FUNDS — 10.0%
International Bond Fund Investor Class	2,273,815	32,583,763
MONEY MARKET FUNDS — 8.0%
Prime Money Market Fund Investor Class	25,969,600	25,969,600
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $295,706,608)		325,992,652
OTHER ASSETS AND LIABILITIES†		36
TOTAL NET ASSETS — 100.0%		$325,992,688

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 EQUITY FUNDS — 39.4%
Core Equity Plus Fund Investor Class	1,102,329	$13,139,758
Equity Growth Fund Investor Class	1,783,112	45,950,789
Growth Fund Investor Class	1,338,271	37,431,435
Large Company Value Fund Investor Class	9,800,663	65,370,424
Mid Cap Value Fund Investor Class	3,229,978	44,541,398
Real Estate Fund Investor Class	537,225	13,108,293
Small Company Fund Investor Class	1,091,486	10,107,158
Vista Fund Investor Class(2)	1,415,127	26,533,633
		256,182,888
DOMESTIC FIXED INCOME FUNDS — 38.8%
Diversified Bond Fund Investor Class	17,561,337	194,228,389
Inflation-Adjusted Bond Fund Investor Class	4,416,040	57,761,801
		251,990,190
MONEY MARKET FUNDS — 7.9%
Prime Money Market Fund Investor Class	51,195,313	51,195,313
INTERNATIONAL FIXED INCOME FUNDS — 7.9%
International Bond Fund Investor Class	3,572,564	51,194,849
INTERNATIONAL EQUITY FUNDS — 6.0%
International Growth Fund Investor Class	3,302,246	39,362,770
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $564,658,700)		649,926,010
OTHER ASSETS AND LIABILITIES†		41
TOTAL NET ASSETS — 100.0%		$649,926,051

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 — 50.3%
Core Equity Plus Fund Investor Class	3,271,102	$38,991,540
Equity Growth Fund Investor Class	4,572,844	117,842,190
Growth Fund Investor Class	3,120,697	87,285,884
Large Company Value Fund Investor Class	12,562,485	83,791,773
Mid Cap Value Fund Investor Class	3,953,934	54,524,748
Real Estate Fund Investor Class	798,497	19,483,335
Small Company Fund Investor Class	2,153,040	19,937,150
Vista Fund Investor Class(2)	3,682,521	69,047,266
		490,903,886
DOMESTIC FIXED INCOME FUNDS — 27.8%
Diversified Bond Fund Investor Class	15,844,919	175,244,809
High-Yield Fund Investor Class	6,111,211	38,317,295
Inflation-Adjusted Bond Fund Investor Class	4,440,730	58,084,748
		271,646,852
INTERNATIONAL EQUITY FUNDS — 14.0%
Emerging Markets Fund Investor Class(2)	4,407,203	39,135,963
International Growth Fund Investor Class	8,207,345	97,831,554
		136,967,517
MONEY MARKET FUNDS — 4.9%
Prime Money Market Fund Investor Class	48,143,213	48,143,213
INTERNATIONAL FIXED INCOME FUNDS — 3.0%
International Bond Fund Investor Class	2,000,912	28,673,069
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $806,129,387)		976,334,537
OTHER ASSETS AND LIABILITIES†		191
TOTAL NET ASSETS — 100.0%		$976,334,728

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 — 60.1%
Core Equity Plus Fund Investor Class	2,915,630	$34,754,306
Equity Growth Fund Investor Class	2,973,169	76,618,570
Growth Fund Investor Class	4,223,737	118,137,912
Large Company Value Fund Investor Class	8,689,257	57,957,347
Mid Cap Value Fund Investor Class	2,655,618	36,620,968
Real Estate Fund Investor Class	619,634	15,119,073
Small Company Fund Investor Class	1,866,528	17,284,050
Vista Fund Investor Class(2)	5,534,496	103,771,800
		460,264,026
DOMESTIC FIXED INCOME FUNDS — 19.9%
Diversified Bond Fund Investor Class	6,908,492	76,407,916
High-Yield Fund Investor Class	7,268,139	45,571,235
Inflation-Adjusted Bond Fund Investor Class	2,320,428	30,351,195
		152,330,346
INTERNATIONAL EQUITY FUNDS — 19.0%
Emerging Markets Fund Investor Class(2)	5,616,131	49,871,245
International Growth Fund Investor Class	8,061,630	96,094,624
		145,965,869
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class	7,465,833	7,465,833
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $634,957,401)		766,026,074
OTHER ASSETS AND LIABILITIES†		170
TOTAL NET ASSETS — 100.0%		$766,026,244

