acaap_ncsr073111.htm

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 Commentary	20
Portfolio Characteristics	24
Shareholder Fee Examples	26
Schedule of Investments	33
Statement of Assets and Liabilities	38
Statement of Operations	42
Statement of Changes in Net Assets	46
Notes to Financial Statements	51
Financial Highlights	77
Report of Independent Registered Public Accounting Firm	127
Management	128
Approval of Management Agreements	131
Additional Information	136

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

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended July 31, 2011. Our report offers investment performance and portfolio information, presented with the expert perspective and commentary of our portfolio management team.

This report remains one of our most important vehicles for conveying information about investment performance, as well as the market factors and strategies that affect fund returns. For additional, updated information on fund performance, portfolio strategy, and the investment markets, we encourage you to visit our website, americancentury.com. Click on the “Fund Performance” and “Insights & News” headings at the top of our Individual Investors site.

Reporting Period Perspective: “Risk Rally” Ended, Economic Growth Lost Momentum

Benefiting from optimism, risk appetites, expanding corporate earnings, and other investment conditions that may prove difficult to sustain, global stock and high-yield corporate bond markets produced above-average returns for the 12 months ended July 31, 2011. Meanwhile, high-quality bonds lagged. Conditions shifted significantly during the last three months of the fiscal year—not enough to fully change the “risk was rewarded” theme of the period, but certainly enough to suggest greater caution ahead.

Broad stock market indices generally gained 15–30% during the period as monetary and fiscal intervention in 2010 stimulated growth and fueled investor optimism about economic and financial market conditions in 2011 and 2012. Most notably, the U.S. Federal Reserve launched its second round of quantitative easing (QE2), involving the purchase of U.S. government securities. This was designed to increase the money supply and encourage investors to purchase potentially higher-risk/higher-return assets, such as stocks.

Anticipation of QE2 and its potential impact, along with robust corporate earnings growth, helped trigger a “risk rally” that extended from August 2010 through April 2011. But the rally ran out of steam in May and June of 2011 as QE2 ended, the European debt crisis returned to prominence, and other debt and global economic challenges emerged. Concerns about fiscal austerity measures in debt-ridden countries revived recession fears and deflated global equity market returns. We appreciate your continued trust in us during these uncertain times.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

With an existing vacancy and several directors approaching retirement age over the next few years, your American Century Investments Kansas City-based mutual fund board of directors recently addressed board succession planning. The board developed a succession plan and conducted an extensive search that yielded two new members who joined the board in 2011.

As part of the planning process, the board referred to the criteria for potential new directors set forth in its director nomination policy adopted in 2009. A nomination process generated more than 20 candidates whose credentials were reviewed by the board’s Governance Committee. Six candidates were selected by the committee for telephone interviews. Three were then chosen for in person interviews.

The committee recommended, and the full board approved, the addition of Jan Lewis, currently the President and Chief Executive Officer of Catholic Charities of Northeast Kansas, to fill the vacant board seat and the addition as an advisory director of Stephen E. Yates, who recently retired as Executive Vice President, Technology and Operations at Keycorp of Cleveland, Ohio. Mr. Yates will serve in an advisory capacity for 12-18 months before becoming an active director. Both of these additions bring operating management experience and unique perspectives to our various tasks.

We look forward to the contributions of our new directors to our efforts as shareholder representatives and thank the Governance Committee for their thorough search process.

If you have comments, suggestions or questions send them to me at dhpratt@fundboardchair.com.

Best regards,

Don Pratt

Performance

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG Income Portfolio
Investor Class	ARTOX	11.87%	4.98%	5.21%	8/31/04
Russell 3000 Index	—	20.94%	2.89%	5.11%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.57%	5.35%	—
Institutional Class	ATTIX	12.20%	5.21%	5.43%	8/31/04
A Class(1) No sales charge* With sales charge*	ARTAX	11.60% 5.15%	4.72% 3.49%	4.95% 4.05%	8/31/04
C Class	ATTCX	10.87%	—	8.70%	3/1/10
R Class	ARSRX	11.33%	4.46%	4.68%	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)	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 restated to reflect this charge.

The Russell 3000 Index represents approximately 98% of the investable U.S. equity market and provides a broad measure of equity performance. The Barclays Capital U.S. Aggregate Bond Index represents the U.S. investment-grade fixed-rate bond market and provides a broad measure of bond market performance. Performance for these indices is provided for reference only. Neither index is intended to represent the composition of the portfolio, which invests in a mix of equity and fixed-income securities. (See the Schedule of Investments for the LIVESTRONG Portfolio’s asset allocations as of July 31, 2011.)

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

Unless otherwise indicated, performance reflects Investor Class shares; performance for other share classes will vary due to differences in fee structure. For information about other share classes available, please consult the prospectus. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses (such as administrative fees) that reduce returns, while the total returns of the indices do not.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2015 Portfolio
Investor Class	ARFIX	12.72%	5.01%	5.86%	8/31/04
Russell 3000 Index	—	20.94%	2.89%	5.11%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.57%	5.35%	—
Institutional Class	ARNIX	12.92%	5.23%	6.08%	8/31/04
A Class(1) No sales charge* With sales charge*	ARFAX	12.44% 5.94%	4.77% 3.53%	5.61% 4.71%	8/31/04
C Class	AFNCX	11.62%	—	9.30%	3/1/10
R Class	ARFRX	12.18%	4.49%	5.34%	8/31/04

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2020 Portfolio
Investor Class	ARBVX	13.66%	2.81%	5/30/08
Russell 3000 Index	—	20.94%	0.26%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.61%	—
Institutional Class	ARBSX	13.88%	3.01%	5/30/08
A Class(1) No sales charge* With sales charge*	ARBMX	13.51% 6.94%	2.57% 0.67%	5/30/08
C Class	ARNCX	12.68%	9.97%	3/1/10
R Class	ARBRX	13.13%	2.30%	5/30/08

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2025 Portfolio
Investor Class	ARWIX	14.60%	4.88%	6.24%	8/31/04
Russell 3000 Index	—	20.94%	2.89%	5.11%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.57%	5.35%	—
Institutional Class	ARWFX	14.82%	5.07%	6.45%	8/31/04
A Class(1) No sales charge* With sales charge*	ARWAX	14.23% 7.64%	4.60% 3.37%	5.97% 5.07%	8/31/04
C Class	ARWCX	13.50%	—	10.52%	3/1/10
R Class	ARWRX	13.97%	4.34%	5.71%	8/31/04

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2030 Portfolio
Investor Class	ARCVX	15.41%	1.88%	5/30/08
Russell 3000 Index	—	20.94%	0.26%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.61%	—
Institutional Class	ARCSX	15.62%	2.08%	5/30/08
A Class(1) No sales charge* With sales charge*	ARCMX	15.15% 8.58%	1.61% -0.27%	5/30/08
C Class	ARWOX	14.18%	10.87%	3/1/10
R Class	ARCRX	14.88%	1.37%	5/30/08

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2035 Portfolio
Investor Class	ARYIX	16.44%	4.54%	6.42%	8/31/04
Russell 3000 Index	—	20.94%	2.89%	5.11%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.57%	5.35%	—
Institutional Class	ARLIX	16.75%	4.74%	6.64%	8/31/04
A Class(1) No sales charge* With sales charge*	ARYAX	16.17% 9.54%	4.28% 3.05%	6.15% 5.25%	8/31/04
C Class	ARLCX	15.25%	—	11.48%	3/1/10
R Class	ARYRX	15.80%	4.00%	5.89%	8/31/04

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2040 Portfolio
Investor Class	ARDVX	17.57%	1.55%	5/30/08
Russell 3000 Index	—	20.94%	0.26%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.61%	—
Institutional Class	ARDSX	17.78%	1.75%	5/30/08
A Class(1) No sales charge* With sales charge*	ARDMX	17.29% 10.56%	1.31% -0.56%	5/30/08
C Class	ARNOX	16.46%	12.09%	3/1/10
R Class	ARDRX	17.03%	1.04%	5/30/08

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2045 Portfolio
Investor Class	AROIX	17.98%	4.35%	6.48%	8/31/04
Russell 3000 Index	—	20.94%	2.89%	5.11%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.57%	5.35%	—
Institutional Class	AOOIX	18.10%	4.54%	6.68%	8/31/04
A Class(1) No sales charge* With sales charge*	AROAX	17.63% 10.85%	4.08% 2.85%	6.20% 5.30%	8/31/04
C Class	AROCX	16.68%	—	12.32%	3/1/10
R Class	ARORX	17.35%	3.82%	5.95%	8/31/04

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2050 Portfolio
Investor Class	ARFVX	18.35%	0.64%	5/30/08
Russell 3000 Index	—	20.94%	0.26%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.61%	—
Institutional Class	ARFSX	18.69%	0.87%	5/30/08
A Class(1) No sales charge* With sales charge*	ARFMX	18.08% 11.35%	0.40% -1.45%	5/30/08
C Class	ARFDX	17.23%	12.54%	3/1/10
R Class	ARFWX	17.80%	0.17%	5/30/08

(1)	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 restated to reflect this charge.

Total Returns as of July 31, 2011
	Ticker Symbol	Since Inception(1)	Inception Date
LIVESTRONG 2055 Portfolio
Investor Class	AREVX	-0.80%	3/31/11
Russell 3000 Index	—	-2.32%	—
Barclays Capital U.S. Aggregate Bond Index	—	3.91%	—
Institutional Class	ARENX	-0.80%	3/31/11
A Class No sales charge* With sales charge*	AREMX	-0.90% -6.60%	3/31/11
C Class No sales charge* With sales charge*	AREFX	-1.20% -2.19%	3/31/11
R Class	AREOX	-1.00%	3/31/11

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

Growth of $10,000 Over Life of LIVESTRONG Income Portfolio — Investor Class

$10,000 investment made August 31, 2004

*From 8/31/04, the Investor Class’s inception date. Not annualized.

Growth of $10,000 Over Life of LIVESTRONG 2015 Portfolio — Investor Class

$10,000 investment made August 31, 2004

*From 8/31/04, the Investor Class’s inception date. Not annualized.

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 LIVESTRONG Portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each LIVESTRONG Portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

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

$10,000 investment made May 30, 2008

*From 5/30/08, the Investor Class’s inception date. Not annualized.

Growth of $10,000 Over Life of LIVESTRONG 2025 Portfolio — Investor Class

$10,000 investment made August 31, 2004

*From 8/31/04, the Investor Class’s inception date. Not annualized.

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 LIVESTRONG Portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each LIVESTRONG Portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

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

$10,000 investment made May 30, 2008

*From 5/30/08, the Investor Class’s inception date. Not annualized.

Growth of $10,000 Over Life of LIVESTRONG 2035 Portfolio — Investor Class

$10,000 investment made August 31, 2004

*From 8/31/04, the Investor Class’s inception date. Not annualized.

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 LIVESTRONG Portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each LIVESTRONG Portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

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

$10,000 investment made May 30, 2008

*From 5/30/08, the Investor Class’s inception date. Not annualized.

Growth of $10,000 Over Life of LIVESTRONG 2045 Portfolio — Investor Class

$10,000 investment made August 31, 2004

*From 8/31/04, the Investor Class’s inception date. Not annualized.

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 LIVESTRONG Portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each LIVESTRONG Portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

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

$10,000 investment made May 30, 2008

*From 5/30/08, the Investor Class’s inception date. Not annualized.

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 LIVESTRONG Portfolios is dependent on the performance of their underlying American Century Investments funds, and will assume the risks associated with these funds. The risks will vary according to each LIVESTRONG Portfolio’s asset allocation, and a fund with a later target date is expected to be more volatile than one with an earlier target date. International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks. As interest rates rise, bond values will decline.

Total Annual Fund Operating Expenses
	Investor Class	Institutional Class	A Class	C Class	R Class
LIVESTRONG Income Portfolio	0.76%	0.56%	1.01%	1.76%	1.26%
LIVESTRONG 2015 Portfolio	0.79%	0.59%	1.04%	1.79%	1.29%
LIVESTRONG 2020 Portfolio	0.82%	0.62%	1.07%	1.82%	1.32%
LIVESTRONG 2025 Portfolio	0.84%	0.64%	1.09%	1.84%	1.34%
LIVESTRONG 2030 Portfolio	0.87%	0.67%	1.12%	1.87%	1.37%
LIVESTRONG 2035 Portfolio	0.90%	0.70%	1.15%	1.90%	1.40%
LIVESTRONG 2040 Portfolio	0.93%	0.73%	1.18%	1.93%	1.43%
LIVESTRONG 2045 Portfolio	0.95%	0.75%	1.20%	1.95%	1.45%
LIVESTRONG 2050 Portfolio	0.97%	0.77%	1.22%	1.97%	1.47%
LIVESTRONG 2055 Portfolio	0.95%	0.75%	1.20%	1.95%	1.45%

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

Portfolio Commentary

Portfolio Managers: Enrique Chang, Scott Wittman, Rich Weiss, Irina Torelli, and Scott Wilson

In February 2011, Scott Wilson was named a portfolio manager for the LIVESTRONG Portfolios. Mr. Wilson, who has been with American Century Investments since 1992, was previously a quantitative analyst supporting the LIVESTRONG Portfolios management team.

Performance Summary

Each of the nine LIVESTRONG Portfolios advanced for the fiscal year ended July 31, 2011, with returns ranging from 11.87%* for the LIVESTRONG Income Portfolio to 18.35% for the LIVESTRONG 2050 Portfolio (see pages 4–18 for more detailed performance information). The gains for the 12-month period reflected positive performance across all asset classes represented in the Portfolios.

We also introduced the LIVESTRONG 2055 Portfolio on March 31, 2011, and it returned –0.80% from inception through July 31, 2011.

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

Stock Market Review

The U.S. stock market enjoyed robust returns for the 12 months ended July 31, 2011, with the broad equity indices returning more than 20%. The main catalyst for the sharp rally in stocks was growing investor confidence in a U.S. economic recovery, though that confidence faltered somewhat late in the period.

After a bumpy start, the equity market began a steady rise in September 2010 as improving economic data reassured investors that the economy would avoid a “double-dip” recession (a return to recession after a brief period of recovery). Most notably, employment growth turned positive after 2½ years of persistent job losses. In addition, a renewal of the Federal Reserve’s quantitative easing program and an extension of expiring federal tax breaks further boosted the market’s confidence that a promising economic recovery was underway.

Stocks continued to advance in early 2011 despite unrest in the Middle East and North Africa, as well as a devastating earthquake and tsunami in Japan. By May, however, evidence of a slowdown in economic activity, renewed concerns about a European sovereign debt crisis, and government wrangling over the federal debt ceiling in the U.S. weighed on investor confidence. As a result, stocks experienced a pullback in the final three months of the period.

Nonetheless, the broad equity indices posted strong gains overall for the 12-month period (see the table on page 21). Mid- and small-cap issues generated the best returns, outpacing large-cap shares, while growth stocks outperformed value across all market capitalizations, most dramatically among smaller companies.

*All fund returns referenced in this commentary are for Investor Class shares.

Market Index Total Returns
For the 12 months ended July 31, 2011
U.S. Stocks
Russell 1000 Index (Large-Cap)	20.68	%
Russell Midcap Index	24.51	%
Russell 2000 Index (Small-Cap)	23.92	%
International Stocks
MSCI EAFE (Europe, Australasia, Far East) Index	17.17	%
MSCI Emerging Markets Index	17.45	%
U.S. Fixed Income
Barclays Capital U.S. Aggregate Bond Index	4.44	%
Barclays Capital U.S. Corporate High-Yield Bond Index	12.95	%
Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index	11.79	%
Barclays Capital U.S. Corporate Bond Index (investment-grade)	6.87	%
Barclays Capital U.S. MBS Index (mortgage-backed securities)	3.85	%
Barclays Capital U.S. Treasury Bond Index	3.39	%
International Bonds
Barclays Capital Global Treasury Bond Index, ex-U.S.	11.75	%

International stocks also rallied for the 12-month period, though returns lagged the domestic equity market. Improving economic conditions in many regions of the world provided a boost to stock markets around the globe. International stocks remained on an upward trajectory despite the dramatic global events that transpired in early 2011, including a growing debt crisis in Europe that led to bailouts for Greece, Ireland, and Portugal. Stock markets along the Pacific Rim (excluding Japan) posted the best returns, led by Australia and New Zealand, whose economies benefited from growing demand for commodities. The best-performing markets in Europe included Germany, Norway, and Switzerland. The most notable laggards were Greece, which faced a crippling debt crisis, and Japan, whose economy was hurt by the earthquake and tsunami.

Bond Market Review

U.S. bonds gained ground for the 12-month period, though market leadership shifted. As the economic environment improved, corporate bonds generated the best results; in particular, corporate high-yield securities benefited from stronger corporate balance sheets, rising profitability, and strong investor demand for higher yielding investments. Treasury inflation-protected securities (TIPS) were also among the top performers as better economic growth and rising commodity prices led to concerns about higher inflation down the road. As the table illustrates, high-yield corporate bonds and TIPS produced double-digit gains for the reporting period.

Treasury bonds lagged the rest of the U.S. bond market for much of the period as inflation concerns drove yields higher, especially among longer-term bonds. However, Treasury securities outperformed during the last three months of the period amid weaker economic conditions—which erased inflation fears—and a flight to quality resulting from the escalating European debt crisis.

International bonds posted double-digit gains in U.S. dollar terms for the 12 months. Changing economic conditions and the worsening sovereign debt problems in Europe led to some meaningful volatility for international bond yields, but they were generally flat to slightly higher across most regions of the world. The biggest impact on international bond performance for U.S. investors was a broad decline in the U.S. dollar; excluding currency fluctuations, the broad international bond indices advanced by less than 1% for the 12-month period. In local currencies, the U.K. was one of the best-performing bond markets, while the more fiscally troubled European countries declined.

Fund Information

Each LIVESTRONG Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See pages 24–25 for the specific underlying fund allocations for each LIVESTRONG Portfolio.) A LIVESTRONG Portfolio’s target date is the approximate year when investors plan to start withdrawing their money. The LIVESTRONG Income Portfolio is generally intended for investors near, at, or in retirement. There is no guarantee that an investment in any of the funds will provide adequate income at or through an investor’s retirement.

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

Portfolio Performance

Within the LIVESTRONG Portfolios, every equity fund delivered double-digit gains for the 12-month period, with many achieving returns of more than 20%. Top-performing funds included the NT Vista Fund, a mid-cap growth fund, and the Real Estate Fund, which invests in real estate investment trusts. The laggards were the value-oriented components—the NT Large Company Value Fund and the NT Mid Cap Value Fund—reflecting the general underperformance of value issues during the reporting period. NT Large Company Value and NT Mid Cap Value were the only two equity funds in the LIVESTRONG Portfolios to return less than 20% for the 12 months.

The leading performers among the LIVESTRONG Portfolios’ fixed-income components were the High-Yield Fund and the Inflation-Adjusted Bond Fund, both of which posted returns of more than 10% for the 12-month period. The International Bond Fund also generated strong results during the period.

The NT Diversified Bond Fund, the largest fixed-income component in each LIVESTRONG Portfolio, produced a modest gain that was in line with the broad bond market indices. Sector allocation added value, particularly an overweight position in corporate bonds and an underweight in Treasury securities, but this was offset by the negative impact of a steeper yield curve.

Outlook

In the current environment, we believe that stocks appear undervalued compared with bonds and cash-equivalent investments. Earnings and dividend yields (two key components of equity valuation calculations) significantly exceed Treasury bond yields across the maturity spectrum. Even adjusting for risk, the stock market remains attractively valued given current price levels.

However, stocks are less attractive from an economic and technical perspective. The current economic landscape is a major concern and undermines the short-term allure of stocks, as do investor sentiment and market momentum. Furthermore, a decline in corporate earnings would make stocks less attractive from a valuation standpoint.

These market dynamics, and the constantly changing investment environment, reinforce our belief that broad-based diversification among asset classes and within asset classes is essential to long-term investing success.

Portfolio Characteristics

Underlying Fund Allocations(1) as a % of net assets as of July 31, 2011
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio			LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio
Equity
NT Equity Growth Fund		12.8	%		12.4	%		12.2	%		12.0	%		12.3	%
NT Growth Fund		6.4	%		7.2	%		8.5	%		9.9	%		11.8	%
NT Large Company Value Fund		10.8	%		10.8	%		11.0	%		11.5	%		12.1	%
NT Mid Cap Value Fund		3.9	%		4.4	%		5.1	%		5.4	%		5.2	%
NT Small Company Fund		1.9	%		1.9	%		2.1	%		2.8	%		3.8	%
NT VistaSM Fund		2.4	%		3.1	%		4.0	%		4.6	%		5.0	%
Real Estate Fund		1.0	%		1.2	%		1.4	%		1.7	%		1.9	%
NT Emerging Markets Fund		—			0.9	%		1.9	%		2.6	%		3.1	%
NT International Growth Fund		4.9	%		5.6	%		6.5	%		7.8	%		9.2	%
Total Equity		44.1	%		47.5	%		52.7	%		58.3	%		64.4	%
Fixed Income
High-Yield Fund		3.9	%		3.7	%		3.5	%		3.3	%		3.0	%
Inflation-Adjusted Bond Fund		7.8	%		7.6	%		7.3	%		6.8	%		6.0	%
NT Diversified Bond Fund		27.0	%		26.4	%		25.3	%		23.2	%		20.7	%
International Bond Fund		7.1	%		6.5	%		5.4	%		3.3	%		0.8	%
Total Fixed Income		45.8	%		44.2	%		41.5	%		36.6	%		30.5	%
Premium Money Market Fund		10.1	%		8.3	%		5.8	%		5.1	%		5.1	%
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 July 31, 2011
	LIVESTRONG 2035 Portfolio			LIVESTRONG 2040 Portfolio			LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio			LIVESTRONG 2055 Portfolio
Equity
NT Equity Growth Fund		12.8	%		13.9	%		14.5	%		15.0	%		15.2	%
NT Growth Fund		13.0	%		13.9	%		14.6	%		15.0	%		15.2	%
NT Large Company Value Fund		13.0	%		14.1	%		14.8	%		15.3	%		15.4	%
NT Mid Cap Value Fund		5.9	%		6.9	%		7.2	%		7.5	%		7.4	%
NT Small Company Fund		4.0	%		3.9	%		4.1	%		4.7	%		5.0	%
NT VistaSM Fund		5.9	%		6.9	%		7.2	%		7.4	%		7.5	%
Real Estate Fund		2.2	%		2.4	%		2.7	%		2.9	%		3.0	%
NT Emerging Markets Fund		4.0	%		5.0	%		5.9	%		6.4	%		6.5	%
NT International Growth Fund		9.9	%		10.1	%		10.1	%		9.6	%		9.5	%
Total Equity		70.7	%		77.1	%		81.1	%		83.8	%		84.7	%
Fixed Income
High-Yield Fund		2.5	%		2.1	%		1.9	%		1.6	%		1.5	%
Inflation-Adjusted Bond Fund		5.3	%		4.4	%		3.8	%		3.2	%		3.1	%
NT Diversified Bond Fund		18.2	%		15.6	%		13.2	%		11.4	%		10.7	%
Total Fixed Income		26.0	%		22.1	%		18.9	%		16.2	%		15.3	%
Premium Money Market Fund		3.3	%		0.8	%		—			—			—
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 Examples

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

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

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 – 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 – 7/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG Income Portfolio
Actual
Investor Class	$1,000	$1,033.30	$1.06	0.21%	$3.83	0.76%
Institutional Class	$1,000	$1,034.20	$0.05	0.01%	$2.82	0.56%
A Class	$1,000	$1,032.10	$2.32	0.46%	$5.09	1.01%
C Class	$1,000	$1,028.40	$6.09	1.21%	$8.85	1.76%
R Class	$1,000	$1,030.90	$3.58	0.71%	$6.34	1.26%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$3.81	0.76%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$2.81	0.56%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.06	1.01%
C Class	$1,000	$1,018.79	$6.06	1.21%	$8.80	1.76%
R Class	$1,000	$1,021.27	$3.56	0.71%	$6.31	1.26%
LIVESTRONG 2015 Portfolio
Actual
Investor Class	$1,000	$1,033.00	$1.06	0.21%	$3.93	0.78%
Institutional Class	$1,000	$1,033.90	$0.05	0.01%	$2.92	0.58%
A Class	$1,000	$1,032.20	$2.32	0.46%	$5.19	1.03%
C Class	$1,000	$1,028.70	$6.09	1.21%	$8.95	1.78%
R Class	$1,000	$1,030.40	$3.57	0.71%	$6.44	1.28%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$3.91	0.78%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$2.91	0.58%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.16	1.03%
C Class	$1,000	$1,018.79	$6.06	1.21%	$8.90	1.78%
R Class	$1,000	$1,021.27	$3.56	0.71%	$6.41	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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. The fees and expenses of the underlying American Century Investments funds in which the fund invests are not included in the class’s annualized expense ratio.

