acaap_ncsr-073112.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-21591



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



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



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


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


Date of fiscal year end:	07-31


Date of reporting period:	07-31-2012

ITEM 1. REPORTS TO STOCKHOLDERS.

JULY 31, 2012

LIVESTRONG® Income Portfolio

LIVESTRONG® 2015 Portfolio

LIVESTRONG® 2020 Portfolio

LIVESTRONG® 2025 Portfolio

LIVESTRONG® 2030 Portfolio

LIVESTRONG® 2035 Portfolio

LIVESTRONG® 2040 Portfolio

LIVESTRONG® 2045 Portfolio

LIVESTRONG® 2050 Portfolio

LIVESTRONG® 2055 Portfolio

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Portfolio Commentary	20
Portfolio Characteristics	24
Shareholder Fee Examples	26
Schedule of Investments	32
Statement of Assets and Liabilities	37
Statement of Operations	41
Statement of Changes in Net Assets	45
Notes to Financial Statements	50
Financial Highlights	76
Report of Independent Registered Public Accounting Firm	96
Management	97
Approval of Management Agreements	100
Additional Information	105

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

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

President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended July 31, 2012. Our report offers investment performance and portfolio information, presented with the expert perspective of our portfolio management team.

This report remains one of our most important vehicles for conveying information about fund returns, as well as market factors and strategies that affected fund performance. For additional, updated information, 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.

Flight to Quality as Economic and Financial Uncertainties Resurfaced

During the second half of 2011 and the first half of 2012, the global economy and financial markets struggled to move beyond the lingering aftereffects of the 2008 Financial Crisis and Great Recession. Global economic fundamentals have improved since 2008, but weakened since 2010, with increased uncertainty surrounding near-term economic growth levels in major developed economies such as the U.S., Japan, and Europe. There were also questions about near-term growth levels in emerging economies such as China, and about possible sovereign debt defaults in southern Europe.

These near-term uncertainties manifested themselves in asset returns for the 12 months ended July 31, 2012. Assets perceived to be “safe-haven” investments rallied—the 30-year U.S. Treasury bond posted a 38% total return. At the other end of the spectrum, international stock returns for U.S. investors were undermined by a combination of risk-averse investing attitudes, weakening global economic growth, and a stronger U.S. dollar versus the euro and other currencies. Commodity prices also declined during the period.

Unfortunately, the instability that triggered much of this flight-to-quality trading remains largely in place, and the coming months may bring additional uncertainties about U.S. presidential election results and what might happen when U.S. tax cuts and other stimulative measures expire in 2013 (the “Fiscal Cliff”). In this uncertain, unstable environment, we continue to believe in a disciplined, diversified, long-term investment approach, using both stocks and bonds, as appropriate. We appreciate your continued trust in us during these unsettled times.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

The assets under management in American Century Investments’ funds grow through investors placing new assets in the funds and through market appreciation. Asset growth has been at near record levels over the past two calendar years as market movements were upward, the funds’ relative returns were generally favorable, and the distribution strategies implemented by fund management have been successful.

The board reviews fund performance and distribution strategies on a regular basis. Several years ago, the fund’s management team discussed with the board its plans to grow fund assets in the intermediary, institutional and international distribution channels. These distribution strategies have produced strong positive growth. The growth in the intermediary channel recognizes the funds’ strong relative investment performance and the desire of many shareholders to seek financial guidance. Investors in both the institutional and international channels appear to find the funds’ risk-based investment strategies attractive. The board continues to support fund management’s strategies to increase fund assets and will continue to work to provide the benefits of these gains to fund shareholders.

We continue to receive a steady flow of very thoughtful questions from shareholders. If there are issues that you would like the board to address please email me at dhpratt@fundboardchair.com. Thank you for your continued investment in American Century Investments funds.

Best regards,

Don Pratt

Performance

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG Income Portfolio
Investor Class	ARTOX	5.81%	4.07%	5.28%	8/31/04
Russell 3000 Index	—	7.33%	1.29%	5.39%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.91%	5.59%	—
Institutional Class	ATTIX	5.92%	4.28%	5.49%	8/31/04
A Class(1) No sales charge* With sales charge*	ARTAX	5.46% -0.65%	3.82% 2.60%	5.01% 4.23%	8/31/04
C Class	ATTCX	4.69%	—	7.01%	3/1/10
R Class	ARSRX	5.20%	3.54%	4.74%	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 adjusted to reflect this charge.

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

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

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

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2015 Portfolio
Investor Class	ARFIX	5.63%	3.70%	5.83%	8/31/04
Russell 3000 Index	—	7.33%	1.29%	5.39%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.91%	5.59%	—
Institutional Class	ARNIX	5.83%	3.90%	6.04%	8/31/04
A Class(1) No sales charge* With sales charge*	ARFAX	5.28% -0.74%	3.44% 2.22%	5.57% 4.78%	8/31/04
C Class	AFNCX	4.50%	—	7.28%	3/1/10
R Class	ARFRX	5.02%	3.17%	5.30%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2020 Portfolio
Investor Class	ARBVX	5.27%	3.39%	5/30/08
Russell 3000 Index	—	7.33%	1.92%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.76%	—
Institutional Class	ARBSX	5.48%	3.59%	5/30/08
A Class(1) No sales charge* With sales charge*	ARBMX	4.92% -1.10%	3.12% 1.67%	5/30/08
C Class	ARNCX	4.23%	7.55%	3/1/10
R Class	ARBRX	4.76%	2.88%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2025 Portfolio
Investor Class	ARWIX	4.99%	3.08%	6.08%	8/31/04
Russell 3000 Index	—	7.33%	1.29%	5.39%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.91%	5.59%	—
Institutional Class	ARWFX	5.20%	3.27%	6.28%	8/31/04
A Class(1) No sales charge* With sales charge*	ARWAX	4.73% -1.30%	2.81% 1.60%	5.81% 5.02%	8/31/04
C Class	ARWCX	3.87%	—	7.71%	3/1/10
R Class	ARWRX	4.48%	2.55%	5.55%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2030 Portfolio
Investor Class	ARCVX	4.60%	2.52%	5/30/08
Russell 3000 Index	—	7.33%	1.92%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.76%	—
Institutional Class	ARCSX	4.71%	2.70%	5/30/08
A Class(1) No sales charge* With sales charge*	ARCMX	4.25% -1.75%	2.23% 0.79%	5/30/08
C Class	ARWOX	3.57%	7.78%	3/1/10
R Class	ARCRX	3.99%	1.99%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2035 Portfolio
Investor Class	ARYIX	4.26%	2.18%	6.14%	8/31/04
Russell 3000 Index	—	7.33%	1.29%	5.39%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.91%	5.59%	—
Institutional Class	ARLIX	4.46%	2.38%	6.36%	8/31/04
A Class(1) No sales charge* With sales charge*	ARYAX	4.00% -1.96%	1.91% 0.71%	5.88% 5.09%	8/31/04
C Class	ARLCX	3.31%	—	8.02%	3/1/10
R Class	ARYRX	3.83%	1.67%	5.62%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2040 Portfolio
Investor Class	ARDVX	4.05%	2.14%	5/30/08
Russell 3000 Index	—	7.33%	1.92%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.76%	—
Institutional Class	ARDSX	4.26%	2.34%	5/30/08
A Class(1) No sales charge* With sales charge*	ARDMX	3.80% -2.21%	1.90% 0.46%	5/30/08
C Class	ARNOX	2.93%	8.19%	3/1/10
R Class	ARDRX	3.54%	1.64%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
LIVESTRONG 2045 Portfolio
Investor Class	AROIX	3.76%	1.66%	6.13%	8/31/04
Russell 3000 Index	—	7.33%	1.29%	5.39%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.91%	5.59%	—
Institutional Class	AOOIX	4.04%	1.87%	6.34%	8/31/04
A Class(1) No sales charge* With sales charge*	AROAX	3.59% -2.39%	1.41% 0.21%	5.87% 5.08%	8/31/04
C Class	AROCX	2.82%	—	8.28%	3/1/10
R Class	ARORX	3.33%	1.17%	5.61%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2050 Portfolio
Investor Class	ARFVX	3.67%	1.36%	5/30/08
Russell 3000 Index	—	7.33%	1.92%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.76%	—
Institutional Class	ARFSX	3.87%	1.58%	5/30/08
A Class(1) No sales charge* With sales charge*	ARFMX	3.41% -2.51%	1.12% -0.31%	5/30/08
C Class	ARFDX	2.64%	8.32%	3/1/10
R Class	ARFWX	3.16%	0.87%	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 adjusted to reflect this charge.

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	Since Inception	Inception Date
LIVESTRONG 2055 Portfolio
Investor Class	AREVX	3.78%	2.20%	3/31/11
Russell 3000 Index	—	7.33%	3.61%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	8.47%	—
Institutional Class	ARENX	4.04%	2.39%	3/31/11
A Class No sales charge* With sales charge*	AREMX	3.49% -2.42%	1.91% -2.51%	3/31/11
C Class	AREFX	2.81%	1.18%	3/31/11
R Class	AREOX	3.29%	1.69%	3/31/11

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.

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.

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.

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.

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.

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

$10,000 investment made March 31, 2011

*From 3/31/11, the Investor Class’s inception date. Not annualized.

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

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, and Scott Wilson

In April 2012, portfolio manager Irina Torelli left American Century Investments.

Performance Summary

Each of the ten LIVESTRONG Portfolios advanced for the fiscal year ended July 31, 2012, with returns ranging from 3.67%* for LIVESTRONG 2050 Portfolio to 5.81% for LIVESTRONG Income Portfolio (see pages 4–18 for more detailed performance information). The gains for the 12-month period reflected positive returns in the U.S. stock and bond markets, tempered by declines in international stocks and bonds.

Because of LIVESTRONG 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 faced significant volatility during the 12 months ended July 31, 2012, but ultimately posted positive overall returns. As the reporting period began, stocks were in the midst of an accelerating market decline as evidence of a slowdown in U.S. economic activity and a worsening sovereign debt crisis in Europe put downward pressure on the equity market.

In early October, however, the stock market bottomed and reversed course, enjoying a substantial rebound through the fourth quarter of 2011 and first quarter of 2012. Investors grew more optimistic as signs of improving economic activity—including a three-year low in the unemployment rate—quashed recession fears. Another positive factor was better news out of Europe as the European Central Bank provided long-term financing to the debt markets and support for the Continent’s banking sector.

The final four months of the period brought more volatility as the headwinds facing the equity market at the start of the period returned to the forefront. Evidence of slowing economic activity in the U.S. and adverse developments in Europe—including political turmoil in Greece and troubled banks in Spain—buffeted the market, ultimately sending stocks lower.

Overall, however, domestic stocks advanced for the 12 months, though there was a divergence in performance as large-cap stocks posted solid gains, while mid- and small-cap issues produced modest returns (see the table on the next page). Growth and value stocks were also mixed—growth issues outperformed among large-cap stocks, while value shares held up better in the mid- and small-cap segments of the market.

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

Market Index Total Returns
For the 12 months ended July 31, 2012
U.S. Stocks
Russell 1000 Index (Large-Cap)	7.96%
Russell Midcap Index	2.28%
Russell 2000 Index (Small-Cap)	0.19%
International Stocks
MSCI EAFE Index	-11.45%
MSCI Emerging Markets Index	-13.93%
U.S. Fixed Income
Barclays U.S. Aggregate Bond Index (multi-sector)	7.25%
Barclays U.S. Corporate Bond Index (investment-grade)	10.09%
Barclays U.S. Corporate High-Yield Bond Index	8.06%
Barclays U.S. MBS Index (mortgage-backed securities)	4.84%
Barclays U.S. Treasury Bond Index	8.17%
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index	9.49%
International Bonds
Barclays Global Treasury ex-U.S. Bond Index	-0.68%

In contrast to the domestic market, international stocks declined sharply for the 12-month period. International equity markets were adversely impacted by the turbulent events in Europe—a possible sovereign debt default in Greece; the spread of the contagion to larger, fiscally troubled European countries such as Italy and Spain; efforts by the European authorities to support the debt markets and financial sector; and renewed political turmoil and faltering banks toward the end of the period. In addition, a number of European countries faced recessions, brought on in part by austerity measures intended to bring fiscal deficits under control. In this environment, European bourses suffered the most significant declines—markets in Greece, Portugal, and Spain fell the most, while Ireland and Belgium held up best. In the Asia/Pacific region, New Zealand and Australia were the best-performing markets, while the Japanese market declined the most.

Bond Market Review

U.S. bonds posted solid gains for the 12-month period as interest rates fell sharply. Treasury bonds led the market’s advance early in the period as weaker economic growth and worsening European sovereign debt problems led to a flight to quality. In addition, the Federal Reserve introduced “Operation Twist,” which was designed to lower long-term borrowing rates and stimulate more economic activity. This course of action provided a further lift to longer-term Treasury securities.

Market leadership shifted in late 2011 and early 2012, when better economic growth and improving conditions in Europe provided a boost to credit-related sectors of the bond market. In particular, corporate bonds (both investment-grade and high-yield) and commercial mortgage-backed securities outperformed throughout the fourth quarter of 2011 and first quarter of 2012.

During the last four months of the period, Treasury bonds benefited from flight-to-quality demand, with yields falling to historic lows amid lackluster economic data and renewed turmoil in Europe. However, corporate bonds also fared well as investors sought higher-yielding investments in a low interest rate environment.

International bond markets rallied sharply for the 12 months as bond yields fell around the globe, with yields in many countries approaching record lows. The main exceptions were peripheral European countries such as Greece, Spain, and Italy, where concerns about fiscal deficits led to higher bond yields. For U.S. investors, however, the positive performance in international bond markets was erased by a stronger U.S. dollar, which reduces foreign investment returns for U.S. investors. The end result was a slightly negative overall return for unhedged international bonds.

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.) Each 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. 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 LIVESTRONG 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 LIVESTRONG Portfolio reaches its target year, its target asset mix will become fixed and match that of LIVESTRONG Income Portfolio.

Portfolio Performance

Within each LIVESTRONG Portfolio, almost all of the domestic equity funds produced positive returns for the 12-month period. Real Estate Fund, which invests in real estate investment trusts, was the top performer, gaining approximately 15% for the reporting period. NT Large Company Value Fund and NT Equity Growth Fund also fared well, generating returns of nearly 10%. The only exception among domestic equity funds was NT Vista Fund, a mid-cap growth fund, which declined modestly for the 12 months.

Reflecting the meaningful decline in international equity markets, LIVESTRONG Portfolios’ two international stock holdings—NT International Growth Fund and NT Emerging Markets Fund—posted double-digit declines for the reporting period.

Among LIVESTRONG Portfolios’ fixed-income components, the leading performer was Inflation-Adjusted Bond Fund, which gained more than 9% for the 12-month period. High-Yield Fund also generated solid gains, while International Bond Fund declined slightly.

NT Diversified Bond Fund (the largest fixed-income holding in each LIVESTRONG Portfolio) outperformed the broad bond market indices during the 12-month period. Sector allocation added value, particularly overweight positions in corporate bonds and commercial mortgage-backed securities. However, an underweight position in Treasury securities weighed on results.

In late 2011, we added NT Core Equity Plus Fund to each LIVESTRONG Portfolio’s asset mix. This fund is managed to have 100% net exposure to stocks by investing approximately 130% of its net assets in long positions, while 30% of its net assets are sold short. The proceeds from the securities sold short are used to fund the purchase of the additional 30% of long positions.

Outlook

Our view on the U.S. economy has changed very little, despite all the ups and downs in economic expectations over the past couple of years. We continue to see a subpar recovery, with economic growth of 1% to 3%. Although we no longer see the housing market as a drag on the economy, employment is still a concern and manufacturing activity appears to be slowing. Meanwhile, inflation in the U.S. remains tame amid weaker economic data and falling commodity prices. While we see a number of factors that argue for higher inflation down the road, the lack of current inflationary pressure gives the Federal Reserve room to act should economic conditions weaken further.

Given this backdrop, we believe equities are attractive relative to bonds and cash-equivalent investments, primarily as a result of stocks’ greater earnings yield versus historically low money market and bond yields. But this attractiveness is mitigated by uncertainty regarding the economy and corporate earnings.

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, 2012
	LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
Equity
NT Core Equity Plus Fund	3.0%	3.0%	3.0%	3.0%	3.2%
NT Equity Growth Fund	9.9%	9.7%	9.4%	9.2%	9.2%
NT Growth Fund	6.4%	7.1%	8.1%	9.6%	11.5%
NT Large Company Value Fund	11.0%	11.0%	11.2%	11.5%	12.2%
NT Mid Cap Value Fund	4.0%	4.3%	5.1%	5.5%	5.2%
NT Small Company Fund	2.0%	2.0%	2.0%	2.7%	3.7%
NT VistaSM Fund	2.5%	3.0%	4.0%	4.7%	5.0%
Real Estate Fund	1.0%	1.1%	1.4%	1.6%	1.9%
NT Emerging Markets Fund	—	0.6%	1.7%	2.6%	3.0%
NT International Growth Fund	5.0%	5.4%	6.4%	7.4%	8.9%
Total Equity	44.8%	47.2%	52.3%	57.8%	63.8%
Fixed Income
High-Yield Fund	3.8%	3.8%	3.6%	3.4%	3.0%
Inflation-Adjusted Bond Fund	7.6%	7.5%	7.2%	6.7%	6.0%
NT Diversified Bond Fund	26.7%	26.1%	25.1%	23.3%	20.9%
International Bond Fund	7.1%	6.6%	5.5%	3.8%	1.3%
Total Fixed Income	45.2%	44.0%	41.4%	37.2%	31.2%
Premium Money Market Fund	10.0%	8.8%	6.3%	5.0%	5.0%
Other Assets and Liabilities	—(2)	—(2)	—(2)	—(2)	—(2)

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

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

Underlying Fund Allocations(1) as a % of net assets as of July 31, 2012
	LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
Equity
NT Core Equity Plus Fund	3.3%	3.7%	4.5%	4.5%	4.5%
NT Equity Growth Fund	9.7%	10.2%	10.2%	10.5%	10.7%
NT Growth Fund	13.0%	14.0%	14.7%	15.0%	15.2%
NT Large Company Value Fund	13.0%	14.0%	14.8%	15.2%	15.5%
NT Mid Cap Value Fund	5.9%	6.9%	7.2%	7.4%	7.5%
NT Small Company Fund	4.1%	4.0%	4.3%	4.7%	5.0%
NT VistaSM Fund	5.8%	6.8%	7.2%	7.3%	7.4%
Real Estate Fund	2.1%	2.4%	2.6%	2.9%	3.0%
NT Emerging Markets Fund	3.6%	4.7%	5.5%	6.3%	6.6%
NT International Growth Fund	9.9%	10.0%	10.0%	9.7%	9.6%
Total Equity	70.4%	76.7%	81.0%	83.5%	85.0%
Fixed Income
High-Yield Fund	2.5%	2.2%	1.9%	1.6%	1.5%
Inflation-Adjusted Bond Fund	5.2%	4.4%	3.8%	3.3%	3.0%
NT Diversified Bond Fund	18.1%	15.5%	13.3%	11.6%	10.5%
Total Fixed Income	25.8%	22.1%	19.0%	16.5%	15.0%
Premium Money Market Fund	3.8%	1.2%	—	—	—
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, 2012 to July 31, 2012.

Actual Expenses

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

If you hold Investor Class shares of any American Century Investments fund, or Institutional Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not a financial intermediary or retirement plan account), American Century Investments may charge you a $12.50 semiannual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $12.50 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments Brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments Brokerage accounts, you are currently not subject to this fee. 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 2/1/12	Ending Account Value 7/31/12	Expenses Paid During Period(1) 2/1/12 – 7/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/12 – 7/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG Income Portfolio
Actual
Investor Class	$1,000	$1,033.20	$1.06	0.21%	$3.94	0.78%
Institutional Class	$1,000	$1,034.20	$0.05	0.01%	$2.93	0.58%
A Class	$1,000	$1,031.20	$2.32	0.46%	$5.20	1.03%
C Class	$1,000	$1,027.70	$6.10	1.21%	$8.97	1.78%
R Class	$1,000	$1,030.00	$3.58	0.71%	$6.46	1.28%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$3.92	0.78%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$2.92	0.58%
A Class	$1,000	$1,022.58	$2.31	0.46%	$5.17	1.03%
C Class	$1,000	$1,018.85	$6.07	1.21%	$8.92	1.78%
R Class	$1,000	$1,021.33	$3.57	0.71%	$6.42	1.28%
LIVESTRONG 2015 Portfolio
Actual
Investor Class	$1,000	$1,033.70	$1.06	0.21%	$4.05	0.80%
Institutional Class	$1,000	$1,034.50	$0.05	0.01%	$3.04	0.60%
A Class	$1,000	$1,032.00	$2.32	0.46%	$5.30	1.05%
C Class	$1,000	$1,027.80	$6.10	1.21%	$9.08	1.80%
R Class	$1,000	$1,030.40	$3.58	0.71%	$6.56	1.30%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$4.02	0.80%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$3.02	0.60%
A Class	$1,000	$1,022.58	$2.31	0.46%	$5.27	1.05%
C Class	$1,000	$1,018.85	$6.07	1.21%	$9.02	1.80%
R Class	$1,000	$1,021.33	$3.57	0.71%	$6.52	1.30%

(1)

Expenses are equal to the class’s annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 182, the number of days in the most recent fiscal half-year, divided by 366, to reflect the one-half year period. The fees and expenses of the underlying American Century Investments funds in which the fund invests are not included in the class’s annualized expense ratio.

