AMERICAN CENTURY STRATEGIC ASSET ALLOCATIONS INC
497K3B, 1999-04-22
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[front cover]

AMERICAN CENTURY

Fund Profile

[american century logo(reg. sm)]
AMERICAN
CENTURY

Strategic Allocation: Conservative Fund
Strategic Allocation: Moderate Fund
Strategic Allocation: Aggressive Fund

This profile  summarizes key information  about the fund that is included in the
  fund's Prospectus. The fund's Prospectus includes additional information about
   thefund,  including a more detailed  description of the risks associated with
         investing in the fund, that you may want to consider before you invest.

[photos of woman and girls blowing bubbles, men talking, woman at computer]

                                                                  APRIL 25, 1999
                                                                  INVESTOR CLASS

You may obtain the Prospectus and other  information  about the funds at no cost
  by calling us at 1-800-345-2021, accessing our Web site or visiting one of our
   Investor Centers. See the back cover for additional telephone numbers and our
                                                                        address.




STRATEGIC ALLOCATION: CONSERVATIVE FUND
STRATEGIC ALLOCATION: MODERATE FUND
STRATEGIC ALLOCATION: AGGRESSIVE FUND

1. WHAT ARE THE FUNDS' INVESTMENT OBJECTIVES?

    Strategic  Allocation:  Conservative,  Strategic  Allocation:  Moderate  and
    Strategic Allocation:  Aggressive are asset allocation funds. That is, these
    funds diversify  their assets among various  classes of investments  such as
    stocks, bonds and money market instruments.  Each fund holds a different mix
    of these  asset  types,  which gives it a distinct  risk  profile and return
    potential.

    *  STRATEGIC  ALLOCATION:  CONSERVATIVE  seeks  regular  income  through its
    emphasis on bonds and money market securities. It also has the potential for
    moderate  long-term  total  return  as a  result  of  its  stake  in  equity
    securities.

    * STRATEGIC  ALLOCATION:  MODERATE seeks long-term  capital growth with some
    regular  income.  It  emphasizes  investments  in  equity  securities,   but
    maintains a sizeable stake in bonds and money market securities.

    * STRATEGIC  ALLOCATION:  AGGRESSIVE  seeks long-term  capital growth with a
    small amount of income. It emphasizes investments in equity securities,  but
    maintains a portion of its assets in bonds and money market securities.

2. WHAT ARE THE FUNDS' INVESTMENT STRATEGIES?

    The  funds'  managers'  strategic  asset  allocation  strategy   diversifies
    investments among equity securities,  bonds and cash-equivalent instruments.
    The  funds'  managers  may  invest  in any type of U.S.  or  foreign  equity
    security that meets certain fundamental and technical standards.  The funds'
    managers draw on growth,  value and  quantitative  investment  techniques in
    managing the equity  portion of the funds'  portfolios and  diversifies  the
    funds' equity investments among small, medium and large companies.

    The funds' managers also invest in a variety of debt  securities  payable in
    both U.S. and foreign  currencies.  The funds' managers  primarily invest in
    investment-grade  securities,  that is, securities rated in the four highest
    categories  by  independent   rating   organizations.   However,   Strategic
    Allocation:  Moderate  may  invest  up to 5% of its  assets,  and  Strategic
    Allocation:  Aggressive  may invest up to 10% of its assets,  in  high-yield
    securities.  High-yield  securities  are higher risk,  non-convertible  debt
    obligations that are rated below  investment  grade. The funds' managers may
    also invest in unrated  securities based on the funds' advisor's  assessment
    of their credit quality. The maturities of fixed-income  securities in which
    the funds invest are expected to range from two to 30 years.

    The  funds'  managers  may  invest  the  cash-equivalent  portion  of  their
    portfolios in high-quality money market investments (denominated in U.S.
    dollars or foreign currencies).

    The  following  table  indicates  each fund's  neutral  mix. The neutral mix
    represents  a benchmark  as to how a fund's  investments  generally  will be
    allocated among the major asset classes over the long term.