(2)

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

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 – 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 – 7/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2020 Portfolio
Actual
Investor Class	$1,000	$1,032.90	$1.06	0.21%	$4.08	0.81%
Institutional Class	$1,000	$1,033.90	$0.05	0.01%	$3.08	0.61%
A Class	$1,000	$1,032.90	$2.32	0.46%	$5.34	1.06%
C Class	$1,000	$1,028.90	$6.09	1.21%	$9.11	1.81%
R Class	$1,000	$1,030.90	$3.58	0.71%	$6.60	1.31%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.06	0.81%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.06	0.61%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.31	1.06%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.05	1.81%
R Class	$1,000	$1,021.27	$3.56	0.71%	$6.56	1.31%
LIVESTRONG 2025 Portfolio
Actual
Investor Class	$1,000	$1,031.50	$1.06	0.21%	$4.18	0.83%
Institutional Class	$1,000	$1,032.30	$0.05	0.01%	$3.17	0.63%
A Class	$1,000	$1,029.80	$2.32	0.46%	$5.44	1.08%
C Class	$1,000	$1,027.20	$6.08	1.21%	$9.20	1.83%
R Class	$1,000	$1,028.90	$3.57	0.71%	$6.69	1.33%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.16	0.83%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.16	0.63%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.41	1.08%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.15	1.83%
R Class	$1,000	$1,021.27	$3.56	0.71%	$6.66	1.33%

(1)

(2)

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 – 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 – 7/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2030 Portfolio
Actual
Investor Class	$1,000	$1,029.40	$1.06	0.21%	$4.33	0.86%
Institutional Class	$1,000	$1,031.40	$0.05	0.01%	$3.32	0.66%
A Class	$1,000	$1,028.40	$2.31	0.46%	$5.58	1.11%
C Class	$1,000	$1,024.30	$6.07	1.21%	$9.34	1.86%
R Class	$1,000	$1,027.40	$3.57	0.71%	$6.84	1.36%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.31	0.86%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.31	0.66%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.56	1.11%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.30	1.86%
R Class	$1,000	$1,021.27	$3.56	0.71%	$6.80	1.36%
LIVESTRONG 2035 Portfolio
Actual
Investor Class	$1,000	$1,028.80	$1.06	0.21%	$4.48	0.89%
Institutional Class	$1,000	$1,030.40	$0.05	0.01%	$3.47	0.69%
A Class	$1,000	$1,028.00	$2.31	0.46%	$5.73	1.14%
C Class	$1,000	$1,023.00	$6.07	1.21%	$9.48	1.89%
R Class	$1,000	$1,026.30	$3.57	0.71%	$6.98	1.39%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.46	0.89%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.46	0.69%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.71	1.14%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.44	1.89%
R Class	$1,000	$1,021.27	$3.56	0.71%	$6.95	1.39%

(1)

(2)

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 – 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 – 7/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2040 Portfolio
Actual
Investor Class	$1,000	$1,027.40	$1.06	0.21%	$4.62	0.92%
Institutional Class	$1,000	$1,028.50	$0.05	0.01%	$3.62	0.72%
A Class	$1,000	$1,026.40	$2.31	0.46%	$5.88	1.17%
C Class	$1,000	$1,023.40	$6.07	1.21%	$9.63	1.92%
R Class	$1,000	$1,025.40	$3.57	0.71%	$7.13	1.42%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.61	0.92%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.61	0.72%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.86	1.17%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.59	1.92%
R Class	$1,000	$1,021.27	$3.56	0.71%	$7.10	1.42%
LIVESTRONG 2045 Portfolio
Actual
Investor Class	$1,000	$1,027.80	$1.06	0.21%	$4.73	0.94%
Institutional Class	$1,000	$1,028.60	$0.05	0.01%	$3.72	0.74%
A Class	$1,000	$1,026.10	$2.31	0.46%	$5.98	1.19%
C Class	$1,000	$1,022.00	$6.07	1.21%	$9.73	1.94%
R Class	$1,000	$1,024.50	$3.56	0.71%	$7.23	1.44%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.71	0.94%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.71	0.74%
A Class	$1,000	$1,022.51	$2.31	0.46%	$5.96	1.19%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.69	1.94%
R Class	$1,000	$1,021.27	$3.56	0.71%	$7.20	1.44%

(1)

(2)

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 – 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 – 7/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2050 Portfolio
Actual
Investor Class	$1,000	$1,027.00	$1.06	0.21%	$4.77	0.95%
Institutional Class	$1,000	$1,028.00	$0.05	0.01%	$3.77	0.75%
A Class	$1,000	$1,026.00	$2.31	0.46%	$6.03	1.20%
C Class	$1,000	$1,022.80	$6.07	1.21%	$9.78	1.95%
R Class	$1,000	$1,024.90	$3.56	0.71%	$7.28	1.45%
Hypothetical
Investor Class	$1,000	$1,023.75	$1.05	0.21%	$4.76	0.95%
Institutional Class	$1,000	$1,024.74	$0.05	0.01%	$3.76	0.75%
A Class	$1,000	$1,022.51	$2.31	0.46%	$6.01	1.20%
C Class	$1,000	$1,018.79	$6.06	1.21%	$9.74	1.95%
R Class	$1,000	$1,021.27	$3.56	0.71%	$7.25	1.45%

(1)

(2)

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 – 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 – 7/31/11	Effective Annualized Expense Ratio(2)
LIVESTRONG 2055 Portfolio
Actual
Investor Class	$1,000	$992.00(3)	$0.67(4)	0.20%	$3.13(4)	0.94%
Institutional Class	$1,000	$992.00(3)	$0.00(4)	0.00%(5)	$2.46(4)	0.74%
A Class	$1,000	$991.00(3)	$1.50(4)	0.45%	$3.96(4)	1.19%
C Class	$1,000	$988.00(3)	$3.99(4)	1.20%	$6.45(4)	1.94%
R Class	$1,000	$990.00(3)	$2.33(4)	0.70%	$4.79(4)	1.44%
Hypothetical
Investor Class	$1,000	$1,023.80(6)	$1.00(6)	0.20%	$4.71(6)	0.94%
Institutional Class	$1,000	$1,024.79(6)	$0.00(6)	0.00%(5)	$3.71(6)	0.74%
A Class	$1,000	$1,022.56(6)	$2.26(6)	0.45%	$5.96(6)	1.19%
C Class	$1,000	$1,018.84(6)	$6.01(6)	1.20%	$9.69(6)	1.94%
R Class	$1,000	$1,021.32(6)	$3.51(6)	0.70%	$7.20(6)	1.44%

(1)

(2)

(3)	Ending account value based on actual return from March 31, 2011 (fund inception) through July 31, 2011.

(4)

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 122, the number of days in the period from March 31, 2011 (fund inception) through July 31, 2011, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.

(5)	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%.

(6)	Ending account value and expenses paid during period assumes the class had been available throughout the entire period and are calculated using the class’s annualized expense ratio listed in the table above.

Schedule of Investments

JULY 31, 2011

	Shares		Value
LIVESTRONG Income Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 39.2%
NT Equity Growth Fund Institutional Class		3,809,560		$38,133,698
NT Growth Fund Institutional Class		1,547,706		19,052,255
NT Large Company Value Fund Institutional Class		3,811,026		32,317,497
NT Mid Cap Value Fund Institutional Class		1,141,255		11,640,797
NT Small Company Fund Institutional Class		656,316		5,808,397
NT Vista Fund Institutional Class(2)		676,274		7,317,287
Real Estate Fund Institutional Class		142,599		2,973,193
				117,243,124
DOMESTIC FIXED INCOME FUNDS — 38.7%
High-Yield Fund Institutional Class		1,865,156		11,489,363
Inflation-Adjusted Bond Fund Institutional Class		1,839,721		23,382,848
NT Diversified Bond Fund Institutional Class		7,438,053		80,777,257
				115,649,468
MONEY MARKET FUNDS — 10.1%
Premium Money Market Fund Investor Class		30,139,926		30,139,926
INTERNATIONAL FIXED INCOME FUNDS — 7.1%
International Bond Fund Institutional Class		1,415,907		21,224,449
INTERNATIONAL EQUITY FUNDS — 4.9%
NT International Growth Fund Institutional Class		1,444,074		14,787,321
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $253,659,212)				299,044,288
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$299,044,288

Notes to Schedule of Investments

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

(2)	Non-Income producing.

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2015 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 41.0%
NT Equity Growth Fund Institutional Class		9,141,749		$91,508,910
NT Growth Fund Institutional Class		4,325,052		53,241,385
NT Large Company Value Fund Institutional Class		9,352,451		79,308,787
NT Mid Cap Value Fund Institutional Class		3,137,879		32,006,362
NT Small Company Fund Institutional Class		1,574,723		13,936,298
NT Vista Fund Institutional Class(2)		2,078,971		22,494,461
Real Estate Fund Institutional Class		420,418		8,765,721
				301,261,924
DOMESTIC FIXED INCOME FUNDS — 37.7%
High-Yield Fund Institutional Class		4,444,513		27,378,203
Inflation-Adjusted Bond Fund Institutional Class		4,430,842		56,315,996
NT Diversified Bond Fund Institutional Class		17,850,926		193,861,059
				277,555,258
MONEY MARKET FUNDS — 8.3%
Premium Money Market Fund Investor Class		61,073,697		61,073,697
INTERNATIONAL EQUITY FUNDS — 6.5%
NT Emerging Markets Fund Institutional Class(2)		609,882		6,714,804
NT International Growth Fund Institutional Class		4,034,890		41,317,276
				48,032,080
INTERNATIONAL FIXED INCOME FUNDS — 6.5%
International Bond Fund Institutional Class		3,174,979		47,592,937
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $641,550,913)				735,515,896
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$735,515,896

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

	Shares		Value
LIVESTRONG 2020 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 44.3%
NT Equity Growth Fund Institutional Class		5,291,922		$52,972,136
NT Growth Fund Institutional Class		2,988,657		36,790,370
NT Large Company Value Fund Institutional Class		5,669,354		48,076,121
NT Mid Cap Value Fund Institutional Class		2,188,104		22,318,660
NT Small Company Fund Institutional Class		1,012,997		8,965,027
NT Vista Fund Institutional Class(2)		1,620,383		17,532,548
Real Estate Fund Institutional Class		298,974		6,233,611
				192,888,473
DOMESTIC FIXED INCOME FUNDS — 36.1%
High-Yield Fund Institutional Class		2,516,284		15,500,310
Inflation-Adjusted Bond Fund Institutional Class		2,488,738		31,631,860
NT Diversified Bond Fund Institutional Class		10,138,888		110,108,320
				157,240,490
INTERNATIONAL EQUITY FUNDS — 8.4%
NT Emerging Markets Fund Institutional Class(2)		742,812		8,178,357
NT International Growth Fund Institutional Class		2,787,782		28,546,882
				36,725,239
MONEY MARKET FUNDS — 5.8%
Premium Money Market Fund Investor Class		25,265,656		25,265,656
INTERNATIONAL FIXED INCOME FUNDS — 5.4%
International Bond Fund Institutional Class		1,568,846		23,517,008
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $378,100,524)				435,636,866
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$435,636,866

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2025 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 47.9%
NT Equity Growth Fund Institutional Class		12,208,924		$122,211,331
NT Growth Fund Institutional Class		8,138,978		100,190,820
NT Large Company Value Fund Institutional Class		13,743,641		116,546,073
NT Mid Cap Value Fund Institutional Class		5,352,697		54,597,509
NT Small Company Fund Institutional Class		3,228,528		28,572,477
NT Vista Fund Institutional Class(2)		4,367,045		47,251,421
Real Estate Fund Institutional Class		825,558		17,212,874
				486,582,505
DOMESTIC FIXED INCOME FUNDS — 33.3%
High-Yield Fund Institutional Class		5,482,852		33,774,366
Inflation-Adjusted Bond Fund Institutional Class		5,404,546		68,691,782
NT Diversified Bond Fund Institutional Class		21,697,686		235,636,872
				338,103,020
INTERNATIONAL EQUITY FUNDS — 10.4%
NT Emerging Markets Fund Institutional Class(2)		2,383,190		26,238,923
NT International Growth Fund Institutional Class		7,785,848		79,727,082
				105,966,005
MONEY MARKET FUNDS — 5.1%
Premium Money Market Fund Investor Class		51,475,048		51,475,048
INTERNATIONAL FIXED INCOME FUNDS — 3.3%
International Bond Fund Institutional Class		2,248,422		33,703,848
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $876,593,179)				1,015,830,426
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$1,015,830,426

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

	Shares		Value
LIVESTRONG 2030 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 52.1%
NT Equity Growth Fund Institutional Class		4,576,108		$45,806,844
NT Growth Fund Institutional Class		3,575,184		44,010,509
NT Large Company Value Fund Institutional Class		5,302,532		44,965,472
NT Mid Cap Value Fund Institutional Class		1,884,291		19,219,768
NT Small Company Fund Institutional Class		1,610,307		14,251,220
NT Vista Fund Institutional Class(2)		1,724,400		18,658,012
Real Estate Fund Institutional Class		343,442		7,160,772
				194,072,597
DOMESTIC FIXED INCOME FUNDS — 29.7%
High-Yield Fund Institutional Class		1,808,624		11,141,124
Inflation-Adjusted Bond Fund Institutional Class		1,761,582		22,389,710
NT Diversified Bond Fund Institutional Class		7,112,661		77,243,497
				110,774,331
INTERNATIONAL EQUITY FUNDS — 12.3%
NT Emerging Markets Fund Institutional Class(2)		1,049,109		11,550,686
NT International Growth Fund Institutional Class		3,364,661		34,454,123
				46,004,809
MONEY MARKET FUNDS — 5.1%
Premium Money Market Fund Investor Class		18,896,501		18,896,501
INTERNATIONAL FIXED INCOME FUNDS — 0.8%
International Bond Fund Institutional Class		188,699		2,828,601
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $318,643,600)				372,576,839
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$372,576,839

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2035 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 56.8%
NT Equity Growth Fund Institutional Class		8,709,549		$87,182,582
NT Growth Fund Institutional Class		7,145,093		87,956,096
NT Large Company Value Fund Institutional Class		10,354,278		87,804,275
NT Mid Cap Value Fund Institutional Class		3,924,103		40,025,846
NT Small Company Fund Institutional Class		3,084,092		27,294,217
NT Vista Fund Institutional Class(2)		3,697,733		40,009,474
Real Estate Fund Institutional Class		708,485		14,771,911
				385,044,401
DOMESTIC FIXED INCOME FUNDS — 26.0%
High-Yield Fund Institutional Class		2,782,415		17,139,674
Inflation-Adjusted Bond Fund Institutional Class		2,797,469		35,555,827
NT Diversified Bond Fund Institutional Class		11,340,729		123,160,314
				175,855,815
INTERNATIONAL EQUITY FUNDS — 13.9%
NT Emerging Markets Fund Institutional Class(2)		2,487,174		27,383,792
NT International Growth Fund Institutional Class		6,548,853		67,060,260
				94,444,052
MONEY MARKET FUNDS — 3.3%
Premium Money Market Fund Investor Class		22,327,721		22,327,721
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $583,488,679)				677,671,989
OTHER ASSETS AND LIABILITIES(3)				47,570
TOTAL NET ASSETS — 100.0%				$677,719,559

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

	Shares		Value
LIVESTRONG 2040 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 62.0%
NT Equity Growth Fund Institutional Class		2,942,545		$29,454,876
NT Growth Fund Institutional Class		2,395,813		29,492,453
NT Large Company Value Fund Institutional Class		3,511,373		29,776,445
NT Mid Cap Value Fund Institutional Class		1,433,027		14,616,874
NT Small Company Fund Institutional Class		931,595		8,244,613
NT Vista Fund Institutional Class(2)		1,345,207		14,555,138
Real Estate Fund Institutional Class		244,192		5,091,408
				131,231,807
DOMESTIC FIXED INCOME FUNDS — 22.1%
High-Yield Fund Institutional Class		733,674		4,519,431
Inflation-Adjusted Bond Fund Institutional Class		728,615		9,260,700
NT Diversified Bond Fund Institutional Class		3,040,141		33,015,928
				46,796,059
INTERNATIONAL EQUITY FUNDS — 15.1%
NT Emerging Markets Fund Institutional Class(2)		949,917		10,458,591
NT International Growth Fund Institutional Class		2,090,083		21,402,449
				31,861,040
MONEY MARKET FUNDS — 0.8%
Premium Money Market Fund Investor Class		1,607,613		1,607,613
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $181,278,276)				211,496,519
OTHER ASSETS AND LIABILITIES(3)				275
TOTAL NET ASSETS — 100.0%				$211,496,794

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2045 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 65.1%
NT Equity Growth Fund Institutional Class		5,994,389		$60,003,832
NT Growth Fund Institutional Class		4,902,948		60,355,293
NT Large Company Value Fund Institutional Class		7,185,959		60,936,934
NT Mid Cap Value Fund Institutional Class		2,904,380		29,624,672
NT Small Company Fund Institutional Class		1,927,123		17,055,041
NT Vista Fund Institutional Class(2)		2,727,233		29,508,663
Real Estate Fund Institutional Class		535,859		11,172,655
				268,657,090
DOMESTIC FIXED INCOME FUNDS — 18.9%
High-Yield Fund Institutional Class		1,260,918		7,767,254
Inflation-Adjusted Bond Fund Institutional Class		1,238,125		15,736,568
NT Diversified Bond Fund Institutional Class		5,019,718		54,514,135
				78,017,957
INTERNATIONAL EQUITY FUNDS — 16.0%
NT Emerging Markets Fund Institutional Class(2)		2,192,602		24,140,554
NT International Growth Fund Institutional Class		4,073,692		41,714,605
				65,855,159
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $358,833,017)				412,530,206
OTHER ASSETS AND LIABILITIES(3)				(12,717	)
TOTAL NET ASSETS — 100.0%				$412,517,489

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

	Shares		Value
LIVESTRONG 2050 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 67.7%
NT Equity Growth Fund Institutional Class		1,321,173		$13,224,944
NT Growth Fund Institutional Class		1,075,701		13,241,879
NT Large Company Value Fund Institutional Class		1,589,778		13,481,321
NT Mid Cap Value Fund Institutional Class		644,206		6,570,897
NT Small Company Fund Institutional Class		465,927		4,123,458
NT Vista Fund Institutional Class(2)		606,842		6,566,033
Real Estate Fund Institutional Class		123,739		2,579,964
				59,788,496
DOMESTIC FIXED INCOME FUNDS — 16.2%
High-Yield Fund Institutional Class		226,920		1,397,828
Inflation-Adjusted Bond Fund Institutional Class		223,841		2,845,015
NT Diversified Bond Fund Institutional Class		928,073		10,078,872
				14,321,715
INTERNATIONAL EQUITY FUNDS — 16.1%
NT Emerging Markets Fund Institutional Class(2)		515,573		5,676,455
NT International Growth Fund Institutional Class		830,596		8,505,300
				14,181,755
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $78,969,281)				88,291,966
OTHER ASSETS AND LIABILITIES(3)				994
TOTAL NET ASSETS — 100.0%				$88,292,960

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2055 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 68.7%
NT Equity Growth Fund Institutional Class		12,141		$121,532
NT Growth Fund Institutional Class		9,885		121,686
NT Large Company Value Fund Institutional Class		14,565		123,513
NT Mid Cap Value Fund Institutional Class		5,859		59,759
NT Small Company Fund Institutional Class		4,494		39,771
NT Vista Fund Institutional Class(2)		5,555		60,104
Real Estate Fund Institutional Class		1,146		23,888
				550,253
INTERNATIONAL EQUITY FUNDS — 16.0%
NT Emerging Markets Fund Institutional Class(2)		4,750		52,294
NT International Growth Fund Institutional Class		7,408		75,859
				128,153
DOMESTIC FIXED INCOME FUNDS — 15.3%
High-Yield Fund Institutional Class		1,984		12,222
Inflation-Adjusted Bond Fund Institutional Class		1,951		24,801
NT Diversified Bond Fund Institutional Class		7,921		86,026
				123,049
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $815,182)				801,455
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$801,455

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

Statement of Assets and Liabilities

JULY 31, 2011
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Assets
Investment securities in affiliates, at value (cost of $253,659,212, $641,550,913 and $378,100,524, respectively)		$299,044,288			$735,515,896			$435,636,866
Cash		56,509			142,860			78,211
Receivable for investments sold		370,352			—			—
Receivable for capital shares sold		470,822			2,125,300			989,968
Distributions receivable from affiliates		270,067			641,054			361,049
		300,212,038			738,425,110			437,066,094

Liabilities
Payable for investments purchased		278,827			688,510			1,040,431
Payable for capital shares redeemed		826,370			2,062,506			302,151
Accrued administrative fees		33,087			95,210			44,987
Distribution and service fees payable		29,466			62,988			41,659
		1,167,750			2,909,214			1,429,228

Net Assets		$299,044,288			$735,515,896			$435,636,866

Net Assets Consist of:
Capital (par value and paid-in surplus)		$265,515,809			$657,993,699			$376,302,419
Undistributed net investment income		276,189			5,659,457			3,185,922
Accumulated net realized loss		(12,132,786	)		(22,102,243	)		(1,387,817	)
Net unrealized appreciation		45,385,076			93,964,983			57,536,342
		$299,044,288			$735,515,896			$435,636,866

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG Income Portfolio
Investor Class, $0.01 Par Value	$81,907,330	7,291,085	$11.23
Institutional Class, $0.01 Par Value	$104,778,163	9,323,813	$11.24
A Class, $0.01 Par Value	$87,204,857	7,764,188	$11.23*
C Class, $0.01 Par Value	$538,312	47,897	$11.24
R Class, $0.01 Par Value	$24,615,626	2,193,268	$11.22
LIVESTRONG 2015 Portfolio
Investor Class, $0.01 Par Value	$322,747,016	27,157,689	$11.88
Institutional Class, $0.01 Par Value	$175,213,551	14,717,671	$11.90
A Class, $0.01 Par Value	$178,614,995	15,052,423	$11.87*
C Class, $0.01 Par Value	$934,312	78,924	$11.84
R Class, $0.01 Par Value	$58,006,022	4,894,463	$11.85
LIVESTRONG 2020 Portfolio
Investor Class, $0.01 Par Value	$105,920,880	10,210,463	$10.37
Institutional Class, $0.01 Par Value	$169,034,362	16,281,033	$10.38
A Class, $0.01 Par Value	$124,401,396	12,013,463	$10.36*
C Class, $0.01 Par Value	$577,708	55,891	$10.34
R Class, $0.01 Par Value	$35,702,520	3,452,566	$10.34

*Maximum offering price $11.92, $12.59 and $10.99 (net asset value divided by 0.9425) for LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio and LIVESTRONG 2020 Portfolio, respectively.

See Notes to Financial Statements.

JULY 31, 2011
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio			LIVESTRONG 2035 Portfolio
Assets
Investment securities in affiliates, at value (cost of $876,593,179, $318,643,600 and $583,488,679, respectively)		$1,015,830,426			$372,576,839			$677,671,989
Cash		198,418			70,576			142,687
Receivable for investments sold		2,001,829			—			678,989
Receivable for capital shares sold		1,092,307			766,953			1,105,304
Distributions receivable from affiliates		783,309			255,110			404,515
		1,019,906,289			373,669,478			680,003,484

Liabilities
Payable for investments purchased		808,973			561,959			417,814
Payable for capital shares redeemed		3,047,305			452,471			1,709,011
Accrued administrative fees		129,416			38,495			89,386
Distribution and service fees payable		90,169			39,714			67,714
		4,075,863			1,092,639			2,283,925

Net Assets		$1,015,830,426			$372,576,839			$677,719,559

Net Assets Consist of:
Capital (par value and paid-in surplus)		$899,117,753			$317,715,657			$598,777,507
Undistributed net investment income		6,925,666			2,261,945			3,656,568
Accumulated net realized loss		(29,450,240	)		(1,334,002	)		(18,897,826	)
Net unrealized appreciation		139,237,247			53,933,239			94,183,310
		$1,015,830,426			$372,576,839			$677,719,559

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG 2025 Portfolio
Investor Class, $0.01 Par Value	$425,964,936	35,115,138	$12.13
Institutional Class, $0.01 Par Value	$257,121,479	21,175,055	$12.14
A Class, $0.01 Par Value	$242,995,648	20,059,360	$12.11*
C Class, $0.01 Par Value	$1,595,364	131,990	$12.09
R Class, $0.01 Par Value	$88,152,999	7,288,702	$12.09
LIVESTRONG 2030 Portfolio
Investor Class, $0.01 Par Value	$76,884,281	7,558,462	$10.17
Institutional Class, $0.01 Par Value	$144,661,127	14,215,968	$10.18
A Class, $0.01 Par Value	$114,892,282	11,322,098	$10.15*
C Class, $0.01 Par Value	$727,966	71,841	$10.13
R Class, $0.01 Par Value	$35,411,183	3,493,190	$10.14
LIVESTRONG 2035 Portfolio
Investor Class, $0.01 Par Value	$277,333,372	22,158,904	$12.52
Institutional Class, $0.01 Par Value	$154,449,233	12,320,525	$12.54
A Class, $0.01 Par Value	$174,230,157	13,938,713	$12.50*
C Class, $0.01 Par Value	$630,256	50,571	$12.46
R Class, $0.01 Par Value	$71,076,541	5,693,586	$12.48

*Maximum offering price $12.85, $10.77 and $13.26 (net asset value divided by 0.9425) for LIVESTRONG 2025 Portfolio, LIVESTRONG 2030 Portfolio and LIVESTRONG 2035 Portfolio, respectively.

See Notes to Financial Statements.

JULY 31, 2011
	LIVESTRONG 2040 Portfolio			LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Assets
Investment securities in affiliates, at value (cost of $181,278,276, $358,833,017 and $78,969,281, respectively)		$211,496,519			$412,530,206			$88,291,966
Cash		40,704			82,247			17,446
Receivable for investments sold		—			934,965			—
Receivable for capital shares sold		480,592			1,247,738			296,092
Distributions receivable from affiliates		106,473			181,966			32,730
		212,124,288			414,977,122			88,638,234

Liabilities
Payable for investments purchased		353,706			187,926			77,305
Payable for capital shares redeemed		228,680			2,180,735			248,657
Accrued administrative fees		22,424			51,874			9,707
Distribution and service fees payable		22,684			39,098			9,605
		627,494			2,459,633			345,274

Net Assets		$211,496,794			$412,517,489			$88,292,960

Net Assets Consist of:
Capital (par value and paid-in surplus)		$180,673,540			$370,146,420			$78,988,129
Undistributed net investment income		1,018,185			1,841,628			328,205
Accumulated net realized loss		(413,174	)		(13,167,748	)		(346,059	)
Net unrealized appreciation		30,218,243			53,697,189			9,322,685
		$211,496,794			$412,517,489			$88,292,960

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG 2040 Portfolio
Investor Class, $0.01 Par Value	$44,432,526	4,392,791	$10.11
Institutional Class, $0.01 Par Value	$78,468,185	7,752,039	$10.12
A Class, $0.01 Par Value	$69,629,134	6,894,025	$10.10*
C Class, $0.01 Par Value	$214,612	21,316	$10.07
R Class, $0.01 Par Value	$18,752,337	1,860,116	$10.08
LIVESTRONG 2045 Portfolio
Investor Class, $0.01 Par Value	$157,711,238	12,531,460	$12.59
Institutional Class, $0.01 Par Value	$110,476,692	8,765,962	$12.60
A Class, $0.01 Par Value	$104,426,187	8,312,452	$12.56*
C Class, $0.01 Par Value	$363,427	28,997	$12.53
R Class, $0.01 Par Value	$39,539,945	3,150,470	$12.55
LIVESTRONG 2050 Portfolio
Investor Class, $0.01 Par Value	$20,035,022	2,027,841	$9.88
Institutional Class, $0.01 Par Value	$30,795,543	3,111,831	$9.90
A Class, $0.01 Par Value	$29,685,314	3,009,009	$9.87*
C Class, $0.01 Par Value	$116,687	11,851	$9.85
R Class, $0.01 Par Value	$7,660,394	777,302	$9.86

*Maximum offering price $10.72, $13.33 and $10.47 (net asset value divided by 0.9425) for LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio and LIVESTRONG 2050 Portfolio, respectively.