(2)

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

	Beginning Account Value 2/1/12	Ending Account Value 7/31/12	Expenses Paid During Period(1) 2/1/12 – 7/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/12 – 7/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2020 Portfolio
Actual
Investor Class	$1,000	$1,034.00	$1.06	0.21%	$4.15	0.82%
Institutional Class	$1,000	$1,035.00	$0.05	0.01%	$3.14	0.62%
A Class	$1,000	$1,032.10	$2.32	0.46%	$5.41	1.07%
C Class	$1,000	$1,029.10	$6.10	1.21%	$9.18	1.82%
R Class	$1,000	$1,031.10	$3.59	0.71%	$6.67	1.32%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$4.12	0.82%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$3.12	0.62%
A Class	$1,000	$1,022.58	$2.31	0.46%	$5.37	1.07%
C Class	$1,000	$1,018.85	$6.07	1.21%	$9.12	1.82%
R Class	$1,000	$1,021.33	$3.57	0.71%	$6.62	1.32%
LIVESTRONG 2025 Portfolio
Actual
Investor Class	$1,000	$1,034.00	$1.01	0.20%	$4.35	0.86%
Institutional Class	$1,000	$1,034.90	$0.00	0.00%(3)	$3.34	0.66%
A Class	$1,000	$1,033.20	$2.27	0.45%	$5.61	1.11%
C Class	$1,000	$1,029.00	$6.05	1.20%	$9.38	1.86%
R Class	$1,000	$1,031.60	$3.54	0.70%	$6.87	1.36%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$4.32	0.86%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%(3)	$3.32	0.66%
A Class	$1,000	$1,022.63	$2.26	0.45%	$5.57	1.11%
C Class	$1,000	$1,018.90	$6.02	1.20%	$9.32	1.86%
R Class	$1,000	$1,021.38	$3.52	0.70%	$6.82	1.36%

(1)

(2)

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

	Beginning Account Value 2/1/12	Ending Account Value 7/31/12	Expenses Paid During Period(1) 2/1/12 – 7/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/12 – 7/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2030 Portfolio
Actual
Investor Class	$1,000	$1,033.80	$1.06	0.21%	$4.40	0.87%
Institutional Class	$1,000	$1,034.80	$0.05	0.01%	$3.39	0.67%
A Class	$1,000	$1,032.80	$2.32	0.46%	$5.66	1.12%
C Class	$1,000	$1,028.80	$6.10	1.21%	$9.43	1.87%
R Class	$1,000	$1,030.80	$3.58	0.71%	$6.92	1.37%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$4.37	0.87%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$3.37	0.67%
A Class	$1,000	$1,022.58	$2.31	0.46%	$5.62	1.12%
C Class	$1,000	$1,018.85	$6.07	1.21%	$9.37	1.87%
R Class	$1,000	$1,021.33	$3.57	0.71%	$6.87	1.37%
LIVESTRONG 2035 Portfolio
Actual
Investor Class	$1,000	$1,033.90	$1.06	0.21%	$4.65	0.92%
Institutional Class	$1,000	$1,035.50	$0.05	0.01%	$3.64	0.72%
A Class	$1,000	$1,032.30	$2.32	0.46%	$5.91	1.17%
C Class	$1,000	$1,029.90	$6.11	1.21%	$9.69	1.92%
R Class	$1,000	$1,032.30	$3.59	0.71%	$7.18	1.42%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$4.62	0.92%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$3.62	0.72%
A Class	$1,000	$1,022.58	$2.31	0.46%	$5.87	1.17%
C Class	$1,000	$1,018.85	$6.07	1.21%	$9.62	1.92%
R Class	$1,000	$1,021.33	$3.57	0.71%	$7.12	1.42%

(1)

(2)

	Beginning Account Value 2/1/12	Ending Account Value 7/31/12	Expenses Paid During Period(1) 2/1/12 – 7/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/12 – 7/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2040 Portfolio
Actual
Investor Class	$1,000	$1,034.10	$1.06	0.21%	$4.80	0.95%
Institutional Class	$1,000	$1,036.10	$0.05	0.01%	$3.80	0.75%
A Class	$1,000	$1,034.10	$2.33	0.46%	$6.07	1.20%
C Class	$1,000	$1,029.10	$6.10	1.21%	$9.84	1.95%
R Class	$1,000	$1,032.10	$3.59	0.71%	$7.33	1.45%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$4.77	0.95%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$3.77	0.75%
A Class	$1,000	$1,022.58	$2.31	0.46%	$6.02	1.20%
C Class	$1,000	$1,018.85	$6.07	1.21%	$9.77	1.95%
R Class	$1,000	$1,021.33	$3.57	0.71%	$7.27	1.45%
LIVESTRONG 2045 Portfolio
Actual
Investor Class	$1,000	$1,034.60	$1.06	0.21%	$5.01	0.99%
Institutional Class	$1,000	$1,035.40	$0.05	0.01%	$4.00	0.79%
A Class	$1,000	$1,033.90	$2.33	0.46%	$6.27	1.24%
C Class	$1,000	$1,029.80	$6.11	1.21%	$10.04	1.99%
R Class	$1,000	$1,032.20	$3.59	0.71%	$7.53	1.49%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$4.97	0.99%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$3.97	0.79%
A Class	$1,000	$1,022.58	$2.31	0.46%	$6.22	1.24%
C Class	$1,000	$1,018.85	$6.07	1.21%	$9.97	1.99%
R Class	$1,000	$1,021.33	$3.57	0.71%	$7.47	1.49%

(1)

(2)

	Beginning Account Value 2/1/12	Ending Account Value 7/31/12	Expenses Paid During Period(1) 2/1/12 – 7/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/12 – 7/31/12	Effective Annualized Expense Ratio(2)
LIVESTRONG 2050 Portfolio
Actual
Investor Class	$1,000	$1,033.90	$1.06	0.21%	$5.06	1.00%
Institutional Class	$1,000	$1,035.90	$0.05	0.01%	$4.05	0.80%
A Class	$1,000	$1,033.90	$2.33	0.46%	$6.32	1.25%
C Class	$1,000	$1,029.70	$6.11	1.21%	$10.09	2.00%
R Class	$1,000	$1,031.80	$3.59	0.71%	$7.58	1.50%
Hypothetical
Investor Class	$1,000	$1,023.82	$1.06	0.21%	$5.02	1.00%
Institutional Class	$1,000	$1,024.81	$0.05	0.01%	$4.02	0.80%
A Class	$1,000	$1,022.58	$2.31	0.46%	$6.27	1.25%
C Class	$1,000	$1,018.85	$6.07	1.21%	$10.02	2.00%
R Class	$1,000	$1,021.33	$3.57	0.71%	$7.52	1.50%
LIVESTRONG 2055 Portfolio
Actual
Investor Class	$1,000	$1,035.60	$1.01	0.20%	$5.06	1.00%
Institutional Class	$1,000	$1,036.60	$0.00	0.00%(3)	$4.05	0.80%
A Class	$1,000	$1,033.50	$2.28	0.45%	$6.32	1.25%
C Class	$1,000	$1,030.50	$6.06	1.20%	$10.10	2.00%
R Class	$1,000	$1,032.50	$3.54	0.70%	$7.58	1.50%
Hypothetical
Investor Class	$1,000	$1,023.87	$1.01	0.20%	$5.02	1.00%
Institutional Class	$1,000	$1,024.86	$0.00	0.00%(3)	$4.02	0.80%
A Class	$1,000	$1,022.63	$2.26	0.45%	$6.27	1.25%
C Class	$1,000	$1,018.90	$6.02	1.20%	$10.02	2.00%
R Class	$1,000	$1,021.38	$3.52	0.70%	$7.52	1.50%

(1)

(2)

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

Schedule of Investments

JULY 31, 2012

	Shares		Value
LIVESTRONG Income Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 39.8%
NT Core Equity Plus Fund Institutional Class		943,431		$10,396,608
NT Equity Growth Fund Institutional Class		3,359,605		34,570,334
NT Growth Fund Institutional Class		1,786,456		22,473,621
NT Large Company Value Fund Institutional Class		4,177,117		38,095,305
NT Mid Cap Value Fund Institutional Class		1,402,010		13,809,803
NT Small Company Fund Institutional Class		839,198		6,914,989
NT Vista Fund Institutional Class		834,795		8,615,079
Real Estate Fund Institutional Class		146,969		3,472,869
				138,348,608
DOMESTIC FIXED INCOME FUNDS — 38.1%
High-Yield Fund Institutional Class		2,165,914		13,233,737
Inflation-Adjusted Bond Fund Institutional Class		1,982,806		26,529,949
NT Diversified Bond Fund Institutional Class		8,257,704		92,651,437
				132,415,123
MONEY MARKET FUNDS — 10.0%
Premium Money Market Fund Investor Class		34,761,888		34,761,888
INTERNATIONAL FIXED INCOME FUNDS — 7.1%
International Bond Fund Institutional Class		1,679,263		24,483,660
INTERNATIONAL EQUITY FUNDS — 5.0%
NT International Growth Fund Institutional Class		1,922,365		17,358,955
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $295,111,807)				347,368,234
OTHER ASSETS AND LIABILITIES†				127,326
TOTAL NET ASSETS — 100.0%				$347,495,560

Notes to Schedule of Investments

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

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

	Shares		Value
LIVESTRONG 2015 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 41.2%
NT Core Equity Plus Fund Institutional Class		2,390,599		$26,344,404
NT Equity Growth Fund Institutional Class		8,301,220		85,419,559
NT Growth Fund Institutional Class		4,959,081		62,385,243
NT Large Company Value Fund Institutional Class		10,584,839		96,533,730
NT Mid Cap Value Fund Institutional Class		3,890,798		38,324,363
NT Small Company Fund Institutional Class		2,126,736		17,524,304
NT Vista Fund Institutional Class		2,539,034		26,202,832
Real Estate Fund Institutional Class		420,775		9,942,910
				362,677,345
DOMESTIC FIXED INCOME FUNDS — 37.4%
High-Yield Fund Institutional Class		5,414,715		33,083,910
Inflation-Adjusted Bond Fund Institutional Class		4,956,388		66,316,471
NT Diversified Bond Fund Institutional Class		20,502,259		230,035,344
				329,435,725
MONEY MARKET FUNDS — 8.8%
Premium Money Market Fund Investor Class		77,061,666		77,061,666
INTERNATIONAL FIXED INCOME FUNDS — 6.6%
International Bond Fund Institutional Class		3,979,540		58,021,686
INTERNATIONAL EQUITY FUNDS — 6.0%
NT Emerging Markets Fund Institutional Class		601,196		5,555,055
NT International Growth Fund Institutional Class		5,231,088		47,236,723
				52,791,778
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $765,247,392)				879,988,200
OTHER ASSETS AND LIABILITIES†				35,561
TOTAL NET ASSETS — 100.0%				$880,023,761

Notes to Schedule of Investments

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

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2020 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 44.2%
NT Core Equity Plus Fund Institutional Class		1,527,327		$16,831,144
NT Equity Growth Fund Institutional Class		5,166,501		53,163,294
NT Growth Fund Institutional Class		3,612,565		45,446,073
NT Large Company Value Fund Institutional Class		6,915,890		63,072,916
NT Mid Cap Value Fund Institutional Class		2,904,792		28,612,198
NT Small Company Fund Institutional Class		1,358,447		11,193,603
NT Vista Fund Institutional Class		2,161,742		22,309,177
Real Estate Fund Institutional Class		328,371		7,759,409
				248,387,814
DOMESTIC FIXED INCOME FUNDS — 35.9%
High-Yield Fund Institutional Class		3,304,070		20,187,870
Inflation-Adjusted Bond Fund Institutional Class		3,033,421		40,587,172
NT Diversified Bond Fund Institutional Class		12,561,991		140,945,538
				201,720,580
INTERNATIONAL EQUITY FUNDS — 8.1%
NT Emerging Markets Fund Institutional Class		1,067,325		9,862,086
NT International Growth Fund Institutional Class		3,971,338		35,861,183
				45,723,269
MONEY MARKET FUNDS — 6.3%
Premium Money Market Fund Investor Class		35,177,103		35,177,103
INTERNATIONAL FIXED INCOME FUNDS — 5.5%
International Bond Fund Institutional Class		2,136,745		31,153,748
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $492,059,841)				562,162,514
OTHER ASSETS AND LIABILITIES†				130,047
TOTAL NET ASSETS — 100.0%				$562,292,561

Notes to Schedule of Investments

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

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

	Shares		Value
LIVESTRONG 2025 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 47.8%
NT Core Equity Plus Fund Institutional Class		3,250,717		$35,822,899
NT Equity Growth Fund Institutional Class		10,766,551		110,787,814
NT Growth Fund Institutional Class		9,110,642		114,611,872
NT Large Company Value Fund Institutional Class		15,112,679		137,827,636
NT Mid Cap Value Fund Institutional Class		6,643,037		65,433,915
NT Small Company Fund Institutional Class		3,947,074		32,523,888
NT Vista Fund Institutional Class		5,408,310		55,813,757
Real Estate Fund Institutional Class		825,369		19,503,458
				572,325,239
DOMESTIC FIXED INCOME FUNDS — 33.4%
High-Yield Fund Institutional Class		6,578,085		40,192,101
Inflation-Adjusted Bond Fund Institutional Class		6,003,576		80,327,848
NT Diversified Bond Fund Institutional Class		24,854,951		278,872,553
				399,392,502
INTERNATIONAL EQUITY FUNDS — 10.0%
NT Emerging Markets Fund Institutional Class		3,283,139		30,336,206
NT International Growth Fund Institutional Class		9,828,946		88,755,386
				119,091,592
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class		59,881,950		59,881,950
INTERNATIONAL FIXED INCOME FUNDS — 3.8%
International Bond Fund Institutional Class		3,098,722		45,179,373
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,030,943,601)				1,195,870,656
OTHER ASSETS AND LIABILITIES†				402,158
TOTAL NET ASSETS — 100.0%				$1,196,272,814

Notes to Schedule of Investments

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

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2030 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 51.9%
NT Core Equity Plus Fund Institutional Class		1,491,503		$16,436,364
NT Equity Growth Fund Institutional Class		4,534,797		46,663,057
NT Growth Fund Institutional Class		4,612,041		58,019,477
NT Large Company Value Fund Institutional Class		6,782,795		61,859,088
NT Mid Cap Value Fund Institutional Class		2,685,003		26,447,278
NT Small Company Fund Institutional Class		2,253,093		18,565,487
NT Vista Fund Institutional Class		2,435,953		25,139,035
Real Estate Fund Institutional Class		403,233		9,528,404
				262,658,190
DOMESTIC FIXED INCOME FUNDS — 29.9%
High-Yield Fund Institutional Class		2,520,709		15,401,533
Inflation-Adjusted Bond Fund Institutional Class		2,284,960		30,572,770
NT Diversified Bond Fund Institutional Class		9,420,248		105,695,183
				151,669,486
INTERNATIONAL EQUITY FUNDS — 11.9%
NT Emerging Markets Fund Institutional Class		1,649,273		15,239,285
NT International Growth Fund Institutional Class		4,982,532		44,992,262
				60,231,547
MONEY MARKET FUNDS — 5.0%
Premium Money Market Fund Investor Class		25,366,804		25,366,804
INTERNATIONAL FIXED INCOME FUNDS — 1.3%
International Bond Fund Institutional Class		437,707		6,381,761
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $442,378,194)				506,307,788
OTHER ASSETS AND LIABILITIES†				97,010
TOTAL NET ASSETS — 100.0%				$506,404,798

Notes to Schedule of Investments

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

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

	Shares		Value
LIVESTRONG 2035 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 56.9%
NT Core Equity Plus Fund Institutional Class		2,518,988		$27,759,246
NT Equity Growth Fund Institutional Class		8,074,607		83,087,709
NT Growth Fund Institutional Class		8,807,150		110,793,953
NT Large Company Value Fund Institutional Class		12,167,453		110,967,169
NT Mid Cap Value Fund Institutional Class		5,080,596		50,043,866
NT Small Company Fund Institutional Class		4,292,075		35,366,698
NT Vista Fund Institutional Class		4,840,447		49,953,408
Real Estate Fund Institutional Class		771,440		18,229,116
				486,201,165
DOMESTIC FIXED INCOME FUNDS — 25.8%
High-Yield Fund Institutional Class		3,581,135		21,880,732
Inflation-Adjusted Bond Fund Institutional Class		3,322,924		44,460,721
NT Diversified Bond Fund Institutional Class		13,768,000		154,476,955
				220,818,408
INTERNATIONAL EQUITY FUNDS — 13.5%
NT Emerging Markets Fund Institutional Class		3,369,064		31,130,154
NT International Growth Fund Institutional Class		9,351,486		84,443,915
				115,574,069
MONEY MARKET FUNDS — 3.8%
Premium Money Market Fund Investor Class		32,036,485		32,036,485
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $745,350,542)				854,630,127
OTHER ASSETS AND LIABILITIES†				27,106
TOTAL NET ASSETS — 100.0%				$854,657,233

Notes to Schedule of Investments

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

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2040 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 62.0%
NT Core Equity Plus Fund Institutional Class		1,105,545		$12,183,106
NT Equity Growth Fund Institutional Class		3,225,417		33,189,544
NT Growth Fund Institutional Class		3,607,363		45,380,632
NT Large Company Value Fund Institutional Class		4,984,032		45,454,376
NT Mid Cap Value Fund Institutional Class		2,260,844		22,269,316
NT Small Company Fund Institutional Class		1,573,431		12,965,069
NT Vista Fund Institutional Class		2,153,929		22,228,545
Real Estate Fund Institutional Class		327,896		7,748,179
				201,418,767
DOMESTIC FIXED INCOME FUNDS — 22.1%
High-Yield Fund Institutional Class		1,159,364		7,083,714
Inflation-Adjusted Bond Fund Institutional Class		1,063,741		14,232,850
NT Diversified Bond Fund Institutional Class		4,501,664		50,508,672
				71,825,236
INTERNATIONAL EQUITY FUNDS — 14.7%
NT Emerging Markets Fund Institutional Class		1,634,762		15,105,202
NT International Growth Fund Institutional Class		3,604,118		32,545,182
				47,650,384
MONEY MARKET FUNDS — 1.2%
Premium Money Market Fund Investor Class		4,073,188		4,073,188
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $288,739,061)				324,967,575
OTHER ASSETS AND LIABILITIES†				78,679
TOTAL NET ASSETS — 100.0%				$325,046,254

Notes to Schedule of Investments

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

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

	Shares		Value
LIVESTRONG 2045 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 65.5%
NT Core Equity Plus Fund Institutional Class		2,243,457		$24,722,892
NT Equity Growth Fund Institutional Class		5,460,534		56,188,891
NT Growth Fund Institutional Class		6,428,036		80,864,696
NT Large Company Value Fund Institutional Class		8,880,192		80,987,348
NT Mid Cap Value Fund Institutional Class		4,029,865		39,694,174
NT Small Company Fund Institutional Class		2,827,526		23,298,818
NT Vista Fund Institutional Class		3,839,534		39,623,994
Real Estate Fund Institutional Class		612,651		14,476,944
				359,857,757
DOMESTIC FIXED INCOME FUNDS — 19.0%
High-Yield Fund Institutional Class		1,697,991		10,374,727
Inflation-Adjusted Bond Fund Institutional Class		1,549,978		20,738,706
NT Diversified Bond Fund Institutional Class		6,513,102		73,077,001
				104,190,434
INTERNATIONAL EQUITY FUNDS — 15.5%
NT Emerging Markets Fund Institutional Class		3,283,043		30,335,318
NT International Growth Fund Institutional Class		6,094,048		55,029,254
				85,364,572
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $487,024,015)				549,412,763
OTHER ASSETS AND LIABILITIES†				19,693
TOTAL NET ASSETS — 100.0%				$549,432,456

Notes to Schedule of Investments

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

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

See Notes to Financial Statements.

	Shares		Value
LIVESTRONG 2050 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 67.5%
NT Core Equity Plus Fund Institutional Class		691,586		$7,621,283
NT Equity Growth Fund Institutional Class		1,724,371		17,743,781
NT Growth Fund Institutional Class		2,015,143		25,350,501
NT Large Company Value Fund Institutional Class		2,828,432		25,795,296
NT Mid Cap Value Fund Institutional Class		1,264,534		12,455,665
NT Small Company Fund Institutional Class		974,167		8,027,139
NT Vista Fund Institutional Class		1,204,860		12,434,158
Real Estate Fund Institutional Class		206,815		4,887,046
				114,314,869
DOMESTIC FIXED INCOME FUNDS — 16.5%
High-Yield Fund Institutional Class		451,058		2,755,964
Inflation-Adjusted Bond Fund Institutional Class		414,111		5,540,805
NT Diversified Bond Fund Institutional Class		1,743,952		19,567,136
				27,863,905
INTERNATIONAL EQUITY FUNDS — 16.0%
NT Emerging Markets Fund Institutional Class		1,150,083		10,626,765
NT International Growth Fund Institutional Class		1,831,658		16,539,876
				27,166,641
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $156,840,793)				169,345,415
OTHER ASSETS AND LIABILITIES†				26,498
TOTAL NET ASSETS — 100.0%				$169,371,913

Notes to Schedule of Investments

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

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

	Shares		Value
LIVESTRONG 2055 Portfolio
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 68.8%
NT Core Equity Plus Fund Institutional Class		50,151		$552,668
NT Equity Growth Fund Institutional Class		128,167		1,318,835
NT Growth Fund Institutional Class		148,776		1,871,596
NT Large Company Value Fund Institutional Class		208,951		1,905,631
NT Mid Cap Value Fund Institutional Class		93,260		918,614
NT Small Company Fund Institutional Class		74,362		612,746
NT Vista Fund Institutional Class		88,867		917,107
Real Estate Fund Institutional Class		15,600		368,616
				8,465,813
INTERNATIONAL EQUITY FUNDS — 16.2%
NT Emerging Markets Fund Institutional Class		87,371		807,304
NT International Growth Fund Institutional Class		130,645		1,179,723
				1,987,027
DOMESTIC FIXED INCOME FUNDS — 15.0%
High-Yield Fund Institutional Class		30,137		184,134
Inflation-Adjusted Bond Fund Institutional Class		27,675		370,288
NT Diversified Bond Fund Institutional Class		115,567		1,296,665
				1,851,087
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $11,911,899)				12,303,927
OTHER ASSETS AND LIABILITIES†				3,534
TOTAL NET ASSETS — 100.0%				$12,307,461

Notes to Schedule of Investments

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

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

See Notes to Financial Statements.

Statement of Assets and Liabilities

JULY 31, 2012
	LIVESTRONG Income Portfolio			LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Assets
Investment securities in affiliates, at value (cost of $295,111,807, $765,247,392 and $492,059,841, respectively)		$347,368,234			$879,988,200			$562,162,514
Cash		81,123			199,645			137,169
Receivable for investments sold		43,750,180			60,960,113			97,458,839
Receivable for capital shares sold		4,822,222			8,464,765			2,950,371
Distributions receivable from affiliates		283,366			668,433			448,110
		396,305,125			950,281,156			663,157,003

Liabilities
Payable for investments purchased		282,932			667,410			447,422
Payable for capital shares redeemed		48,442,748			69,375,241			100,275,115
Accrued administrative fees		45,295			125,783			76,732
Distribution and service fees payable		38,590			88,961			65,173
		48,809,565			70,257,395			100,864,442

Net Assets		$347,495,560			$880,023,761			$562,292,561

Net Assets Consist of:
Capital (par value and paid-in surplus)		$302,209,973			$773,531,170			$485,288,519
Undistributed net investment income		217,711			6,012,778			3,983,150
Accumulated undistributed net realized gain (loss)		(7,188,551	)		(14,260,995	)		2,918,219
Net unrealized appreciation		52,256,427			114,740,808			70,102,673
		$347,495,560			$880,023,761			$562,292,561

Fund/Class	Net Assets		Shares outstanding		Net asset value per share
LIVESTRONG Income Portfolio
Investor Class, $0.01 Par Value		$128,450,196		11,065,659		$11.61
Institutional Class, $0.01 Par Value		$74,759,388		6,437,879		$11.61
A Class, $0.01 Par Value		$105,111,171		9,057,626		$11.60	*
C Class, $0.01 Par Value		$809,911		69,764		$11.61
R Class, $0.01 Par Value		$38,364,894		3,308,798		$11.59
LIVESTRONG 2015 Portfolio
Investor Class, $0.01 Par Value		$424,416,353		34,619,910		$12.26
Institutional Class, $0.01 Par Value		$125,105,959		10,186,367		$12.28
A Class, $0.01 Par Value		$242,298,231		19,795,064		$12.24	*
C Class, $0.01 Par Value		$2,123,777		173,918		$12.21
R Class, $0.01 Par Value		$86,079,441		7,041,332		$12.22
LIVESTRONG 2020 Portfolio
Investor Class, $0.01 Par Value		$218,341,244		20,514,186		$10.64
Institutional Class, $0.01 Par Value		$99,934,754		9,379,933		$10.65
A Class, $0.01 Par Value		$180,501,505		16,990,816		$10.62	*
C Class, $0.01 Par Value		$2,303,549		217,198		$10.61
R Class, $0.01 Par Value		$61,211,509		5,769,657		$10.61

*	Maximum offering price $12.31, $12.99 and $11.27 (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, 2012
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio		LIVESTRONG 2035 Portfolio
Assets
Investment securities in affiliates, at value (cost of $1,030,943,601, $442,378,194 and $745,350,542, respectively)		$1,195,870,656			$506,307,788		$854,630,127
Cash		284,001			129,675		204,742
Receivable for investments sold		112,116,851			85,634,490		54,157,881
Receivable for capital shares sold		10,573,829			2,588,329		6,546,987
Distributions receivable from affiliates		828,972			336,843		443,205
		1,319,674,309			594,997,125		915,982,942

Liabilities
Payable for investments purchased		827,702			336,326		442,526
Payable for capital shares redeemed		122,280,123			88,121,904		60,671,308
Accrued administrative fees		168,891			68,354		118,921
Distribution and service fees payable		124,779			65,743		92,954
		123,401,495			88,592,327		61,325,709

Net Assets		$1,196,272,814			$506,404,798		$854,657,233

Net Assets Consist of:
Capital (par value and paid-in surplus)		$1,044,767,566			$437,108,150		$752,784,962
Undistributed net investment income		7,623,916			3,003,291		4,346,572
Accumulated undistributed net realized gain (loss)		(21,045,723	)		2,363,763		(11,753,886	)
Net unrealized appreciation		164,927,055			63,929,594		109,279,585
		$1,196,272,814			$506,404,798		$854,657,233

Fund/Class	Net Assets		Shares outstanding		Net asset value per share
LIVESTRONG 2025 Portfolio
Investor Class, $0.01 Par Value		$554,462,131		44,512,314		$12.46
Institutional Class, $0.01 Par Value		$181,693,317		14,573,133		$12.47
A Class, $0.01 Par Value		$327,129,638		26,298,907		$12.44	*
C Class, $0.01 Par Value		$3,498,257		281,866		$12.41
R Class, $0.01 Par Value		$129,489,471		10,426,932		$12.42
LIVESTRONG 2030 Portfolio
Investor Class, $0.01 Par Value		$170,955,062		16,424,294		$10.41
Institutional Class, $0.01 Par Value		$94,349,293		9,058,864		$10.42
A Class, $0.01 Par Value		$170,227,423		16,395,142		$10.38	*
C Class, $0.01 Par Value		$1,594,561		153,807		$10.37
R Class, $0.01 Par Value		$69,278,459		6,679,518		$10.37
LIVESTRONG 2035 Portfolio
Investor Class, $0.01 Par Value		$374,543,655		29,237,153		$12.81
Institutional Class, $0.01 Par Value		$138,142,953		10,765,677		$12.83
A Class, $0.01 Par Value		$239,410,232		18,712,904		$12.79	*
C Class, $0.01 Par Value		$1,396,137		109,450		$12.76
R Class, $0.01 Par Value		$101,164,256		7,917,777		$12.78