     NEUTRAL MIXES
                                    EQUITY                           CASH
     FUND                         SECURITIES        BONDS         EQUIVALENTS
     -----------------------------------------------------------------------
     Strategic Allocation:
        Conservative                  40%            45%              15%
     -----------------------------------------------------------------------
     Strategic Allocation:
        Moderate                      60%            30%              10%
     -----------------------------------------------------------------------
     Strategic Allocation:
        Aggressive                    75%            20%              5%
     -----------------------------------------------------------------------

    The following  table shows the  operating  ranges in which each fund's asset
    mix  may  vary  over  short-term  periods.  These  variations  may be due to
    differences in asset class performance or prevailing market conditions.


Strategic Allocation                          American Century Investments


     OPERATING RANGES
                                    EQUITY                           CASH
     FUND                         SECURITIES        BONDS         EQUIVALENTS
     -----------------------------------------------------------------------
     Strategic Allocation:
        Conservative                34-46%          38-52%          10-25%
     -----------------------------------------------------------------------
     Strategic Allocation:
        Moderate                    50-70%          20-40%           5-20%
     -----------------------------------------------------------------------
     Strategic Allocation:
        Aggressive                  60-90%          10-30%           0-15%
     -----------------------------------------------------------------------

    Additional  information  about the funds'  investments is available in their
    annual and semiannual  reports.  In these reports you will find a discussion
    of the  market  conditions  and  investment  strategies  that  significantly
    affected the funds'  performance  during the most recent fiscal period.  You
    may get these reports at no cost by calling us.

3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUNDS?

    * The value of the  funds'  shares  depends  on the value of the  stocks and
    other  securities  they own.  The  value of the  individual  securities  the
    Strategic  Allocation  funds  own  will  go up  and  down  depending  on the
    performance of the companies  that issued them,  general market and economic
    conditions, and investor confidence.

    * When interest rates change, the value of the fixed-income  portion of each
    fund's  portfolio  will be affected.  When interest rates rise, the value of
    each fund's fixed-income investments will decline. The opposite is true when
    interest rates decline.

    * The value of the debt  securities  held by the funds  fluctuates  with the
    credit  quality  of the  issuers  of  those  securities.  The  lowest  rated
    investment-grade   bonds  in  which  the  funds  may  invest   contain  some
    speculative  characteristics.  Having  those bonds in the funds'  portfolios
    means the funds' value may go down more if interest  rates or other economic
    conditions  change than if the funds  contained only higher rated bonds.  In
    addition,   Strategic   Allocation:   Moderate  and  Strategic   Allocation:
    Aggressive  may  invest  in higher  risk  high-yield  securities,  sometimes
    referred  to  as  junk  bonds.   These   securities  are  considered  to  be
    predominantly  speculative and are more likely to be negatively  affected by
    changes in interest rates or other economic conditions.

    * As with all funds, at any given time the value of your shares of Strategic
    Allocation  funds may be worth more or less than the price you paid.  If you
    sell your  shares  when the value is less than the price you paid,  you will
    lose money.

    * An investment in the funds is not a bank deposit, and it is not insured or
    guaranteed by the Federal Deposit Insurance  Corporation (FDIC) or any other
    government agency.

    * Although the funds'  advisor  invests the funds' assets  primarily in U.S.
    stocks,  the funds can invest in  securities of foreign  companies.  Foreign
    securities can have certain unique risks, including fluctuations in currency
    exchange  rates,   unstable  political  and  economic  structures,   reduced
    availability  of  public  information  and  the  lack of  uniform  financial
    reporting and regulatory practices similar to those that apply to U.S.
    issuers.

    In summary,  the Strategic  Allocation  funds are intended for investors who
    seek to diversify their assets among various classes of investments, such as
    stocks,  bonds and money market  instruments,  and who are willing to accept
    the risks associated with that investment strategy.

    FUND PERFORMANCE

    The following bar chart shows the actual  performance of the funds' Investor
    Class shares for each calendar  year since the funds'  inception on February
    15, 1996. The bar chart  indicates the  volatility of the funds'  historical
    returns  from year to year.  The bar chart and the  performance  information
    below are not intended to indicate how the funds will perform in the future

[data shown in bar chart]
    Calendar Year-By-Year Returns (1)
                     Conservative   Moderate      Aggressive
         1998        10.53%         12.75%        13.80%
         1997        12.84%         15.24%        16.23%