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 — 73.0%
Core Equity Plus Fund Investor Class	838,351	$9,993,140
Equity Growth Fund Investor Class	1,056,089	27,215,415
Growth Fund Investor Class	1,403,368	39,252,208
Large Company Value Fund Investor Class	2,998,571	20,000,467
Mid Cap Value Fund Investor Class	918,718	12,669,125
Real Estate Fund Investor Class	170,225	4,153,482
Small Company Fund Investor Class	568,071	5,260,340
Vista Fund Investor Class(2)	1,855,924	34,798,568
		153,342,745
INTERNATIONAL EQUITY FUNDS — 23.0%
Emerging Markets Fund Investor Class(2)	1,772,668	15,741,289
International Growth Fund Investor Class	2,739,808	32,658,516
		48,399,805
DOMESTIC FIXED INCOME FUNDS — 3.0%
Diversified Bond Fund Investor Class	564,258	6,240,694
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class	2,071,138	2,071,138
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $160,885,232)		210,054,382
OTHER ASSETS AND LIABILITIES†		1
TOTAL NET ASSETS — 100.0%		$210,054,383

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, 2013 (UNAUDITED)
	Very Conservative			Conservative			Moderate
Assets
Investment securities in affiliates, at value (cost of $295,706,608, $564,658,700 and $806,129,387, respectively)		$325,992,652			$649,926,010			$976,334,537
Receivable for capital shares sold		503,283			1,117,017			1,465,815
Distributions receivable from affiliates		169,027			293,104			437,566
		326,664,962			651,336,131			978,237,918

Liabilities
Payable for investments purchased		410,423			1,047,606			1,107,017
Payable for capital shares redeemed		261,851			362,474			796,173
		672,274			1,410,080			1,903,190

Net Assets		$325,992,688			$649,926,051			$976,334,728

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		28,397,298			53,033,303			74,619,137

Net Asset Value Per Share		$11.48			$12.26			$13.08

Net Assets Consist of:
Capital (par value and paid-in surplus)		$301,643,549			$589,055,191			$875,247,857
Undistributed net investment income		154,767			296,983			439,252
Accumulated net realized loss		(6,091,672	)		(24,693,433	)		(69,557,531	)
Net unrealized appreciation		30,286,044			85,267,310			170,205,150
		$325,992,688			$649,926,051			$976,334,728

See Notes to Financial Statements.

JANUARY 31, 2013 (UNAUDITED)
	Aggressive			Very Aggressive
Assets
Investment securities in affiliates, at value (cost of $634,957,401 and $160,885,232, respectively)		$766,026,074			$210,054,382
Receivable for capital shares sold		997,902			481,301
Distributions receivable from affiliates		321,130			9,555
		767,345,106			210,545,238

Liabilities
Payable for investments purchased		646,411			466,472
Payable for capital shares redeemed		672,451			24,383
		1,318,862			490,855

Net Assets		$766,026,244			$210,054,383

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		55,819,662			15,052,678

Net Asset Value Per Share		$13.72			$13.95

Net Assets Consist of:
Capital (par value and paid-in surplus)		$677,662,637			$186,461,283
Undistributed net investment income		1,118,657			710,129
Accumulated net realized loss		(43,823,723	)		(26,286,179	)
Net unrealized appreciation		131,068,673			49,169,150
		$766,026,244			$210,054,383

See Notes to Financial Statements.