*	Maximum offering price $13.20, $11.01 and $13.57 (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, 2012
	LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Assets
Investment securities in affiliates, at value (cost of $288,739,061, $487,024,015 and $156,840,793, respectively)		$324,967,575		$549,412,763			$169,345,415
Cash		78,153		124,387			36,815
Receivable for investments sold		33,562,012		17,391,016			5,802,019
Receivable for capital shares sold		1,618,829		2,860,956			301,379
Distributions receivable from affiliates		150,050		202,414			54,060
		360,376,619		569,991,536			175,539,688

Liabilities
Payable for investments purchased		149,820		202,103			53,977
Payable for capital shares redeemed		35,099,718		20,228,337			6,075,715
Accrued administrative fees		42,146		71,740			19,724
Distribution and service fees payable		38,681		56,900			18,359
		35,330,365		20,559,080			6,167,775

Net Assets		$325,046,254		$549,432,456			$169,371,913

Net Assets Consist of:
Capital (par value and paid-in surplus)		$285,851,515		$494,655,075			$155,514,312
Undistributed net investment income		1,494,835		2,266,434			597,919
Accumulated undistributed net realized gain (loss)		1,471,390		(9,877,801	)		755,060
Net unrealized appreciation		36,228,514		62,388,748			12,504,622
		$325,046,254		$549,432,456			$169,371,913

Fund/Class	Net Assets		Shares outstanding		Net asset value per share
LIVESTRONG 2040 Portfolio
Investor Class, $0.01 Par Value		$107,290,423		10,402,826		$10.31
Institutional Class, $0.01 Par Value		$70,148,815		6,795,701		$10.32
A Class, $0.01 Par Value		$110,524,014		10,732,271		$10.30	*
C Class, $0.01 Par Value		$558,630		54,421		$10.26
R Class, $0.01 Par Value		$36,524,372		3,552,959		$10.28
LIVESTRONG 2045 Portfolio
Investor Class, $0.01 Par Value		$222,500,503		17,326,637		$12.84
Institutional Class, $0.01 Par Value		$116,893,898		9,089,218		$12.86
A Class, $0.01 Par Value		$147,196,790		11,483,344		$12.82	*
C Class, $0.01 Par Value		$633,177		49,513		$12.79
R Class, $0.01 Par Value		$62,208,088		4,857,782		$12.81
LIVESTRONG 2050 Portfolio
Investor Class, $0.01 Par Value		$48,552,920		4,819,480		$10.07
Institutional Class, $0.01 Par Value		$49,283,650		4,883,297		$10.09
A Class, $0.01 Par Value		$55,072,813		5,474,764		$10.06	*
C Class, $0.01 Par Value		$529,522		52,750		$10.04
R Class, $0.01 Par Value		$15,933,008		1,585,623		$10.05

*	Maximum offering price $10.93, $13.60 and $10.67 (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, 2012
	LIVESTRONG 2055 Portfolio
Assets
Investment securities in affiliates, at value (cost of $11,911,899)		$12,303,927
Cash		2,404
Receivable for capital shares sold		52,759
Distributions receivable from affiliates		3,128
		12,362,218

Liabilities
Payable for investments purchased		37,509
Payable for capital shares redeemed		14,758
Accrued administrative fees		1,322
Distribution and service fees payable		1,168
		54,757

Net Assets		$12,307,461

Net Assets Consist of:
Capital (par value and paid-in surplus)		$11,957,225
Undistributed net investment income		34,958
Accumulated net realized loss		(76,750	)
Net unrealized appreciation		392,028
		$12,307,461

Fund/Class	Net Assets		Shares outstanding		Net asset value per share
LIVESTRONG 2055 Portfolio
Investor Class, $0.01 Par Value		$3,920,193		384,879		$10.19
Institutional Class, $0.01 Par Value		$3,938,979		386,336		$10.20
A Class, $0.01 Par Value		$3,253,249		320,006		$10.17	*
C Class, $0.01 Par Value		$87,494		8,640		$10.13
R Class, $0.01 Par Value		$1,107,546		109,046		$10.16

*	Maximum offering price $10.79 (net asset value divided by 0.9425) for LIVESTRONG 2055 Portfolio.

See Notes to Financial Statements.

Statement of Operations

YEAR ENDED JULY 31, 2012
	LIVESTRONG Income Portfolio		LIVESTRONG 2015 Portfolio			LIVESTRONG 2020 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$8,030,370		$19,815,351			$12,352,225

Expenses:
Administrative fees:
Investor Class		198,352		719,408			301,889
A Class		190,242		422,482			300,774
C Class		1,293		2,747			2,117
R Class		59,575		141,070			92,701
Distribution and service fees:
A Class		237,803		528,102			375,967
C Class		6,465		13,735			10,585
R Class		148,938		352,674			231,752
Directors’ fees and expenses		16,485		39,581			26,171
		859,153		2,219,799			1,341,956

Net investment income (loss)		7,171,217		17,595,552			11,010,269

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		1,366,639		(1,536,832	)		(111,589	)
Capital gain distributions received from underlying funds		3,577,596		9,378,080			5,947,519
		4,944,235		7,841,248			5,835,930

Change in net unrealized appreciation (depreciation) on investments in underlying funds		6,871,351		20,775,825			12,566,331

Net realized and unrealized gain (loss) on affiliates		11,815,586		28,617,073			18,402,261

Net Increase (Decrease) in Net Assets Resulting from Operations		$18,986,803		$46,212,625			$29,412,530

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2012
	LIVESTRONG 2025 Portfolio			LIVESTRONG 2030 Portfolio			LIVESTRONG 2035 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$25,454,964			$9,643,087			$15,470,456

Expenses:
Administrative fees:
Investor Class		938,736			231,545			625,787
A Class		561,754			279,423			406,291
C Class		4,753			2,212			1,773
R Class		210,201			96,293			164,934
Distribution and service fees:
A Class		702,193			349,279			507,864
C Class		23,766			11,060			8,863
R Class		525,502			240,734			412,334
Directors’ fees and expenses		54,223			23,461			37,827
		3,021,128			1,234,007			2,165,673

Net investment income (loss)		22,433,836			8,409,080			13,304,783

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(5,892,995	)		(1,420,373	)		(4,079,478	)
Capital gain distributions received from underlying funds		14,297,512			6,056,242			11,223,418
		8,404,517			4,635,869			7,143,940

Change in net unrealized appreciation (depreciation) on investments in underlying funds		25,689,808			9,996,355			15,096,275

Net realized and unrealized gain (loss) on affiliates		34,094,325			14,632,224			22,240,215

Net Increase (Decrease) in Net Assets Resulting from Operations		$56,528,161			$23,041,304			$35,544,998

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2012
	LIVESTRONG 2040 Portfolio			LIVESTRONG 2045 Portfolio			LIVESTRONG 2050 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$5,170,312			$8,693,715			$2,141,198

Expenses:
Administrative fees:
Investor Class		141,659			360,443			62,815
A Class		171,783			242,767			77,648
C Class		636			864			772
R Class		49,900			98,680			23,130
Distribution and service fees:
A Class		214,729			303,458			97,060
C Class		3,178			4,321			3,861
R Class		124,749			246,701			57,825
Directors’ fees and expenses		13,658			22,936			6,234
		720,292			1,280,170			329,345

Net investment income (loss)		4,450,020			7,413,545			1,811,853

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(1,401,882	)		(3,893,099	)		(552,452	)
Capital gain distributions received from underlying funds		3,892,347			7,183,046			1,813,302
		2,490,465			3,289,947			1,260,850

Change in net unrealized appreciation (depreciation) on investments in underlying funds		6,010,271			8,691,559			3,181,937

Net realized and unrealized gain (loss) on affiliates		8,500,736			11,981,506			4,442,787

Net Increase (Decrease) in Net Assets Resulting from Operations		$12,950,756			$19,395,051			$6,254,640

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2012
	LIVESTRONG 2055 Portfolio
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$77,787

Expenses:
Administrative fees:
Investor Class		3,689
A Class		2,385
C Class		55
R Class		761
Distribution and service fees:
A Class		2,981
C Class		277
R Class		1,901
Directors’ fees and expenses		242
		12,291

Net investment income (loss)		65,496

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(125,441	)
Capital gain distributions received from underlying funds		50,061
		(75,380	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		405,755

Net realized and unrealized gain (loss) on affiliates		330,375

Net Increase (Decrease) in Net Assets Resulting from Operations		$395,871

See Notes to Financial Statements.

Statement of Changes in Net Assets

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	LIVESTRONG Income Portfolio						LIVESTRONG 2015 Portfolio
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$7,171,217			$6,005,847			$17,595,552			$13,959,046
Net realized gain (loss)		4,944,235			901,037			7,841,248			1,100,779
Change in net unrealized appreciation (depreciation)		6,871,351			21,890,812			20,775,825			57,062,232
Net increase (decrease) in net assets resulting from operations		18,986,803			28,797,696			46,212,625			72,122,057

Distributions to Shareholders
From net investment income:
Investor Class		(2,187,611	)		(1,724,983	)		(7,838,571	)		(5,333,544	)
Institutional Class		(2,585,674	)		(2,309,912	)		(4,072,861	)		(3,791,219	)
A Class		(1,928,951	)		(1,561,535	)		(4,143,809	)		(2,591,640	)
C Class		(8,286	)		(2,247	)		(15,317	)		(4,239	)
R Class		(519,173	)		(345,895	)		(1,171,673	)		(733,657	)
Decrease in net assets from distributions		(7,229,695	)		(5,944,572	)		(17,242,231	)		(12,454,299	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		36,694,164			53,820,893			115,537,471			155,640,909

Net increase (decrease) in net assets		48,451,272			76,674,017			144,507,865			215,308,667

Net Assets
Beginning of period		299,044,288			222,370,271			735,515,896			520,207,229
End of period		$347,495,560			$299,044,288			$880,023,761			$735,515,896

Undistributed net investment income		$217,711			$276,189			$6,012,778			$5,659,457

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	LIVESTRONG 2020 Portfolio						LIVESTRONG 2025 Portfolio
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$11,010,269			$7,600,129			$22,433,836			$16,947,593
Net realized gain (loss)		5,835,930			1,064,921			8,404,517			643,480
Change in net unrealized appreciation (depreciation)		12,566,331			33,449,748			25,689,808			91,238,346
Net increase (decrease) in net assets resulting from operations		29,412,530			42,114,798			56,528,161			108,829,419

Distributions to Shareholders
From net investment income:
Investor Class		(2,737,663	)		(1,251,611	)		(9,508,871	)		(6,320,322	)
Institutional Class		(4,008,922	)		(3,174,240	)		(5,441,026	)		(4,809,062	)
A Class		(2,725,776	)		(1,600,256	)		(5,135,370	)		(2,997,497	)
C Class		(9,415	)		(1,434	)		(23,576	)		(6,415	)
R Class		(683,076	)		(313,422	)		(1,626,743	)		(858,031	)
From net realized gains:
Investor Class		(415,940	)		(21,207	)		—			—
Institutional Class		(558,701	)		(48,531	)		—			—
A Class		(466,808	)		(31,282	)		—			—
C Class		(2,605	)		(52	)		—			—
R Class		(134,029	)		(7,252	)		—			—
Decrease in net assets from distributions		(11,742,935	)		(6,449,287	)		(21,735,586	)		(14,991,327	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		108,986,100			132,548,877			145,649,813			234,218,288

Net increase (decrease) in net assets		126,655,695			168,214,388			180,442,388			328,056,380

Net Assets
Beginning of period		435,636,866			267,422,478			1,015,830,426			687,774,046
End of period		$562,292,561			$435,636,866			$1,196,272,814			$1,015,830,426

Undistributed net investment income		$3,983,150			$3,185,922			$7,623,916			$6,925,666

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	LIVESTRONG 2030 Portfolio						LIVESTRONG 2035 Portfolio
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$8,409,080			$5,211,275			$13,304,783			$9,234,986
Net realized gain (loss)		4,635,869			565,675			7,143,940			(236,088	)
Change in net unrealized appreciation (depreciation)		9,996,355			32,437,621			15,096,275			68,489,867
Net increase (decrease) in net assets resulting from operations		23,041,304			38,214,571			35,544,998			77,488,765

Distributions to Shareholders
From net investment income:
Investor Class		(1,830,257	)		(699,294	)		(5,406,930	)		(3,478,203	)
Institutional Class		(3,077,742	)		(2,191,429	)		(3,029,165	)		(2,410,054	)
A Class		(2,149,526	)		(1,152,037	)		(3,139,941	)		(1,691,054	)
C Class		(9,176	)		(1,835	)		(6,446	)		(1,324	)
R Class		(543,391	)		(230,484	)		(1,032,297	)		(535,965	)
From net realized gains:
Investor Class		(232,302	)		(9,274	)		—			—
Institutional Class		(353,815	)		(25,676	)		—			—
A Class		(313,828	)		(18,301	)		—			—
C Class		(2,436	)		(71	)		—			—
R Class		(93,365	)		(4,560	)		—			—
Decrease in net assets from distributions		(8,605,838	)		(4,332,961	)		(12,614,779	)		(8,116,600	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		119,392,493			119,289,463			154,007,455			171,881,322

Net increase (decrease) in net assets		133,827,959			153,171,073			176,937,674			241,253,487

Net Assets
Beginning of period		372,576,839			219,405,766			677,719,559			436,466,072
End of period		$506,404,798			$372,576,839			$854,657,233			$677,719,559

Undistributed net investment income		$3,003,291			$2,261,945			$4,346,572			$3,656,568

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	LIVESTRONG 2040 Portfolio						LIVESTRONG 2045 Portfolio
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$4,450,020			$2,514,633			$7,413,545			$4,981,567
Net realized gain (loss)		2,490,465			406,719			3,289,947			127,884
Change in net unrealized appreciation (depreciation)		6,010,271			19,668,743			8,691,559			43,454,062
Net increase (decrease) in net assets resulting from operations		12,950,756			22,590,095			19,395,051			48,563,513

Distributions to Shareholders
From net investment income:
Investor Class		(1,011,328	)		(356,923	)		(2,810,973	)		(1,700,220	)
Institutional Class		(1,534,527	)		(974,609	)		(1,950,267	)		(1,510,177	)
A Class		(1,150,842	)		(588,456	)		(1,677,792	)		(855,162	)
C Class		(1,828	)		(370	)		(2,642	)		(844	)
R Class		(253,308	)		(104,220	)		(547,065	)		(234,012	)
From net realized gains:
Investor Class		(155,119	)		(2,106	)		—			—
Institutional Class		(211,151	)		(5,017	)		—			—
A Class		(206,049	)		(4,245	)		—			—
C Class		(658	)		(8	)		—			—
R Class		(54,461	)		(967	)		—			—
Decrease in net assets from distributions		(4,579,271	)		(2,036,921	)		(6,988,739	)		(4,300,415	)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		105,177,975			76,311,904			124,508,655			122,889,608

Net increase (decrease) in net assets		113,549,460			96,865,078			136,914,967			167,152,706

Net Assets
Beginning of period		211,496,794			114,631,716			412,517,489			245,364,783
End of period		$325,046,254			$211,496,794			$549,432,456			$412,517,489

Undistributed net investment income		$1,494,835			$1,018,185			$2,266,434			$1,841,628

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011 (EXCEPT AS NOTED)
	LIVESTRONG 2050 Portfolio						LIVESTRONG 2055 Portfolio
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011(1)
Operations
Net investment income (loss)		$1,811,853			$812,257			$65,496			$1,637
Net realized gain (loss)		1,260,850			58,773			(75,380	)		(1,344	)
Change in net unrealized appreciation (depreciation)		3,181,937			7,050,407			405,755			(13,727	)
Net increase (decrease) in net assets resulting from operations		6,254,640			7,921,437			395,871			(13,434	)

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

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions		76,526,183			45,713,998			11,142,359			814,889

Net increase (decrease) in net assets		81,078,953			53,013,737			11,506,006			801,455

Net Assets
Beginning of period		88,292,960			35,279,223			801,455			—
End of period		$169,371,913			$88,292,960			$12,307,461			$801,455

Undistributed net investment income		$597,919			$328,205			$34,958			$1,660

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

See Notes to Financial Statements.

Notes to Financial Statements

JULY 31, 2012

1. Organization

American Century Asset Allocation Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio, LIVESTRONG 2020 Portfolio, LIVESTRONG 2025 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2035 Portfolio, LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio, LIVESTRONG 2050 Portfolio and LIVESTRONG 2055 Portfolio (collectively, the funds) are ten funds in a series issued by the corporation. The funds operate as “fund of funds,” meaning substantially all of the funds’ assets will be invested in other funds in the American Century Investments family of funds (the underlying funds). Each fund’s assets are allocated among underlying funds that represent major asset classes, including equity securities (stocks), fixed-income securities (bonds) and cash-equivalent instruments (money markets). The underlying funds are not permitted to invest in securities issued by companies assigned the Global Industry Classification Standard (GICS) for the tobacco industry. The funds are diversified as defined under the 1940 Act. Additionally, the underlying funds are generally diversified and so indirectly provide broad exposure to a large number of securities. The funds will assume the risks associated with their underlying funds. The investment objective of LIVESTRONG Income Portfolio is to seek current income. Capital appreciation is a secondary objective. The investment objectives of the nine target-year LIVESTRONG Portfolios are to seek the highest total return consistent with their respective asset mix. The funds pursue their objectives by investing in underlying funds that represent a variety of asset classes and investment styles. For each fund with a target-year, the target asset mix will be adjusted over time to become more conservative. In general, as the target-year approaches, the allocation to stocks will decrease and the allocation to bonds and money market instruments will increase. When a fund reaches its most conservative planned target asset allocation, which is expected to occur on approximately November 30 of the year before the target year, its target asset mix will become fixed and will match that of LIVESTRONG Income Portfolio.

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

2. Significant Accounting Policies

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

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

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

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

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

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. LIVESTRONG Income Portfolio, LIVESTRONG 2015 Portfolio, LIVESTRONG 2020 Portfolio, LIVESTRONG 2025 Portfolio, LIVESTRONG 2030 Portfolio, LIVESTRONG 2035 Portfolio, LIVESTRONG 2040 Portfolio, LIVESTRONG 2045 Portfolio, and LIVESTRONG 2050 Portfolio are no longer subject to examination by tax authorities for years prior to 2009. All tax years for LIVESTRONG 2055 Portfolio remain subject to examination by authorities. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Accordingly, no provision has been made for federal or state income taxes.

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

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

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

3. Fees and Transactions with Related Parties

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

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay American Century Investment Services, Inc. (ACIS) an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. These fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the year ended July 31, 2012 are detailed in the Statement of Operations.

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

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

4. Investment Transactions

Investment transactions for the year ended July 31, 2012 were as follows:

	LIVESTRONG Income Portfolio		LIVESTRONG 2015 Portfolio		LIVESTRONG 2020 Portfolio		LIVESTRONG 2025 Portfolio		LIVESTRONG 2030 Portfolio
Purchases		$131,785,529		$276,227,109		$259,143,611		$396,120,622		$252,957,507
Sales		$91,699,573		$150,993,798		$145,072,705		$235,877,205		$127,802,540

	LIVESTRONG 2035 Portfolio		LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio		LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Purchases		$286,456,429		$162,208,910		$196,083,850		$93,152,900		$13,593,103
Sales		$120,515,088		$53,346,243		$63,999,753		$14,728,936		$2,370,945

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, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG Income Portfolio
Investor Class
Sold		5,646,932			$63,990,396			3,867,867			$42,746,431
Issued in reinvestment of distributions		192,161			2,134,278			155,283			1,683,466
Redeemed		(2,064,519	)		(23,118,867	)		(6,712,956	)		(72,499,924	)
		3,774,574			43,005,807			(2,689,806	)		(28,070,027	)
Institutional Class
Sold		3,560,637			40,313,439			7,608,774			81,683,539
Issued in reinvestment of distributions		231,838			2,571,810			211,596			2,309,880
Redeemed		(6,678,409	)		(76,338,602	)		(2,313,001	)		(25,510,658	)
		(2,885,934	)		(33,453,353	)		5,507,369			58,482,761
A Class
Sold		4,751,909			53,398,546			2,975,540			32,599,481
Issued in reinvestment of distributions		154,483			1,710,373			130,319			1,418,248
Redeemed		(3,612,954	)		(40,855,442	)		(1,975,483	)		(21,576,962	)
		1,293,438			14,253,477			1,130,376			12,440,767
C Class
Sold		28,505			319,609			46,109			511,586
Issued in reinvestment of distributions		741			8,181			204			2,247
Redeemed		(7,379	)		(82,237	)		(1,822	)		(20,716	)
		21,867			245,553			44,491			493,117
R Class
Sold		1,915,959			21,670,485			1,591,574			17,255,984
Issued in reinvestment of distributions		44,984			498,014			30,276			329,787
Redeemed		(845,413	)		(9,525,819	)		(649,385	)		(7,111,496	)
		1,115,530			12,642,680			972,465			10,474,275
Net increase (decrease)		3,319,475			$36,694,164			4,964,895			$53,820,893

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2015 Portfolio
Investor Class
Sold		12,422,856			$147,323,918			11,156,886			$128,979,615
Issued in reinvestment of distributions		663,845			7,640,848			456,276			5,196,986
Redeemed		(5,624,480	)		(66,135,026	)		(10,863,090	)		(123,997,448	)
		7,462,221			88,829,740			750,072			10,179,153
Institutional Class
Sold		4,253,870			50,930,909			9,277,338			105,509,436
Issued in reinvestment of distributions		353,831			4,072,600			332,835			3,790,986
Redeemed		(9,139,005	)		(110,142,044	)		(2,524,446	)		(29,360,607	)
		(4,531,304	)		(55,138,535	)		7,085,727			79,939,815
A Class
Sold		9,836,898			115,812,844			7,720,590			88,905,443
Issued in reinvestment of distributions		302,857			3,485,888			198,382			2,259,566
Redeemed		(5,397,114	)		(63,926,048	)		(3,656,632	)		(42,235,354	)
		4,742,641			55,372,684			4,262,340			48,929,655
C Class
Sold		117,324			1,384,701			61,713			710,815
Issued in reinvestment of distributions		1,016			11,713			324			3,701
Redeemed		(23,346	)		(274,354	)		(108	)		(1,242	)
		94,994			1,122,060			61,929			713,274
R Class
Sold		3,593,265			42,395,369			2,913,661			33,525,194
Issued in reinvestment of distributions		95,611			1,100,478			58,136			662,176
Redeemed		(1,542,007	)		(18,144,325	)		(1,584,978	)		(18,308,358	)
		2,146,869			25,351,522			1,386,819			15,879,012
Net increase (decrease)		9,915,421			$115,537,471			13,546,887			$155,640,909

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2020 Portfolio
Investor Class
Sold		12,968,836			$134,534,608			6,865,875			$68,849,965
Issued in reinvestment of distributions		315,956			3,146,918			127,634			1,268,657
Redeemed		(2,981,069	)		(30,578,709	)		(10,504,064	)		(103,475,796	)
		10,303,723			107,102,817			(3,510,555	)		(33,357,174	)
Institutional Class
Sold		4,719,891			48,779,799			13,414,480			132,514,016
Issued in reinvestment of distributions		458,924			4,566,297			324,222			3,222,771
Redeemed		(12,079,915	)		(127,529,964	)		(2,218,519	)		(22,406,681	)
		(6,901,100	)		(74,183,868	)		11,520,183			113,330,106
A Class
Sold		8,750,064			89,950,120			5,445,993			54,732,597
Issued in reinvestment of distributions		311,638			3,100,800			163,615			1,626,334
Redeemed		(4,084,349	)		(42,559,491	)		(2,266,762	)		(22,813,355	)
		4,977,353			50,491,429			3,342,846			33,545,576
C Class
Sold		174,001			1,805,448			45,936			470,849
Issued in reinvestment of distributions		1,069			10,665			149			1,486
Redeemed		(13,763	)		(138,906	)		(1,290	)		(13,184	)
		161,307			1,677,207			44,795			459,151
R Class
Sold		3,589,034			36,996,671			2,453,434			24,730,819
Issued in reinvestment of distributions		78,413			780,992			31,418			312,291
Redeemed		(1,350,356	)		(13,879,148	)		(642,886	)		(6,471,892	)
		2,317,091			23,898,515			1,841,966			18,571,218
Net increase (decrease)		10,858,374			$108,986,100			13,239,235			$132,548,877