See Notes to Financial Statements.

JULY 31, 2011
	LIVESTRONG 2055 Portfolio
Assets
Investment securities in affiliates, at value (cost of $815,182)		$801,455
Cash		63
Receivable for capital shares sold		7,036
Distributions receivable from affiliates		258
		808,812

Liabilities
Payable for investments purchased		7,287
Accrued administrative fees		60
Distribution and service fees payable		10
		7,357

Net Assets		$801,455

Net Assets Consist of:
Capital (par value and paid-in surplus)		$814,866
Undistributed net investment income		1,660
Accumulated net realized loss		(1,344	)
Net unrealized depreciation		(13,727	)
		$801,455

Fund/Class	Net assets	Shares outstanding	Net asset value per share
LIVESTRONG 2055 Portfolio
Investor Class, $0.01 Par Value	$390,274	39,352	$9.92
Institutional Class, $0.01 Par Value	$379,260	38,221	$9.92
A Class, $0.01 Par Value	$20,933	2,113	$9.91*
C Class, $0.01 Par Value	$4,942	500	$9.88
R Class, $0.01 Par Value	$6,046	611	$9.90

*Maximum offering price $10.51 (net asset value divided by 0.9425) for LIVESTRONG 2055 Portfolio.

See Notes to Financial Statements.

Statement of Operations

YEAR ENDED JULY 31, 2011
	LIVESTRONG Income Portfolio		LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$6,674,598		$15,599,137			$8,456,345

Expenses:
Administrative fees:
Investor Class		154,741		575,583			188,014
A Class		157,878		303,301			208,628
C Class		520		1,003			481
R Class		39,828		97,542			50,015
Distribution and service fees:
A Class		197,347		379,126			260,784
C Class		2,598		5,018			2,402
R Class		99,570		243,855			125,037
Directors’ fees and expenses		13,956		32,088			18,596
Other expenses		2,313		2,575			2,259
		668,751		1,640,091			856,216

Net investment income (loss)		6,005,847		13,959,046			7,600,129

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		435,729		(20,916	)		435,828
Capital gain distributions received from underlying funds		465,308		1,121,695			629,093
		901,037		1,100,779			1,064,921

Change in net unrealized appreciation (depreciation) on investments in underlying funds		21,890,812		57,062,232			33,449,748

Net realized and unrealized gain (loss) on affiliates		22,791,849		58,163,011			34,514,669

Net Increase (Decrease) in Net Assets Resulting from Operations		$28,797,696		$72,122,057			$42,114,798

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2011
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio		LIVESTRONG 2035 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$19,156,745			$5,973,098		$10,772,222

Expenses:
Administrative fees:
Investor Class		768,568			137,338		489,520
A Class		399,737			189,425		281,185
C Class		1,886			799		645
R Class		137,635			50,043		108,581
Distribution and service fees:
A Class		499,671			236,783		351,481
C Class		9,429			3,997		3,225
R Class		344,088			125,108		271,452
Directors’ fees and expenses		43,435			16,060		29,041
Other expenses		4,703			2,270		2,106
		2,209,152			761,823		1,537,236

Net investment income (loss)		16,947,593			5,211,275		9,234,986

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(830,931	)		138,718		(1,091,768	)
Capital gain distributions received from underlying funds		1,474,411			426,957		855,680
		643,480			565,675		(236,088	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		91,238,346			32,437,621		68,489,867

Net realized and unrealized gain (loss) on affiliates		91,881,826			33,003,296		68,253,779

Net Increase (Decrease) in Net Assets Resulting from Operations		$108,829,419			$38,214,571		$77,488,765

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2011
	LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$2,946,567		$5,841,213			$981,867

Expenses:
Administrative fees:
Investor Class		72,777		266,381			28,110
A Class		112,275		164,840			43,670
C Class		255		417			144
R Class		26,520		56,440			10,260
Distribution and service fees:
A Class		140,342		206,050			54,588
C Class		1,277		2,088			720
R Class		66,301		141,099			25,649
Directors’ fees and expenses		8,871		17,054			3,359
Other expenses		3,316		5,277			3,110
		431,934		859,646			169,610

Net investment income (loss)		2,514,633		4,981,567			812,257

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		155,498		(409,641	)		(29,782	)
Capital gain distributions received from underlying funds		251,221		537,525			88,555
		406,719		127,884			58,773

Change in net unrealized appreciation (depreciation) on investments in underlying funds		19,668,743		43,454,062			7,050,407

Net realized and unrealized gain (loss) on affiliates		20,075,462		43,581,946			7,109,180

Net Increase (Decrease) in Net Assets Resulting from Operations		$22,590,095		$48,563,513			$7,921,437

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2011 (EXCEPT AS NOTED)
	LIVESTRONG 2055 Portfolio(1)
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$1,805

Expenses:
Administrative fees:
Investor Class		116
A Class		7
C Class		4
R Class		4
Distribution and service fees:
A Class		9
C Class		15
R Class		9
Directors’ fees and expenses		4
		168

Net investment income (loss)		1,637

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(1,344	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		(13,727	)

Net realized and unrealized gain (loss) on affiliates		(15,071	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$(13,434	)

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

See Notes to Financial Statements.

Statement of Changes in Net Assets

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	LIVESTRONG Income Portfolio						LIVESTRONG 2015 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$6,005,847			$4,216,366			$13,959,046			$8,949,479
Net realized gain (loss)		901,037			(126,428	)		1,100,779			(4,579,870	)
Change in net unrealized appreciation (depreciation)		21,890,812			13,604,462			57,062,232			35,649,394
Net increase (decrease) in net assets resulting from operations		28,797,696			17,694,400			72,122,057			40,019,003

Distributions to Shareholders
From net investment income:
Investor Class		(1,724,983	)		(2,206,291	)		(5,333,544	)		(4,463,585	)
Institutional Class		(2,309,912	)		(744,330	)		(3,791,219	)		(1,368,794	)
A Class		(1,561,535	)		(1,055,217	)		(2,591,640	)		(1,134,136	)
C Class		(2,247	)		(81	)		(4,239	)		—
R Class		(345,895	)		(147,212	)		(733,657	)		(317,118	)
Decrease in net assets from distributions		(5,944,572	)		(4,153,131	)		(12,454,299	)		(7,283,633	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		53,820,893			50,632,210			155,640,909			157,121,897

Net increase (decrease) in net assets		76,674,017			64,173,479			215,308,667			189,857,267

Net Assets
Beginning of period		222,370,271			158,196,792			520,207,229			330,349,962
End of period		$299,044,288			$222,370,271			$735,515,896			$520,207,229

Undistributed net investment income		$276,189			$214,914			$5,659,457			$4,154,710

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	LIVESTRONG 2020 Portfolio						LIVESTRONG 2025 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$7,600,129			$3,818,655			$16,947,593			$10,483,590
Net realized gain (loss)		1,064,921			137,981			643,480			(9,470,835	)
Change in net unrealized appreciation (depreciation)		33,449,748			14,314,949			91,238,346			59,600,664
Net increase (decrease) in net assets resulting from operations		42,114,798			18,271,585			108,829,419			60,613,419

Distributions to Shareholders
From net investment income:
Investor Class		(1,251,611	)		(1,688,609	)		(6,320,322	)		(5,629,840	)
Institutional Class		(3,174,240	)		(522,929	)		(4,809,062	)		(1,558,390	)
A Class		(1,600,256	)		(468,137	)		(2,997,497	)		(1,074,979	)
C Class		(1,434	)		—			(6,415	)		—
R Class		(313,422	)		(104,320	)		(858,031	)		(308,725	)
From net realized gains:
Investor Class		(21,207	)		(128,380	)		—			—
Institutional Class		(48,531	)		(35,286	)		—			—
A Class		(31,282	)		(42,315	)		—			—
C Class		(52	)		—			—			—
R Class		(7,252	)		(11,626	)		—			—
Decrease in net assets from distributions		(6,449,287	)		(3,001,602	)		(14,991,327	)		(8,571,934	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		132,548,877			132,134,943			234,218,288			177,818,886

Net increase (decrease) in net assets		168,214,388			147,404,926			328,056,380			229,860,371

Net Assets
Beginning of period		267,422,478			120,017,552			687,774,046			457,913,675
End of period		$435,636,866			$267,422,478			$1,015,830,426			$687,774,046

Undistributed net investment income		$3,185,922			$1,926,756			$6,925,666			$4,969,400

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	LIVESTRONG 2030 Portfolio						LIVESTRONG 2035 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$5,211,275			$2,545,074			$9,234,986			$5,327,430
Net realized gain (loss)		565,675			173,064			(236,088	)		(6,312,800	)
Change in net unrealized appreciation (depreciation)		32,437,621			12,892,175			68,489,867			40,076,977
Net increase (decrease) in net assets resulting from operations		38,214,571			15,610,313			77,488,765			39,091,607

Distributions to Shareholders
From net investment income:
Investor Class		(699,294	)		(1,067,099	)		(3,478,203	)		(2,690,075	)
Institutional Class		(2,191,429	)		(337,882	)		(2,410,054	)		(813,193	)
A Class		(1,152,037	)		(347,879	)		(1,691,054	)		(639,672	)
C Class		(1,835	)		—			(1,324	)		—
R Class		(230,484	)		(73,615	)		(535,965	)		(156,330	)
From net realized gains:
Investor Class		(9,274	)		(121,629	)		—			—
Institutional Class		(25,676	)		(33,243	)		—			—
A Class		(18,301	)		(49,531	)		—			—
C Class		(71	)		—			—			—
R Class		(4,560	)		(13,939	)		—			—
Decrease in net assets from distributions		(4,332,961	)		(2,044,817	)		(8,116,600	)		(4,299,270	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		119,289,463			110,979,695			171,881,322			140,993,510

Net increase (decrease) in net assets		153,171,073			124,545,191			241,253,487			175,785,847

Net Assets
Beginning of period		219,405,766			94,860,575			436,466,072			260,680,225
End of period		$372,576,839			$219,405,766			$677,719,559			$436,466,072

Undistributed net investment income		$2,261,945			$1,325,749			$3,656,568			$2,538,182

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	LIVESTRONG 2040 Portfolio						LIVESTRONG 2045 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$2,514,633			$1,031,341			$4,981,567			$2,565,123
Net realized gain (loss)		406,719			(10,558	)		127,884			(4,303,375	)
Change in net unrealized appreciation (depreciation)		19,668,743			6,470,949			43,454,062			24,427,791
Net increase (decrease) in net assets resulting from operations		22,590,095			7,491,732			48,563,513			22,689,539

Distributions to Shareholders
From net investment income:
Investor Class		(356,923	)		(344,746	)		(1,700,220	)		(1,209,264	)
Institutional Class		(974,609	)		(176,416	)		(1,510,177	)		(562,617	)
A Class		(588,456	)		(151,094	)		(855,162	)		(312,014	)
C Class		(370	)		—			(844	)		—
R Class		(104,220	)		(32,698	)		(234,012	)		(65,021	)
From net realized gains:
Investor Class		(2,106	)		(19,542	)		—			—
Institutional Class		(5,017	)		(8,431	)		—			—
A Class		(4,245	)		(11,184	)		—			—
C Class		(8	)		—			—			—
R Class		(967	)		(3,480	)		—			—
Decrease in net assets from distributions		(2,036,921	)		(747,591	)		(4,300,415	)		(2,148,916	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		76,311,904			69,758,316			122,889,608			82,586,901

Net increase (decrease) in net assets		96,865,078			76,502,457			167,152,706			103,127,524

Net Assets
Beginning of period		114,631,716			38,129,259			245,364,783			142,237,259
End of period		$211,496,794			$114,631,716			$412,517,489			$245,364,783

Undistributed net investment income		$1,018,185			$528,130			$1,841,628			$1,160,476

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010 (EXCEPT AS NOTED)
	LIVESTRONG 2050 Portfolio						LIVESTRONG 2055 Portfolio
Increase (Decrease) in Net Assets	2011			2010			2011(1)
Operations
Net investment income (loss)		$812,257			$227,786			$1,637
Net realized gain (loss)		58,773			(90,527	)		(1,344	)
Change in net unrealized appreciation (depreciation)		7,050,407			1,504,155			(13,727	)
Net increase (decrease) in net assets resulting from operations		7,921,437			1,641,414			(13,434	)

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

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		45,713,998			26,623,802			814,889

Net increase (decrease) in net assets		53,013,737			28,123,492			801,455

Net Assets
Beginning of period		35,279,223			7,155,731			—
End of period		$88,292,960			$35,279,223			$801,455

Undistributed net investment income		$328,205			$123,456			$1,660

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

See Notes to Financial Statements.

Notes to Financial Statements

JULY 31, 2011

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 investment objective of LIVESTRONG Income Portfolio is to seek current income. Capital appreciation is a secondary objective. The investment objectives of the nine target-year LIVESTRONG Portfolios are to seek the highest total return consistent with their respective asset mix. The funds pursue their objectives by investing in underlying funds that represent a variety of asset classes and investment styles. For each fund with a target-year, the target asset mix will be adjusted over time to become more conservative. In general, as the target-year approaches, the allocation to stocks will decrease and the allocation to bonds and money market instruments will increase. When a fund reaches its most conservative planned target asset allocation, which is expected to occur on approximately November 30 of the year before the target year, its target asset mix will become fixed and will match that of LIVESTRONG Income Portfolio.

The funds are authorized to issue the Investor Class, the Institutional Class, the A Class, the C Class and the R Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. The share classes differ principally in their respective sales charges and distribution and shareholder servicing expenses and arrangements. The Institutional Class is made available to institutional shareholders or through financial intermediaries whose clients do not require the same level of shareholder and administrative services as shareholders of other classes. As a result, the Institutional Class is not charged an administrative fee. Sale of the funds’ C Class (except LIVESTRONG 2055 Portfolio) commenced on March 1, 2010. All classes of the LIVESTRONG 2055 Portfolio commenced sale on March 31, 2011.

2. Significant Accounting Policies

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

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

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

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

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

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio, LIVESTRONG 2025 Portfolio, LIVESTRONG 2035 Portfolio, and LIVESTRONG 2045 Portfolio are no longer subject to examination by tax authorities for years prior to 2008. For LIVESTRONG 2020 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2040 Portfolio, LIVESTRONG 2050 Portfolio and LIVESTRONG 2055 Portfolio all tax years remain subject to examination by tax authorities. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Accordingly, no provision has been made for federal or state income taxes.

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for LIVESTRONG Income Portfolio. Distributions from net investment income, if any, are generally declared and paid annually for the nine target-date LIVESTRONG Portfolios. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.

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 year ended July 31, 2011 are detailed in the Statement of Operations.

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

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

The funds have a mutual funds services agreement with J.P. Morgan Investor Services Co. (JPMIS). JPMIS is a wholly owned subsidiary of JPMorgan Chase & Co. (JPM). Prior to August 31, 2011, JPM was an equity investor in ACC. The services provided to the funds by JPMIS terminated on July 31, 2011.

4. Investment Transactions

Investment transactions for the year ended July 31, 2011 (except as noted) were as follows:

	LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
Purchases	$80,345,187	$181,777,192	$149,897,666	$261,708,076	$131,611,487
Sales	$26,000,770	$23,521,115	$15,574,265	$24,071,618	$11,019,936

	LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio(1)
Purchases	$188,597,369	$84,661,880	$131,305,827	$49,644,252	$873,068
Sales	$14,794,782	$7,622,247	$7,186,706	$3,652,275	$56,542

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

5. Capital Share Transactions

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG Income Portfolio
Investor Class
Sold		3,867,867			$42,746,431			2,184,083			$22,000,029
Issued in reinvestment of distributions		155,283			1,683,466			214,983			2,175,774
Redeemed		(6,712,956	)		(72,499,924	)		(2,436,052	)		(24,569,889	)
		(2,689,806	)		(28,070,027	)		(36,986	)		(394,086	)
Institutional Class
Sold		7,608,774			81,683,539			2,254,687			22,806,647
Issued in reinvestment of distributions		211,596			2,309,880			73,461			744,330
Redeemed		(2,313,001	)		(25,510,658	)		(1,144,764	)		(11,599,020	)
		5,507,369			58,482,761			1,183,384			11,951,957
A Class
Sold		2,975,540			32,599,481			4,719,612			47,468,266
Issued in reinvestment of distributions		130,319			1,418,248			98,440			997,333
Redeemed		(1,975,483	)		(21,576,962	)		(1,774,828	)		(17,946,871	)
		1,130,376			12,440,767			3,043,224			30,518,728
C Class
Sold		46,109			511,586			3,398			34,578
Issued in reinvestment of distributions		204			2,247			8			81
Redeemed		(1,822	)		(20,716	)		—			—
		44,491			493,117			3,406			34,659
R Class
Sold		1,591,574			17,255,984			1,266,751			12,691,175
Issued in reinvestment of distributions		30,276			329,787			14,206			144,087
Redeemed		(649,385	)		(7,111,496	)		(424,199	)		(4,314,310	)
		972,465			10,474,275			856,758			8,520,952
Net increase (decrease)		4,964,895			$53,820,893			5,049,786			$50,632,210

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2015 Portfolio
Investor Class
Sold		11,156,886			$128,979,615			8,952,469			$94,715,987
Issued in reinvestment of distributions		456,276			5,196,986			420,673			4,438,097
Redeemed		(10,863,090	)		(123,997,448	)		(4,965,891	)		(52,328,242	)
		750,072			10,179,153			4,407,251			46,825,842
Institutional Class
Sold		9,277,338			105,509,436			2,625,484			27,552,878
Issued in reinvestment of distributions		332,835			3,790,986			129,621			1,368,794
Redeemed		(2,524,446	)		(29,360,607	)		(1,140,994	)		(12,013,568	)
		7,085,727			79,939,815			1,614,111			16,908,104
A Class
Sold		7,720,590			88,905,443			8,713,060			91,872,960
Issued in reinvestment of distributions		198,382			2,259,566			99,377			1,048,428
Redeemed		(3,656,632	)		(42,235,354	)		(2,119,946	)		(22,428,079	)
		4,262,340			48,929,655			6,692,491			70,493,309
C Class
Sold		61,713			710,815			16,995			182,153
Issued in reinvestment of distributions		324			3,701			—			—
Redeemed		(108	)		(1,242	)		—			—
		61,929			713,274			16,995			182,153
R Class
Sold		2,913,661			33,525,194			3,023,842			31,852,385
Issued in reinvestment of distributions		58,136			662,176			27,956			295,219
Redeemed		(1,584,978	)		(18,308,358	)		(896,895	)		(9,435,115	)
		1,386,819			15,879,012			2,154,903			22,712,489
Net increase (decrease)		13,546,887			$155,640,909			14,885,751			$157,121,897

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2020 Portfolio
Investor Class
Sold		6,865,875			$68,849,965			5,126,049			$46,479,800
Issued in reinvestment of distributions		127,634			1,268,657			198,914			1,814,092
Redeemed		(10,504,064	)		(103,475,796	)		(2,386,514	)		(21,522,805	)
		(3,510,555	)		(33,357,174	)		2,938,449			26,771,087
Institutional Class
Sold		13,414,480			132,514,016			2,860,294			25,944,916
Issued in reinvestment of distributions		324,222			3,222,771			61,208			558,215
Redeemed		(2,218,519	)		(22,406,681	)		(701,267	)		(6,435,507	)
		11,520,183			113,330,106			2,220,235			20,067,624
A Class
Sold		5,445,993			54,732,597			9,414,120			85,093,641
Issued in reinvestment of distributions		163,615			1,626,334			55,971			510,452
Redeemed		(2,266,762	)		(22,813,355	)		(1,258,687	)		(11,371,839	)
		3,342,846			33,545,576			8,211,404			74,232,254
C Class
Sold		45,936			470,849			11,096			101,394
Issued in reinvestment of distributions		149			1,486			—			—
Redeemed		(1,290	)		(13,184	)		—			—
		44,795			459,151			11,096			101,394
R Class
Sold		2,453,434			24,730,819			1,616,523			14,574,000
Issued in reinvestment of distributions		31,418			312,291			12,710			115,914
Redeemed		(642,886	)		(6,471,892	)		(406,400	)		(3,727,330	)
		1,841,966			18,571,218			1,222,833			10,962,584
Net increase (decrease)		13,239,235			$132,548,877			14,604,017			$132,134,943

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2025 Portfolio
Investor Class
Sold		12,752,896			$150,342,919			10,707,619			$112,955,118
Issued in reinvestment of distributions		530,420			6,174,094			529,924			5,611,894
Redeemed		(14,626,385	)		(168,543,171	)		(6,947,516	)		(73,413,347	)
		(1,343,069	)		(12,026,158	)		4,290,027			45,153,665
Institutional Class
Sold		13,600,216			156,668,821			2,680,022			28,225,921
Issued in reinvestment of distributions		413,076			4,808,201			147,157			1,558,390
Redeemed		(2,451,632	)		(29,060,912	)		(1,204,515	)		(12,708,793	)
		11,561,660			132,416,110			1,622,664			17,075,518
A Class
Sold		10,405,113			121,888,544			10,386,950			109,810,806
Issued in reinvestment of distributions		221,596			2,579,376			92,438			979,846
Redeemed		(3,848,946	)		(45,394,188	)		(2,301,528	)		(24,335,389	)
		6,777,763			79,073,732			8,177,860			86,455,263
C Class
Sold		100,115			1,180,327			34,702			369,670
Issued in reinvestment of distributions		528			6,163			—			—
Redeemed		(3,355	)		(40,211	)		—			—
		97,288			1,146,279			34,702			369,670
R Class
Sold		4,399,874			51,593,119			3,458,392			36,451,313
Issued in reinvestment of distributions		64,903			755,471			26,847			284,575
Redeemed		(1,587,166	)		(18,740,265	)		(754,323	)		(7,971,118	)
		2,877,611			33,608,325			2,730,916			28,764,770
Net increase (decrease)		19,971,253			$234,218,288			16,856,169			$177,818,886

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2030 Portfolio
Investor Class
Sold		5,363,095			$52,926,770			3,912,912			$34,150,499
Issued in reinvestment of distributions		71,995			704,106			134,491			1,184,863
Redeemed		(9,046,568	)		(86,396,863	)		(1,626,724	)		(14,163,323	)
		(3,611,478	)		(32,765,987	)		2,420,679			21,172,039
Institutional Class
Sold		11,718,795			112,747,909			1,998,408			17,512,277
Issued in reinvestment of distributions		226,930			2,217,105			42,125			371,125
Redeemed		(1,487,108	)		(14,820,482	)		(461,324	)		(4,047,600	)
		10,458,617			100,144,532			1,579,209			13,835,802
A Class
Sold		5,438,752			53,421,379			8,696,020			75,624,511
Issued in reinvestment of distributions		119,652			1,169,003			45,160			397,410
Redeemed		(2,205,021	)		(21,646,603	)		(1,193,263	)		(10,396,735	)
		3,353,383			32,943,779			7,547,917			65,625,186
C Class
Sold		54,034			539,916			18,150			161,324
Issued in reinvestment of distributions		161			1,578			—			—
Redeemed		(504	)		(5,215	)		—			—
		53,691			536,279			18,150			161,324
R Class
Sold		2,494,652			24,607,018			1,676,516			14,587,178
Issued in reinvestment of distributions		23,482			229,425			9,934			87,520
Redeemed		(645,225	)		(6,405,583	)		(511,840	)		(4,489,354	)
		1,872,909			18,430,860			1,174,610			10,185,344
Net increase (decrease)		12,127,122			$119,289,463			12,740,565			$110,979,695

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2035 Portfolio
Investor Class
Sold		7,857,599			$95,418,889			7,508,667			$80,076,813
Issued in reinvestment of distributions		283,143			3,409,036			249,330			2,685,282
Redeemed		(7,206,648	)		(85,091,646	)		(4,028,136	)		(43,126,429	)
		934,094			13,736,279			3,729,861			39,635,666
Institutional Class
Sold		7,498,851			88,940,009			2,018,899			21,511,238
Issued in reinvestment of distributions		199,997			2,409,965			75,505			813,193
Redeemed		(1,450,179	)		(17,807,836	)		(792,577	)		(8,482,180	)
		6,248,669			73,542,138			1,301,827			13,842,251
A Class
Sold		7,534,662			91,327,934			7,418,021			79,117,746
Issued in reinvestment of distributions		119,673			1,440,869			51,157			550,958
Redeemed		(3,161,740	)		(38,247,261	)		(1,403,594	)		(15,003,429	)
		4,492,595			54,521,542			6,065,584			64,665,275
C Class
Sold		46,298			564,443			7,952			87,137
Issued in reinvestment of distributions		110			1,324			—			—
Redeemed		(3,789	)		(46,245	)		—			—
		42,619			519,522			7,952			87,137
R Class
Sold		3,730,770			45,259,912			2,588,166			27,661,446
Issued in reinvestment of distributions		39,416			474,568			12,538			135,037
Redeemed		(1,316,014	)		(16,172,639	)		(471,005	)		(5,033,302	)
		2,454,172			29,561,841			2,129,699			22,763,181
Net increase (decrease)		14,172,149			$171,881,322			13,234,923			$140,993,510

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2040 Portfolio
Investor Class
Sold		3,121,276			$30,538,435			2,448,495			$20,766,942
Issued in reinvestment of distributions		36,838			358,439			42,116			363,458
Redeemed		(3,577,668	)		(33,694,763	)		(826,471	)		(7,020,496	)
		(419,554	)		(2,797,889	)		1,664,140			14,109,904
Institutional Class
Sold		6,006,881			57,724,990			1,589,263			13,536,611
Issued in reinvestment of distributions		100,681			979,626			21,419			184,847
Redeemed		(943,462	)		(9,346,083	)		(293,039	)		(2,515,316	)
		5,164,100			49,358,533			1,317,643			11,206,142
A Class
Sold		3,386,044			33,115,794			5,300,972			44,957,456
Issued in reinvestment of distributions		60,882			592,379			18,804			162,278
Redeemed		(1,398,781	)		(13,590,131	)		(674,479	)		(5,710,323	)
		2,048,145			20,118,042			4,645,297			39,409,411
C Class
Sold		14,000			140,277			7,869			68,173
Issued in reinvestment of distributions		39			378			—			—
Redeemed		(592	)		(6,005	)		—			—
		13,447			134,650			7,869			68,173
R Class
Sold		1,342,347			13,157,079			850,629			7,161,309
Issued in reinvestment of distributions		10,511			102,270			4,165			35,945
Redeemed		(386,730	)		(3,760,781	)		(264,895	)		(2,232,568	)
		966,128			9,498,568			589,899			4,964,686
Net increase (decrease)		7,772,266			$76,311,904			8,224,848			$69,758,316