Statement of Operations

FOR THE SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED)
	Very Conservative		Conservative			Moderate
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$3,803,223		$8,115,391			$11,612,260

Expenses:
Directors’ fees and expenses		5,346		10,254			15,364
Other expenses		29		—			—
		5,375		10,254			15,364

Net investment income (loss)		3,797,848		8,105,137			11,596,896

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		425,179		(604,511	)		(2,426,712	)
Capital gain distributions received from underlying funds		1,187,856		2,660,388			4,480,251
		1,613,035		2,055,877			2,053,539

Change in net unrealized appreciation (depreciation) on investments in underlying funds		3,277,868		21,541,569			57,134,350

Net realized and unrealized gain (loss) on affiliates		4,890,903		23,597,446			59,187,889

Net Increase (Decrease) in Net Assets Resulting from Operations		$8,688,751		$31,702,583			$70,784,785

See Notes to Financial Statements.

FOR THE SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED)
	Aggressive			Very Aggressive
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$8,208,619			$1,983,140

Expenses:
Directors’ fees and expenses		11,517			3,400

Net investment income (loss)		8,197,102			1,979,740

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(2,134,545	)		(158,842	)
Capital gain distributions received from underlying funds		4,610,906			1,376,733
		2,476,361			1,217,891

Change in net unrealized appreciation (depreciation) on investments in underlying funds		56,604,710			19,094,512

Net realized and unrealized gain (loss) on affiliates		59,081,071			20,312,403

Net Increase (Decrease) in Net Assets Resulting from Operations		$67,278,173			$22,292,143

See Notes to Financial Statements.

Statement of Changes in Net Assets

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	Very Conservative						Conservative
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$3,797,848			$5,319,720			$8,105,137			$11,325,251
Net realized gain (loss)		1,613,035			1,681,052			2,055,877			377,846
Change in net unrealized appreciation (depreciation)		3,277,868			7,877,940			21,541,569			17,803,269
Net increase (decrease) in net assets resulting from operations		8,688,751			14,878,712			31,702,583			29,506,366

Distributions to Shareholders
From net investment income		(3,868,530	)		(5,306,603	)		(8,186,329	)		(11,391,973	)
From net realized gains		(2,174,312	)		(292,644	)		—			—
Decrease in net assets from distributions		(6,042,842	)		(5,599,247	)		(8,186,329	)		(11,391,973	)

Capital Share Transactions
Proceeds from shares sold		85,779,178			161,452,080			99,757,470			184,238,222
Proceeds from reinvestment of distributions		5,878,749			5,458,005			8,015,789			11,170,239
Payments for shares redeemed		(63,376,472	)		(87,663,900	)		(54,714,255	)		(106,498,484	)
Net increase (decrease) in net assets from capital share transactions		28,281,455			79,246,185			53,059,004			88,909,977

Net increase (decrease) in net assets		30,927,364			88,525,650			76,575,258			107,024,370

Net Assets
Beginning of period		295,065,324			206,539,674			573,350,793			466,326,423
End of period		$325,992,688			$295,065,324			$649,926,051			$573,350,793

Undistributed net investment income		$154,767			$225,449			$296,983			$378,175

Transactions in Shares of the Funds
Sold		7,473,903			14,595,247			8,279,106			16,170,226
Issued in reinvestment of distributions		516,944			496,269			668,912			989,619
Redeemed		(5,528,516	)		(7,906,303	)		(4,545,863	)		(9,392,591	)
Net increase (decrease) in shares of the funds		2,462,331			7,185,213			4,402,155			7,767,254

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	Moderate						Aggressive
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012			January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$11,596,896			$15,863,508			$8,197,102			$8,707,122
Net realized gain (loss)		2,053,539			(39,315	)		2,476,361			(731,310	)
Change in net unrealized appreciation (depreciation)		57,134,350			19,611,821			56,604,710			7,218,545
Net increase (decrease) in net assets resulting from operations		70,784,785			35,436,014			67,278,173			15,194,357

Distributions to Shareholders
From net investment income		(11,724,330	)		(15,985,077	)		(11,004,640	)		(8,508,465	)

Capital Share Transactions
Proceeds from shares sold		114,809,658			200,258,292			191,587,857			126,370,581
Proceeds from reinvestment of distributions		11,492,425			15,656,891			10,916,988			8,407,270
Payments for shares redeemed		(78,751,244	)		(169,127,714	)		(58,952,379	)		(98,494,515	)
Net increase (decrease) in net assets from capital share transactions		47,550,839			46,787,469			143,552,466			36,283,336

Net increase (decrease) in net assets		106,611,294			66,238,406			199,825,999			42,969,228