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2025 Portfolio
Investor Class
Sold		14,443,333			$173,963,485			12,752,896			$150,342,919
Issued in reinvestment of distributions		802,334			9,323,127			530,420			6,174,094
Redeemed		(5,848,491	)		(69,835,717	)		(14,626,385	)		(168,543,171	)
		9,397,176			113,450,895			(1,343,069	)		(12,026,158	)
Institutional Class
Sold		7,639,183			92,454,473			13,600,216			156,668,821
Issued in reinvestment of distributions		468,061			5,438,871			413,076			4,808,201
Redeemed		(14,709,166	)		(179,334,095	)		(2,451,632	)		(29,060,912	)
		(6,601,922	)		(81,440,751	)		11,561,660			132,416,110
A Class
Sold		12,360,451			147,669,922			10,405,113			121,888,544
Issued in reinvestment of distributions		376,396			4,373,716			221,596			2,579,376
Redeemed		(6,497,300	)		(78,008,967	)		(3,848,946	)		(45,394,188	)
		6,239,547			74,034,671			6,777,763			79,073,732
C Class
Sold		176,345			2,125,037			100,115			1,180,327
Issued in reinvestment of distributions		1,990			23,185			528			6,163
Redeemed		(28,459	)		(343,054	)		(3,355	)		(40,211	)
		149,876			1,805,168			97,288			1,146,279
R Class
Sold		4,933,286			59,197,487			4,399,874			51,593,119
Issued in reinvestment of distributions		129,525			1,505,082			64,903			755,471
Redeemed		(1,924,581	)		(22,902,739	)		(1,587,166	)		(18,740,265	)
		3,138,230			37,799,830			2,877,611			33,608,325
Net increase (decrease)		12,322,907			$145,649,813			19,971,253			$234,218,288

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2030 Portfolio
Investor Class
Sold		10,694,134			$108,555,346			5,363,095			$52,926,770
Issued in reinvestment of distributions		212,068			2,054,940			71,995			704,106
Redeemed		(2,040,370	)		(20,468,814	)		(9,046,568	)		(86,396,863	)
		8,865,832			90,141,472			(3,611,478	)		(32,765,987	)
Institutional Class
Sold		6,010,456			60,901,759			11,718,795			112,747,909
Issued in reinvestment of distributions		354,499			3,431,557			226,930			2,217,105
Redeemed		(11,522,059	)		(118,774,329	)		(1,487,108	)		(14,820,482	)
		(5,157,104	)		(54,441,013	)		10,458,617			100,144,532
A Class
Sold		8,019,941			80,461,767			5,438,752			53,421,379
Issued in reinvestment of distributions		248,039			2,401,021			119,652			1,169,003
Redeemed		(3,194,936	)		(32,630,899	)		(2,205,021	)		(21,646,603	)
		5,073,044			50,231,889			3,353,383			32,943,779
C Class
Sold		89,788			886,613			54,034			539,916
Issued in reinvestment of distributions		1,101			10,689			161			1,578
Redeemed		(8,923	)		(88,492	)		(504	)		(5,215	)
		81,966			808,810			53,691			536,279
R Class
Sold		4,577,554			46,603,680			2,494,652			24,607,018
Issued in reinvestment of distributions		62,434			604,366			23,482			229,425
Redeemed		(1,453,660	)		(14,556,711	)		(645,225	)		(6,405,583	)
		3,186,328			32,651,335			1,872,909			18,430,860
Net increase (decrease)		12,050,066			$119,392,493			12,127,122			$119,289,463

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2035 Portfolio
Investor Class
Sold		10,156,123			$125,701,944			7,857,599			$95,418,889
Issued in reinvestment of distributions		447,439			5,320,049			283,143			3,409,036
Redeemed		(3,525,313	)		(43,327,043	)		(7,206,648	)		(85,091,646	)
		7,078,249			87,694,950			934,094			13,736,279
Institutional Class
Sold		5,256,357			65,533,010			7,498,851			88,940,009
Issued in reinvestment of distributions		254,760			3,029,082			199,997			2,409,965
Redeemed		(7,065,965	)		(88,754,801	)		(1,450,179	)		(17,807,836	)
		(1,554,848	)		(20,192,709	)		6,248,669			73,542,138
A Class
Sold		9,179,098			112,642,306			7,534,662			91,327,934
Issued in reinvestment of distributions		222,857			2,649,773			119,673			1,440,869
Redeemed		(4,627,764	)		(57,133,487	)		(3,161,740	)		(38,247,261	)
		4,774,191			58,158,592			4,492,595			54,521,542
C Class
Sold		64,941			802,822			46,298			564,443
Issued in reinvestment of distributions		531			6,328			110			1,324
Redeemed		(6,593	)		(77,805	)		(3,789	)		(46,245	)
		58,879			731,345			42,619			519,522
R Class
Sold		3,862,558			47,636,608			3,730,770			45,259,912
Issued in reinvestment of distributions		80,668			959,142			39,416			474,568
Redeemed		(1,719,035	)		(20,980,473	)		(1,316,014	)		(16,172,639	)
		2,224,191			27,615,277			2,454,172			29,561,841
Net increase (decrease)		12,580,662			$154,007,455			14,172,149			$171,881,322

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2040 Portfolio
Investor Class
Sold		7,057,461			$70,783,508			3,121,276			$30,538,435
Issued in reinvestment of distributions		122,039			1,164,244			36,838			358,439
Redeemed		(1,169,465	)		(11,569,620	)		(3,577,668	)		(33,694,763	)
		6,010,035			60,378,132			(419,554	)		(2,797,889	)
Institutional Class
Sold		3,776,364			37,682,387			6,006,881			57,724,990
Issued in reinvestment of distributions		183,177			1,745,678			100,681			979,626
Redeemed		(4,915,879	)		(50,019,329	)		(943,462	)		(9,346,083	)
		(956,338	)		(10,591,264	)		5,164,100			49,358,533
A Class
Sold		5,755,522			57,301,737			3,386,044			33,115,794
Issued in reinvestment of distributions		137,747			1,314,106			60,882			592,379
Redeemed		(2,055,023	)		(20,679,903	)		(1,398,781	)		(13,590,131	)
		3,838,246			37,935,940			2,048,145			20,118,042
C Class
Sold		45,306			448,375			14,000			140,277
Issued in reinvestment of distributions		249			2,382			39			378
Redeemed		(12,450	)		(119,524	)		(592	)		(6,005	)
		33,105			331,233			13,447			134,650
R Class
Sold		2,457,687			24,699,242			1,342,347			13,157,079
Issued in reinvestment of distributions		30,789			293,420			10,511			102,270
Redeemed		(795,633	)		(7,868,728	)		(386,730	)		(3,760,781	)
		1,692,843			17,123,934			966,128			9,498,568
Net increase (decrease)		10,617,891			$105,177,975			7,772,266			$76,311,904

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2045 Portfolio
Investor Class
Sold		6,599,488			$81,818,895			5,094,092			$62,481,188
Issued in reinvestment of distributions		232,611			2,756,448			137,157			1,662,335
Redeemed		(2,036,922	)		(25,039,771	)		(3,184,460	)		(38,024,344	)
		4,795,177			59,535,572			2,046,789			26,119,179
Institutional Class
Sold		4,721,714			58,801,519			4,498,010			53,455,953
Issued in reinvestment of distributions		164,394			1,949,717			124,561			1,509,685
Redeemed		(4,562,852	)		(55,973,622	)		(1,194,531	)		(14,654,783	)
		323,256			4,777,614			3,428,040			40,310,855
A Class
Sold		5,713,213			70,172,011			4,662,028			56,851,789
Issued in reinvestment of distributions		126,180			1,495,230			63,916			774,024
Redeemed		(2,668,501	)		(32,878,588	)		(1,662,022	)		(20,214,587	)
		3,170,892			38,788,653			3,063,922			37,411,226
C Class
Sold		24,341			303,617			25,168			306,827
Issued in reinvestment of distributions		222			2,633			70			844
Redeemed		(4,047	)		(48,730	)		(1,746	)		(20,523	)
		20,516			257,520			23,492			287,148
R Class
Sold		2,739,722			33,863,762			2,181,976			26,647,337
Issued in reinvestment of distributions		43,449			515,302			17,525			212,407
Redeemed		(1,075,859	)		(13,229,768	)		(654,923	)		(8,098,544	)
		1,707,312			21,149,296			1,544,578			18,761,200
Net increase (decrease)		10,017,153			$124,508,655			10,106,821			$122,889,608

	Year ended July 31, 2012						Year ended July 31, 2011
	Shares			Amount			Shares			Amount
LIVESTRONG 2050 Portfolio
Investor Class
Sold		3,372,720			$32,957,155			1,500,061			$14,391,166
Issued in reinvestment of distributions		44,258			411,156			14,770			140,608
Redeemed		(625,339	)		(5,949,426	)		(697,174	)		(6,488,405	)
		2,791,639			27,418,885			817,657			8,043,369
Institutional Class
Sold		3,204,167			30,914,804			2,732,002			26,246,124
Issued in reinvestment of distributions		71,526			665,195			26,412			251,438
Redeemed		(1,504,227	)		(14,718,295	)		(648,954	)		(6,326,069	)
		1,771,466			16,861,704			2,109,460			20,171,493
A Class
Sold		3,247,193			31,512,717			2,117,804			20,226,086
Issued in reinvestment of distributions		53,153			493,789			20,528			195,431
Redeemed		(834,591	)		(8,104,329	)		(725,333	)		(6,974,110	)
		2,465,755			23,902,177			1,412,999			13,447,407
C Class
Sold		52,241			481,017			8,259			77,698
Issued in reinvestment of distributions		257			2,392			15			146
Redeemed		(11,599	)		(109,490	)		(227	)		(2,208	)
		40,899			373,919			8,047			75,636
R Class
Sold		1,240,804			12,183,099			582,450			5,627,679
Issued in reinvestment of distributions		12,279			114,191			3,259			31,025
Redeemed		(444,762	)		(4,327,792	)		(173,457	)		(1,682,611	)
		808,321			7,969,498			412,252			3,976,093
Net increase (decrease)		7,878,080			$76,526,183			4,760,415			$45,713,998

	Year ended July 31, 2012						Period ended July 31, 2011(1)
	Shares			Amount			Shares			Amount
LIVESTRONG 2055 Portfolio
Investor Class
Sold		445,679			$4,421,777			45,465			$458,728
Issued in reinvestment of distributions		1,193			11,205			—			—
Redeemed		(101,345	)		(998,562	)		(6,113	)		(61,520	)
		345,527			3,434,420			39,352			397,208
Institutional Class
Sold		508,053			4,994,615			38,584			388,975
Issued in reinvestment of distributions		1,405			13,191			—			—
Redeemed		(161,343	)		(1,594,825	)		(363	)		(3,718	)
		348,115			3,412,981			38,221			385,257
A Class
Sold		363,321			3,583,648			2,113			21,314
Issued in reinvestment of distributions		738			6,923			—			—
Redeemed		(46,166	)		(463,017	)		—			—
		317,893			3,127,554			2,113			21,314
C Class
Sold		8,641			85,931			500			5,000
Issued in reinvestment of distributions		1			14			—			—
Redeemed		(502	)		(4,983	)		—			—
		8,140			80,962			500			5,000
R Class
Sold		126,415			1,266,300			611			6,110
Issued in reinvestment of distributions		93			876			—			—
Redeemed		(18,073	)		(180,734	)		—			—
		108,435			1,086,442			611			6,110
Net increase (decrease)		1,128,110			$11,142,359			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, 2012 follows:

	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG Income Portfolio
NT Core Equity Plus Fund Institutional Class		—		$10,832,456		$1,389,689		$7,692			$3,881		943,431		$10,396,608
NT Equity Growth Fund Institutional Class		3,809,560		13,416,489		17,180,662		1,020,902			1,881,537		3,359,605		34,570,334
NT Growth Fund Institutional Class		1,547,706		7,381,644		4,766,009		(54,394	)		637,936		1,786,456		22,473,621
NT Large Company Value Fund Institutional Class		3,811,026		12,004,533		9,383,621		(189,703	)		731,833		4,177,117		38,095,305
NT Mid Cap Value Fund Institutional Class		1,141,255		4,814,262		2,528,650		(123,738	)		1,239,979		1,402,010		13,809,803
NT Small Company Fund Institutional Class		656,316		2,718,564		1,330,819		(39,152	)		521,598		839,198		6,914,989
NT Vista Fund Institutional Class		676,274		3,445,204		1,965,555		(37,330	)		123,977		834,795		8,615,079
Real Estate Fund Institutional Class		142,599		699,839		608,350		74,387			50,522		146,969		3,472,869
High-Yield Fund Institutional Class		1,865,156		3,502,713		1,796,204		(35,129	)		1,025,125		2,165,914		13,233,737
Inflation-Adjusted Bond Fund Institutional Class		1,839,721		8,187,937		6,141,878		310,676			982,223		1,982,806		26,529,949
NT Diversified Bond Fund Institutional Class		7,438,053		36,204,911		26,981,361		575,744			3,803,039		8,257,704		92,651,437
Premium Money Market Fund Investor Class		30,139,926		11,734,155		7,112,193		—			3,336		34,761,888		34,761,888
International Bond Fund Institutional Class		1,415,907		8,592,350		4,849,548		44,925			471,815		1,679,263		24,483,660
NT International Growth Fund Institutional Class		1,444,074		8,250,472		4,298,395		(188,241	)		131,165		1,922,365		17,358,955
				$131,785,529		$90,332,934		$1,366,639			$11,607,966				$347,368,234

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

	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2015 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$25,831,556		$1,856,892		$(12,754	)		$9,784		2,390,599		$26,344,404
NT Equity Growth Fund Institutional Class		9,141,749		26,668,517		36,216,082		(340,099	)		4,640,341		8,301,220		85,419,559
NT Growth Fund Institutional Class		4,325,052		15,606,616		8,653,458		(37,145	)		1,806,933		4,959,081		62,385,243
NT Large Company Value Fund Institutional Class		9,352,451		23,801,855		15,807,046		(1,587,480	)		1,812,798		10,584,839		96,533,730
NT Mid Cap Value Fund Institutional Class		3,137,879		10,402,705		3,628,023		(222,620	)		3,518,833		3,890,798		38,324,363
NT Small Company Fund Institutional Class		1,574,723		5,888,691		1,739,673		(145,075	)		1,334,639		2,126,736		17,524,304
NT Vista Fund Institutional Class		2,078,971		7,530,777		3,272,270		(104,844	)		378,231		2,539,034		26,202,832
Real Estate Fund Institutional Class		420,418		1,174,336		1,107,408		222,863			147,255		420,775		9,942,910
High-Yield Fund Institutional Class		4,444,513		7,752,617		2,196,140		(97,703	)		2,485,629		5,414,715		33,083,910
Inflation-Adjusted Bond Fund Institutional Class		4,430,842		17,953,618		10,626,641		711,043			2,416,060		4,956,388		66,316,471
NT Diversified Bond Fund Institutional Class		17,850,926		71,889,688		42,694,114		601,328			9,199,702		20,502,259		230,035,344
Premium Money Market Fund Investor Class		61,073,697		25,328,514		9,340,545		—			6,958		77,061,666		77,061,666
International Bond Fund Institutional Class		3,174,979		18,954,818		7,584,079		(36,044	)		1,064,005		3,979,540		58,021,686
NT Emerging Markets Fund Institutional Class		609,882		651,724		799,999		(76,266	)		5,288		601,196		5,555,055
NT International Growth Fund Institutional Class		4,034,890		16,791,077		7,008,260		(412,036	)		366,975		5,231,088		47,236,723
				$276,227,109		$152,530,630		$(1,536,832	)		$29,193,431				$879,988,200

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

	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2020 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$18,286,852		$2,959,745		$(4,314	)		$5,968		1,527,327		$16,831,144
NT Equity Growth Fund Institutional Class		5,291,922		22,998,164		24,664,273		160,932			2,773,378		5,166,501		53,163,294
NT Growth Fund Institutional Class		2,988,657		17,599,332		10,626,024		(151,522	)		1,245,309		3,612,565		45,446,073
NT Large Company Value Fund Institutional Class		5,669,354		23,749,344		13,690,473		43,774			1,183,683		6,915,890		63,072,916
NT Mid Cap Value Fund Institutional Class		2,188,104		11,737,341		5,317,171		(294,082	)		2,523,473		2,904,792		28,612,198
NT Small Company Fund Institutional Class		1,012,997		5,081,470		2,474,083		(122,063	)		804,828		1,358,447		11,193,603
NT Vista Fund Institutional Class		1,620,383		9,985,765		4,932,232		(198,518	)		306,887		2,161,742		22,309,177
Real Estate Fund Institutional Class		298,974		1,976,278		1,405,998		165,483			109,606		328,371		7,759,409
High-Yield Fund Institutional Class		2,516,284		7,942,904		3,408,934		(52,459	)		1,508,768		3,304,070		20,187,870
Inflation-Adjusted Bond Fund Institutional Class		2,488,738		17,792,373		10,502,393		484,490			1,457,416		3,033,421		40,587,172
NT Diversified Bond Fund Institutional Class		10,138,888		66,506,730		39,882,781		718,167			5,586,668		12,561,991		140,945,538
NT Emerging Markets Fund Institutional Class		742,812		4,600,752		1,874,895		(190,226	)		8,008		1,067,325		9,862,086
NT International Growth Fund Institutional Class		2,787,782		17,791,426		8,225,671		(613,297	)		262,765		3,971,338		35,861,183
Premium Money Market Fund Investor Class		25,265,656		17,900,010		7,988,563		—			3,179		35,177,103		35,177,103
International Bond Fund Institutional Class		1,568,846		15,194,870		7,231,058		(57,954	)		519,808		2,136,745		31,153,748
				$259,143,611		$145,184,294		$(111,589	)		$18,299,744				$562,162,514

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

	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2025 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$35,816,019		$3,228,812		$(15,012	)		$13,186		3,250,717		$35,822,899
NT Equity Growth Fund Institutional Class		12,208,924		32,386,458		48,490,243		(1,232,781	)		5,986,421		10,766,551		110,787,814
NT Growth Fund Institutional Class		8,138,978		30,013,541		19,599,893		(505,063	)		3,258,693		9,110,642		114,611,872
NT Large Company Value Fund Institutional Class		13,743,641		31,127,276		22,601,159		(2,549,870	)		2,602,053		15,112,679		137,827,636
NT Mid Cap Value Fund Institutional Class		5,352,697		20,130,866		8,739,187		(680,115	)		5,787,650		6,643,037		65,433,915
NT Small Company Fund Institutional Class		3,228,528		10,433,960		5,264,462		(310,330	)		2,543,921		3,947,074		32,523,888
NT Vista Fund Institutional Class		4,367,045		18,509,654		9,091,458		(406,850	)		811,858		5,408,310		55,813,757
Real Estate Fund Institutional Class		825,558		3,125,424		3,070,728		333,215			284,499		825,369		19,503,458
High-Yield Fund Institutional Class		5,482,852		10,011,917		3,744,099		(178,765	)		3,008,708		6,578,085		40,192,101
Inflation-Adjusted Bond Fund Institutional Class		5,404,546		23,896,584		15,539,763		850,821			2,886,154		6,003,576		80,327,848
NT Diversified Bond Fund Institutional Class		21,697,686		98,074,017		63,278,696		938,509			11,109,150		24,854,951		278,872,553
NT Emerging Markets Fund Institutional Class		2,383,190		11,518,676		4,110,228		(457,149	)		24,897		3,283,139		30,336,206
NT International Growth Fund Institutional Class		7,785,848		32,530,397		16,751,497		(1,503,676	)		680,236		9,828,946		88,755,386
Premium Money Market Fund Investor Class		51,475,048		19,374,116		10,967,214		—			5,552		59,881,950		59,881,950
International Bond Fund Institutional Class		2,248,422		19,171,717		7,292,761		(175,929	)		749,498		3,098,722		45,179,373
				$396,120,622		$241,770,200		$(5,892,995	)		$39,752,476				$1,195,870,656

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

	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2030 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$17,750,085		$2,739,235		$(52,786	)		$5,638		1,491,503		$16,436,364
NT Equity Growth Fund Institutional Class		4,576,108		20,625,976		21,390,552		(125,500	)		2,367,652		4,534,797		46,663,057
NT Growth Fund Institutional Class		3,575,184		23,922,709		12,033,167		(345,793	)		1,541,952		4,612,041		58,019,477
NT Large Company Value Fund Institutional Class		5,302,532		23,960,719		11,732,492		(109,900	)		1,129,733		6,782,795		61,859,088
NT Mid Cap Value Fund Institutional Class		1,884,291		12,053,993		4,673,856		(279,835	)		2,215,091		2,685,003		26,447,278
NT Small Company Fund Institutional Class		1,610,307		8,592,806		3,660,122		(223,603	)		1,356,760		2,253,093		18,565,487
NT Vista Fund Institutional Class		1,724,400		11,558,144		4,725,784		(246,319	)		332,129		2,435,953		25,139,035
Real Estate Fund Institutional Class		343,442		2,856,822		1,666,552		196,817			130,132		403,233		9,528,404
High-Yield Fund Institutional Class		1,808,624		6,867,218		2,753,770		(53,408	)		1,121,464		2,520,709		15,401,533
Inflation-Adjusted Bond Fund Institutional Class		1,761,582		15,796,722		8,858,121		356,847			1,049,590		2,284,960		30,572,770
NT Diversified Bond Fund Institutional Class		7,112,661		58,444,292		33,060,920		562,563			4,047,287		9,420,248		105,695,183
NT Emerging Markets Fund Institutional Class		1,049,109		7,974,585		2,832,115		(308,140	)		12,156		1,649,273		15,239,285
NT International Growth Fund Institutional Class		3,364,661		24,128,498		10,712,300		(783,474	)		316,068		4,982,532		44,992,262
Premium Money Market Fund Investor Class		18,896,501		13,638,503		7,168,200		—			2,322		25,366,804		25,366,804
International Bond Fund Institutional Class		188,699		4,786,435		1,215,727		(7,842	)		71,355		437,707		6,381,761
				$252,957,507		$129,222,913		$(1,420,373	)		$15,699,329				$506,307,788

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


	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2035 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$27,024,851		$1,635,909		$(28,552	)		$9,699		2,518,988		$27,759,246
NT Equity Growth Fund Institutional Class		8,709,549		22,321,148		29,695,900		(919,156	)		4,264,853		8,074,607		83,087,709
NT Growth Fund Institutional Class		7,145,093		27,984,220		8,598,402		(201,005	)		2,952,896		8,807,150		110,793,953
NT Large Company Value Fund Institutional Class		10,354,278		25,637,378		11,688,415		(1,357,786	)		1,988,655		12,167,453		110,967,169
NT Mid Cap Value Fund Institutional Class		3,924,103		14,273,964		3,604,010		(307,130	)		4,314,939		5,080,596		50,043,866
NT Small Company Fund Institutional Class		3,084,092		12,373,009		3,179,475		(367,792	)		2,532,172		4,292,075		35,366,698
NT Vista Fund Institutional Class		3,697,733		15,280,387		4,452,716		(214,649	)		694,150		4,840,447		49,953,408
Real Estate Fund Institutional Class		708,485		2,946,747		1,755,040		127,436			252,566		771,440		18,229,116
High-Yield Fund Institutional Class		2,782,415		5,878,955		1,218,496		(51,816	)		1,582,143		3,581,135		21,880,732
Inflation-Adjusted Bond Fund Institutional Class		2,797,469		14,966,301		7,825,308		460,563			1,542,382		3,322,924		44,460,721
NT Diversified Bond Fund Institutional Class		11,340,729		58,477,200		31,838,323		360,874			5,938,695		13,768,000		154,476,955
NT Emerging Markets Fund Institutional Class		2,487,174		10,798,325		3,482,191		(441,632	)		25,260		3,369,064		31,130,154
NT International Growth Fund Institutional Class		6,548,853		33,982,940		10,818,141		(1,138,833	)		592,767		9,351,486		84,443,915
Premium Money Market Fund Investor Class		22,327,721		14,511,004		4,802,240		—			2,697		32,036,485		32,036,485
				$286,456,429		$124,594,566		$(4,079,478	)		$26,693,874				$854,630,127