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2045 Portfolio
Investor Class
Sold		5,094,092			$62,481,188			4,194,877			$44,480,212
Issued in reinvestment of distributions		137,157			1,662,335			112,216			1,202,953
Redeemed		(3,184,460	)		(38,024,344	)		(2,696,306	)		(28,650,407	)
		2,046,789			26,119,179			1,610,787			17,032,758
Institutional Class
Sold		4,498,010			53,455,953			2,349,268			24,498,658
Issued in reinvestment of distributions		124,561			1,509,685			52,483			562,617
Redeemed		(1,194,531	)		(14,654,783	)		(671,080	)		(7,121,731	)
		3,428,040			40,310,855			1,730,671			17,939,544
A Class
Sold		4,662,028			56,851,789			4,520,937			47,724,570
Issued in reinvestment of distributions		63,916			774,024			26,822			287,269
Redeemed		(1,662,022	)		(20,214,587	)		(1,131,070	)		(11,984,861	)
		3,063,922			37,411,226			3,416,689			36,026,978
C Class
Sold		25,168			306,827			5,505			61,005
Issued in reinvestment of distributions		70			844			—			—
Redeemed		(1,746	)		(20,523	)		—			—
		23,492			287,148			5,505			61,005
R Class
Sold		2,181,976			26,647,337			1,394,358			14,752,941
Issued in reinvestment of distributions		17,525			212,407			5,467			58,605
Redeemed		(654,923	)		(8,098,544	)		(313,238	)		(3,284,930	)
		1,544,578			18,761,200			1,086,587			11,526,616
Net increase (decrease)		10,106,821			$122,889,608			7,850,239			$82,586,901

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

	Year ended July 31, 2011						Year ended July 31, 2010(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2050 Portfolio
Investor Class
Sold		1,500,061			$14,391,166			1,278,063			$10,637,873
Issued in reinvestment of distributions		14,770			140,608			5,827			48,830
Redeemed		(697,174	)		(6,488,405	)		(536,639	)		(4,474,798	)
		817,657			8,043,369			747,251			6,211,905
Institutional Class
Sold		2,732,002			26,246,124			815,071			6,734,114
Issued in reinvestment of distributions		26,412			251,438			6,369			53,377
Redeemed		(648,954	)		(6,326,069	)		(244,604	)		(1,994,120	)
		2,109,460			20,171,493			576,836			4,793,371
A Class
Sold		2,117,804			20,226,086			1,831,737			15,075,296
Issued in reinvestment of distributions		20,528			195,431			4,018			33,669
Redeemed		(725,333	)		(6,974,110	)		(284,881	)		(2,325,820	)
		1,412,999			13,447,407			1,550,874			12,783,145
C Class
Sold		8,259			77,698			3,804			31,774
Issued in reinvestment of distributions		15			146			—			—
Redeemed		(227	)		(2,208	)		—			—
		8,047			75,636			3,804			31,774
R Class
Sold		582,450			5,627,679			410,331			3,378,344
Issued in reinvestment of distributions		3,259			31,025			645			5,406
Redeemed		(173,457	)		(1,682,611	)		(70,964	)		(580,143	)
		412,252			3,976,093			340,012			2,803,607
Net increase (decrease)		4,760,415			$45,713,998			3,218,777			$26,623,802

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

	Period ended July 31, 2011(1)
	Shares			Amount
LIVESTRONG 2055 Portfolio
Investor Class
Sold		45,465			$458,728
Redeemed		(6,113	)		(61,520	)
		39,352			397,208
Institutional Class
Sold		38,584			388,975
Redeemed		(363	)		(3,718	)
		38,221			385,257
A Class
Sold		2,113			21,314
C Class
Sold		500			5,000
R Class
Sold		611			6,110
Net increase (decrease)		80,797			$814,889

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

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 year ended July 31, 2011 follows:

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG Income Portfolio
NT Equity Growth Fund Institutional Class		3,439,712		$8,178,886		$4,678,081		$139,571			$475,596		3,809,560		$38,133,698
NT Growth Fund Institutional Class		1,439,628		3,486,798		2,128,329		144,019			109,932		1,547,706		19,052,255
NT Large Company Value Fund Institutional Class		3,265,018		7,058,306		2,541,030		14,288			475,802		3,811,026		32,317,497
NT Mid Cap Value Fund Institutional Class		951,588		2,195,451		261,855		3,202			714,492		1,141,255		11,640,797
NT Small Company Fund Institutional Class		628,454		739,950		459,246		60,676			24,752		656,316		5,808,397
NT Vista Fund Institutional Class(2)		675,757		1,083,557		934,241		137,058			—		676,274		7,317,287
Real Estate Fund Institutional Class		140,184		153,733		104,635		18,765			23,073		142,599		2,973,193
High-Yield Fund Institutional Class		1,431,037		2,689,858		25,147		(190	)		764,766		1,865,156		11,489,363
Inflation-Adjusted Bond Fund Institutional Class		1,402,114		6,782,282		1,607,799		(3,529	)		659,966		1,839,721		23,382,848
NT Diversified Bond Fund Institutional Class		5,456,060		29,073,682		8,011,257		(114,933	)		2,938,304		7,438,053		80,777,257
Premium Money Market Fund Investor Class		21,795,946		9,203,917		859,937		—			2,695		30,139,926		30,139,926
International Bond Fund Institutional Class		1,097,284		6,235,355		1,861,231		(46,811	)		823,120		1,415,907		21,224,449
NT International Growth Fund Institutional Class		1,301,380		3,463,412		2,092,253		83,613			127,408		1,444,074		14,787,321
				$80,345,187		$25,565,041		$435,729			$7,139,906				$299,044,288

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2015 Portfolio
NT Equity Growth Fund Institutional Class		7,922,047		$13,941,911		$2,431,684		$(33,506	)		$1,107,555		9,141,749		$91,508,910
NT Growth Fund Institutional Class		4,035,942		6,378,626		2,611,106		287,946			298,755		4,325,052		53,241,385
NT Large Company Value Fund Institutional Class		7,844,148		13,712,045		1,215,389		(211,606	)		1,134,487		9,352,451		79,308,787
NT Mid Cap Value Fund Institutional Class		2,651,591		6,444,716		1,427,153		27,116			1,903,424		3,137,879		32,006,362
NT Small Company Fund Institutional Class		1,503,665		971,735		395,973		(61,138	)		57,847		1,574,723		13,936,298
NT Vista Fund Institutional Class(2)		2,232,357		1,755,506		3,096,153		103,307			—		2,078,971		22,494,461
Real Estate Fund Institutional Class		419,636		375,833		300,430		44,214			66,697		420,418		8,765,721
High-Yield Fund Institutional Class		3,197,121		7,657,729		—		—			1,764,257		4,444,513		27,378,203
Inflation-Adjusted Bond Fund Institutional Class		3,137,017		15,849,316		465,046		(622	)		1,553,061		4,430,842		56,315,996
NT Diversified Bond Fund Institutional Class		12,149,820		68,974,258		8,127,449		(155,013	)		6,780,242		17,850,926		193,861,059
Premium Money Market Fund Investor Class		37,572,863		23,500,834		—		—			5,089		61,073,697		61,073,697
NT Emerging Markets Fund Institutional Class(2)		589,212		674,385		416,912		37,044			—		609,882		6,714,804
NT International Growth Fund Institutional Class		3,526,193		7,072,499		2,269,608		(32,234	)		345,942		4,034,890		41,317,276
International Bond Fund Institutional Class		2,194,532		14,467,799		785,128		(26,424	)		1,703,476		3,174,979		47,592,937
				$181,777,192		$23,542,031		$(20,916	)		$16,720,832				$735,515,896

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2020 Portfolio
NT Equity Growth Fund Institutional Class		3,878,540		$14,615,643		$1,214,268		$3,013			$596,907		5,291,922		$52,972,136
NT Growth Fund Institutional Class		2,314,648		9,561,727		1,765,178		23,665			193,889		2,988,657		36,790,370
NT Large Company Value Fund Institutional Class		4,017,766		14,573,225		768,787		(11,831	)		646,273		5,669,354		48,076,121
NT Mid Cap Value Fund Institutional Class		1,539,491		7,656,989		1,021,615		26,468			1,205,690		2,188,104		22,318,660
NT Small Company Fund Institutional Class		845,512		1,574,888		182,405		5,597			34,988		1,012,997		8,965,027
NT Vista Fund Institutional Class(2)		1,458,784		4,021,742		2,036,936		329,788			—		1,620,383		17,532,548
Real Estate Fund Institutional Class		251,633		1,100,063		217,820		3,335			41,739		298,974		6,233,611
High-Yield Fund Institutional Class		1,539,353		6,068,924		76,047		75			935,343		2,516,284		15,500,310
Inflation-Adjusted Bond Fund Institutional Class		1,579,190		11,108,557		237,160		(3,913	)		836,281		2,488,738		31,631,860
NT Diversified Bond Fund Institutional Class		6,041,522		48,255,195		4,473,801		(73,108	)		3,613,442		10,138,888		110,108,320
NT Emerging Markets Fund Institutional Class(2)		670,909		1,593,003		717,972		128,612			—		742,812		8,178,357
NT International Growth Fund Institutional Class		2,143,671		8,038,790		1,814,480		49,691			210,296		2,787,782		28,546,882
Premium Money Market Fund Investor Class		13,181,772		12,105,986		22,102		—			1,955		25,265,656		25,265,656
International Bond Fund Institutional Class		925,247		9,622,934		589,866		(45,564	)		768,635		1,568,846		23,517,008
				$149,897,666		$15,138,437		$435,828			$9,085,438				$435,636,866

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2025 Portfolio
NT Equity Growth Fund Institutional Class		10,213,367		$20,392,775		$1,623,430		$(222,038	)		$1,449,130		12,208,924		$122,211,331
NT Growth Fund Institutional Class		7,160,830		14,828,902		3,011,424		335,052			550,851		8,138,978		100,190,820
NT Large Company Value Fund Institutional Class		10,764,674		25,622,530		886,046		(168,461	)		1,626,969		13,743,641		116,546,073
NT Mid Cap Value Fund Institutional Class		3,836,306		15,679,764		144,386		157			3,084,319		5,352,697		54,597,509
NT Small Company Fund Institutional Class		3,111,305		3,404,030		2,882,578		(442,293	)		119,528		3,228,528		28,572,477
NT Vista Fund Institutional Class(2)		4,127,302		7,155,780		4,598,219		(60,583	)		—		4,367,045		47,251,421
Real Estate Fund Institutional Class		735,902		1,913,413		284,292		(1,003	)		122,814		825,558		17,212,874
High-Yield Fund Institutional Class		3,602,657		11,539,369		—		—			2,081,470		5,482,852		33,774,366
Inflation-Adjusted Bond Fund Institutional Class		3,661,210		20,925,953		93,002		(1,717	)		1,865,206		5,404,546		68,691,782
NT Diversified Bond Fund Institutional Class		14,013,841		88,420,820		6,283,054		(96,260	)		8,038,597		21,697,686		235,636,872
NT Emerging Markets Fund Institutional Class(2)		2,075,983		3,947,474		683,578		31,247			—		2,383,190		26,238,923
NT International Growth Fund Institutional Class		6,602,053		15,438,690		4,197,244		(187,243	)		638,107		7,785,848		79,727,082
Premium Money Market Fund Investor Class		33,884,443		17,597,169		6,564		—			4,334		51,475,048		51,475,048
International Bond Fund Institutional Class		1,205,948		14,841,407		208,732		(17,789	)		1,049,831		2,248,422		33,703,848
				$261,708,076		$24,902,549		$(830,931	)		$20,631,156				$1,015,830,426

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2030 Portfolio
NT Equity Growth Fund Institutional Class		3,234,860		$13,370,376		$578,594		$838			$506,511		4,576,108		$45,806,844
NT Growth Fund Institutional Class		2,696,847		12,136,028		1,800,769		29,836			218,871		3,575,184		44,010,509
NT Large Company Value Fund Institutional Class		3,655,988		14,631,942		772,416		(20,629	)		590,924		5,302,532		44,965,472
NT Mid Cap Value Fund Institutional Class		1,205,850		7,270,108		313,780		(269	)		991,219		1,884,291		19,219,768
NT Small Company Fund Institutional Class		1,297,113		3,672,589		929,111		98,486			52,337		1,610,307		14,251,220
NT Vista Fund Institutional Class(2)		1,380,375		4,872,722		1,268,542		76,611			—		1,724,400		18,658,012
Real Estate Fund Institutional Class		272,490		1,521,939		221,058		(2,015	)		46,651		343,442		7,160,772
High-Yield Fund Institutional Class		1,028,129		4,795,145		1,582		(13	)		646,101		1,808,624		11,141,124
Inflation-Adjusted Bond Fund Institutional Class		1,041,190		8,750,270		124,695		(2,104	)		584,425		1,761,582		22,389,710
NT Diversified Bond Fund Institutional Class		3,980,220		36,715,080		3,254,960		(63,518	)		2,469,478		7,112,661		77,243,497
NT Emerging Markets Fund Institutional Class(2)		791,082		3,065,892		322,479		19,745			—		1,049,109		11,550,686
NT International Growth Fund Institutional Class		2,451,952		9,964,971		1,111,885		2,054			249,705		3,364,661		34,454,123
Premium Money Market Fund Investor Class		10,887,100		8,174,973		165,572		—			1,510		18,896,501		18,896,501
International Bond Fund Institutional Class		—		2,669,452		15,775		(304	)		42,323		188,699		2,828,601
				$131,611,487		$10,881,218		$138,718			$6,400,055				$372,576,839

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2035 Portfolio
NT Equity Growth Fund Institutional Class		6,994,654		$17,971,034		$1,848,286		$(269,906	)		$1,011,419		8,709,549		$87,182,582
NT Growth Fund Institutional Class		5,836,944		17,819,814		2,224,921		73,541			458,412		7,145,093		87,956,096
NT Large Company Value Fund Institutional Class		7,842,222		22,862,592		2,239,043		(547,087	)		1,198,444		10,354,278		87,804,275
NT Mid Cap Value Fund Institutional Class		2,889,508		12,198,227		1,536,199		17,467			2,200,777		3,924,103		40,025,846
NT Small Company Fund Institutional Class		2,511,719		5,308,103		600,020		(112,657	)		103,752		3,084,092		27,294,217
NT Vista Fund Institutional Class(2)		3,266,102		7,999,941		3,641,191		(185,161	)		—		3,697,733		40,009,474
Real Estate Fund Institutional Class		596,089		2,300,398		315,529		(48,110	)		102,145		708,485		14,771,911
High-Yield Fund Institutional Class		1,757,667		6,299,742		—		—			1,028,933		2,782,415		17,139,674
Inflation-Adjusted Bond Fund Institutional Class		1,785,605		12,124,102		—		—			948,888		2,797,469		35,555,827
NT Diversified Bond Fund Institutional Class		6,814,188		50,845,382		2,401,308		(32,301	)		4,063,506		11,340,729		123,160,314
NT Emerging Markets Fund Institutional Class(2)		2,026,730		5,438,006		600,476		33,131			—		2,487,174		27,383,792
NT International Growth Fund Institutional Class		4,945,455		15,949,988		479,577		(20,685	)		509,962		6,548,853		67,060,260
Premium Money Market Fund Investor Class		10,847,681		11,480,040		—		—			1,664		22,327,721		22,327,721
				$188,597,369		$15,886,550		$(1,091,768	)		$11,627,902				$677,671,989

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2040 Portfolio
NT Equity Growth Fund Institutional Class		1,964,688		$10,066,408		$645,566		$(781	)		$313,487		2,942,545		$29,454,876
NT Growth Fund Institutional Class		1,635,666		9,958,694		882,502		39,311			133,819		2,395,813		29,492,453
NT Large Company Value Fund Institutional Class		2,218,801		11,311,559		386,975		(9,716	)		375,603		3,511,373		29,776,445
NT Mid Cap Value Fund Institutional Class		872,897		6,388,014		605,686		7,800			704,281		1,433,027		14,616,874
NT Small Company Fund Institutional Class		633,818		2,740,012		196,818		3,683			27,026		931,595		8,244,613
NT Vista Fund Institutional Class(2)		993,260		5,022,929		1,229,475		143,058			—		1,345,207		14,555,138
Real Estate Fund Institutional Class		175,161		1,417,318		149,250		(1,092	)		31,139		244,192		5,091,408
High-Yield Fund Institutional Class		384,438		2,206,746		58,905		(663	)		250,315		733,674		4,519,431
Inflation-Adjusted Bond Fund Institutional Class		389,283		4,301,843		240,652		(8,685	)		232,424		728,615		9,260,700
NT Diversified Bond Fund Institutional Class		1,489,500		18,226,382		1,670,095		(28,879	)		987,795		3,040,141		33,015,928
NT Emerging Markets Fund Institutional Class(2)		665,679		3,557,284		515,398		13,314			—		949,917		10,458,591
NT International Growth Fund Institutional Class		1,374,322		7,857,078		885,427		(1,852	)		141,824		2,090,083		21,402,449
Premium Money Market Fund Investor Class		—		1,607,613		—		—			75		1,607,613		1,607,613
				$84,661,880		$7,466,749		$155,498			$3,197,788				$211,496,519

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2045 Portfolio
NT Equity Growth Fund Institutional Class		4,296,331		$16,304,016		$54,841		$(9,435	)		$668,076		5,994,389		$60,003,832
NT Growth Fund Institutional Class		3,585,241		15,898,703		290,360		(6,977	)		295,734		4,902,948		60,355,293
NT Large Company Value Fund Institutional Class		4,898,582		19,261,562		28,272		(7,425	)		801,961		7,185,959		60,936,934
NT Mid Cap Value Fund Institutional Class		1,885,622		10,610,448		147,805		(13,631	)		1,538,471		2,904,380		29,624,672
NT Small Company Fund Institutional Class		1,530,719		4,166,125		1,001,170		(172,226	)		62,496		1,927,123		17,055,041
NT Vista Fund Institutional Class(2)		2,129,705		7,840,118		1,782,677		(90,526	)		—		2,727,233		29,508,663
Real Estate Fund Institutional Class		409,336		2,487,045		221,713		(37,847	)		73,141		535,859		11,172,655
High-Yield Fund Institutional Class		720,139		3,331,059		5,400		(236	)		448,590		1,260,918		7,767,254
Inflation-Adjusted Bond Fund Institutional Class		731,901		6,081,618		14,829		(274	)		411,410		1,238,125		15,736,568
NT Diversified Bond Fund Institutional Class		2,833,642		25,549,523		2,181,293		(31,062	)		1,775,871		5,019,718		54,514,135
NT Emerging Markets Fund Institutional Class(2)		1,608,076		6,815,942		671,945		11,906			—		2,192,602		24,140,554
NT International Growth Fund Institutional Class		2,851,206		12,959,668		1,196,042		(51,908	)		302,988		4,073,692		41,714,605
				$131,305,827		$7,596,347		$(409,641	)		$6,378,738				$412,530,206

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2050 Portfolio
NT Equity Growth Fund Institutional Class		637,861		$6,847,699		$245,335		$(4,635	)		$125,240		1,321,173		$13,224,944
NT Growth Fund Institutional Class		532,286		6,805,509		321,841		(1,393	)		50,873		1,075,701		13,241,879
NT Large Company Value Fund Institutional Class		726,891		7,530,038		209,096		(5,063	)		151,571		1,589,778		13,481,321
NT Mid Cap Value Fund Institutional Class		279,715		3,864,552		93,926		(1,853	)		265,442		644,206		6,570,897
NT Small Company Fund Institutional Class		243,568		2,138,809		241,889		1,445			11,336		465,927		4,123,458
NT Vista Fund Institutional Class(2)		316,149		3,523,031		506,797		3,314			—		606,842		6,566,033
Real Estate Fund Institutional Class		64,211		1,206,744		105,690		183			12,769		123,739		2,579,964
High-Yield Fund Institutional Class		88,965		856,343		6,362		(6	)		69,402		226,920		1,397,828
Inflation-Adjusted Bond Fund Institutional Class		90,154		1,703,088		99,612		(2,873	)		66,818		223,841		2,845,015
NT Diversified Bond Fund Institutional Class		344,140		7,072,698		846,129		(16,578	)		268,704		928,073		10,078,872
NT Emerging Markets Fund Institutional Class(2)		251,337		3,172,746		372,108		(3,900	)		—		515,573		5,676,455
NT International Growth Fund Institutional Class		390,856		4,922,995		633,272		1,577			48,267		830,596		8,505,300
				$49,644,252		$3,682,057		$(29,782	)		$1,070,422				$88,291,966

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

(2)	Non-income producing.

	July 31, 2010(1)											July 31, 2011
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(2)		Share Balance		Market Value
LIVESTRONG 2055 Portfolio
NT Equity Growth Fund Institutional Class		—		$132,848		$8,705		$(155	)		$252		12,141		$121,532
NT Growth Fund Institutional Class		—		133,463		9,116		(164	)		—		9,885		121,686
NT Large Company Value Fund Institutional Class		—		137,505		8,852		(282	)		371		14,565		123,513
NT Mid Cap Value Fund Institutional Class		—		66,912		4,316		(120	)		161		5,859		59,759
NT Small Company Fund Institutional Class		—		44,438		3,140		(54	)		—		4,494		39,771
NT Vista Fund Institutional Class(3)		—		66,157		4,548		(92	)		—		5,555		60,104
Real Estate Fund Institutional Class		—		25,103		1,964		(23	)		—		1,146		23,888
NT Emerging Markets Fund Institutional Class(3)		—		56,263		3,379		(186	)		—		4,750		52,294
NT International Growth Fund Institutional Class		—		80,236		4,412		(262	)		—		7,408		75,859
High-Yield Fund Institutional Class		—		13,154		842		(14	)		182		1,984		12,222
Inflation-Adjusted Bond Fund Institutional Class		—		25,736		1,881		3			272		1,951		24,801
NT Diversified Bond Fund Institutional Class		—		91,253		6,731		5			567		7,921		86,026
				$873,068		$57,886		$(1,344	)		$1,805				$801,455

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

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

(3)	Non-income producing.

7. Investments in Underlying Funds

The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds’ net assets. As of July 31, 2011, LIVESTRONG 2025 Portfolio owned 26% of the total outstanding shares of NT Diversified Bond Fund.

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

8. Fair Value Measurements

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

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

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

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

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

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

9. Risk Factors

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

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

10. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2011 and July 31, 2010 (except as noted) were as follows:

	LIVESTRONG Income Portfolio				LIVESTRONG 2015 Portfolio
	2011		2010		2011		2010
Distributions Paid From
Ordinary income		$5,944,572		$4,153,131		$12,454,299		$7,283,633
Long-term capital gains		—		—		—		—

	LIVESTRONG 2020 Portfolio				LIVESTRONG 2025 Portfolio
	2011		2010		2011		2010
Distributions Paid From
Ordinary income		$6,422,210		$2,988,684		$14,991,327		$8,571,934
Long-term capital gains		$27,077		$12,918		—		—

	LIVESTRONG 2030 Portfolio				LIVESTRONG 2035 Portfolio
	2011		2010		2011		2010
Distributions Paid From
Ordinary income		$4,332,961		$2,037,212		$8,116,600		$4,299,270
Long-term capital gains		—		$7,605		—		—

	LIVESTRONG 2040 Portfolio				LIVESTRONG 2045 Portfolio
	2011		2010		2011		2010
Distributions Paid From
Ordinary income		$2,036,921		$746,151		$4,300,415		$2,148,916
Long-term capital gains		—		$1,440		—		—

	LIVESTRONG 2050 Portfolio				LIVESTRONG 2055 Portfolio
	2011		2010		2011(1)
Distributions Paid From
Ordinary income		$620,563		$139,987	—
Long-term capital gains		$1,135		$1,737	—

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

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

As of July 31, 2011, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio		LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio
Federal tax cost of investments		$264,404,523			$660,923,688			$380,688,146		$902,396,832			$320,648,456
Gross tax appreciation of investments		$34,639,765			$74,592,208			$54,948,720		$113,457,936			$51,928,383
Gross tax depreciation of investments		—			—			—		(24,342	)		—
Net tax appreciation (depreciation) of investments		$34,639,765			$74,592,208			$54,948,720		$113,433,594			$51,928,383
Undistributed ordinary income		$276,189			$5,659,457			$3,326,918		$6,925,666			$2,404,285
Accumulated long-term gains		—			—			$1,058,809		—			$528,514
Accumulated capital losses		$(1,387,475	)		$(2,729,468	)		—		$(3,646,587	)		—

	LIVESTRONG 2035 Portfolio			LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Federal tax cost of investments		$599,842,866			$182,160,802		$370,220,424			$79,425,458		$816,552
Gross tax appreciation of investments		$77,829,123			$29,335,717		$42,309,782			$8,866,508		$3,014
Gross tax depreciation of investments		—			—		—			—		(18,111	)
Net tax appreciation (depreciation) of investments		$77,829,123			$29,335,717		$42,309,782			$8,866,508		$(15,097	)
Undistributed ordinary income		$3,656,568			$1,081,766		$1,841,628			$350,785		$1,686
Accumulated long-term gains		—			$405,771		—			$87,538		—
Accumulated capital losses		$(2,543,639	)		—		$(1,780,341	)		—		—

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.

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

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

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

Financial Highlights

LIVESTRONG Income Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$9.53			$10.64			$11.06			$10.45
Income From Investment Operations
Net Investment Income (Loss)(1)		0.24			0.22			0.24			0.40			0.33
Net Realized and Unrealized Gain (Loss)		0.97			0.74			(0.95	)		(0.38	)		0.75
Total From Investment Operations		1.21			0.96			(0.71	)		0.02			1.08
Distributions
From Net Investment Income		(0.25	)		(0.22	)		(0.31	)		(0.42	)		(0.32	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)
Total Distributions		(0.25	)		(0.22	)		(0.40	)		(0.44	)		(0.47	)
Net Asset Value, End of Period		$11.23			$10.27			$9.53			$10.64			$11.06

Total Return(2)		11.87	%		10.15	%		(6.44	)%		0.11	%		10.51	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.21	%		0.21	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.26	%		2.19	%		2.64	%		3.61	%		3.03	%
Portfolio Turnover Rate		10	%		13	%		51	%		26	%		22	%
Net Assets, End of Period (in thousands)		$81,907			$102,497			$95,441			$49,378			$44,109

(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.