Net Assets
Beginning of period		869,723,434			803,485,028			566,200,245			523,231,017
End of period		$976,334,728			$869,723,434			$766,026,244			$566,200,245

Undistributed net investment income		$439,252			$566,686			$1,118,657			$3,926,195

Transactions in Shares of the Funds
Sold		9,029,346			16,997,751			14,801,450			10,413,814
Issued in reinvestment of distributions		910,951			1,339,568			833,994			719,801
Redeemed		(6,221,340	)		(14,352,413	)		(4,461,068	)		(8,095,066	)
Net increase (decrease) in shares of the funds		3,718,957			3,984,906			11,174,376			3,038,549

See Notes to Financial Statements.

SIX MONTHS ENDED JANUARY 31, 2013 (UNAUDITED) AND YEAR ENDED JULY 31, 2012
	Very Aggressive
Increase (Decrease) in Net Assets	January 31, 2013			July 31, 2012
Operations
Net investment income (loss)		$1,979,740			$1,940,888
Net realized gain (loss)		1,217,891			(1,340,355	)
Change in net unrealized appreciation (depreciation)		19,094,512			1,266,701
Net increase (decrease) in net assets resulting from operations		22,292,143			1,867,234

Distributions to Shareholders
From net investment income		(2,001,337	)		(1,927,360	)

Capital Share Transactions
Proceeds from shares sold		29,078,693			30,540,442
Proceeds from reinvestment of distributions		1,978,556			1,889,590
Payments for shares redeemed		(34,486,348	)		(42,291,424	)
Net increase (decrease) in net assets from capital share transactions		(3,429,099	)		(9,861,392	)

Net increase (decrease) in net assets		16,861,707			(9,921,518	)

Net Assets
Beginning of period		193,192,676			203,114,194
End of period		$210,054,383			$193,192,676

Undistributed net investment income		$710,129			$731,726

Transactions in Shares of the Funds
Sold		2,179,622			2,541,681
Issued in reinvestment of distributions		150,232			163,036
Redeemed		(2,580,086	)		(3,499,529	)
Net increase (decrease) in shares of the funds		(250,232	)		(794,812	)

See Notes to Financial Statements.

Notes to Financial Statements

JANUARY 31, 2013 (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

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. The funds are no longer subject to examination by tax authorities for years prior to 2009. 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.

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.

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation’s investment advisor, ACIM, the corporation’s distributor, American Century Investment Services, Inc., and the corporation’s transfer agent, American Century Services, LLC are wholly owned, directly or indirectly, by ACC. 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, 2013 were as follows:

	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Purchases	$102,961,896	$69,429,357	$83,588,401	$171,296,032	$23,201,507
Sales	$75,752,838	$13,862,053	$31,690,136	$25,940,198	$25,275,485

5. Affiliated Company Transactions

	July 31, 2012											January 31, 2013
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		8,344,240		$18,039,604		$5,906,826		$(71,132	)		$2,099,351		9,427,754		$104,270,960
Inflation-Adjusted Bond Fund Investor Class		2,198,920		5,257,987		1,378,747		(31,869	)		718,919		2,491,298		32,586,183
Short Duration Fund Investor Class		—		23,595,773		884,775		131			8,718		2,154,741		22,710,969
Short Duration Inflation Protection Bond Fund Investor Class		—		26,772,430		894,421		1,133			—		2,452,869		25,975,879
Core Equity Plus Fund Investor Class		272,599		393,603		348,088		4,903			82,570		277,081		3,302,800
Equity Growth Fund Investor Class		505,103		1,617,136		1,540,299		46,196			151,229		508,560		13,105,600
Growth Fund Investor Class		272,764		4,847,782		1,105,966		(27,406	)		475,941		409,202		11,445,391
Large Company Value Fund Investor Class		4,008,295		3,141,621		6,432,503		409,990			232,652		3,422,763		22,829,827
Mid Cap Value Fund Investor Class		1,188,763		2,175,956		2,148,412		60,624			581,002		1,190,338		16,414,759
Real Estate Fund Investor Class		251,478		999,243		648,597		19,148			65,473		267,242		6,520,716
Small Company Fund Investor Class		359,650		520,357		541,437		35,123			31,624		357,446		3,309,950
Vista Fund Investor Class(2)		262,284		652,496		628,642		10,233			—		264,867		4,966,255
International Bond Fund Investor Class		2,108,705		5,164,801		1,461,078		(31,895	)		540,279		2,273,815		32,583,763
Prime Money Market Fund Investor Class		67,594,361		9,783,107		51,407,868		—			3,321		25,969,600		25,969,600
				$102,961,896		$75,327,659		$425,179			$4,991,079				$325,992,652

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

(2)	Non-income producing.