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


	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2040 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$12,456,256		$1,235,491		$(26,115	)		$3,770		1,105,545		$12,183,106
NT Equity Growth Fund Institutional Class		2,942,545		15,162,138		12,640,107		(253,122	)		1,509,073		3,225,417		33,189,544
NT Growth Fund Institutional Class		2,395,813		19,642,989		5,227,556		(187,202	)		1,060,087		3,607,363		45,380,632
NT Large Company Value Fund Institutional Class		3,511,373		18,351,096		5,823,112		(113,955	)		751,541		4,984,032		45,454,376
NT Mid Cap Value Fund Institutional Class		1,433,027		10,234,651		2,454,706		(179,189	)		1,690,770		2,260,844		22,269,316
NT Small Company Fund Institutional Class		931,595		6,523,231		1,443,677		(120,520	)		804,506		1,573,431		12,965,069
NT Vista Fund Institutional Class		1,345,207		10,564,699		2,622,883		(140,893	)		271,562		2,153,929		22,228,545
Real Estate Fund Institutional Class		244,192		2,422,447		735,958		58,480			93,606		327,896		7,748,179
High-Yield Fund Institutional Class		733,674		3,168,778		665,690		(14,358	)		466,477		1,159,364		7,083,714
Inflation-Adjusted Bond Fund Institutional Class		728,615		7,023,282		2,591,341		133,900			448,501		1,063,741		14,232,850
NT Diversified Bond Fund Institutional Class		3,040,141		27,918,133		11,889,036		133,321			1,748,492		4,501,664		50,508,672
NT Emerging Markets Fund Institutional Class		949,917		8,083,164		2,142,953		(273,753	)		11,028		1,634,762		15,105,202
NT International Growth Fund Institutional Class		2,090,083		17,528,899		4,612,043		(418,476	)		202,964		3,604,118		32,545,182
Premium Money Market Fund Investor Class		1,607,613		3,129,147		663,572		—			282		4,073,188		4,073,188
				$162,208,910		$54,748,125		$(1,401,882	)		$9,062,659				$324,967,575

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


	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2045 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$23,393,261		$674,950		$(18,162	)		$8,150		2,243,457		$24,722,892
NT Equity Growth Fund Institutional Class		5,994,389		16,826,781		22,952,393		(1,044,615	)		2,714,147		5,460,534		56,188,891
NT Growth Fund Institutional Class		4,902,948		21,969,625		3,806,398		(247,095	)		2,012,587		6,428,036		80,864,696
NT Large Company Value Fund Institutional Class		7,185,959		20,408,794		6,668,763		(1,126,153	)		1,377,427		8,880,192		80,987,348
NT Mid Cap Value Fund Institutional Class		2,904,380		12,668,916		2,053,310		(248,135	)		3,136,446		4,029,865		39,694,174
NT Small Company Fund Institutional Class		1,927,123		8,452,358		1,362,663		(172,712	)		1,546,861		2,827,526		23,298,818
NT Vista Fund Institutional Class		2,727,233		13,291,090		2,420,163		(205,300	)		506,377		3,839,534		39,623,994
Real Estate Fund Institutional Class		535,859		2,773,495		1,271,141		(19,321	)		187,561		612,651		14,476,944
High-Yield Fund Institutional Class		1,260,918		3,040,495		466,527		(41,399	)		703,432		1,697,991		10,374,727
Inflation-Adjusted Bond Fund Institutional Class		1,238,125		7,409,350		3,188,739		202,507			674,872		1,549,978		20,738,706
NT Diversified Bond Fund Institutional Class		5,019,718		31,555,247		15,196,984		68,924			2,620,310		6,513,102		73,077,001
NT Emerging Markets Fund Institutional Class		2,192,602		11,671,418		2,212,867		(329,889	)		23,143		3,283,043		30,335,318
NT International Growth Fund Institutional Class		4,073,692		22,623,020		5,617,954		(711,749	)		365,448		6,094,048		55,029,254
				$196,083,850		$67,892,852		$(3,893,099	)		$15,876,761				$549,412,763

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


	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2050 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$7,333,840		$241,175		$(8,265	)		$2,016		691,586		$7,621,283
NT Equity Growth Fund Institutional Class		1,321,173		9,221,334		5,387,702		(163,152	)		690,418		1,724,371		17,743,781
NT Growth Fund Institutional Class		1,075,701		12,411,102		1,085,603		(56,970	)		503,003		2,015,143		25,350,501
NT Large Company Value Fund Institutional Class		1,589,778		11,955,025		1,275,707		(45,411	)		372,549		2,828,432		25,795,296
NT Mid Cap Value Fund Institutional Class		644,206		6,383,509		440,285		(40,893	)		802,678		1,264,534		12,455,665
NT Small Company Fund Institutional Class		465,927		4,447,471		345,244		(28,514	)		421,101		974,167		8,027,139
NT Vista Fund Institutional Class		606,842		6,568,012		621,346		(48,254	)		128,731		1,204,860		12,434,158
Real Estate Fund Institutional Class		123,739		1,906,285		208,633		441			49,606		206,815		4,887,046
High-Yield Fund Institutional Class		226,920		1,401,708		70,490		(2,350	)		157,607		451,058		2,755,964
Inflation-Adjusted Bond Fund Institutional Class		223,841		3,132,617		634,666		37,003			151,224		414,111		5,540,805
NT Diversified Bond Fund Institutional Class		928,073		12,064,858		3,120,355		18,411			581,018		1,743,952		19,567,136
NT Emerging Markets Fund Institutional Class		515,573		6,466,324		757,135		(108,988	)		6,866		1,150,083		10,626,765
NT International Growth Fund Institutional Class		830,596		9,860,815		1,093,047		(105,510	)		87,683		1,831,658		16,539,876
				$93,152,900		$15,281,388		$(552,452	)		$3,954,500				$169,345,415

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

	July 31, 2011											July 31, 2012
Fund/Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
LIVESTRONG 2055 Portfolio
NT Core Equity Plus Fund Institutional Class		—		$614,012		$84,187		$(3,738	)		$61		50,151		$552,668
NT Equity Growth Fund Institutional Class		12,141		1,491,934		352,949		(16,069	)		21,719		128,167		1,318,835
NT Growth Fund Institutional Class		9,885		2,038,777		352,105		(17,271	)		14,381		148,776		1,871,596
NT Large Company Value Fund Institutional Class		14,565		2,018,854		338,577		(17,018	)		15,730		208,951		1,905,631
NT Mid Cap Value Fund Institutional Class		5,859		1,006,226		167,832		(9,795	)		24,634		93,260		918,614
NT Small Company Fund Institutional Class		4,494		687,393		122,406		(9,480	)		11,867		74,362		612,746
NT Vista Fund Institutional Class		5,555		1,040,842		202,775		(10,787	)		3,625		88,867		917,107
Real Estate Fund Institutional Class		1,146		372,374		66,978		(60	)		1,571		15,600		368,616
NT Emerging Markets Fund Institutional Class		4,750		922,759		173,430		(18,002	)		389		87,371		807,304
NT International Growth Fund Institutional Class		7,408		1,305,932		227,502		(21,687	)		2,405		130,645		1,179,723
High-Yield Fund Institutional Class		1,984		205,027		37,563		(954	)		6,036		30,137		184,134
Inflation-Adjusted Bond Fund Institutional Class		1,951		414,599		79,626		(264	)		5,445		27,675		370,288
NT Diversified Bond Fund Institutional Class		7,921		1,474,374		290,456		(316	)		19,985		115,567		1,296,665
				$13,593,103		$2,496,386		$(125,441	)		$127,848				$12,303,927

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

7. Investments in Underlying Funds

As of July 31, 2012, the funds, in aggregate, owned 100% of the total outstanding shares of the underlying NT Core Equity Plus Fund, NT Diversified Bond Fund, NT Emerging Markets Fund, NT Equity Growth Fund, NT Growth Fund, NT International Growth Fund, NT Large Company Value Fund, NT Mid Cap Value Fund, NT Small Company Fund and NT Vista Fund.

8. Fair Value Measurements

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

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

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

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

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

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

9. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2012 and July 31, 2011 (except as noted) were as follows:

	LIVESTRONG Income Portfolio				LIVESTRONG 2015 Portfolio
	2012		2011		2012		2011
Distributions Paid From
Ordinary income		$7,229,695		$5,944,572		$17,242,231		$12,454,299
Long-term capital gains		—		—		—		—

	LIVESTRONG 2020 Portfolio				LIVESTRONG 2025 Portfolio
	2012		2011		2012		2011
Distributions Paid From
Ordinary income		$10,354,037		$6,422,210		$21,735,586		$14,991,327
Long-term capital gains		$1,388,898		$27,077		—		—

	LIVESTRONG 2030 Portfolio				LIVESTRONG 2035 Portfolio
	2012		2011		2012		2011
Distributions Paid From
Ordinary income		$7,810,074		$4,332,961		$12,614,779		$8,116,600
Long-term capital gains		$795,764		—		—		—

	LIVESTRONG 2040 Portfolio				LIVESTRONG 2045 Portfolio
	2012		2011		2012		2011
Distributions Paid From
Ordinary income		$4,036,951		$2,036,921		$6,988,739		$4,300,415
Long-term capital gains		$542,320		—		—		—

	LIVESTRONG 2050 Portfolio				LIVESTRONG 2055 Portfolio
	2012		2011		2012		2011(1)
Distributions Paid From
Ordinary income		$1,564,718		$620,563		$32,224		—
Long-term capital gains		$137,152		$1,135		—		—

(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, 2012, 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		$306,522,691		$787,032,319		$495,432,415		$1,061,191,864		$445,570,544
Gross tax appreciation of investments		$40,845,543		$92,955,881		$66,730,099		$134,678,792		$60,737,244
Gross tax depreciation of investments		—		—		—		—		—
Net tax appreciation (depreciation) of investments		$40,845,543		$92,955,881		$66,730,099		$134,678,792		$60,737,244
Undistributed ordinary income		$217,711		$6,012,778		$3,983,150		$7,623,916		$3,003,291
Accumulated long-term gains		$4,222,333		$7,523,932		$6,290,793		$9,202,540		$5,556,113

	LIVESTRONG 2035 Portfolio		LIVESTRONG 2040 Portfolio		LIVESTRONG 2045 Portfolio		LIVESTRONG 2050 Portfolio		LIVESTRONG 2055 Portfolio
Federal tax cost of investments		$765,274,798		$290,706,688		$501,564,576		$157,795,171		$12,039,920
Gross tax appreciation of investments		$89,355,329		$34,260,887		$47,848,187		$11,550,244		$264,007
Gross tax depreciation of investments		—		—		—		—		—
Net tax appreciation (depreciation) of investments		$89,355,329		$34,260,887		$47,848,187		$11,550,244		$264,007
Undistributed ordinary income		$4,346,572		$1,494,835		$2,266,434		$597,919		$36,508
Accumulated long-term gains		$8,170,370		$3,439,017		$4,662,760		$1,709,438		$49,721

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

Financial Highlights

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG Income Portfolio
Investor Class
2012	$11.23	0.25	0.39	0.64	(0.26)	—	(0.26)	$11.61	5.81%	0.21%	2.21%	28%	$128,450
2011	$10.27	0.24	0.97	1.21	(0.25)	—	(0.25)	$11.23	11.87%	0.21%	2.26%	10%	$81,907
2010	$9.53	0.22	0.74	0.96	(0.22)	—	(0.22)	$10.27	10.15%	0.21%	2.19%	13%	$102,497
2009	$10.64	0.24	(0.95)	(0.71)	(0.31)	(0.09)	(0.40)	$9.53	(6.44)%	0.20%	2.64%	51%	$95,441
2008	$11.06	0.40	(0.38)	0.02	(0.42)	(0.02)	(0.44)	$10.64	0.11%	0.20%	3.61%	26%	$49,378
Institutional Class
2012	$11.24	0.27	0.38	0.65	(0.28)	—	(0.28)	$11.61	5.92%	0.01%	2.41%	28%	$74,759
2011	$10.27	0.28	0.96	1.24	(0.27)	—	(0.27)	$11.24	12.20%	0.01%	2.46%	10%	$104,778
2010	$9.53	0.24	0.74	0.98	(0.24)	—	(0.24)	$10.27	10.37%	0.01%	2.39%	13%	$39,202
2009	$10.64	0.26	(0.95)	(0.69)	(0.33)	(0.09)	(0.42)	$9.53	(6.25)%	0.00%(4)	2.84%	51%	$25,088
2008	$11.06	0.42	(0.38)	0.04	(0.44)	(0.02)	(0.46)	$10.64	0.31%	0.00%(4)	3.81%	26%	$9,737
A Class(5)
2012	$11.23	0.23	0.37	0.60	(0.23)	—	(0.23)	$11.60	5.46%	0.46%	1.96%	28%	$105,111
2011	$10.27	0.22	0.96	1.18	(0.22)	—	(0.22)	$11.23	11.60%	0.46%	2.01%	10%	$87,205
2010	$9.53	0.19	0.75	0.94	(0.20)	—	(0.20)	$10.27	9.87%	0.46%	1.94%	13%	$68,110
2009	$10.64	0.21	(0.94)	(0.73)	(0.29)	(0.09)	(0.38)	$9.53	(6.67)%	0.45%	2.39%	51%	$34,202
2008	$11.05	0.35	(0.35)	—	(0.39)	(0.02)	(0.41)	$10.64	(0.05)%	0.45%	3.36%	26%	$8,285

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2012	$11.24	0.14	0.38	0.52	(0.15)	—	(0.15)	$11.61	4.69%	1.21%	1.21%	28%	$810
2011	$10.27	0.09	1.02	1.11	(0.14)	—	(0.14)	$11.24	10.87%	1.21%	1.26%	10%	$538
2010(6)	$10.15	0.03	0.12	0.15	(0.03)	—	(0.03)	$10.27	1.51%	1.21%(7)	0.77%(7)	13%(8)	$35
R Class
2012	$11.22	0.18	0.39	0.57	(0.20)	—	(0.20)	$11.59	5.20%	0.71%	1.71%	28%	$38,365
2011	$10.26	0.19	0.96	1.15	(0.19)	—	(0.19)	$11.22	11.33%	0.71%	1.76%	10%	$24,616
2010	$9.52	0.16	0.75	0.91	(0.17)	—	(0.17)	$10.26	9.61%	0.71%	1.69%	13%	$12,527
2009	$10.63	0.18	(0.93)	(0.75)	(0.27)	(0.09)	(0.36)	$9.52	(6.91)%	0.70%	2.14%	51%	$3,466
2008	$11.05	0.30	(0.34)	(0.04)	(0.36)	(0.02)	(0.38)	$10.63	(0.40)%	0.70%	3.11%	26%	$351

Notes to Financial Highlights

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

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

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

(4)	Ratio was less than 0.005%.

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

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

(7)	Annualized.

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2015 Portfolio
Investor Class
2012	$11.88	0.26	0.39	0.65	(0.27)	—	(0.27)	$12.26	5.63%	0.21%	2.22%	19%	$424,416
2011	$10.76	0.25	1.11	1.36	(0.24)	—	(0.24)	$11.88	12.72%	0.21%	2.21%	4%	$322,747
2010	$9.87	0.22	0.86	1.08	(0.19)	—	(0.19)	$10.76	11.00%	0.21%	2.11%	9%	$284,172
2009	$11.39	0.26	(1.29)	(1.03)	(0.35)	(0.14)	(0.49)	$9.87	(8.63)%	0.20%	2.78%	28%	$217,149
2008	$11.91	0.43	(0.49)	(0.06)	(0.41)	(0.05)	(0.46)	$11.39	(0.67)%	0.20%	3.62%	20%	$161,838
Institutional Class
2012	$11.90	0.29	0.38	0.67	(0.29)	—	(0.29)	$12.28	5.83%	0.01%	2.42%	19%	$125,106
2011	$10.78	0.29	1.09	1.38	(0.26)	—	(0.26)	$11.90	12.92%	0.01%	2.41%	4%	$175,214
2010	$9.89	0.25	0.85	1.10	(0.21)	—	(0.21)	$10.78	11.20%	0.01%	2.31%	9%	$82,264
2009	$11.41	0.24	(1.25)	(1.01)	(0.37)	(0.14)	(0.51)	$9.89	(8.42)%	0.00%(4)	2.98%	28%	$59,500
2008	$11.93	0.44	(0.48)	(0.04)	(0.43)	(0.05)	(0.48)	$11.41	(0.46)%	0.00%(4)	3.82%	20%	$17,845
A Class(5)
2012	$11.87	0.23	0.38	0.61	(0.24)	—	(0.24)	$12.24	5.28%	0.46%	1.97%	19%	$242,298
2011	$10.75	0.22	1.11	1.33	(0.21)	—	(0.21)	$11.87	12.44%	0.46%	1.96%	4%	$178,615
2010	$9.86	0.19	0.86	1.05	(0.16)	—	(0.16)	$10.75	10.73%	0.46%	1.86%	9%	$115,945
2009	$11.37	0.25	(1.29)	(1.04)	(0.33)	(0.14)	(0.47)	$9.86	(8.79)%	0.45%	2.53%	28%	$40,386
2008	$11.89	0.38	(0.47)	(0.09)	(0.38)	(0.05)	(0.43)	$11.37	(0.93)%	0.45%	3.37%	20%	$24,384
C Class
2012	$11.84	0.13	0.39	0.52	(0.15)	—	(0.15)	$12.21	4.50%	1.21%	1.22%	19%	$2,124
2011	$10.72	0.12	1.12	1.24	(0.12)	—	(0.12)	$11.84	11.62%	1.21%	1.21%	4%	$934
2010(6)	$10.55	0.04	0.13	0.17	—	—	—	$10.72	1.61%	1.21%(7)	0.83%(7)	9%(8)	$182

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$11.85	0.20	0.38	0.58	(0.21)	—	(0.21)	$12.22	5.02%	0.71%	1.72%	19%	$86,079
2011	$10.73	0.20	1.10	1.30	(0.18)	—	(0.18)	$11.85	12.18%	0.71%	1.71%	4%	$58,006
2010	$9.84	0.16	0.87	1.03	(0.14)	—	(0.14)	$10.73	10.47%	0.71%	1.61%	9%	$37,643
2009	$11.36	0.18	(1.25)	(1.07)	(0.31)	(0.14)	(0.45)	$9.84	(9.12)%	0.70%	2.28%	28%	$13,316
2008	$11.88	0.39	(0.51)	(0.12)	(0.35)	(0.05)	(0.40)	$11.36	(1.19)%	0.70%	3.12%	20%	$4,165

Notes to Financial Highlights

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

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

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

(4)	Ratio was less than 0.005%.

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

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

(7)	Annualized.

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2020 Portfolio
Investor Class
2012	$10.37	0.21	0.32	0.53	(0.23)	(0.03)	(0.26)	$10.64	5.27%	0.21%	2.14%	28%	$218,341
2011	$9.30	0.20	1.06	1.26	(0.19)	—(4)	(0.19)	$10.37	13.66%	0.21%	2.13%	4%	$105,921
2010	$8.47	0.19	0.80	0.99	(0.15)	(0.01)	(0.16)	$9.30	11.69%	0.21%	1.99%	8%	$127,604
2009	$9.49	0.13	(1.03)	(0.90)	(0.12)	—	(0.12)	$8.47	(9.38)%	0.20%	1.70%	53%	$91,329
2008(5)	$10.00	0.03	(0.54)	(0.51)	—	—	—	$9.49	(5.10)%	0.20%(6)	1.89%(6)	0%	$1,073
Institutional Class
2012	$10.38	0.25	0.30	0.55	(0.25)	(0.03)	(0.28)	$10.65	5.48%	0.01%	2.34%	28%	$99,935
2011	$9.31	0.24	1.04	1.28	(0.21)	—(4)	(0.21)	$10.38	13.88%	0.01%	2.33%	4%	$169,034
2010	$8.47	0.20	0.81	1.01	(0.16)	(0.01)	(0.17)	$9.31	11.90%	0.01%	2.19%	8%	$44,304
2009	$9.50	0.15	(1.05)	(0.90)	(0.13)	—	(0.13)	$8.47	(9.26)%	0.00%(7)	1.90%	53%	$21,532
2008(5)	$10.00	0.04	(0.54)	(0.50)	—	—	—	$9.50	(5.00)%	0.00%(6)(7)	2.09%(6)	0%	$16
A Class(8)
2012	$10.36	0.20	0.29	0.49	(0.20)	(0.03)	(0.23)	$10.62	4.92%	0.46%	1.89%	28%	$180,502
2011	$9.28	0.19	1.05	1.24	(0.16)	—(4)	(0.16)	$10.36	13.51%	0.46%	1.88%	4%	$124,401
2010	$8.45	0.15	0.81	0.96	(0.12)	(0.01)	(0.13)	$9.28	11.43%	0.46%	1.74%	8%	$80,483
2009	$9.49	0.15	(1.08)	(0.93)	(0.11)	—	(0.11)	$8.45	(9.72)%	0.45%	1.45%	53%	$3,882
2008(5)	$10.00	0.04	(0.55)	(0.51)	—	—	—	$9.49	(5.10)%	0.45%(6)	1.64%(6)	0%	$6
C Class
2012	$10.34	0.10	0.32	0.42	(0.12)	(0.03)	(0.15)	$10.61	4.23%	1.21%	1.14%	28%	$2,304
2011	$9.26	0.10	1.07	1.17	(0.09)	—(4)	(0.09)	$10.34	12.68%	1.21%	1.13%	4%	$578
2010(9)	$9.12	0.03	0.11	0.14	—	—	—	$9.26	1.54%	1.21%(6)	0.67%(6)	8%(10)	$103

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$10.34	0.16	0.31	0.47	(0.17)	(0.03)	(0.20)	$10.61	4.76%	0.71%	1.64%	28%	$61,212
2011	$9.27	0.16	1.05	1.21	(0.14)	—(4)	(0.14)	$10.34	13.13%	0.71%	1.63%	4%	$35,703
2010	$8.44	0.13	0.81	0.94	(0.10)	(0.01)	(0.11)	$9.27	11.17%	0.71%	1.49%	8%	$14,928
2009	$9.49	0.14	(1.10)	(0.96)	(0.09)	—	(0.09)	$8.44	(9.96)%	0.70%	1.20%	53%	$3,274
2008(5)	$10.00	0.03	(0.54)	(0.51)	—	—	—	$9.49	(5.10)%	0.70%(6)	1.39%(6)	0%	$6

Notes to Financial Highlights

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

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

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

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

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

(6)	Annualized.

(7)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2025 Portfolio
Investor Class
2012	$12.13	0.25	0.34	0.59	(0.26)	—	(0.26)	$12.46	4.99%	0.21%	2.07%	21%	$554,462
2011	$10.78	0.23	1.34	1.57	(0.22)	—	(0.22)	$12.13	14.60%	0.21%	1.98%	3%	$425,965
2010	$9.76	0.19	1.00	1.19	(0.17)	—	(0.17)	$10.78	12.19%	0.21%	1.83%	10%	$393,154
2009	$11.63	0.22	(1.63)	(1.41)	(0.30)	(0.16)	(0.46)	$9.76	(11.64)%	0.20%	2.43%	22%	$313,816
2008	$12.35	0.42	(0.69)	(0.27)	(0.40)	(0.05)	(0.45)	$11.63	(2.39)%	0.20%	3.40%	18%	$215,024
Institutional Class
2012	$12.14	0.27	0.34	0.61	(0.28)	—	(0.28)	$12.47	5.20%	0.01%	2.27%	21%	$181,693
2011	$10.79	0.27	1.32	1.59	(0.24)	—	(0.24)	$12.14	14.82%	0.01%	2.18%	3%	$257,121
2010	$9.77	0.21	1.00	1.21	(0.19)	—	(0.19)	$10.79	12.40%	0.01%	2.03%	10%	$103,770
2009	$11.64	0.24	(1.63)	(1.39)	(0.32)	(0.16)	(0.48)	$9.77	(11.45)%	0.00%(4)	2.63%	22%	$78,031
2008	$12.37	0.43	(0.69)	(0.26)	(0.42)	(0.05)	(0.47)	$11.64	(2.27)%	0.00%(4)	3.60%	18%	$44,611
A Class(5)
2012	$12.11	0.22	0.34	0.56	(0.23)	—	(0.23)	$12.44	4.73%	0.46%	1.82%	21%	$327,130
2011	$10.77	0.20	1.33	1.53	(0.19)	—	(0.19)	$12.11	14.23%	0.46%	1.73%	3%	$242,996
2010	$9.74	0.16	1.01	1.17	(0.14)	—	(0.14)	$10.77	12.03%	0.46%	1.58%	10%	$143,045
2009	$11.61	0.21	(1.64)	(1.43)	(0.28)	(0.16)	(0.44)	$9.74	(11.89)%	0.45%	2.18%	22%	$49,723
2008	$12.34	0.35	(0.66)	(0.31)	(0.37)	(0.05)	(0.42)	$11.61	(2.73)%	0.45%	3.15%	18%	$28,073
C Class
2012	$12.09	0.12	0.34	0.46	(0.14)	—	(0.14)	$12.41	3.87%	1.21%	1.07%	21%	$3,498
2011	$10.74	0.11	1.34	1.45	(0.10)	—	(0.10)	$12.09	13.50%	1.21%	0.98%	3%	$1,595
2010(6)	$10.58	0.02	0.14	0.16	—	—	—	$10.74	1.51%	1.21%(7)	0.43%(7)	10%(8)	$373

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$12.09	0.19	0.34	0.53	(0.20)	—	(0.20)	$12.42	4.48%	0.71%	1.57%	21%	$129,489
2011	$10.75	0.17	1.33	1.50	(0.16)	—	(0.16)	$12.09	13.97%	0.71%	1.48%	3%	$88,153
2010	$9.73	0.14	0.99	1.13	(0.11)	—	(0.11)	$10.75	11.66%	0.71%	1.33%	10%	$47,433
2009	$11.60	0.16	(1.62)	(1.46)	(0.25)	(0.16)	(0.41)	$9.73	(12.12)%	0.70%	1.93%	22%	$16,344
2008	$12.32	0.36	(0.70)	(0.34)	(0.33)	(0.05)	(0.38)	$11.60	(2.90)%	0.70%	2.90%	18%	$2,746

Notes to Financial Highlights

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

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

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

(4)	Ratio was less than 0.005%.