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$9.53			$10.64			$11.06			$10.45
Income From Investment Operations
Net Investment Income (Loss)(1)		0.28			0.24			0.26			0.42			0.35
Net Realized and Unrealized Gain (Loss)		0.96			0.74			(0.95	)		(0.38	)		0.75
Total From Investment Operations		1.24			0.98			(0.69	)		0.04			1.10
Distributions
From Net Investment Income		(0.27	)		(0.24	)		(0.33	)		(0.44	)		(0.34	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)
Total Distributions		(0.27	)		(0.24	)		(0.42	)		(0.46	)		(0.49	)
Net Asset Value, End of Period		$11.24			$10.27			$9.53			$10.64			$11.06

Total Return(2)		12.20	%		10.37	%		(6.25	)%		0.31	%		10.73	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.01	%		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.46	%		2.39	%		2.84	%		3.81	%		3.23	%
Portfolio Turnover Rate		10	%		13	%		51	%		26	%		22	%
Net Assets, End of Period (in thousands)		$104,778			$39,202			$25,088			$9,737			$8,285

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$9.53			$10.64			$11.05			$10.45
Income From Investment Operations
Net Investment Income (Loss)(2)		0.22			0.19			0.21			0.35			0.31
Net Realized and Unrealized Gain (Loss)		0.96			0.75			(0.94	)		(0.35	)		0.74
Total From Investment Operations		1.18			0.94			(0.73	)		—			1.05
Distributions
From Net Investment Income		(0.22	)		(0.20	)		(0.29	)		(0.39	)		(0.30	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)
Total Distributions		(0.22	)		(0.20	)		(0.38	)		(0.41	)		(0.45	)
Net Asset Value, End of Period		$11.23			$10.27			$9.53			$10.64			$11.05

Total Return(3)		11.60	%		9.87	%		(6.67	)%		(0.05	)%		10.13	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.46	%		0.46	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.01	%		1.94	%		2.39	%		3.36	%		2.78	%
Portfolio Turnover Rate		10	%		13	%		51	%		26	%		22	%
Net Assets, End of Period (in thousands)		$87,205			$68,110			$34,202			$8,285			$8,129

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

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

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

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

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.27			$10.15
Income From Investment Operations
Net Investment Income (Loss)(2)		0.09			0.03
Net Realized and Unrealized Gain (Loss)		1.02			0.12
Total From Investment Operations		1.11			0.15
Distributions
From Net Investment Income		(0.14	)		(0.03	)
Net Asset Value, End of Period		$11.24			$10.27

Total Return(3)		10.87	%		1.51	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		1.21	%		1.21	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.26	%		0.77	%(5)
Portfolio Turnover Rate		10	%		13	%(6)
Net Assets, End of Period (in thousands)		$538			$35

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

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

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

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

(5)	Annualized.

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

See Notes to Financial Statements.

LIVESTRONG Income Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.26			$9.52			$10.63			$11.05			$10.44
Income From Investment Operations
Net Investment Income (Loss)(1)		0.19			0.16			0.18			0.30			0.27
Net Realized and Unrealized Gain (Loss)		0.96			0.75			(0.93	)		(0.34	)		0.76
Total From Investment Operations		1.15			0.91			(0.75	)		(0.04	)		1.03
Distributions
From Net Investment Income		(0.19	)		(0.17	)		(0.27	)		(0.36	)		(0.27	)
From Net Realized Gains		—			—			(0.09	)		(0.02	)		(0.15	)
Total Distributions		(0.19	)		(0.17	)		(0.36	)		(0.38	)		(0.42	)
Net Asset Value, End of Period		$11.22			$10.26			$9.52			$10.63			$11.05

Total Return(2)		11.33	%		9.61	%		(6.91	)%		(0.40	)%		9.97	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.71	%		0.71	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.76	%		1.69	%		2.14	%		3.11	%		2.53	%
Portfolio Turnover Rate		10	%		13	%		51	%		26	%		22	%
Net Assets, End of Period (in thousands)		$24,616			$12,527			$3,466			$351			$112

(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.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.76			$9.87			$11.39			$11.91			$11.09
Income From Investment Operations
Net Investment Income (Loss)(1)		0.25			0.22			0.26			0.43			0.32
Net Realized and Unrealized Gain (Loss)		1.11			0.86			(1.29	)		(0.49	)		1.04
Total From Investment Operations		1.36			1.08			(1.03	)		(0.06	)		1.36
Distributions
From Net Investment Income		(0.24	)		(0.19	)		(0.35	)		(0.41	)		(0.27	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)
Total Distributions		(0.24	)		(0.19	)		(0.49	)		(0.46	)		(0.54	)
Net Asset Value, End of Period		$11.88			$10.76			$9.87			$11.39			$11.91

Total Return(2)		12.72	%		11.00	%		(8.63	)%		(0.67	)%		12.46	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.21	%		0.21	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		2.21	%		2.11	%		2.78	%		3.62	%		2.74	%
Portfolio Turnover Rate		4	%		9	%		28	%		20	%		18	%
Net Assets, End of Period (in thousands)		$322,747			$284,172			$217,149			$161,838			$139,725

(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.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.78			$9.89			$11.41			$11.93			$11.10
Income From Investment Operations
Net Investment Income (Loss)(1)		0.29			0.25			0.24			0.44			0.34
Net Realized and Unrealized Gain (Loss)		1.09			0.85			(1.25	)		(0.48	)		1.05
Total From Investment Operations		1.38			1.10			(1.01	)		(0.04	)		1.39
Distributions
From Net Investment Income		(0.26	)		(0.21	)		(0.37	)		(0.43	)		(0.29	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)
Total Distributions		(0.26	)		(0.21	)		(0.51	)		(0.48	)		(0.56	)
Net Asset Value, End of Period		$11.90			$10.78			$9.89			$11.41			$11.93

Total Return(2)		12.92	%		11.20	%		(8.42	)%		(0.46	)%		12.77	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.01	%		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.41	%		2.31	%		2.98	%		3.82	%		2.94	%
Portfolio Turnover Rate		4	%		9	%		28	%		20	%		18	%
Net Assets, End of Period (in thousands)		$175,214			$82,264			$59,500			$17,845			$15,736

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.75			$9.86			$11.37			$11.89			$11.07
Income From Investment Operations
Net Investment Income (Loss)(2)		0.22			0.19			0.25			0.38			0.30
Net Realized and Unrealized Gain (Loss)		1.11			0.86			(1.29	)		(0.47	)		1.03
Total From Investment Operations		1.33			1.05			(1.04	)		(0.09	)		1.33
Distributions
From Net Investment Income		(0.21	)		(0.16	)		(0.33	)		(0.38	)		(0.24	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)
Total Distributions		(0.21	)		(0.16	)		(0.47	)		(0.43	)		(0.51	)
Net Asset Value, End of Period		$11.87			$10.75			$9.86			$11.37			$11.89

Total Return(3)		12.44	%		10.73	%		(8.79	)%		(0.93	)%		12.20	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.46	%		0.46	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.96	%		1.86	%		2.53	%		3.37	%		2.49	%
Portfolio Turnover Rate		4	%		9	%		28	%		20	%		18	%
Net Assets, End of Period (in thousands)		$178,615			$115,945			$40,386			$24,384			$19,270

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

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

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

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

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.72			$10.55
Income From Investment Operations
Net Investment Income (Loss)(2)		0.12			0.04
Net Realized and Unrealized Gain (Loss)		1.12			0.13
Total From Investment Operations		1.24			0.17
Distributions
From Net Investment Income		(0.12	)		—
Net Asset Value, End of Period		$11.84			$10.72

Total Return(3)		11.62	%		1.61	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		1.21	%		1.21	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.21	%		0.83	%(5)
Portfolio Turnover Rate		4	%		9	%(6)
Net Assets, End of Period (in thousands)		$934			$182

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

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

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

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

(5)	Annualized.

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

See Notes to Financial Statements.

LIVESTRONG 2015 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.73			$9.84			$11.36			$11.88			$11.06
Income From Investment Operations
Net Investment Income (Loss)(1)		0.20			0.16			0.18			0.39			0.25
Net Realized and Unrealized Gain (Loss)		1.10			0.87			(1.25	)		(0.51	)		1.05
Total From Investment Operations		1.30			1.03			(1.07	)		(0.12	)		1.30
Distributions
From Net Investment Income		(0.18	)		(0.14	)		(0.31	)		(0.35	)		(0.21	)
From Net Realized Gains		—			—			(0.14	)		(0.05	)		(0.27	)
Total Distributions		(0.18	)		(0.14	)		(0.45	)		(0.40	)		(0.48	)
Net Asset Value, End of Period		$11.85			$10.73			$9.84			$11.36			$11.88

Total Return(2)		12.18	%		10.47	%		(9.12	)%		(1.19	)%		11.92	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.71	%		0.71	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.71	%		1.61	%		2.28	%		3.12	%		2.24	%
Portfolio Turnover Rate		4	%		9	%		28	%		20	%		18	%
Net Assets, End of Period (in thousands)		$58,006			$37,643			$13,316			$4,165			$3,187

(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.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$9.30			$8.47			$9.49			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.20			0.19			0.13			0.03
Net Realized and Unrealized Gain (Loss)		1.06			0.80			(1.03	)		(0.54	)
Total From Investment Operations		1.26			0.99			(0.90	)		(0.51	)
Distributions
From Net Investment Income		(0.19	)		(0.15	)		(0.12	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.19	)		(0.16	)		(0.12	)		—
Net Asset Value, End of Period		$10.37			$9.30			$8.47			$9.49

Total Return(4)		13.66	%		11.69	%		(9.38	)%		(5.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.21	%		0.21	%		0.20	%		0.20	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.13	%		1.99	%		1.70	%		1.89	%(6)
Portfolio Turnover Rate		4	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$105,921			$127,604			$91,329			$1,073

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$9.31			$8.47			$9.50			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.24			0.20			0.15			0.04
Net Realized and Unrealized Gain (Loss)		1.04			0.81			(1.05	)		(0.54	)
Total From Investment Operations		1.28			1.01			(0.90	)		(0.50	)
Distributions
From Net Investment Income		(0.21	)		(0.16	)		(0.13	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.21	)		(0.17	)		(0.13	)		—
Net Asset Value, End of Period		$10.38			$9.31			$8.47			$9.50

Total Return(4)		13.88	%		11.90	%		(9.26	)%		(5.00	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.01	%		0.01	%		0.00	%(6)		0.00	%(6)(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.33	%		2.19	%		1.90	%		2.09	%(7)
Portfolio Turnover Rate		4	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$169,034			$44,304			$21,532			$16

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

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

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

(4)	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.

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

(6)	Ratio was less than 0.005%.

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$9.28			$8.45			$9.49			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.19			0.15			0.15			0.04
Net Realized and Unrealized Gain (Loss)		1.05			0.81			(1.08	)		(0.55	)
Total From Investment Operations		1.24			0.96			(0.93	)		(0.51	)
Distributions
From Net Investment Income		(0.16	)		(0.12	)		(0.11	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.16	)		(0.13	)		(0.11	)		—
Net Asset Value, End of Period		$10.36			$9.28			$8.45			$9.49

Total Return(5)		13.51	%		11.43	%		(9.72	)%		(5.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.46	%		0.46	%		0.45	%		0.45	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.88	%		1.74	%		1.45	%		1.64	%(7)
Portfolio Turnover Rate		4	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$124,401			$80,483			$3,882			$6

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

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

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

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

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

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$9.26			$9.12
Income From Investment Operations
Net Investment Income (Loss)(2)		0.10			0.03
Net Realized and Unrealized Gain (Loss)		1.07			0.11
Total From Investment Operations		1.17			0.14
Distributions
From Net Investment Income		(0.09	)		—
From Net Realized Gains		—	(3)		—
Total Distributions		(0.09	)		—
Net Asset Value, End of Period		$10.34			$9.26

Total Return(4)		12.68	%		1.54	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.13	%		0.67	%(6)
Portfolio Turnover Rate		4	%		8	%(7)
Net Assets, End of Period (in thousands)		$578			$103

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

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

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

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

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

(6)	Annualized.

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

See Notes to Financial Statements.

LIVESTRONG 2020 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$9.27			$8.44			$9.49			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.16			0.13			0.14			0.03
Net Realized and Unrealized Gain (Loss)		1.05			0.81			(1.10	)		(0.54	)
Total From Investment Operations		1.21			0.94			(0.96	)		(0.51	)
Distributions
From Net Investment Income		(0.14	)		(0.10	)		(0.09	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.14	)		(0.11	)		(0.09	)		—
Net Asset Value, End of Period		$10.34			$9.27			$8.44			$9.49

Total Return(4)		13.13	%		11.17	%		(9.96	)%		(5.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.71	%		0.71	%		0.70	%		0.70	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.63	%		1.49	%		1.20	%		1.39	%(6)
Portfolio Turnover Rate		4	%		8	%		53	%		0	%
Net Assets, End of Period (in thousands)		$35,703			$14,928			$3,274			$6

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.78			$9.76			$11.63			$12.35			$11.49
Income From Investment Operations
Net Investment Income (Loss)(1)		0.23			0.19			0.22			0.42			0.28
Net Realized and Unrealized Gain (Loss)		1.34			1.00			(1.63	)		(0.69	)		1.34
Total From Investment Operations		1.57			1.19			(1.41	)		(0.27	)		1.62
Distributions
From Net Investment Income		(0.22	)		(0.17	)		(0.30	)		(0.40	)		(0.24	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)
Total Distributions		(0.22	)		(0.17	)		(0.46	)		(0.45	)		(0.76	)
Net Asset Value, End of Period		$12.13			$10.78			$9.76			$11.63			$12.35

Total Return(2)		14.60	%		12.19	%		(11.64	)%		(2.39	)%		14.45	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.21	%		0.21	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.98	%		1.83	%		2.43	%		3.40	%		2.34	%
Portfolio Turnover Rate		3	%		10	%		22	%		18	%		18	%
Net Assets, End of Period (in thousands)		$425,965			$393,154			$313,816			$215,024			$174,984

(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.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.79			$9.77			$11.64			$12.37			$11.51
Income From Investment Operations
Net Investment Income (Loss)(1)		0.27			0.21			0.24			0.43			0.31
Net Realized and Unrealized Gain (Loss)		1.32			1.00			(1.63	)		(0.69	)		1.34
Total From Investment Operations		1.59			1.21			(1.39	)		(0.26	)		1.65
Distributions
From Net Investment Income		(0.24	)		(0.19	)		(0.32	)		(0.42	)		(0.27	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)
Total Distributions		(0.24	)		(0.19	)		(0.48	)		(0.47	)		(0.79	)
Net Asset Value, End of Period		$12.14			$10.79			$9.77			$11.64			$12.37

Total Return(2)		14.82	%		12.40	%		(11.45	)%		(2.27	)%		14.67	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.01	%		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.18	%		2.03	%		2.63	%		3.60	%		2.54	%
Portfolio Turnover Rate		3	%		10	%		22	%		18	%		18	%
Net Assets, End of Period (in thousands)		$257,121			$103,770			$78,031			$44,611			$44,250

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.77			$9.74			$11.61			$12.34			$11.48
Income From Investment Operations
Net Investment Income (Loss)(2)		0.20			0.16			0.21			0.35			0.26
Net Realized and Unrealized Gain (Loss)		1.33			1.01			(1.64	)		(0.66	)		1.33
Total From Investment Operations		1.53			1.17			(1.43	)		(0.31	)		1.59
Distributions
From Net Investment Income		(0.19	)		(0.14	)		(0.28	)		(0.37	)		(0.21	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)
Total Distributions		(0.19	)		(0.14	)		(0.44	)		(0.42	)		(0.73	)
Net Asset Value, End of Period		$12.11			$10.77			$9.74			$11.61			$12.34

Total Return(3)		14.23	%		12.03	%		(11.89	)%		(2.73	)%		14.17	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.46	%		0.46	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.73	%		1.58	%		2.18	%		3.15	%		2.09	%
Portfolio Turnover Rate		3	%		10	%		22	%		18	%		18	%
Net Assets, End of Period (in thousands)		$242,996			$143,045			$49,723			$28,073			$17,076

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

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

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

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

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.74			$10.58
Income From Investment Operations
Net Investment Income (Loss)(2)		0.11			0.02
Net Realized and Unrealized Gain (Loss)		1.34			0.14
Total From Investment Operations		1.45			0.16
Distributions
From Net Investment Income		(0.10	)		—
Net Asset Value, End of Period		$12.09			$10.74

Total Return(3)		13.50	%		1.51	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		1.21	%		1.21	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.98	%		0.43	%(5)
Portfolio Turnover Rate		3	%		10	%(6)
Net Assets, End of Period (in thousands)		$1,595			$373

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

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

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

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

(5)	Annualized.

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

See Notes to Financial Statements.

LIVESTRONG 2025 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.75			$9.73			$11.60			$12.32			$11.46
Income From Investment Operations
Net Investment Income (Loss)(1)		0.17			0.14			0.16			0.36			0.22
Net Realized and Unrealized Gain (Loss)		1.33			0.99			(1.62	)		(0.70	)		1.34
Total From Investment Operations		1.50			1.13			(1.46	)		(0.34	)		1.56
Distributions
From Net Investment Income		(0.16	)		(0.11	)		(0.25	)		(0.33	)		(0.18	)
From Net Realized Gains		—			—			(0.16	)		(0.05	)		(0.52	)
Total Distributions		(0.16	)		(0.11	)		(0.41	)		(0.38	)		(0.70	)
Net Asset Value, End of Period		$12.09			$10.75			$9.73			$11.60			$12.32

Total Return(2)		13.97	%		11.66	%		(12.12	)%		(2.90	)%		13.90	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.71	%		0.71	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.48	%		1.33	%		1.93	%		2.90	%		1.84	%
Portfolio Turnover Rate		3	%		10	%		22	%		18	%		18	%
Net Assets, End of Period (in thousands)		$88,153			$47,433			$16,344			$2,746			$1,378

(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.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.95			$8.04			$9.39			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.16			0.14			0.10			0.02
Net Realized and Unrealized Gain (Loss)		1.21			0.89			(1.36	)		(0.63	)
Total From Investment Operations		1.37			1.03			(1.26	)		(0.61	)
Distributions
From Net Investment Income		(0.15	)		(0.11	)		(0.09	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.15	)		(0.12	)		(0.09	)		—
Net Asset Value, End of Period		$10.17			$8.95			$8.04			$9.39

Total Return(4)		15.41	%		12.90	%		(13.30	)%		(6.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.21	%		0.21	%		0.20	%		0.20	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.76	%		1.63	%		1.48	%		1.49	%(6)
Portfolio Turnover Rate		4	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$76,884			$99,983			$70,382			$626

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.95			$8.05			$9.40			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.20			0.16			0.12			0.04
Net Realized and Unrealized Gain (Loss)		1.20			0.88			(1.37	)		(0.64	)
Total From Investment Operations		1.40			1.04			(1.25	)		(0.60	)
Distributions
From Net Investment Income		(0.17	)		(0.13	)		(0.10	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.17	)		(0.14	)		(0.10	)		—
Net Asset Value, End of Period		$10.18			$8.95			$8.05			$9.40

Total Return(4)		15.62	%		13.11	%		(13.18	)%		(6.00	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.01	%		0.01	%		0.00	%(6)		0.00	%(6)(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.96	%		1.83	%		1.68	%		1.69	%(7)
Portfolio Turnover Rate		4	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$144,661			$33,647			$17,528			$6

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

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

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

(4)	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.

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

(6)	Ratio was less than 0.005%.

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.93			$8.03			$9.39			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.15			0.12			0.11			0.03
Net Realized and Unrealized Gain (Loss)		1.20			0.88			(1.39	)		(0.64	)
Total From Investment Operations		1.35			1.00			(1.28	)		(0.61	)
Distributions
From Net Investment Income		(0.13	)		(0.09	)		(0.08	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.13	)		(0.10	)		(0.08	)		—
Net Asset Value, End of Period		$10.15			$8.93			$8.03			$9.39

Total Return(5)		15.15	%		12.51	%		(13.53	)%		(6.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.46	%		0.46	%		0.45	%		0.45	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.51	%		1.38	%		1.23	%		1.24	%(7)
Portfolio Turnover Rate		4	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$114,892			$71,159			$3,378			$6

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

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

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

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

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

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

(7)	Annualized.

See Notes to Financial Statements.

LIVESTRONG 2030 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.92			$8.80
Income From Investment Operations
Net Investment Income (Loss)(2)		0.06			0.02
Net Realized and Unrealized Gain (Loss)		1.20			0.10
Total From Investment Operations		1.26			0.12
Distributions
From Net Investment Income		(0.05	)		—
From Net Realized Gains		—	(3)		—
Total Distributions		(0.05	)		—
Net Asset Value, End of Period		$10.13			$8.92

Total Return(4)		14.18	%		1.36	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.76	%		0.41	%(6)
Portfolio Turnover Rate		4	%		7	%(7)
Net Assets, End of Period (in thousands)		$728			$162

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

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

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

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

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

(6)	Annualized.

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

See Notes to Financial Statements.

100

LIVESTRONG 2030 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.92			$8.02			$9.39			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.12			0.10			0.12			0.02
Net Realized and Unrealized Gain (Loss)		1.20			0.88			(1.42	)		(0.63	)
Total From Investment Operations		1.32			0.98			(1.30	)		(0.61	)
Distributions
From Net Investment Income		(0.10	)		(0.07	)		(0.07	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.10	)		(0.08	)		(0.07	)		—
Net Asset Value, End of Period		$10.14			$8.92			$8.02			$9.39

Total Return(4)		14.88	%		12.24	%		(13.76	)%		(6.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.71	%		0.71	%		0.70	%		0.70	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.26	%		1.13	%		0.98	%		0.99	%(6)
Portfolio Turnover Rate		4	%		7	%		43	%		4	%
Net Assets, End of Period (in thousands)		$35,411			$14,455			$3,573			$6

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

101

LIVESTRONG 2035 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.92			$9.74			$12.10			$13.09			$11.85
Income From Investment Operations
Net Investment Income (Loss)(1)		0.20			0.17			0.19			0.41			0.24
Net Realized and Unrealized Gain (Loss)		1.59			1.15			(2.13	)		(0.95	)		1.71
Total From Investment Operations		1.79			1.32			(1.94	)		(0.54	)		1.95
Distributions
From Net Investment Income		(0.19	)		(0.14	)		(0.24	)		(0.40	)		(0.19	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)
Total Distributions		(0.19	)		(0.14	)		(0.42	)		(0.45	)		(0.71	)
Net Asset Value, End of Period		$12.52			$10.92			$9.74			$12.10			$13.09

Total Return(2)		16.44	%		13.58	%		(15.54	)%		(4.33	)%		16.86	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.21	%		0.21	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.68	%		1.54	%		2.12	%		3.19	%		1.87	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%
Net Assets, End of Period (in thousands)		$277,333			$231,716			$170,455			$128,815			$91,220

(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.

See Notes to Financial Statements.

102

LIVESTRONG 2035 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.93			$9.76			$12.12			$13.11			$11.87
Income From Investment Operations
Net Investment Income (Loss)(1)		0.24			0.19			0.20			0.44			0.26
Net Realized and Unrealized Gain (Loss)		1.58			1.14			(2.12	)		(0.95	)		1.72
Total From Investment Operations		1.82			1.33			(1.92	)		(0.51	)		1.98
Distributions
From Net Investment Income		(0.21	)		(0.16	)		(0.26	)		(0.43	)		(0.22	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)
Total Distributions		(0.21	)		(0.16	)		(0.44	)		(0.48	)		(0.74	)
Net Asset Value, End of Period		$12.54			$10.93			$9.76			$12.12			$13.11

Total Return(2)		16.75	%		13.68	%		(15.34	)%		(4.13	)%		17.07	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.01	%		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.88	%		1.74	%		2.32	%		3.39	%		2.07	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%
Net Assets, End of Period (in thousands)		$154,449			$66,385			$46,544			$24,120			$22,314

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

103

LIVESTRONG 2035 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.90			$9.73			$12.09			$13.08			$11.83
Income From Investment Operations
Net Investment Income (Loss)(2)		0.17			0.14			0.17			0.35			0.21
Net Realized and Unrealized Gain (Loss)		1.59			1.14			(2.13	)		(0.92	)		1.72
Total From Investment Operations		1.76			1.28			(1.96	)		(0.57	)		1.93
Distributions
From Net Investment Income		(0.16	)		(0.11	)		(0.22	)		(0.37	)		(0.16	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)
Total Distributions		(0.16	)		(0.11	)		(0.40	)		(0.42	)		(0.68	)
Net Asset Value, End of Period		$12.50			$10.90			$9.73			$12.09			$13.08

Total Return(3)		16.17	%		13.21	%		(15.77	)%		(4.58	)%		16.67	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.46	%		0.46	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.43	%		1.29	%		1.87	%		2.94	%		1.62	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%
Net Assets, End of Period (in thousands)		$174,230			$103,002			$32,896			$19,145			$13,378

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

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

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

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

See Notes to Financial Statements.

104

LIVESTRONG 2035 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.87			$10.74
Income From Investment Operations
Net Investment Income (Loss)(2)		0.07			0.01
Net Realized and Unrealized Gain (Loss)		1.59			0.12
Total From Investment Operations		1.66			0.13
Distributions
From Net Investment Income		(0.07	)		—
Net Asset Value, End of Period		$12.46			10.87

Total Return(3)		15.25	%		1.21	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		1.21	%		1.21	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.68	%		0.29	%(5)
Portfolio Turnover Rate		3	%		8	%(6)
Net Assets, End of Period (in thousands)		$630			$86

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

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

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

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

(5)	Annualized.

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

See Notes to Financial Statements.

105

LIVESTRONG 2035 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.89			$9.72			$12.07			$13.06			$11.82
Income From Investment Operations
Net Investment Income (Loss)(1)		0.14			0.11			0.14			0.43			0.18
Net Realized and Unrealized Gain (Loss)		1.58			1.15			(2.11	)		(1.03	)		1.71
Total From Investment Operations		1.72			1.26			(1.97	)		(0.60	)		1.89
Distributions
From Net Investment Income		(0.13	)		(0.09	)		(0.20	)		(0.34	)		(0.13	)
From Net Realized Gains		—			—			(0.18	)		(0.05	)		(0.52	)
Total Distributions		(0.13	)		(0.09	)		(0.38	)		(0.39	)		(0.65	)
Net Asset Value, End of Period		$12.48			$10.89			$9.72			$12.07			$13.06

Total Return(2)		15.80	%		12.93	%		(15.92	)%		(4.84	)%		16.30	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.71	%		0.71	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.18	%		1.04	%		1.62	%		2.69	%		1.37	%
Portfolio Turnover Rate		3	%		8	%		18	%		16	%		23	%
Net Assets, End of Period (in thousands)		$71,077			$35,276			$10,785			$2,178			$975

(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.