	July 31, 2012											January 31, 2013
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Conservative
Core Equity Plus Fund Investor Class		1,050,804		$582,753		—		—			$299,440		1,102,329		$13,139,758
Equity Growth Fund Investor Class		1,708,266		2,182,593		$379,053		$3,237			501,240		1,783,112		45,950,789
Growth Fund Investor Class		1,000,409		9,346,122		—		—			1,434,265		1,338,271		37,431,435
Large Company Value Fund Investor Class		10,629,310		4,021,181		9,753,863		(566,075	)		635,665		9,800,663		65,370,424
Mid Cap Value Fund Investor Class		3,096,936		2,254,435		541,133		(2,184	)		1,461,138		3,229,978		44,541,398
Real Estate Fund Investor Class		488,846		1,122,263		—		—			121,076		537,225		13,108,293
Small Company Fund Investor Class		1,031,153		504,613		—		—			88,297		1,091,486		10,107,158
Vista Fund Investor Class(2)		1,354,274		1,053,533		—		—			—		1,415,127		26,533,633
Diversified Bond Fund Investor Class		15,205,914		28,350,868		1,991,387		(2,405	)		3,751,329		17,561,337		194,228,389
Inflation-Adjusted Bond Fund Investor Class		3,852,222		7,469,880		—		—			1,212,724		4,416,040		57,761,801
Prime Money Market Fund Investor Class		45,447,776		5,747,537		—		—			2,444		51,195,313		51,195,313
International Bond Fund Investor Class		3,136,466		6,350,444		—		—			830,314		3,572,564		51,194,849
International Growth Fund Investor Class		3,421,543		443,135		1,801,128		(37,084	)		437,847		3,302,246		39,362,770
				$69,429,357		$14,466,564		$(604,511	)		$10,775,779				$649,926,010

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

(2)	Non-income producing.

	July 31, 2012											January 31, 2013
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		3,167,053		$1,180,334		—		—			$890,878		3,271,102		$38,991,540
Equity Growth Fund Investor Class		4,436,382		3,929,178		$606,526		$11,761			1,282,951		4,572,844		117,842,190
Growth Fund Investor Class		2,520,984		16,618,496		48,888		(485	)		3,353,008		3,120,697		87,285,884
Large Company Value Fund Investor Class		13,928,544		2,741,810		13,226,439		(2,098,344	)		807,478		12,562,485		83,791,773
Mid Cap Value Fund Investor Class		3,829,910		1,808,840		204,686		(3,604	)		1,775,628		3,953,934		54,524,748
Real Estate Fund Investor Class		770,254		768,050		91,549		25,838			180,976		798,497		19,483,335
Small Company Fund Investor Class		2,048,800		897,193		—		—			173,671		2,153,040		19,937,150
Vista Fund Investor Class(2)		3,546,138		2,496,256		123,579		1,516			—		3,682,521		69,047,266
Diversified Bond Fund Investor Class		13,248,092		34,582,681		5,513,224		3,865			3,352,871		15,844,919		175,244,809
High-Yield Fund Investor Class		6,929,427		2,228,214		7,484,523		(263,026	)		1,508,774		6,111,211		38,317,295
Inflation-Adjusted Bond Fund Investor Class		3,946,445		7,022,915		500,086		4,064			1,199,418		4,440,730		58,084,748
Emerging Markets Fund Investor Class(2)		4,432,269		1,009,708		1,324,988		(29,453	)		—		4,407,203		39,135,963
International Growth Fund Investor Class		8,552,810		1,100,079		4,980,152		(78,844	)		1,100,079		8,207,345		97,831,554
Prime Money Market Fund Investor Class		43,879,863		4,275,558		12,208		—			2,286		48,143,213		48,143,213
International Bond Fund Investor Class		1,799,097		2,929,089		—		—			464,493		2,000,912		28,673,069
				$83,588,401		$34,116,848		$(2,426,712	)		$16,092,511				$976,334,537

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

(2)	Non-income producing.