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

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

(7)	Annualized.

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2030 Portfolio
Investor Class
2012	$10.17	0.18	0.27	0.45	(0.19)	(0.02)	(0.21)	$10.41	4.60%	0.21%	1.87%	28%	$170,955
2011	$8.95	0.16	1.21	1.37	(0.15)	—(4)	(0.15)	$10.17	15.41%	0.21%	1.76%	4%	$76,884
2010	$8.04	0.14	0.89	1.03	(0.11)	(0.01)	(0.12)	$8.95	12.90%	0.21%	1.63%	7%	$99,983
2009	$9.39	0.10	(1.36)	(1.26)	(0.09)	—	(0.09)	$8.04	(13.30)%	0.20%	1.48%	43%	$70,382
2008(5)	$10.00	0.02	(0.63)	(0.61)	—	—	—	$9.39	(6.10)%	0.20%(6)	1.49%(6)	4%	$626
Institutional Class
2012	$10.18	0.21	0.26	0.47	(0.21)	(0.02)	(0.23)	$10.42	4.71%	0.01%	2.07%	28%	$94,349
2011	$8.95	0.20	1.20	1.40	(0.17)	—(4)	(0.17)	$10.18	15.62%	0.01%	1.96%	4%	$144,661
2010	$8.05	0.16	0.88	1.04	(0.13)	(0.01)	(0.14)	$8.95	13.11%	0.01%	1.83%	7%	$33,647
2009	$9.40	0.12	(1.37)	(1.25)	(0.10)	—	(0.10)	$8.05	(13.18)%	0.00%(7)	1.68%	43%	$17,528
2008(5)	$10.00	0.04	(0.64)	(0.60)	—	—	—	$9.40	(6.00)%	0.00%(6)(7)	1.69%(6)	4%	$6
A Class(8)
2012	$10.15	0.17	0.24	0.41	(0.16)	(0.02)	(0.18)	$10.38	4.25%	0.46%	1.62%	28%	$170,227
2011	$8.93	0.15	1.20	1.35	(0.13)	—(4)	(0.13)	$10.15	15.15%	0.46%	1.51%	4%	$114,892
2010	$8.03	0.12	0.88	1.00	(0.09)	(0.01)	(0.10)	$8.93	12.51%	0.46%	1.38%	7%	$71,159
2009	$9.39	0.11	(1.39)	(1.28)	(0.08)	—	(0.08)	$8.03	(13.53)%	0.45%	1.23%	43%	$3,378
2008(5)	$10.00	0.03	(0.64)	(0.61)	—	—	—	$9.39	(6.10)%	0.45%(6)	1.24%(6)	4%	$6
C Class
2012	$10.13	0.09	0.26	0.35	(0.09)	(0.02)	(0.11)	$10.37	3.57%	1.21%	0.87%	28%	$1,595
2011	$8.92	0.06	1.20	1.26	(0.05)	—(4)	(0.05)	$10.13	14.18%	1.21%	0.76%	4%	$728
2010(9)	$8.80	0.02	0.10	0.12	—	—	—	$8.92	1.36%	1.21%(6)	0.41%(6)	7%(10)	$162

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$10.14	0.13	0.26	0.39	(0.14)	(0.02)	(0.16)	$10.37	3.99%	0.71%	1.37%	28%	$69,278
2011	$8.92	0.12	1.20	1.32	(0.10)	—(4)	(0.10)	$10.14	14.88%	0.71%	1.26%	4%	$35,411
2010	$8.02	0.10	0.88	0.98	(0.07)	(0.01)	(0.08)	$8.92	12.24%	0.71%	1.13%	7%	$14,455
2009	$9.39	0.12	(1.42)	(1.30)	(0.07)	—	(0.07)	$8.02	(13.76)%	0.70%	0.98%	43%	$3,573
2008(5)	$10.00	0.02	(0.63)	(0.61)	—	—	—	$9.39	(6.10)%	0.70%(6)	0.99%(6)	4%	$6

Notes to Financial Highlights

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

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

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

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

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

(6)	Annualized.

(7)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2035 Portfolio
Investor Class
2012	$12.52	0.22	0.30	0.52	(0.23)	—	(0.23)	$12.81	4.26%	0.21%	1.82%	16%	$374,544
2011	$10.92	0.20	1.59	1.79	(0.19)	—	(0.19)	$12.52	16.44%	0.21%	1.68%	3%	$277,333
2010	$9.74	0.17	1.15	1.32	(0.14)	—	(0.14)	$10.92	13.58%	0.21%	1.54%	8%	$231,716
2009	$12.10	0.19	(2.13)	(1.94)	(0.24)	(0.18)	(0.42)	$9.74	(15.54)%	0.20%	2.12%	18%	$170,455
2008	$13.09	0.41	(0.95)	(0.54)	(0.40)	(0.05)	(0.45)	$12.10	(4.33)%	0.20%	3.19%	16%	$128,815
Institutional Class
2012	$12.54	0.25	0.29	0.54	(0.25)	—	(0.25)	$12.83	4.46%	0.01%	2.02%	16%	$138,143
2011	$10.93	0.24	1.58	1.82	(0.21)	—	(0.21)	$12.54	16.75%	0.01%	1.88%	3%	$154,449
2010	$9.76	0.19	1.14	1.33	(0.16)	—	(0.16)	$10.93	13.68%	0.01%	1.74%	8%	$66,385
2009	$12.12	0.20	(2.12)	(1.92)	(0.26)	(0.18)	(0.44)	$9.76	(15.34)%	0.00%(4)	2.32%	18%	$46,544
2008	$13.11	0.44	(0.95)	(0.51)	(0.43)	(0.05)	(0.48)	$12.12	(4.13)%	0.00%(4)	3.39%	16%	$24,120
A Class(5)
2012	$12.50	0.20	0.29	0.49	(0.20)	—	(0.20)	$12.79	4.00%	0.46%	1.57%	16%	$239,410
2011	$10.90	0.17	1.59	1.76	(0.16)	—	(0.16)	$12.50	16.17%	0.46%	1.43%	3%	$174,230
2010	$9.73	0.14	1.14	1.28	(0.11)	—	(0.11)	$10.90	13.21%	0.46%	1.29%	8%	$103,002
2009	$12.09	0.17	(2.13)	(1.96)	(0.22)	(0.18)	(0.40)	$9.73	(15.77)%	0.45%	1.87%	18%	$32,896
2008	$13.08	0.35	(0.92)	(0.57)	(0.37)	(0.05)	(0.42)	$12.09	(4.58)%	0.45%	2.94%	16%	$19,145
C Class
2012	$12.46	0.09	0.32	0.41	(0.11)	—	(0.11)	$12.76	3.31%	1.21%	0.82%	16%	$1,396
2011	$10.87	0.07	1.59	1.66	(0.07)	—	(0.07)	$12.46	15.25%	1.21%	0.68%	3%	$630
2010(6)	$10.74	0.01	0.12	0.13	—	—	—	$10.87	1.21%	1.21%(7)	0.29%(7)	8%(8)	$86

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$12.48	0.16	0.31	0.47	(0.17)	—	(0.17)	$12.78	3.83%	0.71%	1.32%	16%	$101,164
2011	$10.89	0.14	1.58	1.72	(0.13)	—	(0.13)	$12.48	15.80%	0.71%	1.18%	3%	$71,077
2010	$9.72	0.11	1.15	1.26	(0.09)	—	(0.09)	$10.89	12.93%	0.71%	1.04%	8%	$35,276
2009	$12.07	0.14	(2.11)	(1.97)	(0.20)	(0.18)	(0.38)	$9.72	(15.92)%	0.70%	1.62%	18%	$10,785
2008	$13.06	0.43	(1.03)	(0.60)	(0.34)	(0.05)	(0.39)	$12.07	(4.84)%	0.70%	2.69%	16%	$2,178

Notes to Financial Highlights

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

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

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

(4)	Ratio was less than 0.005%.

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

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

(7)	Annualized.

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2040 Portfolio
Investor Class
2012	$10.11	0.17	0.23	0.40	(0.17)	(0.03)	(0.20)	$10.31	4.05%	0.21%	1.71%	20%	$107,290
2011	$8.72	0.14	1.39	1.53	(0.14)	—(4)	(0.14)	$10.11	17.57%	0.21%	1.57%	5%	$44,433
2010	$7.75	0.12	0.95	1.07	(0.09)	(0.01)	(0.10)	$8.72	13.80%	0.21%	1.40%	3%	$41,985
2009	$9.29	0.09	(1.54)	(1.45)	(0.09)	—	(0.09)	$7.75	(15.53)%	0.20%	1.38%	25%	$24,386
2008(5)	$10.00	0.01	(0.72)	(0.71)	—	—	—	$9.29	(7.10)%	0.20%(6)	1.10%(6)	3%	$831
Institutional Class
2012	$10.12	0.19	0.23	0.42	(0.19)	(0.03)	(0.22)	$10.32	4.26%	0.01%	1.91%	20%	$70,149
2011	$8.73	0.18	1.37	1.55	(0.16)	—(4)	(0.16)	$10.12	17.78%	0.01%	1.77%	5%	$78,468
2010	$7.75	0.14	0.96	1.10	(0.11)	(0.01)	(0.12)	$8.73	14.16%	0.01%	1.60%	3%	$22,593
2009	$9.29	0.11	(1.56)	(1.45)	(0.09)	—	(0.09)	$7.75	(15.43)%	0.00%(7)	1.58%	25%	$9,846
2008(5)	$10.00	0.03	(0.74)	(0.71)	—	—	—	$9.29	(7.10)%	0.00%(6)(7)	1.30%(6)	3%	$6
A Class(8)
2012	$10.10	0.15	0.22	0.37	(0.14)	(0.03)	(0.17)	$10.30	3.80%	0.46%	1.46%	20%	$110,524
2011	$8.71	0.13	1.37	1.50	(0.11)	—(4)	(0.11)	$10.10	17.29%	0.46%	1.32%	5%	$69,629
2010	$7.73	0.09	0.97	1.06	(0.07)	(0.01)	(0.08)	$8.71	13.68%	0.46%	1.15%	3%	$42,212
2009	$9.29	0.09	(1.57)	(1.48)	(0.08)	—	(0.08)	$7.73	(15.87)%	0.45%	1.13%	25%	$1,551
2008(5)	$10.00	0.02	(0.73)	(0.71)	—	—	—	$9.29	(7.10)%	0.45%(6)	0.85%(6)	3%	$6
C Class
2012	$10.07	0.06	0.23	0.29	(0.07)	(0.03)	(0.10)	$10.26	2.93%	1.21%	0.71%	20%	$559
2011	$8.68	0.05	1.38	1.43	(0.04)	—(4)	(0.04)	$10.07	16.46%	1.21%	0.57%	5%	$215
2010(9)	$8.60	—(4)	0.08	0.08	—	—	—	$8.68	0.93%	1.21%(6)	0.12%(6)	3%(10)	$68

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$10.08	0.12	0.23	0.35	(0.12)	(0.03)	(0.15)	$10.28	3.54%	0.71%	1.21%	20%	$36,524
2011	$8.69	0.10	1.38	1.48	(0.09)	—(4)	(0.09)	$10.08	17.03%	0.71%	1.07%	5%	$18,752
2010	$7.72	0.08	0.95	1.03	(0.05)	(0.01)	(0.06)	$8.69	13.28%	0.71%	0.90%	3%	$7,773
2009	$9.28	0.10	(1.59)	(1.49)	(0.07)	—	(0.07)	$7.72	(16.01)%	0.70%	0.88%	25%	$2,347
2008(5)	$10.00	0.02	(0.74)	(0.72)	—	—	—	$9.28	(7.20)%	0.70%(6)	0.60%(6)	3%	$6

Notes to Financial Highlights

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

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

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

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

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

(6)	Annualized.

(7)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2045 Portfolio
Investor Class
2012	$12.59	0.20	0.26	0.46	(0.21)	—	(0.21)	$12.84	3.76%	0.21%	1.66%	14%	$222,501
2011	$10.82	0.18	1.76	1.94	(0.17)	—	(0.17)	$12.59	17.98%	0.21%	1.51%	2%	$157,711
2010	$9.59	0.14	1.22	1.36	(0.13)	—	(0.13)	$10.82	14.16%	0.21%	1.35%	9%	$113,447
2009	$12.24	0.18	(2.41)	(2.23)	(0.22)	(0.20)	(0.42)	$9.59	(17.74)%	0.20%	1.99%	18%	$85,095
2008	$13.40	0.42	(1.12)	(0.70)	(0.41)	(0.05)	(0.46)	$12.24	(5.53)%	0.20%	3.19%	18%	$72,649
Institutional Class
2012	$12.60	0.23	0.26	0.49	(0.23)	—	(0.23)	$12.86	4.04%	0.01%	1.86%	14%	$116,894
2011	$10.83	0.21	1.75	1.96	(0.19)	—	(0.19)	$12.60	18.10%	0.01%	1.71%	2%	$110,477
2010	$9.60	0.16	1.22	1.38	(0.15)	—	(0.15)	$10.83	14.48%	0.01%	1.55%	9%	$57,836
2009	$12.25	0.20	(2.41)	(2.21)	(0.24)	(0.20)	(0.44)	$9.60	(17.56)%	0.00%(4)	2.19%	18%	$34,639
2008	$13.42	0.44	(1.12)	(0.68)	(0.44)	(0.05)	(0.49)	$12.25	(5.40)%	0.00%(4)	3.39%	18%	$31,054
A Class(5)
2012	$12.56	0.18	0.26	0.44	(0.18)	—	(0.18)	$12.82	3.59%	0.46%	1.41%	14%	$147,197
2011	$10.80	0.15	1.75	1.90	(0.14)	—	(0.14)	$12.56	17.63%	0.46%	1.26%	2%	$104,426
2010	$9.57	0.11	1.22	1.33	(0.10)	—	(0.10)	$10.80	13.90%	0.46%	1.10%	9%	$56,695
2009	$12.22	0.15	(2.40)	(2.25)	(0.20)	(0.20)	(0.40)	$9.57	(17.98)%	0.45%	1.74%	18%	$17,537
2008	$13.38	0.39	(1.13)	(0.74)	(0.37)	(0.05)	(0.42)	$12.22	(5.78)%	0.45%	2.94%	18%	$11,411
C Class
2012	$12.53	0.08	0.27	0.35	(0.09)	—	(0.09)	$12.79	2.82%	1.21%	0.66%	14%	$633
2011	$10.78	0.03	1.77	1.80	(0.05)	—	(0.05)	$12.53	16.68%	1.21%	0.51%	2%	$363
2010(6)	$10.67	0.01	0.10	0.11	—	—	—	$10.78	1.03%	1.21%(7)	0.14%(7)	9%(8)	$59

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$12.55	0.14	0.27	0.41	(0.15)	—	(0.15)	$12.81	3.33%	0.71%	1.16%	14%	$62,208
2011	$10.79	0.12	1.75	1.87	(0.11)	—	(0.11)	$12.55	17.35%	0.71%	1.01%	2%	$39,540
2010	$9.56	0.09	1.21	1.30	(0.07)	—	(0.07)	$10.79	13.63%	0.71%	0.85%	9%	$17,327
2009	$12.21	0.11	(2.38)	(2.27)	(0.18)	(0.20)	(0.38)	$9.56	(18.20)%	0.70%	1.49%	18%	$4,966
2008	$13.36	0.38	(1.14)	(0.76)	(0.34)	(0.05)	(0.39)	$12.21	(5.96)%	0.70%	2.69%	18%	$1,403

Notes to Financial Highlights

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

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

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

(4)	Ratio was less than 0.005%.

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

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

(7)	Annualized.

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2050 Portfolio
Investor Class
2012	$9.88	0.14	0.21	0.35	(0.14)	(0.02)	(0.16)	$10.07	3.67%	0.21%	1.53%	12%	$48,553
2011	$8.45	0.13	1.42	1.55	(0.12)	—(4)	(0.12)	$9.88	18.35%	0.21%	1.37%	6%	$20,035
2010	$7.46	0.10	0.97	1.07	(0.08)	—(4)	(0.08)	$8.45	14.33%	0.22%	1.17%	13%	$10,225
2009	$9.23	0.10	(1.80)	(1.70)	(0.07)	—	(0.07)	$7.46	(18.30)%	0.20%	1.57%	26%	$3,454
2008(5)	$10.00	0.02	(0.79)	(0.77)	—	—	—	$9.23	(7.70)%	0.20%(6)	1.16%(6)	3%	$464
Institutional Class
2012	$9.90	0.17	0.20	0.37	(0.16)	(0.02)	(0.18)	$10.09	3.87%	0.01%	1.73%	12%	$49,284
2011	$8.46	0.15	1.43	1.58	(0.14)	—(4)	(0.14)	$9.90	18.69%	0.01%	1.57%	6%	$30,796
2010	$7.47	0.12	0.96	1.08	(0.09)	—(4)	(0.09)	$8.46	14.54%	0.02%	1.37%	13%	$8,482
2009	$9.23	0.12	(1.80)	(1.68)	(0.08)	—	(0.08)	$7.47	(18.09)%	0.00%(7)	1.77%	26%	$3,179
2008(5)	$10.00	0.03	(0.80)	(0.77)	—	—	—	$9.23	(7.70)%	0.00%(6)(7)	1.36%(6)	3%	$6
A Class(8)
2012	$9.87	0.13	0.20	0.33	(0.12)	(0.02)	(0.14)	$10.06	3.41%	0.46%	1.28%	12%	$55,073
2011	$8.44	0.11	1.41	1.52	(0.09)	—(4)	(0.09)	$9.87	18.08%	0.46%	1.12%	6%	$29,685
2010	$7.45	0.07	0.97	1.04	(0.05)	—(4)	(0.05)	$8.44	14.06%	0.47%	0.92%	13%	$13,463
2009	$9.23	0.07	(1.79)	(1.72)	(0.06)	—	(0.06)	$7.45	(18.52)%	0.45%	1.32%	26%	$336
2008(5)	$10.00	0.02	(0.79)	(0.77)	—	—	—	$9.23	(7.70)%	0.45%(6)	0.91%(6)	3%	$6
C Class
2012	$9.85	0.05	0.21	0.26	(0.05)	(0.02)	(0.07)	$10.04	2.64%	1.21%	0.53%	12%	$530
2011	$8.42	0.05	1.40	1.45	(0.02)	—(4)	(0.02)	$9.85	17.23%	1.21%	0.37%	6%	$117
2010(9)	$8.35	—(4)	0.07	0.07	—	—	—	$8.42	0.84%	1.22%(6)	0.06%(6)	13%(10)	$32

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2012	$9.86	0.10	0.21	0.31	(0.10)	(0.02)	(0.12)	$10.05	3.16%	0.71%	1.03%	12%	$15,933
2011	$8.43	0.09	1.41	1.50	(0.07)	—(4)	(0.07)	$9.86	17.80%	0.71%	0.87%	6%	$7,660
2010	$7.44	0.06	0.96	1.02	(0.03)	—(4)	(0.03)	$8.43	13.79%	0.73%	0.66%	13%	$3,076
2009	$9.22	0.08	(1.81)	(1.73)	(0.05)	—	(0.05)	$7.44	(18.66)%	0.70%	1.07%	26%	$186
2008(5)	$10.00	0.02	(0.80)	(0.78)	—	—	—	$9.22	(7.80)%	0.70%(6)	0.66%(6)	3%	$6

Notes to Financial Highlights

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

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

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

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

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

(6)	Annualized.

(7)	Ratio was less than 0.005%.

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

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

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

See Notes to Financial Statements.

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations:						Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
LIVESTRONG 2055 Portfolio
Investor Class
2012	$9.92	0.12	0.25	0.37	(0.10)	$10.19	3.78%	0.20%	1.25%	44%	$3,920
2011(4)	$10.00	0.03	(0.11)	(0.08)	—	$9.92	(0.80)%	0.20%(5)	0.86%(5)	12%	$390
Institutional Class
2012	$9.92	0.14	0.25	0.39	(0.11)	$10.20	4.04%	0.00%(6)	1.45%	44%	$3,939
2011(4)	$10.00	0.04	(0.12)	(0.08)	—	$9.92	(0.80)%	0.00%(5)(6)	1.06%(5)	12%	$379
A Class
2012	$9.91	0.10	0.24	0.34	(0.08)	$10.17	3.49%	0.45%	1.00%	44%	$3,253
2011(4)	$10.00	0.02	(0.11)	(0.09)	—	$9.91	(0.90)%	0.45%(5)	0.61%(5)	12%	$21
C Class
2012	$9.88	0.02	0.26	0.28	(0.03)	$10.13	2.81%	1.20%	0.25%	44%	$87
2011(4)	$10.00	(0.01)	(0.11)	(0.12)	—	$9.88	(1.20)%	1.20%(5)	(0.14)%(5)	12%	$5
R Class
2012	$9.90	0.06	0.26	0.32	(0.06)	$10.16	3.29%	0.70%	0.75%	44%	$1,108
2011(4)	$10.00	0.01	(0.11)	(0.10)	—	$9.90	(1.00)%	0.70%(5)	0.36%(5)	12%	$6

Notes to Financial Highlights

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

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

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

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

(5)	Annualized.

(6)	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 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, nine of the portfolios constituting American Century Asset Allocation Portfolios, Inc. (the “Corporation”) as of July 31, 2012, 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, 2012, the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and for the period from March 31, 2011 (the commencement of operations) 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, 2012, 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, 2012, and the results of their operations, 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 19, 2012

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 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). Mr. Fink is an “interested person” because he currently serves as Executive Vice President and Chief Operating Officer of ACC.

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

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
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)	66	None
Andrea C. Hall (1945)	Director	Since 1997	Retired	66	None
Jan M. Lewis (1957)	Director	Since 2011	President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization)	66	None
James A. Olson (1942)	Director	Since 2007	Member, Plaza Belmont LLC (private equity fund manager)	66	Saia, Inc.(2002 to 2012) and Entertainment Properties Trust
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)	66	None

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
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	66	Euronet Worldwide Inc.; Charming Shoppes, Inc. (2006 to 2010); and DST Systems Inc. (1996 to 2012)
John R. Whitten (1946)	Director	Since 2008	Retired	66	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Director	Since 2012	Retired; Executive Vice President, Technology & Operations, KeyCorp. (computer services) (2004 to 2010)	66	Applied Industrial Technology (2001 to 2010)

Interested Directors
Barry Fink (1955)	Director and Executive Vice President	Since 2012 (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). Also serves as Manager, ACS and Director, ACC and certain ACC subsidiaries	66	None
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	108	None

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)	Director since 2012 and 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). 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). 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
C. Jean Wade (1964)	Vice President, Treasurer and Chief Financial Officer since 2012	Vice President, ACS (February 2000 to present)
Robert J. Leach (1966)	Vice President since 2006 and Assistant Treasurer since 2012	Vice President, ACS (February 2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

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

At a meeting held on June 21, 2012, 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:

100

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.

101

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.

102

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.

103

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.

104

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, 2012.

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, 2012 as qualified for the corporate dividends received deduction.

LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
$1,995,884	$6,681,376	$4,414,612	$9,924,608	$4,165,839

LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
$7,430,175	$2,766,717	$5,015,306	$1,282,302	$30,538

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, 2012.