See Notes to Financial Statements.

106

LIVESTRONG 2040 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.72			$7.75			$9.29			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.14			0.12			0.09			0.01
Net Realized and Unrealized Gain (Loss)		1.39			0.95			(1.54	)		(0.72	)
Total From Investment Operations		1.53			1.07			(1.45	)		(0.71	)
Distributions
From Net Investment Income		(0.14	)		(0.09	)		(0.09	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.14	)		(0.10	)		(0.09	)		—
Net Asset Value, End of Period		$10.11			$8.72			$7.75			$9.29

Total Return(4)		17.57	%		13.80	%		(15.53	)%		(7.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.21	%		0.21	%		0.20	%		0.20	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.57	%		1.40	%		1.38	%		1.10	%(6)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$44,433			$41,985			$24,386			$831

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

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

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

(4)	(4)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.

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

(6)	Annualized.

See Notes to Financial Statements.

107

LIVESTRONG 2040 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.73			$7.75			$9.29			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.18			0.14			0.11			0.03
Net Realized and Unrealized Gain (Loss)		1.37			0.96			(1.56	)		(0.74	)
Total From Investment Operations		1.55			1.10			(1.45	)		(0.71	)
Distributions
From Net Investment Income		(0.16	)		(0.11	)		(0.09	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.16	)		(0.12	)		(0.09	)		—
Net Asset Value, End of Period		$10.12			$8.73			$7.75			$9.29

Total Return(4)		17.78	%		14.16	%		(15.43	)%		(7.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.01	%		0.01	%		0.00	%(6)		0.00	%(6)(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.77	%		1.60	%		1.58	%		1.30	%(7)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$78,468			$22,593			$9,846			$6

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

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

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

(4)	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.

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

(6)	Ratio was less than 0.005%.

(7)	Annualized.

See Notes to Financial Statements.

108

LIVESTRONG 2040 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.71			$7.73			$9.29			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.13			0.09			0.09			0.02
Net Realized and Unrealized Gain (Loss)		1.37			0.97			(1.57	)		(0.73	)
Total From Investment Operations		1.50			1.06			(1.48	)		(0.71	)
Distributions
From Net Investment Income		(0.11	)		(0.07	)		(0.08	)		—
From Net Realized Gains		—	(4)		(0.01	)		—			—
Total Distributions		(0.11	)		(0.08	)		(0.08	)		—
Net Asset Value, End of Period		$10.10			$8.71			$7.73			$9.29

Total Return(5)		17.29	%		13.68	%		(15.87	)%		(7.10	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.46	%		0.46	%		0.45	%		0.45	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.32	%		1.15	%		1.13	%		0.85	%(7)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$69,629			$42,212			$1,551			$6

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

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

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

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

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

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

(7)	Annualized.

See Notes to Financial Statements.

109

LIVESTRONG 2040 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.68			$8.60
Income From Investment Operations
Net Investment Income (Loss)(2)		0.05			—	(3)
Net Realized and Unrealized Gain (Loss)		1.38			0.08
Total From Investment Operations		1.43			0.08
Distributions
From Net Investment Income		(0.04	)		—
From Net Realized Gains		—	(3)		—
Total Distributions		(0.04	)		—
Net Asset Value, End of Period		$10.07			$8.68

Total Return(4)		16.46	%		0.93	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%		1.21	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.57	%		0.12	%(6)
Portfolio Turnover Rate		5	%		3	%(7)
Net Assets, End of Period (in thousands)		$215			$68

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

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

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

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

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

(6)	Annualized.

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

See Notes to Financial Statements.

110

LIVESTRONG 2040 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.69			$7.72			$9.28			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.10			0.08			0.10			0.02
Net Realized and Unrealized Gain (Loss)		1.38			0.95			(1.59	)		(0.74	)
Total From Investment Operations		1.48			1.03			(1.49	)		(0.72	)
Distributions
From Net Investment Income		(0.09	)		(0.05	)		(0.07	)		—
From Net Realized Gains		—	(3)		(0.01	)		—			—
Total Distributions		(0.09	)		(0.06	)		(0.07	)		—
Net Asset Value, End of Period		$10.08			$8.69			$7.72			$9.28

Total Return(4)		17.03	%		13.28	%		(16.01	)%		(7.20	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.71	%		0.71	%		0.70	%		0.70	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.07	%		0.90	%		0.88	%		0.60	%(6)
Portfolio Turnover Rate		5	%		3	%		25	%		3	%
Net Assets, End of Period (in thousands)		$18,752			$7,773			$2,347			$6

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

111

LIVESTRONG 2045 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.82			$9.59			$12.24			$13.40			$11.96
Income From Investment Operations
Net Investment Income (Loss)(1)		0.18			0.14			0.18			0.42			0.22
Net Realized and Unrealized Gain (Loss)		1.76			1.22			(2.41	)		(1.12	)		1.92
Total From Investment Operations		1.94			1.36			(2.23	)		(0.70	)		2.14
Distributions
From Net Investment Income		(0.17	)		(0.13	)		(0.22	)		(0.41	)		(0.17	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)
Total Distributions		(0.17	)		(0.13	)		(0.42	)		(0.46	)		(0.70	)
Net Asset Value, End of Period		$12.59			$10.82			$9.59			$12.24			$13.40

Total Return(2)		17.98	%		14.16	%		(17.74	)%		(5.53	)%		18.23	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.21	%		0.21	%		0.20	%		0.20	%		0.20	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.51	%		1.35	%		1.99	%		3.19	%		1.62	%
Portfolio Turnover Rate		2	%		9	%		18	%		18	%		25	%
Net Assets, End of Period (in thousands)		$157,711			$113,447			$85,095			$72,649			$48,229

(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.

See Notes to Financial Statements.

112

LIVESTRONG 2045 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.83			$9.60			$12.25			$13.42			$11.98
Income From Investment Operations
Net Investment Income (Loss)(1)		0.21			0.16			0.20			0.44			0.23
Net Realized and Unrealized Gain (Loss)		1.75			1.22			(2.41	)		(1.12	)		1.93
Total From Investment Operations		1.96			1.38			(2.21	)		(0.68	)		2.16
Distributions
From Net Investment Income		(0.19	)		(0.15	)		(0.24	)		(0.44	)		(0.19	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)
Total Distributions		(0.19	)		(0.15	)		(0.44	)		(0.49	)		(0.72	)
Net Asset Value, End of Period		$12.60			$10.83			$9.60			$12.25			$13.42

Total Return(2)		18.10	%		14.48	%		(17.56	)%		(5.40	)%		18.44	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.01	%		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.71	%		1.55	%		2.19	%		3.39	%		1.82	%
Portfolio Turnover Rate		2	%		9	%		18	%		18	%		25	%
Net Assets, End of Period (in thousands)		$110,477			$57,836			$34,639			$31,054			$28,483

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

113

LIVESTRONG 2045 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.80			$9.57			$12.22			$13.38			$11.94
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.11			0.15			0.39			0.18
Net Realized and Unrealized Gain (Loss)		1.75			1.22			(2.40	)		(1.13	)		1.92
Total From Investment Operations		1.90			1.33			(2.25	)		(0.74	)		2.10
Distributions
From Net Investment Income		(0.14	)		(0.10	)		(0.20	)		(0.37	)		(0.13	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)
Total Distributions		(0.14	)		(0.10	)		(0.40	)		(0.42	)		(0.66	)
Net Asset Value, End of Period		$12.56			$10.80			$9.57			$12.22			$13.38

Total Return(3)		17.63	%		13.90	%		(17.98	)%		(5.78	)%		17.96	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.46	%		0.46	%		0.45	%		0.45	%		0.45	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.26	%		1.10	%		1.74	%		2.94	%		1.37	%
Portfolio Turnover Rate		2	%		9	%		18	%		18	%		25	%
Net Assets, End of Period (in thousands)		$104,426			$56,695			$17,537			$11,411			$9,091

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

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

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

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

See Notes to Financial Statements.

114

LIVESTRONG 2045 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.78			$10.67
Income From Investment Operations
Net Investment Income (Loss)(2)		0.03			0.01
Net Realized and Unrealized Gain (Loss)		1.77			0.10
Total From Investment Operations		1.80			0.11
Distributions
From Net Investment Income		(0.05	)		—
Net Asset Value, End of Period		$12.53			$10.78

Total Return(3)		16.68	%		1.03	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		1.21	%		1.21	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.51	%		0.14	%(5)
Portfolio Turnover Rate		2	%		9	%(6)
Net Assets, End of Period (in thousands)		$363			$59

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

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

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

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

(5)	Annualized.

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

See Notes to Financial Statements.

115

LIVESTRONG 2045 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.79			$9.56			$12.21			$13.36			$11.93
Income From Investment Operations
Net Investment Income (Loss)(1)		0.12			0.09			0.11			0.38			0.12
Net Realized and Unrealized Gain (Loss)		1.75			1.21			(2.38	)		(1.14	)		1.94
Total From Investment Operations		1.87			1.30			(2.27	)		(0.76	)		2.06
Distributions
From Net Investment Income		(0.11	)		(0.07	)		(0.18	)		(0.34	)		(0.10	)
From Net Realized Gains		—			—			(0.20	)		(0.05	)		(0.53	)
Total Distributions		(0.11	)		(0.07	)		(0.38	)		(0.39	)		(0.63	)
Net Asset Value, End of Period		$12.55			$10.79			$9.56			$12.21			$13.36

Total Return(2)		17.35	%		13.63	%		(18.20	)%		(5.96	)%		17.58	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.71	%		0.71	%		0.70	%		0.70	%		0.70	%
Ratio of Net Investment Income (Loss) to Average Net Assets		1.01	%		0.85	%		1.49	%		2.69	%		1.12	%
Portfolio Turnover Rate		2	%		9	%		18	%		18	%		25	%
Net Assets, End of Period (in thousands)		$39,540			$17,327			$4,966			$1,403			$753

(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.

See Notes to Financial Statements.

116

LIVESTRONG 2050 Portfolio — Investor Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.45			$7.46			$9.23			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.13			0.10			0.10			0.02
Net Realized and Unrealized Gain (Loss)		1.42			0.97			(1.80	)		(0.79	)
Total From Investment Operations		1.55			1.07			(1.70	)		(0.77	)
Distributions
From Net Investment Income		(0.12	)		(0.08	)		(0.07	)		—
From Net Realized Gains		—	(3)		—	(3)		—			—
Total Distributions		(0.12	)		(0.08	)		(0.07	)		—
Net Asset Value, End of Period		$9.88			$8.45			$7.46			$9.23

Total Return(4)		18.35	%		14.33	%		(18.30	)%		(7.70	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.21	%		0.22	%		0.20	%		0.20	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.37	%		1.17	%		1.57	%		1.16	%(6)
Portfolio Turnover Rate		6	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$20,035			$10,225			$3,454			$464

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

117

LIVESTRONG 2050 Portfolio — Institutional Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.46			$7.47			$9.23			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.15			0.12			0.12			0.03
Net Realized and Unrealized Gain (Loss)		1.43			0.96			(1.80	)		(0.80	)
Total From Investment Operations		1.58			1.08			(1.68	)		(0.77	)
Distributions
From Net Investment Income		(0.14	)		(0.09	)		(0.08	)		—
From Net Realized Gains		—	(3)		—	(3)		—			—
Total Distributions		(0.14	)		(0.09	)		(0.08	)		—
Net Asset Value, End of Period		$9.90			$8.46			$7.47			$9.23

Total Return(4)		18.69	%		14.54	%		(18.09	)%		(7.70	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.01	%		0.02	%		0.00	%(6)		0.00	%(6)(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.57	%		1.37	%		1.77	%		1.36	%(7)
Portfolio Turnover Rate		6	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$30,796			$8,482			$3,179			$6

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

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

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

(4)	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.

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

(6)	Ratio was less than 0.005%.

(7)	Annualized.

See Notes to Financial Statements.

118

LIVESTRONG 2050 Portfolio — A Class(1)
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(2)
Per-Share Data
Net Asset Value, Beginning of Period		$8.44			$7.45			$9.23			$10.00
Income From Investment Operations
Net Investment Income (Loss)(3)		0.11			0.07			0.07			0.02
Net Realized and Unrealized Gain (Loss)		1.41			0.97			(1.79	)		(0.79	)
Total From Investment Operations		1.52			1.04			(1.72	)		(0.77	)
Distributions
From Net Investment Income		(0.09	)		(0.05	)		(0.06	)		—
From Net Realized Gains		—	(4)		—	(4)		—			—
Total Distributions		(0.09	)		(0.05	)		(0.06	)		—
Net Asset Value, End of Period		$9.87			$8.44			$7.45			$9.23

Total Return(5)		18.08	%		14.06	%		(18.52	)%		(7.70	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(6)		0.46	%		0.47	%		0.45	%		0.45	%(7)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.12	%		0.92	%		1.32	%		0.91	%(7)
Portfolio Turnover Rate		6	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$29,685			$13,463			$336			$6

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

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

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

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

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

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

(7)	Annualized.

See Notes to Financial Statements.

119

LIVESTRONG 2050 Portfolio — C Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.42			$8.35
Income From Investment Operations
Net Investment Income (Loss)(2)		0.05			—	(3)
Net Realized and Unrealized Gain (Loss)		1.40			0.07
Total From Investment Operations		1.45			0.07
Distributions
From Net Investment Income		(0.02	)		—
From Net Realized Gains		—	(3)		—
Total Distributions		(0.02	)		—
Net Asset Value, End of Period		$9.85			$8.42

Total Return(4)		17.23	%		0.84	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		1.21	%		1.22	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.37	%		0.06	%(6)
Portfolio Turnover Rate		6	%		13	%(7)
Net Assets, End of Period (in thousands)		$117			$32

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

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

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

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

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

(6)	Annualized.

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

See Notes to Financial Statements.

120

LIVESTRONG 2050 Portfolio — R Class
For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
	2011			2010			2009			2008(1)
Per-Share Data
Net Asset Value, Beginning of Period		$8.43			$7.44			$9.22			$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.09			0.06			0.08			0.02
Net Realized and Unrealized Gain (Loss)		1.41			0.96			(1.81	)		(0.80	)
Total From Investment Operations		1.50			1.02			(1.73	)		(0.78	)
Distributions
From Net Investment Income		(0.07	)		(0.03	)		(0.05	)		—
From Net Realized Gains		—	(3)		—	(3)		—			—
Total Distributions		(0.07	)		(0.03	)		(0.05	)		—
Net Asset Value, End of Period		$9.86			$8.43			$7.44			$9.22

Total Return(4)		17.80	%		13.79	%		(18.66	)%		(7.80	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(5)		0.71	%		0.73	%		0.70	%		0.70	%(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.87	%		0.66	%		1.07	%		0.66	%(6)
Portfolio Turnover Rate		6	%		13	%		26	%		3	%
Net Assets, End of Period (in thousands)		$7,660			$3,076			$186			$6

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

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

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

(4)	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.

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

(6)	Annualized.

See Notes to Financial Statements.

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LIVESTRONG 2055 Portfolio — Investor Class
For a Share Outstanding Throughout the Period Indicated
	2011(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.03
Net Realized and Unrealized Gain (Loss)		(0.11	)
Total From Investment Operations		(0.08	)
Net Asset Value, End of Period		$9.92

Total Return(3)		(0.80	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.20	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.86	%(5)
Portfolio Turnover Rate		12	%
Net Assets, End of Period (in thousands)		$390

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

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

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

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

(5)	Annualized.

See Notes to Financial Statements.

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LIVESTRONG 2055 Portfolio — Institutional Class
For a Share Outstanding Throughout the Period Indicated
	2011(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.04
Net Realized and Unrealized Gain (Loss)		(0.12	)
Total From Investment Operations		(0.08	)
Net Asset Value, End of Period		$9.92

Total Return(3)		(0.80	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.00	%(5)(6)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.06	%(5)
Portfolio Turnover Rate		12	%
Net Assets, End of Period (in thousands)		$379

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

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

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

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

(5)	Annualized.

(6)	Ratio was less than 0.005%.

See Notes to Financial Statements.

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LIVESTRONG 2055 Portfolio — A Class
For a Share Outstanding Throughout the Period Indicated
	2011(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.02
Net Realized and Unrealized Gain (Loss)		(0.11	)
Total From Investment Operations		(0.09	)
Net Asset Value, End of Period		$9.91

Total Return(3)		(0.90	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.45	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.61	%(5)
Portfolio Turnover Rate		12	%
Net Assets, End of Period (in thousands)		$21

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

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

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

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

(5)	Annualized.

See Notes to Financial Statements.

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LIVESTRONG 2055 Portfolio — C Class
For a Share Outstanding Throughout the Period Indicated
	2011(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		(0.01	)
Net Realized and Unrealized Gain (Loss)		(0.11	)
Total From Investment Operations		(0.12	)
Net Asset Value, End of Period		$9.88

Total Return(3)		(1.20	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		1.20	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.14	)%(5)
Portfolio Turnover Rate		12	%
Net Assets, End of Period (in thousands)		$5

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

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

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

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

(5)	Annualized.

See Notes to Financial Statements.

125

LIVESTRONG 2055 Portfolio — R Class
For a Share Outstanding Throughout the Period Indicated
	2011(1)
Per-Share Data
Net Asset Value, Beginning of Period		$10.00
Income From Investment Operations
Net Investment Income (Loss)(2)		0.01
Net Realized and Unrealized Gain (Loss)		(0.11	)
Total From Investment Operations		(0.10	)
Net Asset Value, End of Period		$9.90

Total Return(3)		(1.00	)%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(4)		0.70	%(5)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.36	%(5)
Portfolio Turnover Rate		12	%
Net Assets, End of Period (in thousands)		$6

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

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

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

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

(5)	Annualized.

See Notes to Financial Statements.

126

Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors of

American Century Asset Allocation Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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, nine of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Corporation”) as of July 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. We have also audited the accompanying statement of assets and liabilities, including the schedule of investments, of LIVESTRONG 2055 Portfolio, one of the portfolios constituting the Corporation, as of July 31, 2011, and the related statements of operations, changes in net assets, and the financial highlights for the period from March 31, 2011 (inception) through July 31, 2011. These financial statements and financial highlights are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Corporation is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2011, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of 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 of American Century Asset Allocation Portfolios, Inc. as of July 31, 2011, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods described above, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Kansas City, Missouri

September 20, 2011

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Management

The Board of Directors

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors), is 72. However, the mandatory retirement age for an individual director may be extended with the approval of the remaining independent directors.

Mr. Thomas is the only director who is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor).

The other directors (more than three-fourths of the total number) are independent; that is, they have never been employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS). The directors serve in this capacity for seven (in the case of Mr. Thomas, 15) registered investment companies in the American Century Investments family of funds.

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

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5Years
Independent Directors
Thomas A. Brown (1940)	Director	Since 1980	Managing Member, Associated Investments, LLC (real estate investment company); Brown Cascade Properties, LLC (real estate investment company) (2001 to 2009)	64	None
Andrea C. Hall (1945)	Director	Since 1997	Retired as advisor to the President, Midwest Research Institute (not-for-profit research organization) (June 2006)	64	None
Jan M. Lewis (1957)	Director	Since 2011	President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization)(2006 to present); President, BUCON, Inc. (full-service design-build construction company) (2004 to 2006)	64	None
James A. Olson (1942)	Director	Since 2007	Member, Plaza Belmont LLC (private equity fund manager); Chief Financial Officer, Plaza Belmont LLC (September 1999 to September 2006)	64	Saia, Inc. and Entertainment Properties Trust

128

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years		Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5Years
Independent Directors

Donald H. Pratt (1937)	Director and Chairman of the Board	Since 1995 (Chairman since 2005)	Chairman and Chief Executive Officer, Western Investments, Inc. (real estate company)	64	None
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	64	DST Systems Inc., Euronet Worldwide Inc., and Charming Shoppes, Inc.
John R. Whitten (1946)	Director	Since 2008	Project Consultant, Celanese Corp. (industrial chemical company)	64	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Advisory Director	Since 2011	Retired; Executive Vice President, Technology & Operations, KeyCorp. (computer services) (2004 to 2010)	64	Applied Industrial Technology (2001 to 21010)

Interested Director
Jonathan S. Thomas (1963)	Director and President	Since 2007	President and Chief Executive Officer, ACC (March 2007 to present); Chief Administrative Officer, ACC (February 2006 to February 2007); Executive Vice President, ACC (November 2005 to February 2007). Also serves as: Chief Executive Officer and Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	104	None

129

Officers

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


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Director and President since 2007	President and Chief Executive Officer, ACC (March 2007 to present); Chief Administrative Officer, ACC (February 2006 to February 2007); Executive Vice President, ACC (November 2005 to February 2007). Also serves as: Chief Executive Officer and Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Barry Fink (1955)	Executive Vice President since 2007	Chief Operating Officer and Executive Vice President, ACC (September 2007 to present); President, ACS (October 2007 to present); Managing Director, Morgan Stanley (2000 to 2007); Global General Counsel, Morgan Stanley (2000 to 2006). Also serves as: Manager, ACS and Director, ACC and certain ACC subsidiaries
Maryanne L. Roepke (1956)	Chief Compliance Officer since 2006 and Senior Vice President since 2000	Chief Compliance Officer, American Century funds, ACIM and ACS (August 2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006); and Treasurer and Chief Financial Officer, various American Century funds (July 2000 to August 2006). Also serves as: Senior Vice President, ACS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (February 1994 to present); Vice President, ACC (November 2005 to present), General Counsel, ACC (March 2007 to present); Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
Robert J. Leach (1966)	Vice President, Treasurer and Chief Financial Officer since 2006	Vice President, ACS (February 2000 to present); and Controller, various American Century funds (1997 to September 2006)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

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

130

Approval of Management Agreements

At a meeting held on June 9, 2011, the Funds’ Board of Directors unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Funds. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a Fund’s independent directors (the “Directors”) each year.

As a part of the approval process, the Board requested and reviewed extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Funds and the services provided to the Funds by the Advisor. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continuous basis throughout the year and included, but was not limited to the following:

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

•	the wide range of other programs and services the Advisor provides to the Funds and their shareholders on a routine and non-routine basis;

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

•	data comparing the cost of owning the Funds to the cost of owning similar funds;

•	the Advisor’s compliance policies, procedures, and regulatory experience;

•	financial data showing the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the overall profitability of the Advisor;

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

•	consideration of collateral benefits derived by the Advisor from the management of the Funds and any potential economies of scale relating thereto.

In keeping with its practice, the Board held two in-person meetings and one telephonic meeting to review and discuss the information provided. The Directors also had the benefit of the advice of independent counsel throughout the period.

Factors Considered

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

131

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

•	constructing and designing the Funds

•	portfolio research and security selection

•	initial capitalization/funding

•	securities trading

•	Fund administration

•	custody of Fund assets

•	daily valuation of each Fund’s portfolio

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

•	legal services

•	regulatory and portfolio compliance

•	financial reporting

•	marketing and distribution

The Board noted that many of these services have expanded over time both in terms of quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and approved strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, regularly reviews investment performance information for the Funds, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons.

132

The Directors also review detailed performance information during the management agreement approval process. If performance concerns are identified, the underperforming Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. Taking all these factors into consideration, the Board found the investment management services provided by the Advisor to the Funds to meet or exceed industry standards. More detailed information about the Funds’ performance can be found in the Performance and Portfolio Commentary sections of this report.

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

high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing the Funds, its overall profitability, and its financial condition. The Directors have reviewed with the Advisor the methodology used to prepare this financial information. The financial information regarding the Advisor is considered in evaluating the Advisor’s financial condition, ability to continue to provide services to the fund, and the reasonableness of the management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

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

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

133

Comparison to Other Funds’ Fees. The Funds invest their non-cash assets entirely in other American Century Investments funds. The Funds do not pay an investment advisory fee to the Advisor. Rather, each Fund pays the Advisor an administrative fee and indirectly bears its pro rata share of the expenses incurred by the underlying funds. Each of the underlying funds pay the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Funds, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the Funds’ independent directors (including their independent legal counsel) and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Funds and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each Fund’s expenses to the total expense ratio of other funds in the Fund’s peer group. The Board concluded that the expenses of each Fund are reasonable in light of the services provided to the Fund.

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing mutual funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that the Advisor receives proprietary research from broker-dealers that execute fund portfolio transactions and concluded that this research is likely to benefit Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded, however, that the assets of those other clients are not material to the analysis and, where applicable, may be included with the assets of the Funds to determine breakpoints in the management fee schedule.

134

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

Conclusion of the Directors. As a result of this process, the Board, including all of the independent directors, taking into account all of the factors discussed above and the information provided by the Advisor and others, concluded that the management agreement between each Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.

In addition, at a meeting held on December 9, 2010, the Funds’ Board of Directors unanimously approved the initial management agreement for the LIVESTRONG 2055 Portfolio.

In advance of the Board’s consideration, the Advisor provided information concerning the fund. The materials circulated in advance of the meeting and considered by the Directors included the investment objective and strategy proposed to be utilized by the Advisor, the Fund’s characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the Fund would be sold. The Directors also considered the wide range of programs and services to be provided by the Advisor to the fund and the Directors’ familiarity with the Advisor.

In their deliberations, the Board did not identify any particular information that was all-important or controlling, and each Director attributed different weights to various factors. Based on their evaluation of all material factors and assisted by the advice of independent legal counsel, the Board, including the independent Directors, concluded that the arrangements between the Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be performed and should be approved.

135

Additional Information

Retirement Account Information

As required by law, distributions you receive from certain IRAs, or 403(b), 457 and qualified plans are subject to federal income tax withholding, unless you elect not to have withholding apply. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

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

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

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

Proxy Voting Guidelines

American Century Investment Management, Inc., the funds’ investment advisor, is responsible for exercising the voting rights associated with the securities purchased and/or held by the funds. A description of the policies and procedures the advisor uses in fulfilling this responsibility is available without charge, upon request, by calling 1-800-345-2021. It is also available on American Century Investments’ website at americancentury.com and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the “About Us” page at americancentury.com. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. The funds’ Forms N-Q are available on the SEC’s website at sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The funds also make their complete schedule of portfolio holdings for the most recent quarter of their fiscal year available on their website at americancentury.com and, upon request, by calling 1-800-345-2021.

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Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2011.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended July 31, 2011 as qualified for the corporate dividends received deduction.

LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
$1,568,842	$3,889,629	$2,290,729	$5,827,440	$2,040,735

LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
$4,265,643	$1,330,177	$2,871,882	$504,895	—

The funds hereby designate the following, or up to the maximum amount allowable, as long-term capital gain distributions for the fiscal year ended July 31, 2011.

LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
—	—	$27,077	—	—

LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
—	—	—	$1,135	—

The funds hereby designate the following as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871.

LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
—	—	$81,247	—	$57,882

LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
—	$12,343	—	$13,055	—

137

Notes

138

Notes

139

Notes

140

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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-ANN-72766 1109

ANNUAL REPORT JULY 31, 2011

One Choice Portfolio®: Very Conservative

One Choice Portfolio®: Conservative

One Choice Portfolio®: Moderate

One Choice Portfolio®: Aggressive

One Choice Portfolio®: Very Aggressive

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Portfolio Commentary	8
Portfolio Characteristics	12
Shareholder Fee Examples	13
Schedule of Investments	15
Statement of Assets and Liabilities	18
Statement of Operations	20
Statement of Changes in Net Assets	22
Notes to Financial Statements	25
Financial Highlights	34
Report of Independent Registered Public Accounting Firm	39
Management	40
Approval of Management Agreements	43
Additional Information	48

President’s Letter

Jonathan Thomas

Dear Investor:

Reporting Period Perspective: “Risk Rally” Ended, Economic Growth Lost Momentum

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

We look forward to the contributions of our new directors to our efforts as shareholder representatives and thank the Governance Committee for their thorough search process.

If you have comments, suggestions or questions send them to me at dhpratt@fundboardchair.com.

Best regards,

Don Pratt

Performance

Total Returns as of July 31, 2011
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice Portfolio: Very Conservative — Investor Class	AONIX	8.16%	4.97%	4.91%	9/30/04
One Choice Portfolio: Conservative — Investor Class	AOCIX	11.90%	5.04%	5.52%	9/30/04
One Choice Portfolio: Moderate — Investor Class	AOMIX	15.35%	4.91%	6.26%	9/30/04
One Choice Portfolio: Aggressive — Investor Class	AOGIX	18.67%	4.88%	6.67%	9/30/04
One Choice Portfolio: Very Aggressive — Investor Class	AOVIX	20.97%	3.92%	6.42%	9/30/04
Russell 3000 Index	—	20.94%	2.89%	4.94%	—
Barclays Capital U.S. Aggregate Bond Index	—	4.44%	6.57%	5.38%	—

The Russell 3000 Index represents approximately 98% of the investable U.S. equity market and provides a broad measure of equity performance. The Barclays Capital U.S. Aggregate Bond Index represents the U.S. investment-grade fixed-rate bond market and provides a broad measure of bond market performance. Performance for these indices is provided for reference only. Neither index is intended to represent the composition of the portfolio, which invests in a mix of equity and fixed-income securities. (See the Schedule of Investments for each portfolio’s asset allocations as of July 31, 2011.)

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

Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns for the indices are provided for comparison. The fund’s total returns include operating expenses that reduce returns, while the total returns of the indices do not.

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

$10,000 investment made September 30, 2004

*From 9/30/04, the Investor Class’s inception date. Not annualized.

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

$10,000 investment made September 30, 2004

*From 9/30/04, the Investor Class’s inception date. Not annualized.

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

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

$10,000 investment made September 30, 2004

*From 9/30/04, the Investor Class’s inception date. Not annualized.

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

$10,000 investment made September 30, 2004

*From 9/30/04, the Investor Class’s inception date. Not annualized.

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

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

$10,000 investment made September 30, 2004

*From 9/30/04, the Investor Class’s inception date. Not annualized.

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

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

Portfolio Commentary

Portfolio Managers: Enrique Chang, Scott Wittman, Rich Weiss, Irina Torelli, and Scott Wilson

In February 2011, Scott Wilson was named a portfolio manager for the One Choice Portfolios. Mr. Wilson, who has been with American Century Investments since 1992, was previously a quantitative analyst supporting the One Choice Portfolios management team.

Performance Summary

Each of the five One Choice Portfolios advanced for the fiscal year ended July 31, 2011, with returns ranging from 8.16% for One Choice Portfolio: Very Conservative to 20.97% for One Choice Portfolio: Very Aggressive (see pages 4–7 for more detailed performance information). The gains for the 12-month period reflected positive performance across all asset classes represented in the Portfolios.

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

Stock Market Review

Nonetheless, the broad equity indices posted strong gains overall for the 12-month period (see the table on page 9). Mid- and small-cap issues generated the best returns, outpacing large-cap shares, while growth stocks outperformed value across all market capitalizations, most dramatically among smaller companies.

Market Index Total Returns
For the 12 months ended July 31, 2011
U.S. Stocks
Russell 1000 Index (Large-Cap)	20.68	%
Russell Midcap Index	24.51	%
Russell 2000 Index (Small-Cap)	23.92	%
International Stocks
MSCI EAFE (Europe, Australasia, Far East) Index	17.17	%
MSCI Emerging Markets Index	17.45	%
U.S. Fixed Income
Barclays Capital U.S. Aggregate Bond Index	4.44	%
Barclays Capital U.S. Corporate High-Yield Bond Index	12.95	%
Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index	11.79	%
Barclays Capital U.S. Corporate Bond Index (investment-grade)	6.87	%
Barclays Capital U.S. MBS Index (mortgage-backed securities)	3.85	%
Barclays Capital U.S. Treasury Bond Index	3.39	%
International Bonds
Barclays Capital Global Treasury Bond Index, ex-U.S.	11.75	%

Bond Market Review

International bonds posted double-digit gains in U.S. dollar terms for the 12 months. Changing economic conditions and the worsening sovereign debt

problems in Europe led to some meaningful volatility for international bond yields, but they were generally flat to slightly higher across most regions of the world. The biggest impact on international bond performance for U.S. investors was a broad decline in the U.S. dollar; excluding currency fluctuations, the broad international bond indices advanced by less than 1% for the 12-month period. In local currencies, the U.K. was one of the best-performing bond markets, while the more fiscally troubled European countries declined.

Portfolio Performance

Each One Choice Portfolio is a “fund of funds” that invests in other American Century Investments mutual funds to achieve its investment objective and target asset allocation. (See page 12 for the specific underlying fund allocations for each One Choice Portfolio.)

Within the Portfolios, every equity fund delivered double-digit gains for the 12-month period, with many achieving returns of more than 20%. Top-performing funds included the Vista Fund, a mid-cap growth fund, and the Real Estate Fund, which invests in real estate investment trusts (REITs). The laggards were the value-oriented components—the Large Company Value Fund and the Mid Cap Value Fund—reflecting the general underperformance of value issues during the reporting period. Large Company Value and Mid Cap Value were the only two equity funds in the Portfolios to return less than 20% for the 12 months.

The leading performers among the Portfolios’ fixed-income components were the High-Yield Fund and the Inflation-Adjusted Bond Fund, both of which posted returns of more than 10% for the 12-month period. The International Bond Fund also generated strong results during the period, while the Diversified Bond Fund (the Portfolios’ largest fixed-income holding) produced a modest gain.

Portfolio Strategy

Each Portfolio has a “neutral” asset mix (the target allocations for stocks, bonds, and cash) that remains fixed over time. Our management approach involves making modest tactical adjustments to each Portfolio’s actual asset mix to add value and improve the Portfolios’ ability to meet their investment objectives.

At the beginning of the 12-month period, the Portfolios’ were positioned defensively, with a slight overweight position in bonds and a matching underweight position in stocks. This positioning represented a cautious approach given the uncertain global economic environment. However, in the fourth quarter of 2010, we shifted the Portfolios’ tactical allocation back to a neutral position by eliminating the underweight position in stocks and overweight position in bonds. The primary reason behind this change was equity market valuations, which had become increasingly attractive, especially compared to other asset classes. This change in positioning proved favorable as stocks outperformed bonds during the period.

Despite the change in the Portfolios’ broad tactical allocation, we retained a tilt toward growth over value within the equity component. The Portfolios held overweight positions in the Growth and Vista funds, along with corresponding underweight positions in the Large Company Value and Mid Cap Value funds. This positioning paid off as Growth and Vista outperformed the two value funds by a wide margin during the 12 months.

Security selection was most successful in the Portfolios’ international equity holdings—the International Growth and Emerging Markets funds—as well as the Real Estate and Equity Growth funds. In contrast, stock selection among the Portfolios’ two value funds detracted from results.

The Diversified Bond Fund, the largest fixed-income component in each Portfolio, slightly underperformed the broad bond market indices. Sector allocation added value, particularly an overweight position in corporate bonds and an underweight in Treasury securities, but this was offset by the negative impact of a steeper yield curve. As part of the change back to a neutral tactical allocation, we shifted from an underweight to a neutral position in the High-Yield Fund, and this proved favorable as the High-Yield Fund was the best performer among the Portfolios’ bond components.

Outlook

Our asset allocation decisions are based in part on a disciplined quantitative process that provides insight into the relative attractiveness of various asset classes—equities, fixed-income securities, cash-equivalent investments, and REITs. We also enlist similar processes to aid in the decision to take size, sector, and style tilts within the Portfolios.

Based on this framework, we find stocks attractive relative to bonds and cash-equivalents in the current environment. The primary driver is market valuation—equities continue to appear undervalued compared with any alternative. Earnings and dividend yields (two key components of equity valuation calculations) significantly exceed Treasury bond yields across the maturity spectrum. Even adjusting for risk, the stock market remains attractively valued given current price levels.

There are two potential avenues for valuations to shift in favor of bonds or cash—a sudden, sharp rise in interest rates, or a significant decline in corporate earnings forecasts. Given the current economic situation, sharply higher rates are unlikely in the near term. However, the current economic slowdown could lead to weaker corporate earnings, making stocks less undervalued. Nonetheless, the decline in earnings would have to be severe to push our valuation measures back in favor of bonds or cash assets, and we don’t believe an earnings slowdown of that magnitude will occur, even with a pessimistic outlook for the economy.

Having said that, the fact that we view stocks as undervalued doesn’t necessarily make them attractive for immediate purchase. After all, an undervalued equity market can always get even more undervalued. This is why we also rely on economic and technical measures, which help put valuation in its proper perspective by providing confirming or contradicting indications of market attractiveness. Currently, the economic landscape is a major concern and undermines the short-term allure of stocks, as do investor sentiment and market momentum.

Our conclusion—although stocks appear to be significantly undervalued in the near term, economic and other forces affecting the financial markets mitigate that view to a large extent. Consequently, we remain neutrally positioned across all asset classes as we move into the latter half of 2011.

Portfolio Characteristics

Underlying Fund Allocations as a % of net assets as of July 31, 2011(1)
	Very Conservative			Conservative			Moderate			Aggressive			Very Aggressive
Equity
Equity Growth Fund		4.9	%		8.8	%		15.7	%		14.4	%		17.7	%
Growth Fund		3.0	%		5.1	%		8.4	%		14.9	%		18.2	%
Large Company Value Fund		7.4	%		10.3	%		8.9	%		8.0	%		10.0	%
Mid Cap Value Fund		4.5	%		6.1	%		4.9	%		4.2	%		5.5	%
Real Estate Fund		2.0	%		2.0	%		2.0	%		2.0	%		2.0	%
Small Company Fund		1.0	%		1.5	%		1.9	%		2.2	%		2.5	%
VistaSM Fund		2.0	%		4.4	%		7.4	%		13.9	%		16.9	%
Emerging Markets Fund		—			—			4.0	%		6.5	%		7.5	%
International Growth Fund		—			5.9	%		10.0	%		12.6	%		15.6	%
Total Equity		24.8	%		44.1	%		63.2	%		78.7	%		95.9	%
Fixed Income
Diversified Bond Fund		32.2	%		30.5	%		19.3	%		11.1	%		3.1	%
High-Yield Fund		—			—			3.0	%		5.1	%		—
Inflation-Adjusted Bond Fund		10.1	%		9.2	%		6.3	%		4.1	%		—
International Bond Fund		10.0	%		8.1	%		3.1	%		—			—
Total Fixed Income		52.3	%		47.8	%		31.7	%		20.3	%		3.1	%
Prime Money Market Fund		22.9	%		8.1	%		5.1	%		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 Examples

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

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value 2/1/11	Ending Account Value 7/31/11	Expenses Paid During Period(1) 2/1/11 - 7/31/11	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/11 - 7/31/11	Effective Annualized Expense Ratio(2)
One Choice Portfolio: Very Conservative
Actual
Investor Class	$1,000	$1,035.60	$0.00	0.00%(3)	$3.18	0.63%
Hypothetical
Investor Class	$1,000	$1,024.79	$0.00	0.00%(3)	$3.16	0.63%
One Choice Portfolio: Conservative
Actual
Investor Class	$1,000	$1,036.10	$0.00	0.00%(3)	$3.79	0.75%
Hypothetical
Investor Class	$1,000	$1,024.79	$0.00	0.00%(3)	$3.76	0.75%
One Choice Portfolio: Moderate
Actual
Investor Class	$1,000	$1,034.10	$0.00	0.00%(3)	$4.29	0.85%
Hypothetical
Investor Class	$1,000	$1,024.79	$0.00	0.00%(3)	$4.26	0.85%
One Choice Portfolio: Aggressive
Actual
Investor Class	$1,000	$1,032.80	$0.00	0.00%(3)	$4.79	0.95%
Hypothetical
Investor Class	$1,000	$1,024.79	$0.00	0.00%(3)	$4.76	0.95%
One Choice Portfolio: Very Aggressive
Actual
Investor Class	$1,000	$1,027.70	$0.00	0.00%(3)	$5.08	1.01%
Hypothetical
Investor Class	$1,000	$1,024.79	$0.00	0.00%(3)	$5.06	1.01%

(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

JULY 31, 2011

	Shares		Value
One Choice Portfolio: Very Conservative
Mutual Funds(1) — 100.0%
DOMESTIC FIXED INCOME FUNDS —42.3%
Diversified Bond Fund Investor Class		6,041,121		$66,391,914
Inflation-Adjusted Bond Fund Investor Class		1,644,028		20,895,597
				87,287,511
DOMESTIC EQUITY FUNDS —24.8%
Equity Growth Fund Investor Class		467,493		10,210,048
Growth Fund Investor Class		228,796		6,127,161
Large Company Value Fund Investor Class		2,761,401		15,325,775
Mid Cap Value Fund Investor Class		736,240		9,210,360
Real Estate Fund Investor Class		198,109		4,120,674
Small Company Fund Investor Class		252,408		2,041,983
Vista Fund Investor Class(2)		235,678		4,105,501
				51,141,502
MONEY MARKET FUNDS —22.9%
Prime Money Market Fund Investor Class		47,372,238		47,372,238
INTERNATIONAL FIXED INCOME FUNDS —10.0%
International Bond Fund Investor Class		1,384,407		20,738,423
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $187,409,438)				206,539,674
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$206,539,674

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

	Shares		Value
One Choice Portfolio: Conservative
Mutual Funds(1) — 100.0%
DOMESTIC FIXED INCOME FUNDS —39.7%
Diversified Bond Fund Investor Class		12,934,678		$142,152,116
Inflation-Adjusted Bond Fund Investor Class		3,385,240		43,026,399
				185,178,515
DOMESTIC EQUITY FUNDS —38.2%
Equity Growth Fund Investor Class		1,880,738		41,075,320
Growth Fund Investor Class		894,126		23,944,684
Large Company Value Fund Investor Class		8,649,421		48,004,287
Mid Cap Value Fund Investor Class		2,285,733		28,594,524
Real Estate Fund Investor Class		441,012		9,173,059
Small Company Fund Investor Class		843,385		6,822,981
Vista Fund Investor Class(2)		1,181,374		20,579,534
				178,194,389
INTERNATIONAL FIXED INCOME FUNDS —8.1%
International Bond Fund Investor Class		2,514,891		37,673,067
MONEY MARKET FUNDS —8.1%
Prime Money Market Fund Investor Class		37,616,913		37,616,913
INTERNATIONAL EQUITY FUNDS —5.9%
International Growth Fund Investor Class		2,388,907		27,663,539
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $420,403,951)				466,326,423
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$466,326,423

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

	Shares		Value
One Choice Portfolio: Moderate
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS —49.2%
Equity Growth Fund Investor Class		5,778,978		$126,212,885
Growth Fund Investor Class		2,509,085		67,193,297
Large Company Value Fund Investor Class		12,840,900		71,266,997
Mid Cap Value Fund Investor Class		3,164,295		39,585,324
Real Estate Fund Investor Class		793,128		16,497,062
Small Company Fund Investor Class		1,929,489		15,609,567
Vista Fund Investor Class(2)		3,392,225		59,092,553
				395,457,685
DOMESTIC FIXED INCOME FUNDS —28.6%
Diversified Bond Fund Investor Class		14,106,618		155,031,736
High-Yield Fund Investor Class		3,961,078		24,400,243
Inflation-Adjusted Bond Fund Investor Class		3,949,353		50,196,278
				229,628,257
INTERNATIONAL EQUITY FUNDS —14.0%
Emerging Markets Fund Investor Class(2)		3,512,383		31,997,808
International Growth Fund Investor Class		6,960,663		80,604,481
				112,602,289
MONEY MARKET FUNDS —5.1%
Prime Money Market Fund Investor Class		40,704,725		40,704,725
INTERNATIONAL FIXED INCOME FUNDS —3.1%
International Bond Fund Investor Class		1,674,984		25,091,252
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $710,025,229)				803,484,208
OTHER ASSETS AND LIABILITIES(3)				820
TOTAL NET ASSETS — 100.0%				$803,485,028

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

	Shares		Value
One Choice Portfolio: Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS —59.6%
Equity Growth Fund Investor Class		3,441,314		$75,158,289
Growth Fund Investor Class		2,913,516		78,023,962
Large Company Value Fund Investor Class		7,508,693		41,673,244
Mid Cap Value Fund Investor Class		1,773,033		22,180,647
Real Estate Fund Investor Class		510,097		10,610,018
Small Company Fund Investor Class		1,439,867		11,648,525
Vista Fund Investor Class(2)		4,169,480		72,632,347
				311,927,032
DOMESTIC FIXED INCOME FUNDS —20.3%
Diversified Bond Fund Investor Class		5,303,321		58,283,493
High-Yield Fund Investor Class		4,300,034		26,488,212
Inflation-Adjusted Bond Fund Investor Class		1,691,490		21,498,834
				106,270,539
INTERNATIONAL EQUITY FUNDS —19.1%
Emerging Markets Fund Investor Class(2)		3,746,515		34,130,750
International Growth Fund Investor Class		5,660,440		65,547,897
				99,678,647
MONEY MARKET FUNDS —1.0%
Prime Money Market Fund Investor Class		5,354,799		5,354,799
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $455,985,599)				523,231,017
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$523,231,017

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

	Shares		Value
One Choice Portfolio: Very Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS —72.8%
Equity Growth Fund Investor Class		1,642,050		$35,862,362
Growth Fund Investor Class		1,382,976		37,036,109
Large Company Value Fund Investor Class		3,645,888		20,234,680
Mid Cap Value Fund Investor Class		893,015		11,171,617
Real Estate Fund Investor Class		196,230		4,081,582
Small Company Fund Investor Class		625,252		5,058,287
Vista Fund Investor Class(2)		1,975,785		34,418,173
				147,862,810
INTERNATIONAL EQUITY FUNDS —23.1%
Emerging Markets Fund Investor Class(2)		1,682,295		15,325,706
International Growth Fund Investor Class		2,729,654		31,609,399
				46,935,105
DOMESTIC FIXED INCOME FUNDS —3.1%
Diversified Bond Fund Investor Class		566,948		6,230,758
MONEY MARKET FUNDS —1.0%
Prime Money Market Fund Investor Class		2,085,521		2,085,521
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $174,306,257)				203,114,194
OTHER ASSETS AND LIABILITIES(3)				—
TOTAL NET ASSETS — 100.0%				$203,114,194

Notes to Schedule of Investments

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

(2)	Non-income producing.

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

JULY 31, 2011
	Very Conservative			Conservative			Moderate
Assets
Investment securities in affiliates, at value (cost of $187,409,438, $420,403,951 and $710,025,229, respectively)		$206,539,674			$466,326,423			$803,484,208
Receivable for investments sold		—			39,412			763,026
Receivable for capital shares sold		773,783			1,103,432			667,959
Distributions receivable from affiliates		161,724			336,842			518,868
		207,475,181			467,806,109			805,434,061

Liabilities
Payable for investments purchased		540,777			348,899			535,832
Payable for capital shares redeemed		394,730			1,130,787			1,413,201
		935,507			1,479,686			1,949,033

Net Assets		$206,539,674			$466,326,423			$803,485,028

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		18,749,754			40,863,894			66,915,274

Net Asset Value Per Share		$11.02			$11.41			$12.01

Net Assets Consist of:
Capital (par value and paid-in surplus)		$194,115,909			$447,086,210			$780,909,549
Undistributed net investment income		212,332			444,897			688,255
Accumulated net realized loss		(6,918,803	)		(27,127,156	)		(71,571,755	)
Net unrealized appreciation		19,130,236			45,922,472			93,458,979
		$206,539,674			$466,326,423			$803,485,028

See Notes to Financial Statements.

JULY 31, 2011
	Aggressive			Very Aggressive
Assets
Investment securities in affiliates, at value (cost of $455,985,599 and $174,306,257, respectively)		$523,231,017			$203,114,194
Receivable for investments sold		1,229,965			109,325
Receivable for capital shares sold		358,903			69,285
Distributions receivable from affiliates		293,074			15,165
		525,112,959			203,307,969

Liabilities
Payable for investments purchased		302,177			15,693
Payable for capital shares redeemed		1,579,765			178,082
		1,881,942			193,775

Net Assets		$523,231,017			$203,114,194

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		41,606,737			16,097,722

Net Asset Value Per Share		$12.58			$12.62

Net Assets Consist of:
Capital (par value and paid-in surplus)		$497,826,835			$199,751,774
Undistributed net investment income		3,727,538			718,198
Accumulated net realized loss		(45,568,774	)		(26,163,715	)
Net unrealized appreciation		67,245,418			28,807,937
		$523,231,017			$203,114,194

See Notes to Financial Statements.

Statement of Operations

YEAR ENDED JULY 31, 2011
	Very Conservative		Conservative			Moderate
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$3,821,562		$8,332,775			$13,202,330

Expenses:
Directors’ fees and expenses		6,724		14,561			27,868
Proxy expenses		716		155			452
		7,440		14,716			28,320

Net investment income (loss)		3,814,122		8,318,059			13,174,010

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		1,837,796		(1,349,755	)		(5,882,779	)
Capital gain distributions received from underlying funds		294,759		547,823			610,515
		2,132,555		(801,932	)		(5,272,264	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		7,717,853		33,445,395			91,450,334

Net realized and unrealized gain (loss) on affiliates		9,850,408		32,643,463			86,178,070

Net Increase (Decrease) in Net Assets Resulting from Operations		$13,664,530		$40,961,522			$99,352,080

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2011
	Aggressive			Very Aggressive
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$7,231,146			$1,647,375

Expenses:
Directors’ fees and expenses		18,543			7,169
Proxy expenses		365			210
		18,908			7,379

Net investment income (loss)		7,212,238			1,639,996

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(4,052,166	)		(3,139,062	)
Capital gain distributions received from underlying funds		201,861			13,996
		(3,850,305	)		(3,125,066	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		75,608,596			35,450,590

Net realized and unrealized gain (loss) on affiliates		71,758,291			32,325,524

Net Increase (Decrease) in Net Assets Resulting from Operations		$78,970,529			$33,965,520

See Notes to Financial Statements.

Statement of Assets and Liabilities

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	Very Conservative						Conservative
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$3,814,122			$3,172,193			$8,318,059			$6,783,469
Net realized gain (loss)		2,132,555			(1,495,706	)		(801,932	)		(3,919,556	)
Change in net unrealized appreciation (depreciation)		7,717,853			8,316,698			33,445,395			23,808,868
Net increase (decrease) in net assets resulting from operations		13,664,530			9,993,185			40,961,522			26,672,781

Distributions to Shareholders
From net investment income		(3,783,399	)		(3,129,127	)		(8,225,768	)		(6,708,261	)

Capital Share Transactions
Proceeds from shares sold		94,829,453			88,978,919			172,785,885			104,862,236
Proceeds from reinvestment of distributions		3,705,056			3,057,009			8,052,124			6,538,786
Payments for shares redeemed		(60,398,749	)		(55,076,160	)		(73,795,552	)		(57,221,194	)
Net increase (decrease) in net assets from capital share transactions		38,135,760			36,959,768			107,042,457			54,179,828

Net increase (decrease) in net assets		48,016,891			43,823,826			139,778,211			74,144,348

Net Assets
Beginning of period		158,522,783			114,698,957			326,548,212			252,403,864
End of period		$206,539,674			$158,522,783			$466,326,423			$326,548,212

Undistributed net investment income		$212,332			$181,609			$444,897			$352,606

Transactions in Shares of the Funds
Sold		8,772,183			8,692,009			15,453,330			10,227,161
Issued in reinvestment of distributions		345,542			298,533			728,292			636,590
Redeemed		(5,600,260	)		(5,371,858	)		(6,649,688	)		(5,586,664	)
Net increase (decrease) in shares of the funds		3,517,465			3,618,684			9,531,934			5,277,087

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	Moderate						Aggressive
Increase (Decrease) in Net Assets	2011			2010			2011			2010
Operations
Net investment income (loss)		$13,174,010			$11,578,558			$7,212,238			$6,393,935
Net realized gain (loss)		(5,272,264	)		(10,719,101	)		(3,850,305	)		(6,487,369	)
Change in net unrealized appreciation (depreciation)		91,450,334			64,046,336			75,608,596			47,350,069
Net increase (decrease) in net assets resulting from operations		99,352,080			64,905,793			78,970,529			47,256,635

Distributions to Shareholders
From net investment income		(13,050,284	)		(11,497,528	)		(6,747,826	)		(5,719,359	)

Capital Share Transactions
Proceeds from shares sold		197,207,466			133,900,548			109,117,908			92,780,874
Proceeds from reinvestment of distributions		12,771,873			11,225,795			6,666,304			5,656,721
Payments for shares redeemed		(127,129,405	)		(106,383,671	)		(85,824,926	)		(70,014,689	)
Net increase (decrease) in net assets from capital share transactions		82,849,934			38,742,672			29,959,286			28,422,906

Net increase (decrease) in net assets		169,151,730			92,150,937			102,181,989			69,960,182

Net Assets
Beginning of period		634,333,298			542,182,361			421,049,028			351,088,846
End of period		$803,485,028			$634,333,298			$523,231,017			$421,049,028

Undistributed net investment income		$688,255			$564,529			$3,727,538			$3,263,126

Transactions in Shares of the Funds
Sold		16,875,171			12,832,318			8,966,120			8,797,931
Issued in reinvestment of distributions		1,100,826			1,069,575			552,762			531,147
Redeemed		(10,928,387	)		(10,217,434	)		(7,088,849	)		(6,657,724	)
Net increase (decrease) in shares of the funds		7,047,610			3,684,459			2,430,033			2,671,354

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2011 AND JULY 31, 2010
	Very Aggressive
Increase (Decrease) in Net Assets	2011			2010
Operations
Net investment income (loss)		$1,639,996			$1,512,472
Net realized gain (loss)		(3,125,066	)		(4,511,680	)
Change in net unrealized appreciation (depreciation)		35,450,590			22,323,100
Net increase (decrease) in net assets resulting from operations		33,965,520			19,323,892

Distributions to Shareholders
From net investment income		(1,593,820	)		(1,466,730	)

Capital Share Transactions
Proceeds from shares sold		47,465,390			31,332,625
Proceeds from reinvestment of distributions		1,567,813			1,429,864
Payments for shares redeemed		(42,076,077	)		(32,929,993	)
Net increase (decrease) in net assets from capital share transactions		6,957,126			(167,504	)

Net increase (decrease) in net assets		39,328,826			17,689,658

Net Assets
Beginning of period		163,785,368			146,095,710
End of period		$203,114,194			$163,785,368

Undistributed net investment income		$718,198			$672,022

Transactions in Shares of the Funds
Sold		3,886,123			3,012,791
Issued in reinvestment of distributions		129,038			135,404
Redeemed		(3,485,006	)		(3,181,993	)
Net increase (decrease) in shares of the funds		530,155			(33,798	)

See Notes to Financial Statements.