	July 31, 2012											January 31, 2013
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		2,368,269		$6,242,879		$222,015		$11,835			$769,322		2,915,630		$34,754,306
Equity Growth Fund Investor Class		2,426,659		13,311,472		337,430		1,814			818,865		2,973,169		76,618,570
Growth Fund Investor Class		2,989,446		33,978,556		318,373		(189	)		4,419,015		4,223,737		118,137,912
Large Company Value Fund Investor Class		8,152,604		10,999,590		9,432,702		(1,566,562	)		546,131		8,689,257		57,957,347
Mid Cap Value Fund Investor Class		2,178,787		6,013,807		—		—			1,168,902		2,655,618		36,620,968
Real Estate Fund Investor Class		500,321		2,791,559		—		—			138,631		619,634		15,119,073
Small Company Fund Investor Class		1,520,553		3,108,133		362,343		(57,624	)		150,538		1,866,528		17,284,050
Vista Fund Investor Class(2)		4,456,567		20,100,619		1,967,871		27,363			—		5,534,496		103,771,800
Diversified Bond Fund Investor Class		4,481,127		29,067,990		1,823,961		(1,477	)		1,417,415		6,908,492		76,407,916
High-Yield Fund Investor Class		6,549,242		10,799,675		6,562,590		(226,210	)		1,724,253		7,268,139		45,571,235
Inflation-Adjusted Bond Fund Investor Class		1,709,460		8,183,707		72,338		336			621,433		2,320,428		30,351,195
Emerging Markets Fund Investor Class(2)		4,735,309		9,256,261		2,544,503		(125,537	)		—		5,616,131		49,871,245
International Growth Fund Investor Class		6,960,363		15,616,562		4,430,617		(198,294	)		1,044,677		8,061,630		96,094,624
Prime Money Market Fund Investor Class		5,640,611		1,825,222		—		—			343		7,465,833		7,465,833
				$171,296,032		$28,074,743		$(2,134,545	)		$12,819,525				$766,026,074

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

(2)	Non-income producing.

	July 31, 2012											January 31, 2013
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		855,891		$788,297		$938,420		$44,388			$240,980		838,351		$9,993,140
Equity Growth Fund Investor Class		1,071,508		2,081,904		2,410,956		70,606			310,623		1,056,089		27,215,415
Growth Fund Investor Class		1,262,996		6,866,178		3,007,535		(39,955	)		1,575,907		1,403,368		39,252,208
Large Company Value Fund Investor Class		3,416,010		1,656,973		4,753,697		(492,976	)		201,657		2,998,571		20,000,467
Mid Cap Value Fund Investor Class		934,024		1,239,938		1,400,361		39,177			436,133		918,718		12,669,125
Real Estate Fund Investor Class		167,031		434,965		360,311		12,569			41,134		170,225		4,153,482
Small Company Fund Investor Class		589,533		286,865		548,759		(59,483	)		49,338		568,071		5,260,340
Vista Fund Investor Class(2)		1,862,484		2,864,362		2,858,434		206,665			—		1,855,924		34,798,568
Emerging Markets Fund Investor Class(2)		1,877,284		1,912,498		2,762,188		46,078			—		1,772,668		15,741,289
International Growth Fund Investor Class		2,930,630		3,294,183		5,370,201		15,133			379,325		2,739,808		32,658,516
Diversified Bond Fund Investor Class		506,975		1,465,178		822,896		(1,044	)		124,675		564,258		6,240,694
Prime Money Market Fund Investor Class		1,961,541		310,166		200,569		—			101		2,071,138		2,071,138
				$23,201,507		$25,434,327		$(158,842	)		$3,359,873				$210,054,382

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

(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, 2013, Moderate and Aggressive owned 36% and 32%, respectively, of the total outstanding shares of Core Equity Plus Fund. As of January 31, 2013, the funds, in aggregate, owned 92% of the total outstanding shares of Core Equity Plus Fund.