LIVESTRONG Income Portfolio	LIVESTRONG 2015 Portfolio	LIVESTRONG 2020 Portfolio	LIVESTRONG 2025 Portfolio	LIVESTRONG 2030 Portfolio
—	—	$1,388,898	—	$795,764

LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
—	$542,320	—	$137,152	—

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
—	—	$140,996	—	$142,340

LIVESTRONG 2035 Portfolio	LIVESTRONG 2040 Portfolio	LIVESTRONG 2045 Portfolio	LIVESTRONG 2050 Portfolio	LIVESTRONG 2055 Portfolio
—	$63,581	—	$22,580	$26

106

Notes

107

Notes

108

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

American Century Asset Allocation Portfolios, Inc.

Investment Advisor:

American Century Investment Management, Inc.

Kansas City, Missouri

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

CL-ANN-76088 1209

ANNUAL REPORT JULY 31, 2012

One Choice Portfolio®: Very Conservative

One Choice Portfolio®: Conservative

One Choice Portfolio®: Moderate

One Choice Portfolio®: Aggressive

One Choice Portfolio®: Very Aggressive

Table of Contents

President’s Letter	2
Independent Chairman’s Letter	3
Performance	4
Portfolio 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	36
Management	37
Approval of Management Agreements	40
Additional Information	45

President’s Letter

Jonathan Thomas

Dear Investor:

Flight to Quality as Economic and Financial Uncertainties Resurfaced

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

Independent Chairman’s Letter

Don Pratt

Dear Fellow Shareholders,

Best regards,

Don Pratt

Performance

Total Returns as of July 31, 2012
			Average Annual Returns
	Ticker Symbol	1 year	5 years	Since Inception	Inception Date
One Choice Portfolio: Very Conservative — Investor Class	AONIX	5.66%	4.66%	5.00%	9/30/04
One Choice Portfolio: Conservative — Investor Class	AOCIX	5.71%	4.13%	5.54%	9/30/04
One Choice Portfolio: Moderate — Investor Class	AOMIX	4.21%	2.94%	6.00%	9/30/04
One Choice Portfolio: Aggressive — Investor Class	AOGIX	2.50%	1.83%	6.13%	9/30/04
One Choice Portfolio: Very Aggressive — Investor Class	AOVIX	1.05%	0.10%	5.71%	9/30/04
Russell 3000 Index	—	7.33%	1.29%	5.24%	—
Barclays U.S. Aggregate Bond Index	—	7.25%	6.91%	5.62%	—

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

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

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

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.

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.

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	0.64%
One Choice Portfolio: Conservative — Investor Class	0.75%
One Choice Portfolio: Moderate — Investor Class	0.85%
One Choice Portfolio: Aggressive — Investor Class	0.95%
One Choice Portfolio: Very Aggressive — Investor Class	1.02%

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.

Portfolio Commentary

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

In April 2012, portfolio manager Irina Torelli left American Century Investments.

Performance Summary

Each of the five One Choice Portfolios advanced for the fiscal year ended July 31, 2012, with returns ranging from 1.05% for One Choice Portfolio: Very Aggressive to 5.71% for One Choice Portfolio: Conservative (see pages 4–7 for more detailed performance information). The gains for the 12-month period reflected positive returns in the U.S. stock and bond markets, tempered by declines in international stocks and bonds.

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

recessions, brought on in part by austerity measures intended to bring fiscal deficits under control. In this environment, European bourses suffered the most significant declines—markets in Greece, Portugal, and Spain fell the most, while Ireland and Belgium held up best. In the Asia/Pacific region, New Zealand and Australia were the best-performing markets, while the Japanese market declined the most.

Market Index Total Returns
For the 12 months ended July 31, 2012
U.S. Stocks
Russell 1000 Index (Large-Cap)	7.96%
Russell Midcap Index	2.28%
Russell 2000 Index (Small-Cap)	0.19%
International Stocks
MSCI EAFE Index	-11.45%
MSCI Emerging Markets Index	-13.93%
U.S. Fixed Income
Barclays U.S. Aggregate Bond Index (multi-sector)	7.25%
Barclays U.S. Corporate Bond Index (investment-grade)	10.09%
Barclays U.S. Corporate High-Yield Bond Index	8.06%
Barclays U.S. MBS Index (mortgage-backed securities)	4.84%
Barclays U.S. Treasury Bond Index	8.17%
Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index	9.49%
International Bonds
Barclays Global Treasury ex-U.S. Bond Index	-0.68%

Bond Market Review

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, almost all of the domestic equity funds produced positive returns for the 12-month period. Real Estate Fund, which invests in real estate investment trusts, was the top performer, gaining approximately 15% for the reporting period. Large Company Value Fund and Equity Growth Fund also fared well, generating returns of nearly 10%. The only exception among domestic equity funds was Vista Fund, a mid-cap growth fund, which declined modestly for the 12 months.

Reflecting the meaningful decline in international equity markets, the Portfolios’ two international stock holdings—International Growth Fund and Emerging Markets Fund—posted double-digit declines for the reporting period.

Among the Portfolios’ fixed-income components, the leading performer was Inflation-Adjusted Bond Fund, which gained more than 9% for the 12-month period. Diversified Bond Fund (the Portfolios’ largest fixed-income holding) and High-Yield Fund also generated solid gains, while International Bond Fund declined slightly.

Portfolio Strategy

Each Portfolio has a “neutral” asset mix that indicates how the Portfolio’s investments will generally be allocated among the major asset classes (stocks, bonds, and cash-equivalents) over the long term. 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.

We maintained a neutral allocation to stocks, bonds, and cash-equivalent investments for the Portfolios throughout the 12-month period. This neutral positioning reflected a lack of clarity in regard to the global economic and financial environment. However, we made some modest adjustments to our tactical positioning within the stock and bond components of the Portfolios.

Early in the reporting period, we removed a tilt toward growth over value within the equity component. Specifically, we eliminated the Portfolios’ overweight positions in Growth Fund (large-cap growth) and Vista Fund (mid-cap growth), along with corresponding underweight positions in Large Company Value Fund and Mid Cap Value Fund. As a result of these changes, the Portfolios’ equity components became neutrally positioned across the board.

In late 2011, we added Core Equity Plus Fund to the Portfolios’ neutral asset mixes. This fund is managed to have 100% net exposure to stocks by investing approximately 130% of its net assets in long positions, while 30% of its net assets are sold short. The proceeds from the securities sold short are used to fund the purchase of the additional 30% of long positions.

During the 12-month period, security selection in the equity portion was most successful in the Portfolios’ value-oriented holdings—Large Company Value Fund and Mid Cap Value Fund —as well as Real Estate Fund and International Growth Fund. In contrast, stock selection in Growth Fund and Vista Fund detracted from results.

In the fixed-income component of One Choice Portfolio: Moderate and One Choice Portfolio: Aggressive, we shifted to an overweight position in High-Yield Fund and a matching underweight position in Diversified Bond Fund in the first quarter of 2012. This adjustment reflected our view that high-yield corporate bonds are more attractively valued than other segments of the U.S. bond market.

Diversified Bond Fund outperformed the broad bond market indices during the 12-month period. Sector allocation added value, particularly overweight positions in corporate bonds and commercial mortgage-backed securities. However, an underweight position in Treasury securities weighed on results. The remaining fixed-income components generally performed in line with their respective benchmarks.

A Look Ahead

Portfolio Characteristics

Underlying Fund Allocations as a % of net assets as of July 31, 2012(1)
	Very Conservative			Conservative			Moderate			Aggressive			Very Aggressive
Equity
Core Equity Plus Fund		1.0	%		2.0	%		3.9	%		4.5	%		4.8	%
Equity Growth Fund		4.0	%		7.0	%		12.0	%		10.1	%		13.0	%
Growth Fund		2.5	%		4.7	%		7.9	%		14.3	%		17.8	%
Large Company Value Fund		8.1	%		11.1	%		9.6	%		8.6	%		10.6	%
Mid Cap Value Fund		5.1	%		6.7	%		5.5	%		4.8	%		6.0	%
Real Estate Fund		2.0	%		2.0	%		2.1	%		2.1	%		2.1	%
Small Company Fund		1.0	%		1.5	%		1.9	%		2.2	%		2.5	%
VistaSM Fund		1.5	%		4.0	%		6.9	%		13.3	%		16.2	%
Emerging Markets Fund		—			—			3.9	%		6.4	%		7.4	%
International Growth Fund		—			6.1	%		10.1	%		12.7	%		15.6	%
Total Equity		25.2	%		45.1	%		63.8	%		79.0	%		96.0	%
Fixed Income
Diversified Bond Fund		32.0	%		30.0	%		17.2	%		8.9	%		3.0	%
High-Yield Fund		—			—			4.9	%		7.1	%		—
Inflation-Adjusted Bond Fund		9.9	%		9.0	%		6.1	%		4.0	%		—
International Bond Fund		10.0	%		8.0	%		3.0	%		—			—
Total Fixed Income		51.9	%		47.0	%		31.2	%		20.0	%		3.0	%
Prime Money Market Fund		22.9	%		7.9	%		5.0	%		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, 2012 to July 31, 2012.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 2/1/12	Ending Account Value 7/31/12	Expenses Paid During Period(1) 2/1/12 - 7/31/12	Annualized Expense Ratio(1)	Effective Expenses Paid During Period(2) 2/1/12 - 7/31/12	Effective Annualized Expense Ratio(2)
One Choice Portfolio: Very Conservative
Actual
Investor Class	$1,000	$1,027.50	$0.00	0.00%(3)	$3.18	0.63%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%(3)	$3.17	0.63%
One Choice Portfolio: Conservative
Actual
Investor Class	$1,000	$1,033.60	$0.00	0.00%(3)	$3.89	0.77%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%(3)	$3.87	0.77%
One Choice Portfolio: Moderate
Actual
Investor Class	$1,000	$1,035.90	$0.00	0.00%(3)	$4.61	0.91%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%(3)	$4.57	0.91%
One Choice Portfolio: Aggressive
Actual
Investor Class	$1,000	$1,035.10	$0.00	0.00%(3)	$5.16	1.02%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%(3)	$5.12	1.02%
One Choice Portfolio: Very Aggressive
Actual
Investor Class	$1,000	$1,032.70	$0.00	0.00%(3)	$5.46	1.08%
Hypothetical
Investor Class	$1,000	$1,024.86	$0.00	0.00%(3)	$5.42	1.08%

(1)

(2)

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

Schedule of Investments

JULY 31, 2012

	Shares		Value
One Choice Portfolio: Very Conservative
Mutual Funds(1) — 100.0%
DOMESTIC FIXED INCOME FUNDS — 41.9%
Diversified Bond Fund Investor Class		8,344,240		$94,373,354
Inflation-Adjusted Bond Fund Investor Class		2,198,920		29,399,565
				123,772,919
DOMESTIC EQUITY FUNDS — 25.2%
Core Equity Plus Fund Investor Class		272,599		2,960,422
Equity Growth Fund Investor Class		505,103		11,869,925
Growth Fund Investor Class		272,764		7,408,280
Large Company Value Fund Investor Class		4,008,295		23,929,519
Mid Cap Value Fund Investor Class		1,188,763		14,835,757
Real Estate Fund Investor Class		251,478		5,929,861
Small Company Fund Investor Class		359,650		2,952,729
Vista Fund Investor Class(2)		262,284		4,414,245
				74,300,738
MONEY MARKET FUNDS — 22.9%
Prime Money Market Fund Investor Class		67,594,361		67,594,361
INTERNATIONAL FIXED INCOME FUNDS — 10.0%
International Bond Fund Investor Class		2,018,705		29,412,529
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $268,072,371)				295,080,547
OTHER ASSETS AND LIABILITIES†				(15,223	)
TOTAL NET ASSETS — 100.0%				$295,065,324

Notes to Schedule of Investments

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

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

(2)	Non-income producing.

	Shares		Value
One Choice Portfolio: Conservative
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 39.0%
Core Equity Plus Fund Investor Class		1,050,804		$11,411,736
Equity Growth Fund Investor Class		1,708,266		40,144,244
Growth Fund Investor Class		1,000,409		27,171,103
Large Company Value Fund Investor Class		10,629,310		63,456,980
Mid Cap Value Fund Investor Class		3,096,936		38,649,756
Real Estate Fund Investor Class		488,846		11,526,987
Small Company Fund Investor Class		1,031,153		8,465,767
Vista Fund Investor Class(2)		1,354,274		22,792,426
				223,618,999
DOMESTIC FIXED INCOME FUNDS — 39.0%
Diversified Bond Fund Investor Class		15,205,914		171,978,890
Inflation-Adjusted Bond Fund Investor Class		3,852,222		51,504,213
				223,483,103
INTERNATIONAL FIXED INCOME FUNDS — 8.0%
International Bond Fund Investor Class		3,136,466		45,698,312
MONEY MARKET FUNDS — 7.9%
Prime Money Market Fund Investor Class		45,447,776		45,447,776
INTERNATIONAL EQUITY FUNDS — 6.1%
International Growth Fund Investor Class		3,421,543		35,173,458
TOTAL INVESTMENT SECURITIES — 100.0%(Cost $509,695,907)				573,421,648
OTHER ASSETS AND LIABILITIES†				(70,855	)
TOTAL NET ASSETS — 100.0%				$573,350,793

Notes to Schedule of Investments

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

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

(2)	Non-income producing.

See Notes to Financial Statements.

	Shares		Value
One Choice Portfolio: Moderate
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 49.8%
Core Equity Plus Fund Investor Class		3,167,053		$34,394,191
Equity Growth Fund Investor Class		4,436,382		104,254,966
Growth Fund Investor Class		2,520,984		68,469,926
Large Company Value Fund Investor Class		13,928,544		83,153,405
Mid Cap Value Fund Investor Class		3,829,910		47,797,275
Real Estate Fund Investor Class		770,254		18,162,599
Small Company Fund Investor Class		2,048,800		16,820,650
Vista Fund Investor Class(2)		3,546,138		59,681,507
				432,734,519
DOMESTIC FIXED INCOME FUNDS — 28.2%
Diversified Bond Fund Investor Class		13,248,092		149,835,918
High-Yield Fund Investor Class		6,929,427		42,338,798
Inflation-Adjusted Bond Fund Investor Class		3,946,445		52,763,974
				244,938,690
INTERNATIONAL EQUITY FUNDS — 14.0%
Emerging Markets Fund Investor Class(2)		4,432,269		34,039,829
International Growth Fund Investor Class		8,552,810		87,922,890
				121,962,719
MONEY MARKET FUNDS — 5.0%
Prime Money Market Fund Investor Class		43,879,863		43,879,863
INTERNATIONAL FIXED INCOME FUNDS — 3.0%
International Bond Fund Investor Class		1,799,097		26,212,843
TOTAL INVESTMENT SECURITIES — 100.0%(Cost $756,657,834)				869,728,634
OTHER ASSETS AND LIABILITIES†				(5,200	)
TOTAL NET ASSETS — 100.0%				$869,723,434

Notes to Schedule of Investments

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

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

(2)	Non-income producing.

	Shares		Value
One Choice Portfolio: Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 59.9%
Core Equity Plus Fund Investor Class		2,368,269		$25,719,400
Equity Growth Fund Investor Class		2,426,659		57,026,477
Growth Fund Investor Class		2,989,446		81,193,362
Large Company Value Fund Investor Class		8,152,604		48,671,045
Mid Cap Value Fund Investor Class		2,178,787		27,191,264
Real Estate Fund Investor Class		500,321		11,797,560
Small Company Fund Investor Class		1,520,553		12,483,740
Vista Fund Investor Class(2)		4,456,567		75,004,019
				339,086,867
DOMESTIC FIXED INCOME FUNDS — 20.0%
Diversified Bond Fund Investor Class		4,481,127		50,681,548
High-Yield Fund Investor Class		6,549,242		40,015,868
Inflation-Adjusted Bond Fund Investor Class		1,709,460		22,855,479
				113,552,895
INTERNATIONAL EQUITY FUNDS — 19.1%
Emerging Markets Fund Investor Class(2)		4,735,309		36,367,175
International Growth Fund Investor Class		6,960,363		71,552,527
				107,919,702
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class		5,640,611		5,640,611
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $491,736,112)				566,200,075
OTHER ASSETS AND LIABILITIES†				170
TOTAL NET ASSETS — 100.0%				$566,200,245

Notes to Schedule of Investments

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

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

(2)	Non-income producing.

See Notes to Financial Statements.

	Shares		Value
One Choice Portfolio: Very Aggressive
Mutual Funds(1) — 100.0%
DOMESTIC EQUITY FUNDS — 73.0%
Core Equity Plus Fund Investor Class		855,891		$9,294,971
Equity Growth Fund Investor Class		1,071,508		25,180,442
Growth Fund Investor Class		1,262,996		34,302,962
Large Company Value Fund Investor Class		3,416,010		20,393,580
Mid Cap Value Fund Investor Class		934,024		11,656,625
Real Estate Fund Investor Class		167,031		3,938,593
Small Company Fund Investor Class		589,533		4,840,069
Vista Fund Investor Class(2)		1,862,484		31,345,600
				140,952,842
INTERNATIONAL EQUITY FUNDS — 23.0%
Emerging Markets Fund Investor Class(2)		1,877,284		14,417,540
International Growth Fund Investor Class		2,930,630		30,126,874
				44,544,414
DOMESTIC FIXED INCOME FUNDS — 3.0%
Diversified Bond Fund Investor Class		506,975		5,733,893
MONEY MARKET FUNDS — 1.0%
Prime Money Market Fund Investor Class		1,961,541		1,961,541
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $163,118,052)				193,192,690
OTHER ASSETS AND LIABILITIES†				(14	)
TOTAL NET ASSETS — 100.0%				$193,192,676

Notes to Schedule of Investments

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

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

(2)	Non-income producing.

See Notes to Financial Statements.

Statement of Assets and Liabilities

JULY 31, 2012
	Very Conservative			Conservative			Moderate
Assets
Investment securities in affiliates, at value (cost of $268,072,371, $509,695,907 and $756,657,834, respectively)		$295,080,547			$573,421,648			$869,728,634
Receivable for capital shares sold		441,576			423,004			1,067,239
Distributions receivable from affiliates		193,887			352,177			520,386
		295,716,010			574,196,829			871,316,259

Liabilities
Payable for investments purchased		346,892			642,754			921,291
Payable for capital shares redeemed		303,794			203,282			671,534
		650,686			846,036			1,592,825

Net Assets		$295,065,324			$573,350,793			$869,723,434

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		25,934,967			48,631,148			70,900,180

Net Asset Value Per Share		$11.38			$11.79			$12.27

Net Assets Consist of:
Capital (par value and paid-in surplus)		$273,362,094			$535,996,187			$827,697,018
Undistributed net investment income		225,449			378,175			566,686
Accumulated net realized loss		(5,530,395	)		(26,749,310	)		(71,611,070	)
Net unrealized appreciation		27,008,176			63,725,741			113,070,800
		$295,065,324			$573,350,793			$869,723,434

See Notes to Financial Statements.

JULY 31, 2012
	Aggressive			Very Aggressive
Assets
Investment securities in affiliates, at value (cost of $491,736,112 and $163,118,052, respectively)		$566,200,075			$193,192,690
Cash		1,000			—
Receivable for investments sold		72,287			136,934
Receivable for capital shares sold		301,421			59,006
Distributions receivable from affiliates		304,205			11,889
		566,878,988			193,400,519

Liabilities
Payable for investments purchased		304,035			11,903
Payable for capital shares redeemed		374,708			195,940
		678,743			207,843

Net Assets		$566,200,245			$193,192,676

Investor Class Capital Shares, $0.01 Par Value
Shares outstanding		44,645,286			15,302,910

Net Asset Value Per Share		$12.68			$12.62

Net Assets Consist of:
Capital (par value and paid-in surplus)		$534,110,171			$189,890,382
Undistributed net investment income		3,926,195			731,726
Accumulated net realized loss		(46,300,084	)		(27,504,070	)
Net unrealized appreciation		74,463,963			30,074,638
		$566,200,245			$193,192,676

See Notes to Financial Statements.

Statement of Operations

YEAR ENDED JULY 31, 2012
	Very Conservative		Conservative			Moderate
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$5,328,792		$11,343,592			$15,892,902

Expenses:
Directors’ fees and expenses		8,976		18,270			29,309
Other expenses		96		71			85
		9,072		18,341			29,394

Net investment income (loss)		5,319,720		11,325,251			15,863,508

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		269,149		(3,096,261	)		(5,607,693	)
Capital gain distributions received from underlying funds		1,411,903		3,474,107			5,568,378
		1,681,052		377,846			(39,315	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		7,877,940		17,803,269			19,611,821

Net realized and unrealized gain (loss) on affiliates		9,558,992		18,181,115			19,572,506

Net Increase (Decrease) in Net Assets Resulting from Operations		$14,878,712		$29,506,366			$35,436,014

See Notes to Financial Statements.

YEAR ENDED JULY 31, 2012
	Aggressive			Very Aggressive
Investment Income (Loss)
Income:
Income distributions from underlying funds — affiliates		$8,726,216			$1,947,806

Expenses:
Directors’ fees and expenses		19,046			6,918
Other expenses		48			—
		19,094			6,918

Net investment income (loss)		8,707,122			1,940,888

Net Realized and Unrealized Gain (Loss) on Affiliates
Net realized gain (loss) on:
Sale of investments in underlying funds		(5,076,844	)		(2,964,698	)
Capital gain distributions received from underlying funds		4,345,534			1,624,343
		(731,310	)		(1,340,355	)

Change in net unrealized appreciation (depreciation) on investments in underlying funds		7,218,545			1,266,701

Net realized and unrealized gain (loss) on affiliates		6,487,235			(73,654	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$15,194,357			$1,867,234

See Notes to Financial Statements.

Statement of Changes in Net Assets

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	Very Conservative						Conservative
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$5,319,720			$3,814,122			$11,325,251			$8,318,059
Net realized gain (loss)		1,681,052			2,132,555			377,846			(801,932	)
Change in net unrealized appreciation (depreciation)		7,877,940			7,717,853			17,803,269			33,445,395
Net increase (decrease) in net assets resulting from operations		14,878,712			13,664,530			29,506,366			40,961,522

Distributions to Shareholders
From net investment income		(5,306,603	)		(3,783,399	)		(11,391,973	)		(8,225,768	)
From net realized gains		(292,644	)		—			—			—
Decrease in net assets from distributions		(5,599,247	)		(3,783,399	)		(11,391,973	)		(8,225,768	)

Capital Share Transactions
Proceeds from shares sold		161,452,080			94,829,453			184,238,222			172,785,885
Proceeds from reinvestment of distributions		5,458,005			3,705,056			11,170,239			8,052,124
Payments for shares redeemed		(87,663,900	)		(60,398,749	)		(106,498,484	)		(73,795,552	)
Net increase (decrease) in net assets from capital share transactions		79,246,185			38,135,760			88,909,977			107,042,457

Net increase (decrease) in net assets		88,525,650			48,016,891			107,024,370			139,778,211

Net Assets
Beginning of period		206,539,674			158,522,783			466,326,423			326,548,212
End of period		$295,065,324			$206,539,674			$573,350,793			$466,326,423

Undistributed net investment income		$225,449			$212,332			$378,175			$444,897

Transactions in Shares of the Funds
Sold		14,595,247			8,772,183			16,170,226			15,453,330
Issued in reinvestment of distributions		496,269			345,542			989,619			728,292
Redeemed		(7,906,303	)		(5,600,260	)		(9,392,591	)		(6,649,688	)
Net increase (decrease) in shares of the funds		7,185,213			3,517,465			7,767,254			9,531,934

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	Moderate						Aggressive
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011			July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$15,863,508			$13,174,010			$8,707,122			$7,212,238
Net realized gain (loss)		(39,315	)		(5,272,264	)		(731,310	)		(3,850,305	)
Change in net unrealized appreciation (depreciation)		19,611,821			91,450,334			7,218,545			75,608,596
Net increase (decrease) in net assets resulting from operations		35,436,014			99,352,080			15,194,357			78,970,529

Distributions to Shareholders
From net investment income		(15,985,077	)		(13,050,284	)		(8,508,465	)		(6,747,826	)

Capital Share Transactions
Proceeds from shares sold		200,258,292			197,207,466			126,370,581			109,117,908
Proceeds from reinvestment of distributions		15,656,891			12,771,873			8,407,270			6,666,304
Payments for shares redeemed		(169,127,714	)		(127,129,405	)		(98,494,515	)		(85,824,926	)
Net increase (decrease) in net assets from capital share transactions		46,787,469			82,849,934			36,283,336			29,959,286

Net increase (decrease) in net assets		66,238,406			169,151,730			42,969,228			102,181,989

Net Assets
Beginning of period		803,485,028			634,333,298			523,231,017			421,049,028
End of period		$869,723,434			$803,485,028			$566,200,245			$523,231,017

Undistributed net investment income		$566,686			$688,255			$3,926,195			$3,727,538

Transactions in Shares of the Funds
Sold		16,997,751			16,875,171			10,413,814			8,966,120
Issued in reinvestment of distributions		1,339,568			1,100,826			719,801			552,762
Redeemed		(14,352,413	)		(10,928,387	)		(8,095,066	)		(7,088,849	)
Net increase (decrease) in shares of the funds		3,984,906			7,047,610			3,038,549			2,430,033

See Notes to Financial Statements.