Notes to Financial Statements

JULY 31, 2011

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’ investment objectives are to seek the highest total return consistent with their respective asset mix. The funds pursue their objectives by investing in underlying funds that represent a variety of asset classes and investment styles. Generally, more conservative funds emphasize investments in bonds and cash equivalents while more aggressive funds emphasize investments in stocks.

2. Significant Accounting Policies

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. The funds are no longer subject to examination by tax authorities for years prior to 2008. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Accordingly, no provision has been made for federal or state income taxes.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for Very Conservative, Conservative, and Moderate. Distributions from net investment income, if any, are generally declared and paid annually for Aggressive and Very Aggressive. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.

3. Fees and Transactions with Related Parties

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

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

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

4. Investment Transactions

Investment transactions for the year ended July 31, 2011, were as follows:

	Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
Purchases	$68,389,018	$145,254,995	$163,097,395	$85,566,220	$40,189,561
Sales	$29,932,250	$37,580,977	$79,527,891	$54,898,790	$33,172,803

5. Affiliated Company Transactions

	July 31, 2010											July 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Very Conservative
Diversified Bond Fund Investor Class		4,746,113		$20,083,806		$6,088,829		$(73,772	)		$2,307,515		6,041,121		$66,391,914
Inflation-Adjusted Bond Fund Investor Class		1,313,381		4,659,735		682,803		(2,814	)		529,441		1,644,028		20,895,597
Equity Growth Fund Investor Class		397,465		3,734,519		2,251,985		23,200			108,541		467,493		10,210,048
Growth Fund Investor Class		221,318		1,663,676		1,313,123		141,170			17,708		228,796		6,127,161
Large Company Value Fund Investor Class		2,461,080		5,010,358		3,238,600		97,974			211,519		2,761,401		15,325,775
Mid Cap Value Fund Investor Class		—		9,668,791		764,624		22,165			75,245		736,240		9,210,360
Real Estate Fund Investor Class		205,468		736,230		742,058		104,379			28,407		198,109		4,120,674
Small Company Fund Investor Class		247,235		520,355		420,013		63,393			1,734		252,408		2,041,983
Value Fund Investor Class		1,499,276		592,201		7,297,264		1,457,678			65,819		—		—
Vista Fund Investor Class(2)		180,992		1,923,388		948,973		60,379			—		235,678		4,105,501
Prime Money Market Fund Investor Class		35,502,884		14,015,052		2,145,698		—			4,047		47,372,238		47,372,238
International Bond Fund Investor Class		1,126,343		5,780,907		2,200,484		(55,956	)		766,345		1,384,407		20,738,423
				$68,389,018		$28,094,454		$1,837,796			$4,116,321				$206,539,674

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Conservative
Diversified Bond Fund Investor Class		9,115,626		$48,737,578		$7,480,627		$(120,514	)		$4,664,104		12,934,678		$142,152,116
Inflation-Adjusted Bond Fund Investor Class		2,393,982		12,037,554		144,013		(4,511	)		1,048,778		3,385,240		43,026,399
Equity Growth Fund Investor Class		1,538,577		8,290,975		1,119,963		(200,750	)		417,823		1,880,738		41,075,320
Growth Fund Investor Class		797,286		3,880,001		1,065,260		125,536			65,367		894,126		23,944,684
Large Company Value Fund Investor Class		7,107,213		10,200,756		1,949,354		(529,406	)		627,683		8,649,421		48,004,287
Mid Cap Value Fund Investor Class		—		27,707,831		—		—			225,984		2,285,733		28,594,524
Real Estate Fund Investor Class		413,404		818,733		303,807		(48,839	)		58,292		441,012		9,173,059
Small Company Fund Investor Class		760,916		941,221		321,133		(83,301	)		4,946		843,385		6,822,981
Value Fund Investor Class		4,209,813		177,233		23,305,864		(262,923	)		177,233		—		—
Vista Fund Investor Class(2)		993,547		4,245,886		1,083,165		(150,868	)		—		1,181,374		20,579,534
International Bond Fund Investor Class		1,852,002		9,727,326		424,756		(18,827	)		1,273,246		2,514,891		37,673,067
Prime Money Market Fund Investor Class		24,171,296		13,445,617		—		—			3,003		37,616,913		37,616,913
International Growth Fund Investor Class		2,098,871		5,044,284		1,732,790		(55,352	)		314,139		2,388,907		27,663,539
				$145,254,995		$38,930,732		$(1,349,755	)		$8,880,598				$466,326,423

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Moderate
Equity Growth Fund Investor Class		5,383,922		$10,072,843		$2,276,109		$(376,982	)		$1,417,881		5,778,978		$126,212,885
Growth Fund Investor Class		2,484,326		3,432,359		2,325,417		268,322			205,698		2,509,085		67,193,297
Large Company Value Fund Investor Class		11,806,209		6,912,055		1,532,124		(449,054	)		1,021,547		12,840,900		71,266,997
Mid Cap Value Fund Investor Class		—		38,044,388		—		—			339,227		3,164,295		39,585,324
Real Estate Fund Investor Class		801,373		525,229		760,152		(72,307	)		113,473		793,128		16,497,062
Small Company Fund Investor Class		1,979,244		341,362		937,313		(252,895	)		12,865		1,929,489		15,609,567
Value Fund Investor Class		6,314,585		265,735		38,148,207		(3,585,624	)		265,735		—		—
Vista Fund Investor Class(2)		3,364,248		5,194,029		4,960,499		(632,039	)		—		3,392,225		59,092,553
Diversified Bond Fund Investor Class		11,809,683		49,604,757		24,952,910		(246,138	)		5,750,324		14,106,618		155,031,736
High-Yield Fund Investor Class		2,116,445		11,222,296		—		—			1,409,887		3,961,078		24,400,243
Inflation-Adjusted Bond Fund Investor Class		3,093,751		11,259,510		1,112,698		(25,617	)		1,330,874		3,949,353		50,196,278
Emerging Markets Fund Investor Class(2)		3,514,509		3,349,234		3,395,326		(114,774	)		—		3,512,383		31,997,808
International Growth Fund Investor Class		6,659,564		8,012,238		4,953,931		(392,519	)		1,011,490		6,960,663		80,604,481
Prime Money Market Fund Investor Class		30,436,868		10,267,857		—		—			3,586		40,704,725		40,704,725
International Bond Fund Investor Class		1,345,295		4,593,503		55,984		(3,152	)		930,258		1,674,984		25,091,252
				$163,097,395		$85,410,670		$(5,882,779	)		$13,812,845				$803,484,208

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Aggressive
Equity Growth Fund Investor Class		3,228,542		$5,562,768		$1,540,937		$(247,145	)		$854,425		3,441,314		$75,158,289
Growth Fund Investor Class		2,880,752		3,629,958		2,548,795		194,329			244,481		2,913,516		78,023,962
Large Company Value Fund Investor Class		6,914,154		3,865,621		849,930		(225,774	)		602,916		7,508,693		41,673,244
Mid Cap Value Fund Investor Class		—		21,271,387		—		—			191,419		1,773,033		22,180,647
Real Estate Fund Investor Class		523,311		211,755		549,051		(30,041	)		75,415		510,097		10,610,018
Small Company Fund Investor Class		1,454,226		142,474		363,802		(104,963	)		9,528		1,439,867		11,648,525
Value Fund Investor Class		3,505,285		226,656		21,663,732		(2,396,393	)		147,572		—		—
Vista Fund Investor Class(2)		4,264,812		4,251,759		6,146,903		(706,467	)		—		4,169,480		72,632,347
Diversified Bond Fund Investor Class		4,844,778		21,628,660		16,691,387		(33,618	)		2,240,156		5,303,321		58,283,493
High-Yield Fund Investor Class		2,763,803		9,759,810		410,573		(9,018	)		1,634,748		4,300,034		26,488,212
Inflation-Adjusted Bond Fund Investor Class		1,346,656		4,733,185		607,661		262			585,141		1,691,490		21,498,834
Emerging Markets Fund Investor Class(2)		3,724,268		3,504,297		3,337,443		(80,793	)		—		3,746,515		34,130,750
International Growth Fund Investor Class		5,517,161		5,398,102		4,240,742		(412,545	)		846,747		5,660,440		65,547,897
Prime Money Market Fund Investor Class		3,975,011		1,379,788		—		—			459		5,354,799		5,354,799
				$85,566,220		$58,950,956		$(4,052,166	)		$7,433,007				$523,231,017

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

(2)	Non-income producing.

	July 31, 2010											July 31, 2011
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
One Choice Portfolio: Very Aggressive
Equity Growth Fund Investor Class		1,539,503		$4,541,292		$3,007,061		$(572,219	)		$401,785		1,642,050		$35,862,362
Growth Fund Investor Class		1,359,294		3,419,036		2,564,140		172,278			115,804		1,382,976		37,036,109
Large Company Value Fund Investor Class		3,337,311		3,125,516		1,977,194		(531,621	)		288,546		3,645,888		20,234,680
Mid Cap Value Fund Investor Class		—		11,114,050		395,020		13,737			95,773		893,015		11,171,617
Real Estate Fund Investor Class		202,106		365,766		493,542		(1,906	)		28,922		196,230		4,081,582
Small Company Fund Investor Class		624,321		394,927		511,827		(120,079	)		4,068		625,252		5,058,287
Value Fund Investor Class		1,751,620		509,158		11,292,115		(1,264,299	)		73,678		—		—
Vista Fund Investor Class(2)		2,003,218		4,824,620		5,528,361		(441,265	)		—		1,975,785		34,418,173
Emerging Markets Fund Investor Class(2)		1,653,803		3,053,879		2,768,982		(55,875	)		—		1,682,295		15,325,706
International Growth Fund Investor Class		2,643,319		5,607,563		5,011,352		(372,734	)		408,279		2,729,654		31,609,399
Diversified Bond Fund Investor Class		577,457		2,676,443		2,755,361		34,921			244,334		566,948		6,230,758
Prime Money Market Fund Investor Class		1,535,120		557,311		6,910		—			182		2,085,521		2,085,521
				$40,189,561		$36,311,865		$(3,139,062	)		$1,661,371				$203,114,194

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

(2)	Non-income producing.

6. Investments in Underlying Funds

7. Fair Value Measurements

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

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

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

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

8. Risk Factors

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

9. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2011 and July 31, 2010 were as follows:

	Very Conservative				Conservative
	2011		2010		2011		2010
Distributions Paid From
Ordinary income		$3,783,399		$3,129,127		$8,225,768		$6,708,261
Long-term capital gains		—		—		—		—

	Moderate				Aggressive
	2011		2010		2011		2010
Distributions Paid From
Ordinary income		$13,050,284		$11,497,528		$6,747,826		$5,719,359
Long-term capital gains		—		—		—		—

	Very Aggressive
	2011		2010
Distributions Paid From
Ordinary income		$1,593,820		$1,466,730
Long-term capital gains		—		—

As of July 31, 2011, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

	Very Conservative		Conservative			Moderate
Federal tax cost of investments		$194,617,783		$440,101,847			$757,618,120
Gross tax appreciation of investments		$11,921,891		$26,224,576			$49,095,624
Gross tax depreciation of investments		—		—			(3,229,536	)
Net tax appreciation (depreciation) of investments		$11,921,891		$26,224,576			$45,866,088
Undistributed ordinary income		$437,831		$444,897			$688,255
Accumulated long-term gains		$64,043		—			—
Accumulated capital losses		—		$(4,146,917	)		$(17,505,551	)
Capital loss deferrals		—		$(3,282,343	)		$(6,473,313	)

	Aggressive			Very Aggressive
Federal tax cost of investments		$487,221,004			$190,796,246
Gross tax appreciation of investments		$40,180,580			$14,361,120
Gross tax depreciation of investments		(4,170,567	)		(2,043,172	)
Net tax appreciation (depreciation) of investments		$36,010,013			$12,317,948
Undistributed ordinary income		$3,727,538			$718,198
Accumulated long-term gains		—			—
Accumulated capital losses		$(10,416,129	)		$(7,417,112	)
Capital loss deferrals		$(3,917,240	)		$(2,256,614	)

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.

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

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

Financial Highlights

One Choice Portfolio: Very Conservative — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.41			$9.88			$10.36			$10.55			$10.23
Income From Investment Operations
Net Investment Income (Loss)(1)		0.23			0.23			0.30			0.43			0.40
Net Realized and Unrealized Gain (Loss)		0.61			0.53			(0.40	)		(0.12	)		0.33
Total From Investment Operations		0.84			0.76			(0.10	)		0.31			0.73
Distributions
From Net Investment Income		(0.23	)		(0.23	)		(0.32	)		(0.46	)		(0.39	)
From Net Realized Gains		—			—			(0.06	)		(0.04	)		(0.02	)
Total Distributions		(0.23	)		(0.23	)		(0.38	)		(0.50	)		(0.41	)
Net Asset Value, End of Period		$11.02			$10.41			$9.88			$10.36			$10.55

Total Return(2)		8.16	%		7.73	%		(0.87	)%		2.91	%		7.23	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.00	%(4)		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.15	%		2.25	%		3.13	%		4.06	%		3.83	%
Portfolio Turnover Rate		17	%		15	%		42	%		17	%		17	%
Net Assets, End of Period (in thousands)		$206,540			$158,523			$114,699			$84,601			$40,983

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

One Choice Portfolio: Conservative — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.42			$9.69			$10.89			$11.38			$10.66
Income From Investment Operations
Net Investment Income (Loss)(1)		0.24			0.23			0.29			0.44			0.35
Net Realized and Unrealized Gain (Loss)		0.99			0.73			(0.98	)		(0.40	)		0.75
Total From Investment Operations		1.23			0.96			(0.69	)		0.04			1.10
Distributions
From Net Investment Income		(0.24	)		(0.23	)		(0.31	)		(0.45	)		(0.35	)
From Net Realized Gains		—			—			(0.20	)		(0.08	)		(0.03	)
Total Distributions		(0.24	)		(0.23	)		(0.51	)		(0.53	)		(0.38	)
Net Asset Value, End of Period		$11.41			$10.42			$9.69			$10.89			$11.38

Total Return(2)		11.90	%		9.99	%		(6.05	)%		0.18	%		10.41	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		2.16	%		2.29	%		3.13	%		3.85	%		3.14	%
Portfolio Turnover Rate		10	%		7	%		40	%		18	%		7	%
Net Assets, End of Period (in thousands)		$466,326			$326,548			$252,404			$283,076			$227,830

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

One Choice Portfolio: Moderate — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.60			$9.65			$11.73			$12.58			$11.34
Income From Investment Operations
Net Investment Income (Loss)(1)		0.21			0.20			0.24			0.43			0.35
Net Realized and Unrealized Gain (Loss)		1.41			0.94			(1.70	)		(0.70	)		1.29
Total From Investment Operations		1.62			1.14			(1.46	)		(0.27	)		1.64
Distributions
From Net Investment Income		(0.21	)		(0.19	)		(0.26	)		(0.44	)		(0.35	)
From Net Realized Gains		—			—			(0.36	)		(0.14	)		(0.05	)
Total Distributions		(0.21	)		(0.19	)		(0.62	)		(0.58	)		(0.40	)
Net Asset Value, End of Period		$12.01			$10.60			$9.65			$11.73			$12.58

Total Return(2)		15.35	%		11.90	%		(11.94	)%		(2.37	)%		14.56	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.00	%(4)		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.80	%		1.89	%		2.63	%		3.44	%		2.85	%
Portfolio Turnover Rate		11	%		9	%		32	%		18	%		7	%
Net Assets, End of Period (in thousands)		$803,485			$634,333			$542,182			$651,833			$586,377

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

One Choice Portfolio: Aggressive — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.75			$9.62			$12.62			$13.69			$11.83
Income From Investment Operations
Net Investment Income (Loss)(1)		0.18			0.17			0.20			0.41			0.32
Net Realized and Unrealized Gain (Loss)		1.82			1.11			(2.49	)		(0.90	)		1.87
Total From Investment Operations		2.00			1.28			(2.29	)		(0.49	)		2.19
Distributions
From Net Investment Income		(0.17	)		(0.15	)		(0.24	)		(0.40	)		(0.28	)
From Net Realized Gains		—			—			(0.47	)		(0.18	)		(0.05	)
Total Distributions		(0.17	)		(0.15	)		(0.71	)		(0.58	)		(0.33	)
Net Asset Value, End of Period		$12.58			$10.75			$9.62			$12.62			$13.69

Total Return(2)		18.67	%		13.33	%		(17.28	)%		(3.97	)%		18.78	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.00	%(4)		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		1.48	%		1.58	%		2.12	%		3.07	%		2.46	%
Portfolio Turnover Rate		11	%		8	%		27	%		17	%		7	%
Net Assets, End of Period (in thousands)		$523,231			$421,049			$351,089			$426,087			$397,022

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

One Choice Portfolio: Very Aggressive — Investor Class
For a Share Outstanding Throughout the Years Ended July 31
	2011			2010			2009			2008			2007
Per-Share Data
Net Asset Value, Beginning of Period		$10.52			$9.36			$13.11			$14.58			$12.23
Income From Investment Operations
Net Investment Income (Loss)(1)		0.11			0.10			0.13			0.36			0.25
Net Realized and Unrealized Gain (Loss)		2.09			1.15			(3.17	)		(1.27	)		2.40
Total From Investment Operations		2.20			1.25			(3.04	)		(0.91	)		2.65
Distributions
From Net Investment Income		(0.10	)		(0.09	)		(0.14	)		(0.37	)		(0.24	)
From Net Realized Gains		—			—			(0.57	)		(0.19	)		(0.06	)
Total Distributions		(0.10	)		(0.09	)		(0.71	)		(0.56	)		(0.30	)
Net Asset Value, End of Period		$12.62			$10.52			$9.36			$13.11			$14.58

Total Return(2)		20.97	%		13.39	%		(22.35	)%		(6.63	)%		21.87	%

Ratios/Supplemental Data
Ratio of Operating Expenses to Average Net Assets(3)		0.00	%(4)		0.01	%		0.00	%(4)		0.00	%(4)		0.00	%(4)
Ratio of Net Investment Income (Loss) to Average Net Assets		0.87	%		0.93	%		1.48	%		2.53	%		1.85	%
Portfolio Turnover Rate		18	%		9	%		23	%		15	%		8	%
Net Assets, End of Period (in thousands)		$203,114			$163,785			$146,096			$181,459			$168,844

(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)	Ratio was less than 0.005%.

See Notes to Financial Statements.

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

American Century Asset Allocation Portfolios, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative, One Choice Portfolio: Moderate, One Choice Portfolio: Aggressive and One Choice Portfolio: Very Aggressive, five of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Corporation”) as of July 31, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of One Choice Portfolio: Very Conservative, One Choice Portfolio: Conservative, One Choice Portfolio: Moderate, One Choice Portfolio: Aggressive and One Choice Portfolio: Very Aggressive of American Century Asset Allocation Portfolios, Inc. as of July 31, 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Deloitte & Touche LLP

Kansas City, Missouri

September 20, 2011

Management

The Board of Directors

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

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
Thomas A. Brown (1940)	Director	Since 1980	Managing Member, Associated Investments, LLC (real estate investment company); Brown Cascade Properties, LLC (real estate investment company) (2001 to 2009)	64	None
Andrea C. Hall (1945)	Director	Since 1997	Retired as advisor to the President, Midwest Research Institute (not-for-profit research organization) (June 2006)	64	None
Jan M. Lewis (1957)	Director	Since 2011	President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization)(2006 to present); President, BUCON, Inc. (full-service design-build construction company) (2004 to 2006)	64	None
James A. Olson (1942)	Director	Since 2007	Member, Plaza Belmont LLC (private equity fund manager); Chief Financial Officer, Plaza Belmont LLC (September 1999 to September 2006)	64	Saia, Inc. and Entertainment Properties Trust

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years		Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors

Donald H. Pratt (1937)	Director and Chairman of the Board	Since 1995 (Chairman since 2005)	Chairman and Chief Executive Officer, Western Investments, Inc. (real estate company)	64	None
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	64	DST Systems Inc., Euronet Worldwide Inc., and Charming Shoppes, Inc.
John R. Whitten (1946)	Director	Since 2008	Project Consultant, Celanese Corp. (industrial chemical company)	64	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Advisory Director	Since 2011	Retired; Executive Vice President, Technology & Operations, KeyCorp. (computer services)(2004 to 2010)	64	Applied Industrial Technology (2001 to 21010)

Interested Director
Jonathan S. Thomas (1963)	Director and President	Since 2007	President and Chief Executive Officer, ACC (March 2007 to present); Chief Administrative Officer, ACC (February 2006 to February 2007); Executive Vice President, ACC (November 2005 to February 2007). Also serves as: Chief Executive Officer and Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries	104	None

Officers


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Jonathan S. Thomas (1963)	Director and President since 2007	President and Chief Executive Officer, ACC (March 2007 to present); Chief Administrative Officer, ACC (February 2006 to February 2007); Executive Vice President, ACC (November 2005 to February 2007). Also serves as: Chief Executive Officer and Manager, ACS; Executive Vice President, ACIM; Director, ACC, ACIM and other ACC subsidiaries
Barry Fink (1955)	Executive Vice President since 2007	Chief Operating Officer and Executive Vice President, ACC (September 2007 to present); President, ACS (October 2007 to present); Managing Director, Morgan Stanley (2000 to 2007); Global General Counsel, Morgan Stanley (2000 to 2006). Also serves as: Manager, ACS and Director, ACC and certain ACC subsidiaries
Maryanne L. Roepke (1956)	Chief Compliance Officer since 2006 and Senior Vice President since 2000	Chief Compliance Officer, American Century funds, ACIM and ACS (August 2006 to present); Assistant Treasurer, ACC (January 1995 to August 2006); and Treasurer and Chief Financial Officer, various American Century funds (July 2000 to August 2006). Also serves as: Senior Vice President, ACS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (February 1994 to present); Vice President, ACC (November 2005 to present), General Counsel, ACC (March 2007 to present); Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
Robert J. Leach (1966)	Vice President, Treasurer and Chief Financial Officer since 2006	Vice President, ACS (February 2000 to present); and Controller, various American Century funds (1997 to September 2006)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

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

Approval of Management Agreements

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

•	the wide range of other programs and services the Advisor provides to the Funds and their shareholders on a routine and non-routine basis;

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

•	data comparing the cost of owning the Funds to the cost of owning similar funds;

•	the Advisor’s compliance policies, procedures, and regulatory experience;

•	financial data showing the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the overall profitability of the Advisor;

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

•	consideration of collateral benefits derived by the Advisor from the management of the Funds and any potential economies of scale relating thereto.

Factors Considered

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

•	constructing and designing the Funds

•	portfolio research and security selection

•	initial capitalization/funding

•	securities trading

•	Fund administration

•	custody of Fund assets

•	daily valuation of each Fund’s portfolio

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

•	legal services

•	regulatory and portfolio compliance

•	financial reporting

•	marketing and distribution

appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review detailed performance information during the management agreement approval process. If performance concerns are identified, the underperforming Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. Taking all these factors into consideration, the Board found the investment management services provided by the Advisor to the Funds to meet or exceed industry standards. More detailed information about the Funds’ performance can be found in the Performance and Portfolio Commentary sections of this report.

Comparison to Other Funds’ Fees. The Funds invest their non-cash assets entirely in other American Century Investments funds. The Funds do not pay an investment advisory fee to the Advisor. Rather, each Fund indirectly bears its pro rata share of the expenses incurred by the underlying funds. Each of the underlying funds pay the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Funds, other than brokerage expenses, taxes, interest, extraordinary expenses, and the fees and expenses of the Funds’ independent directors (including their independent legal counsel) and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Funds and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each Fund’s expenses to the total expense ratio of other funds in the Fund’s peer group. The Board concluded that the expenses of each Fund are reasonable in light of the services provided to the Fund.

Additional Information

Retirement Account Information

Proxy Voting Guidelines

Quarterly Portfolio Disclosure

calling 1-800-345-2021.

Other Tax Information

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

The fund hereby designates up to the maximum amount allowable as qualified dividend income for the fiscal year ended July 31, 2011.

For corporate taxpayers, the fund hereby designates the following, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended July 31, 2011 as qualified for the corporate dividends received deduction.

Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
$465,550	$1,479,103	$3,125,754	$1,967,805	$921,798

Notes

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

American Century Asset Allocation Portfolios, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

CL-ANN-72767 1109

Investment Company Act file number		811-21591



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



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



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


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


Date of fiscal year end:	07-31


Date of reporting period:	07-31-2011

Registrant:	AMERICAN CENTURY ASSET ALLOCATION PORTFOLIOS, INC.


By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President

Date:	September 29, 2011

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

Date:	September 29, 2011