7. Fair Value Measurements

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

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

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

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

8. Federal Tax Information

As of January 31, 2013, the components of investments for federal income tax purposes were as follows:

	Very Conservative	Conservative	Moderate
Federal tax cost of investments	$303,242,233	$586,027,227	$855,617,837
Gross tax appreciation of investments	$22,750,448	$63,898,783	$120,716,700
Gross tax depreciation of investments	(29)	—	—
Net tax appreciation (depreciation) of investments	$22,750,419	$63,898,783	$120,716,700

	Aggressive	Very Aggressive
Federal tax cost of investments	$669,636,187	$178,157,108
Gross tax appreciation of investments	$96,389,887	$31,897,274
Gross tax depreciation of investments	—	—
Net tax appreciation (depreciation) of investments	$96,389,887	$31,897,274

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.

As of July 31, 2012, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. Any unlimited losses will be required to be utilized prior to the losses which carry an expiration date. 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	Unlimited (Short-Term)	Unlimited (Long-Term)
Very Conservative	—	—	—	—	—
Conservative	$(685,394)	$(3,067,145)	$(394,378)	—	$(906,203)
Moderate	$(3,239,053)	$(11,515,723)	$(2,750,775)	$(151,435)	$(4,466,832)
Aggressive	$(2,141,306)	$(5,491,772)	$(2,783,051)	$(131,941)	$(2,866,628)
Very Aggressive	$(2,321,712)	$(2,861,624)	$(2,233,776)	$(141,887)	$(2,431,323)

As of July 31, 2012, the funds had post-October capital loss deferrals which represent certain qualified losses that the funds have elected to treat as having been incurred in the following fiscal year for federal income tax purposes. Capital loss deferral amounts were as follows:

Very Conservative	—
Conservative	$(412,225)
Moderate	—
Aggressive	$(112,527)
Very Aggressive	$(335,373)

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
2013(4)	$11.38	0.14	0.18	0.32	(0.14)	(0.08)	(0.22)	$11.48	2.77%	0.00%(5)(6)	2.38%(5)	24%	$325,993
2012	$11.02	0.24	0.37	0.61	(0.24)	(0.01)	(0.25)	$11.38	5.66%	0.00%(6)	2.14%	13%	$295,065
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
One Choice Portfolio: Conservative — Investor Class
2013(4)	$11.79	0.16	0.47	0.63	(0.16)	—	(0.16)	$12.26	5.38%	0.00%(5)(6)	2.63%(5)	2%	$649,926
2012	$11.41	0.25	0.39	0.64	(0.26)	—	(0.26)	$11.79	5.71%	0.00%(6)	2.24%	12%	$573,351
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

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
2013(4)	$12.27	0.16	0.81	0.97	(0.16)	—	(0.16)	$13.08	7.98%	0.00%(5)(6)	2.51%(5)	3%	$976,335
2012	$12.01	0.23	0.26	0.49	(0.23)	—	(0.23)	$12.27	4.21%	0.00%(6)	1.95%	16%	$869,723
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
One Choice Portfolio: Aggressive — Investor Class
2013(4)	$12.68	0.15	1.10	1.25	(0.21)	—	(0.21)	$13.72	9.90%	0.00%(5)(6)	2.32%(5)	4%	$766,026
2012	$12.58	0.20	0.10	0.30	(0.20)	—	(0.20)	$12.68	2.50%	0.00%(6)	1.65%	14%	$566,200
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
One Choice Portfolio: Very Aggressive — Investor Class
2013(4)	$12.62	0.13	1.33	1.46	(0.13)	—	(0.13)	$13.95	11.62%	0.00%(5)(6)	1.95%(5)	11%	$210,054
2012	$12.62	0.12	—(7)	0.12	(0.12)	—	(0.12)	$12.62	1.05%	0.00%(6)	1.02%	13%	$193,193
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

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, 2013 (unaudited).

(5)	Annualized.

(6)	Ratio was less than 0.005%.

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

See Notes to Financial Statements.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

Notes

Contact Us	americancentury.com
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American Century Asset Allocation Portfolios, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-SAN-77774 1303

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:	April 1, 2013

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:	April 1, 2013

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

Date:	April 1, 2013