YEARS ENDED JULY 31, 2012 AND JULY 31, 2011
	Very Aggressive
Increase (Decrease) in Net Assets	July 31, 2012			July 31, 2011
Operations
Net investment income (loss)		$1,940,888			$1,639,996
Net realized gain (loss)		(1,340,355	)		(3,125,066	)
Change in net unrealized appreciation (depreciation)		1,266,701			35,450,590
Net increase (decrease) in net assets resulting from operations		1,867,234			33,965,520

Distributions to Shareholders
From net investment income		(1,927,360	)		(1,593,820	)

Capital Share Transactions
Proceeds from shares sold		30,540,442			47,465,390
Proceeds from reinvestment of distributions		1,889,590			1,567,813
Payments for shares redeemed		(42,291,424	)		(42,076,077	)
Net increase (decrease) in net assets from capital share transactions		(9,861,392	)		6,957,126

Net increase (decrease) in net assets		(9,921,518	)		39,328,826

Net Assets
Beginning of period		203,114,194			163,785,368
End of period		$193,192,676			$203,114,194

Undistributed net investment income		$731,726			$718,198

Transactions in Shares of the Funds
Sold		2,541,681			3,886,123
Issued in reinvestment of distributions		163,036			129,038
Redeemed		(3,499,529	)		(3,485,006	)
Net increase (decrease) in shares of the funds		(794,812	)		530,155

See Notes to Financial Statements.

Notes to Financial Statements

JULY 31, 2012

1. Organization

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

2. Significant Accounting Policies

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

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. The funds are no longer subject to examination by tax authorities for years prior to 2009. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Accordingly, no provision has been made for federal or state income taxes.

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

3. Fees and Transactions with Related Parties

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

Related Parties — Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc., 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, 2012 were as follows:

	Very Conservative		Conservative		Moderate		Aggressive		Very Aggressive
Purchases		$113,875,138		$152,334,561		$183,646,351		$113,618,528		$25,131,706
Sales		$33,481,354		$59,946,344		$131,406,053		$72,791,171		$33,355,213

5. Affiliated Company Transactions

	July 31, 2011											July 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Very Conservative
Diversified Bond Fund Investor Class		6,041,121		$33,464,796		$8,018,913		$19,593			$3,633,767		8,344,240		$94,373,354
Inflation-Adjusted Bond Fund Investor Class		1,644,028		8,316,262		1,108,325		31,411			948,432		2,198,920		29,399,565
Core Equity Plus Fund Investor Class		—		2,956,307		225,397		15,093			1,098		272,599		2,960,422
Equity Growth Fund Investor Class		467,493		6,067,118		5,135,469		240,021			162,652		505,103		11,869,925
Growth Fund Investor Class		228,796		3,391,600		2,238,272		40,384			243,410		272,764		7,408,280
Large Company Value Fund Investor Class		2,761,401		12,696,358		6,149,414		5,728			402,364		4,008,295		23,929,519
Mid Cap Value Fund Investor Class		736,240		7,820,382		2,655,785		(77,127	)		816,208		1,188,763		14,835,757
Real Estate Fund Investor Class		198,109		2,409,251		1,414,835		35,653			67,078		251,478		5,929,861
Small Company Fund Investor Class		252,408		1,310,282		512,214		(3,263	)		7,258		359,650		2,952,729
Vista Fund Investor Class(2)		235,678		2,230,522		1,837,104		(11,415	)		—		262,284		4,414,245
Prime Money Market Fund Investor Class		47,372,238		22,643,897		2,421,774		—			5,706		67,594,361		67,594,361
International Bond Fund Investor Class		1,384,407		10,568,363		1,494,703		(26,929	)		452,722		2,018,705		29,412,529
				$113,875,138		$33,212,205		$269,149			$6,740,695				$295,080,547

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

(2)	Non-income producing.


	July 31, 2011											July 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Conservative
Core Equity Plus Fund Investor Class		—		$10,754,871		$315,032		$15,764			$4,507		1,050,804		$11,411,736
Equity Growth Fund Investor Class		1,880,738		8,896,446		13,809,144		(1,250,166	)		578,753		1,708,266		40,144,244
Growth Fund Investor Class		894,126		6,796,062		4,327,978		(160,927	)		944,723		1,000,409		27,171,103
Large Company Value Fund Investor Class		8,649,421		14,859,109		5,551,888		(1,271,078	)		1,113,713		10,629,310		63,456,980
Mid Cap Value Fund Investor Class		2,285,733		11,283,680		1,922,278		(182,648	)		2,229,561		3,096,936		38,649,756
Real Estate Fund Investor Class		441,012		1,891,355		1,032,692		(3,029	)		136,921		488,846		11,526,987
Small Company Fund Investor Class		843,385		1,993,724		709,428		(135,264	)		22,831		1,031,153		8,465,767
Vista Fund Investor Class(2)		1,181,374		6,625,300		4,286,187		(326,474	)		—		1,354,274		22,792,426
Diversified Bond Fund Investor Class		12,934,678		43,907,608		18,746,887		121,867			6,968,992		15,205,914		171,978,890
Inflation-Adjusted Bond Fund Investor Class		3,385,240		10,887,370		4,621,130		248,821			1,722,926		3,852,222		51,504,213
International Bond Fund Investor Class		2,514,891		12,205,103		3,377,850		9,645			758,381		3,136,466		45,698,312
Prime Money Market Fund Investor Class		37,616,913		10,854,793		3,023,930		—			4,022		45,447,776		45,447,776
International Growth Fund Investor Class		2,388,907		11,379,140		1,318,181		(162,772	)		332,369		3,421,543		35,173,458
				$152,334,561		$63,042,605		$(3,096,261	)		$14,817,699				$573,421,648

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

(2)	Non-income producing.


	July 31, 2011											July 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Moderate
Core Equity Plus Fund Investor Class		—		$32,069,705		$805,125		$118,631			$14,520		3,167,053		$34,394,191
Equity Growth Fund Investor Class		5,778,978		11,535,701		47,107,511		(6,476,891	)		1,620,692		4,436,382		104,254,966
Growth Fund Investor Class		2,509,085		10,039,511		9,327,452		909,314			2,561,722		2,520,984		68,469,926
Large Company Value Fund Investor Class		12,840,900		7,909,696		3,058,093		(735,825	)		1,529,740		13,928,544		83,153,405
Mid Cap Value Fund Investor Class		3,164,295		7,765,494		881		(125	)		2,898,475		3,829,910		47,797,275
Real Estate Fund Investor Class		793,128		1,416,322		1,825,733		166,952			221,129		770,254		18,162,599
Small Company Fund Investor Class		1,929,489		1,818,594		1,322,886		(320,203	)		50,030		2,048,800		16,820,650
Vista Fund Investor Class(2)		3,392,225		11,358,302		10,050,043		(562,226	)		—		3,546,138		59,681,507
Diversified Bond Fund Investor Class		14,106,618		29,720,355		38,589,196		730,653			6,885,686		13,248,092		149,835,918
High-Yield Fund Investor Class		3,961,078		19,050,536		1,441,503		(101,934	)		2,464,367		6,929,427		42,338,798
Inflation-Adjusted Bond Fund Investor Class		3,949,353		9,918,501		9,015,059		977,809			1,840,166		3,946,445		52,763,974
Emerging Markets Fund Investor Class(2)		3,512,383		7,925,391		1,326,860		(102,475	)		—		4,432,269		34,039,829
International Growth Fund Investor Class		6,960,663		19,424,204		4,354,600		(312,682	)		907,567		8,552,810		87,922,890
Prime Money Market Fund Investor Class		40,704,725		8,617,178		5,442,040		—			4,016		43,879,863		43,879,863
International Bond Fund Investor Class		1,674,984		5,076,861		3,346,764		101,309			463,170		1,799,097		26,212,843
				$183,646,351		$137,013,746		$(5,607,693	)		$21,461,280				$869,728,634

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

(2)	Non-income producing.


	July 31, 2011											July 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Aggressive
Core Equity Plus Fund Investor Class		—		$23,494,959		$97,488		$314			$10,531		2,368,269		$25,719,400
Equity Growth Fund Investor Class		3,441,314		4,342,866		30,530,077		(4,627,341	)		890,746		2,426,659		57,026,477
Growth Fund Investor Class		2,913,516		8,658,767		6,653,327		449,244			2,993,546		2,989,446		81,193,362
Large Company Value Fund Investor Class		7,508,693		5,107,073		2,128,879		(547,557	)		882,865		8,152,604		48,671,045
Mid Cap Value Fund Investor Class		1,773,033		4,949,864		131,773		(15,019	)		1,609,028		2,178,787		27,191,264
Real Estate Fund Investor Class		510,097		843,560		1,155,873		(52,788	)		142,756		500,321		11,797,560
Small Company Fund Investor Class		1,439,867		1,230,214		855,272		(223,697	)		36,109		1,520,553		12,483,740
Vista Fund Investor Class(2)		4,169,480		10,660,130		7,082,876		(433,693	)		—		4,456,567		75,004,019
Diversified Bond Fund Investor Class		5,303,321		9,362,265		18,045,593		455,582			2,503,630		4,481,127		50,681,548
High-Yield Fund Investor Class		4,300,034		16,476,444		3,141,173		(187,469	)		2,480,383		6,549,242		40,015,868
Inflation-Adjusted Bond Fund Investor Class		1,691,490		4,746,891		4,187,773		369,303			790,065		1,709,460		22,855,479
Emerging Markets Fund Investor Class(2)		3,746,515		7,676,400		607,519		(91,199	)		—		4,735,309		36,367,175
International Growth Fund Investor Class		5,660,440		13,818,857		1,285,965		(172,524	)		731,602		6,960,363		71,552,527
Prime Money Market Fund Investor Class		5,354,799		2,250,238		1,964,427		—			489		5,640,611		5,640,611
				$113,618,528		$77,868,015		$(5,076,844	)		$13,071,750				$566,200,075

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

(2)	Non-income producing.


	July 31, 2011											July 31, 2012
Fund/ Underlying Fund	Share Balance		Purchase Cost		Sales Cost		Realized Gain (Loss)			Distributions Received(1)		Share Balance		Market Value
Very Aggressive
Core Equity Plus Fund Investor Class		—		$8,933,152		$476,954		$32,141			$4,067		855,891		$9,294,971
Equity Growth Fund Investor Class		1,642,050		1,060,649		15,236,195		(1,990,652	)		416,194		1,071,508		25,180,442
Growth Fund Investor Class		1,382,976		1,752,089		4,690,901		253,154			1,330,646		1,262,996		34,302,962
Large Company Value Fund Investor Class		3,645,888		1,268,022		3,426,980		(873,883	)		397,901		3,416,010		20,393,580
Mid Cap Value Fund Investor Class		893,015		1,470,526		1,046,298		(58,887	)		764,891		934,024		11,656,625
Real Estate Fund Investor Class		196,230		361,444		795,964		212,057			53,671		167,031		3,938,593
Small Company Fund Investor Class		625,252		215,940		648,708		(141,333	)		14,742		589,533		4,840,069
Vista Fund Investor Class(2)		1,975,785		2,307,633		4,454,867		(123,040	)		—		1,862,484		31,345,600
Emerging Markets Fund Investor Class(2)		1,682,295		2,211,545		948,966		(117,263	)		—		1,877,284		14,417,540
International Growth Fund Investor Class		2,729,654		4,017,197		2,316,707		(207,990	)		322,349		2,930,630		30,126,874
Diversified Bond Fund Investor Class		566,948		1,255,331		1,875,213		50,998			267,498		506,975		5,733,893
Prime Money Market Fund Investor Class		2,085,521		278,178		402,158		—			190		1,961,541		1,961,541
				$25,131,706		$36,319,911		$(2,964,698	)		$3,572,149				$193,192,690

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

(2)	Non-income producing.

6. Investments in Underlying Funds

The funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the funds within their investment strategies may represent a significant portion of the underlying funds’ net assets. As of July 31, 2012, Moderate and Aggressive owned 40% and 30%, respectively, of the total outstanding shares of Core Equity Plus Fund. As of July 31, 2012, the funds, in aggregate, owned 97% of the total outstanding shares of Core Equity Plus Fund.

7. Fair Value Measurements

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

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

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

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

8. Federal Tax Information

The tax character of distributions paid during the years ended July 31, 2012 and July 31, 2011 were as follows:

	Very Conservative				Conservative
	2012		2011		2012		2011
Distributions Paid From
Ordinary income		$5,533,730		$3,783,399		$11,391,973		$8,225,768
Long-term capital gains		$65,517		—		—		—

	Moderate				Aggressive
	2012		2011		2012		2011
Distributions Paid From
Ordinary income		$15,985,077		$13,050,284		$8,508,465		$6,747,826
Long-term capital gains		—		—		—		—

	Very Aggressive
	2012		2011
Distributions Paid From
Ordinary income		$1,927,360		$1,593,820
Long-term capital gains		—		—

As of July 31, 2012, 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		$275,520,078		$530,979,872			$806,145,086
Gross tax appreciation of investments		$19,560,469		$42,441,776			$63,583,548
Gross tax depreciation of investments		—		—			—
Net tax appreciation (depreciation) of investments		$19,560,469		$42,441,776			$63,583,548
Undistributed ordinary income		$279,885		$378,175			$566,686
Accumulated long-term gains		$1,862,876		—			—
Accumulated short-term capital losses		—		$(4,146,917	)		$(17,656,986	)
Accumulated long-term capital losses		—		$(906,203	)		$(4,466,832	)
Post-October capital loss deferrals		—		$(412,225	)		—

	Aggressive			Very Aggressive
Federal tax cost of investments		$524,508,971			$180,296,427
Gross tax appreciation of investments		$41,691,104			$12,896,263
Gross tax depreciation of investments		—			—
Net tax appreciation (depreciation) of investments		$41,691,104			$12,896,263
Undistributed ordinary income		$3,926,195			$731,726
Accumulated long-term gains		—			—
Accumulated short-term capital losses		$(10,548,070	)		$(7,558,999	)
Accumulated long-term capital losses		$(2,866,628	)		$(2,431,323	)
Post-October capital loss deferrals		$(112,527	)		$(335,373	)

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. Any unlimited losses will be required to be utilized prior to the losses which carry an expiration date. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers expire as follows:

	2017			2018			2019			Unlimited (Short-Term)			Unlimited (Long-Term)
Very Conservative		—			—			—			—			—
Conservative		$(685,394	)		$(3,067,145	)		$(394,378	)		—			$(906,203	)
Moderate		$(3,239,053	)		$(11,515,723	)		$(2,750,775	)		$(151,435	)		$(4,466,832	)
Aggressive		$(2,141,306	)		$(5,491,772	)		$(2,783,051	)		$(131,941	)		$(2,866,628	)
Very Aggressive		$(2,321,712	)		$(2,861,624	)		$(2,233,776	)		$(141,887	)		$(2,431,323	)

The loss deferrals represent certain qualified losses that the funds have elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

Financial Highlights

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice Portfolio: Very Conservative — Investor Class
2012	$11.02	0.24	0.37	0.61	(0.24)	(0.01)	(0.25)	$11.38	5.66%	0.00%(4)	2.14%	13%	$295,065
2011	$10.41	0.23	0.61	0.84	(0.23)	—	(0.23)	$11.02	8.16%	0.00%(4)	2.15%	17%	$206,540
2010	$9.88	0.23	0.53	0.76	(0.23)	—	(0.23)	$10.41	7.73%	0.01%	2.25%	15%	$158,523
2009	$10.36	0.30	(0.40)	(0.10)	(0.32)	(0.06)	(0.38)	$9.88	(0.87)%	0.00%(4)	3.13%	42%	$114,699
2008	$10.55	0.43	(0.12)	0.31	(0.46)	(0.04)	(0.50)	$10.36	2.91%	0.00%(4)	4.06%	17%	$84,601
One Choice Portfolio: Conservative — Investor Class
2012	$11.41	0.25	0.39	0.64	(0.26)	—	(0.26)	$11.79	5.71%	0.00%(4)	2.24%	12%	$573,351
2011	$10.42	0.24	0.99	1.23	(0.24)	—	(0.24)	$11.41	11.90%	0.00%(4)	2.16%	10%	$466,326
2010	$9.69	0.23	0.73	0.96	(0.23)	—	(0.23)	$10.42	9.99%	0.00%(4)	2.29%	7%	$326,548
2009	$10.89	0.29	(0.98)	(0.69)	(0.31)	(0.20)	(0.51)	$9.69	(6.05)%	0.00%(4)	3.13%	40%	$252,404
2008	$11.38	0.44	(0.40)	0.04	(0.45)	(0.08)	(0.53)	$10.89	0.18%	0.00%(4)	3.85%	18%	$283,076
One Choice Portfolio: Moderate — Investor Class
2012	$12.01	0.23	0.26	0.49	(0.23)	—	(0.23)	$12.27	4.21%	0.00%(4)	1.95%	16%	$869,723
2011	$10.60	0.21	1.41	1.62	(0.21)	—	(0.21)	$12.01	15.35%	0.00%(4)	1.80%	11%	$803,485
2010	$9.65	0.20	0.94	1.14	(0.19)	—	(0.19)	$10.60	11.90%	0.01%	1.89%	9%	$634,333
2009	$11.73	0.24	(1.70)	(1.46)	(0.26)	(0.36)	(0.62)	$9.65	(11.94)%	0.00%(4)	2.63%	32%	$542,182
2008	$12.58	0.43	(0.70)	(0.27)	(0.44)	(0.14)	(0.58)	$11.73	(2.37)%	0.00%(4)	3.44%	18%	$651,833

For a Share Outstanding Throughout the Years Ended July 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses(3)	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
One Choice Portfolio: Aggressive — Investor Class
2012	$12.58	0.20	0.10	0.30	(0.20)	—	(0.20)	$12.68	2.50%	0.00%(4)	1.65%	14%	$566,200
2011	$10.75	0.18	1.82	2.00	(0.17)	—	(0.17)	$12.58	18.67%	0.00%(4)	1.48%	11%	$523,231
2010	$9.62	0.17	1.11	1.28	(0.15)	—	(0.15)	$10.75	13.33%	0.01%	1.58%	8%	$421,049
2009	$12.62	0.20	(2.49)	(2.29)	(0.24)	(0.47)	(0.71)	$9.62	(17.28)%	0.00%(4)	2.12%	27%	$351,089
2008	$13.69	0.41	(0.90)	(0.49)	(0.40)	(0.18)	(0.58)	$12.62	(3.97)%	0.00%(4)	3.07%	17%	$426,087
One Choice Portfolio: Very Aggressive — Investor Class
2012	$12.62	0.12	—(5)	0.12	(0.12)	—	(0.12)	$12.62	1.05%	0.00%(4)	1.02%	13%	$193,193
2011	$10.52	0.11	2.09	2.20	(0.10)	—	(0.10)	$12.62	20.97%	0.00%(4)	0.87%	18%	$203,114
2010	$9.36	0.10	1.15	1.25	(0.09)	—	(0.09)	$10.52	13.39%	0.01%	0.93%	9%	$163,785
2009	$13.11	0.13	(3.17)	(3.04)	(0.14)	(0.57)	(0.71)	$9.36	(22.35)%	0.00%(4)	1.48%	23%	$146,096
2008	$14.58	0.36	(1.27)	(0.91)	(0.37)	(0.19)	(0.56)	$13.11	(6.63)%	0.00%(4)	2.53%	15%	$181,459

Notes to Financial Highlights

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

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

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

(4)	Ratio was less than 0.005%.

(5)	Per-share amount 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, 2012, 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, 2012, 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 19, 2012

Management

The Board of Directors

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

Name (Year of Birth)	Position(s) Held with Funds	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of American Century Portfolios Overseen by Director	Other Directorships Held During Past 5 Years
Independent Directors
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)	66	None
Andrea C. Hall (1945)	Director	Since 1997	Retired	66	None
Jan M. Lewis (1957)	Director	Since 2011	President and Chief Executive Officer, Catholic Charities of Northeast Kansas (human services organization)	66	None
James A. Olson (1942)	Director	Since 2007	Member, Plaza Belmont LLC (private equity fund manager)	66	Saia, Inc. (2002 to 2012) and Entertainment Properties Trust
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)	66	None

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
M. Jeannine Strandjord (1945)	Director	Since 1994	Retired	66	Euronet Worldwide Inc.; Charming Shoppes, Inc. (2006 to 2010); and DST Systems Inc. (1996 to 2012)
John R. Whitten (1946)	Director	Since 2008	Retired	66	Rudolph Technologies, Inc.
Stephen E. Yates (1948)	Director	Since 2012	Retired; Executive Vice President, Technology & Operations, KeyCorp. (computer services)(2004 to 2010)	66	Applied Industrial Technology (2001 to 2010)

Interested Directors
Barry Fink (1955)	Director and Executive Vice President	Since 2012 (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). Also serves as Manager, ACS and Director, ACC and certain ACC subsidiaries	66	None
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	108	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)	Director since 2012 and 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). 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). 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
C. Jean Wade (1964)	Vice President, Treasurer and Chief Financial Officer since 2012	Vice President, ACS (February 2000 to present)
Robert J. Leach (1966)	Vice President since 2006 and Assistant Treasurer since 2012	Vice President, ACS (February 2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (January 1994 to present); Associate General Counsel, ACC (January 2001 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (June 2003 to present)

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

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

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, 2012.

Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
$1,050,305	$2,972,797	$5,067,918	$4,028,023	$1,624,537

The funds hereby designate the following, or up to the maximum amount allowable, as short-term capital gain distributions for the fiscal year ended July 31, 2012.

Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
$227,127	—	—	—	—

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, 2012.

Very Conservative	Conservative	Moderate	Aggressive	Very Aggressive
$65,517	—	—	—	—

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-76089 1209

ITEM 2. CODE OF ETHICS.

(a)	The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b)	No response required.

(c)

None.

(d)

None.

(e)	Not applicable.

(f)	The registrant’s Code of Ethics for Senior Financial Officers was filed as Exhibit 12 (a)(1) to American Century Asset Allocation Portfolios, Inc.’s Annual Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005, and is incorporated herein by reference.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1)

The registrant’s board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2)

M. Jeannine Strandjord, James A. Olson, Andrea C. Hall and Stephen E. Yates are the registrant’s designated audit committee financial experts. They are “independent” as defined in Item 3 of Form N-CSR.

(a)(3)

Not applicable.

(b)	No response required.

(c)	No response required.

(d)	No response required.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)	Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

FY 2011: $120,583

FY 2012: $113,408

(b)	Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

FY 2011: $0

FY 2012: $0

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant’s investment adviser and its affiliates):

FY 2011: $0

FY 2012: $0

(c)

Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

FY 2011: $0

FY 2012: $0

FY 2011: $0

FY 2012: $0

(d)	All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

FY 2011: $0

FY 2012: $0

FY 2011: $0

FY 2012: $0

(e)(1)

In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant’s audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant’s audit committee also pre-approves its accountant’s engagements for non-audit services with the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2)

All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant’s audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f)	The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g)

The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

FY 2011: $64,047

FY 2012: $71,548

(h)

The registrant’s investment adviser and accountant have notified the registrant’s audit committee of all non-audit services that were rendered by the registrant’s accountant to the registrant’s investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant’s audit committee included sufficient details regarding such services to allow the registrant’s audit committee to consider the continuing independence of its principal accountant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a)	The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b)	Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

ITEM 11. CONTROLS AND PROCEDURES.

(a)

The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)

Registrant’s Code of Ethics for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 12(a)(1) to American Century Asset Allocation Portfolios, Inc.’s Certified Shareholder Report on Form N-CSR, File No. 811-21591, on September 29, 2005.

(a)(2)

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3)

Not applicable.

(b)	A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	American Century Asset Allocation Portfolios, Inc.


By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President

Date:	September 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jonathan S. Thomas
	Name:	Jonathan S. Thomas
	Title:	President
		(principal executive officer)


Date:	September 28, 2012

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

Date:	September 28, 2012