        (1) As of March 31, 1999, the end of the most recent  calendar  quarter,
        the funds' year-to-date returns were as follows:  Strategic  Allocation:
        Conservative -0.52%;  Strategic Allocation:  Moderate -0.03%;  Strategic
        Allocation: Aggressive 0.71%;


Fund Profile                                           Strategic Allocation


    The highest and lowest quarterly returns for the period reflected in the bar
    chart are:

                              Highest                 Lowest
    Strategic Allocation:
    Conservative              7.05% (2Q 1997)         -2.95% (3Q 1998)
    ---------------------------------------------------------------------------
    Strategic Allocation:
    Moderate                  10.01% (4Q 1998)        -7.60% (3Q 1998)
    ---------------------------------------------------------------------------
    Strategic Allocation:
    Aggressive                12.68% (4Q 1998)        -11.09% (3Q 1998)

    The following  table shows the average annual return of the funds'  Investor
    Class  shares  for  the  periods  indicated.  The  table  also  includes  as
    benchmarks  for  performance  comparisons  the S&P 500 Index  (stocks),  the
    Lehman Aggregate Bond Index (bonds) and the Three-Month  U.S.  Treasury Bill
    (cash  equivalents).  These  indices are  unmanaged and reflect no operating
    costs.

                                                1 YEAR         LIFE OF FUND(1)
     AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
       Strategic Allocation: Conservative       3.83%             9.32%
       Strategic Allocation: Moderate           3.58%            11.89%
       Strategic Allocation: Aggressive         3.15%            12.96%
       S&P 500 Index                           18.42%            26.65%
       Lehman Aggregate Bond Index              6.49%             7.29%(2)
       Three-Month U.S. Treasury Bill           4.72%             5.01%(3)

        (1)  The  inception  dates  for  Strategic   Allocation:   Conservative,
        Strategic Allocation:  Moderate,  Strategic  Allocation:  Aggressive are
        February 15, 1996.

        (2) Benchmark from February 29, 1996.

        (3) Benchmark from February 29, 1996.

4. WHAT ARE THE FUNDS' FEES AND EXPENSES?

    There are no sales loads, fees or other charges

    * to buy fund shares directly from American Century

    * to reinvest dividends in additional shares

    * to exchange into the Investor Class shares of other American Century fund

    * to redeem your shares

    The following table describes the fees and expenses that you will pay if you
    buy and hold shares of the funds.

     ANNUAL FUND OPERATING EXPENSES
     (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
                                         Conservative    Moderate   Aggressive
  Management Fee                         1.00%(1)        1.10%(1)   1.20%(1)
  Distribution and Service (12b-1) Fees  None            None       None
  Other Expenses(2)                      0.00%           0.00%      0.00%
  Total Annual Fund Operating Expenses   1.00%           1.10%      1.20%

        (1) Based on expenses  incurred  during the fund's  most  recent  fiscal
        year.  The funds have a stepped fee  schedule.  As a result,  the funds'
        management fee rate generally decreases as fund assets increase.

        (2) Other  expenses,  which  include the fees and expenses of the funds'
        independent directors,  their legal counsel,  interest and extraordinary
        expenses, were less than 0.005% for the most recent fiscal year.

           EXAMPLE
             Assuming you . . .
             * invest $10,000 in the fund
             * redeem all of your shares at the end of the periods shown below
             * earn a 5% return each year
             * incur the same operating expenses as shown above
             . . . your cost of investing in the fund would be:

                                 1 year     3 years     5 years     10 years
                Conservative      $102       $318        $551        $1,219
                Moderate          $112       $349        $604        $1,334
                Aggressive        $122       $380        $657        $1,447

                Of course, actual costs may be higher or lower. Use this example
                to compare the costs of investing in other funds.

5. WHO ARE THE FUNDS' INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?

    American Century Investment  Management,  Inc. provides  investment advisory
    and  management  services  for the  funds.  American  Century  uses teams of
    portfolio  managers,  assistant  portfolio  managers  and  analysts  working
    together to manage its mutual  funds.  The  portfolio  manager who leads the
    team that manages the funds is identified as follows:

    JEFFREY R. TYLER,  Senior Vice President and Portfolio  Manager,  has been a
    member of the team that manages the funds since their  inception in February
    1996. He joined American Century in January 1988. He has a bachelor's degree
    in economics from the University of California-  Santa Barbara and an MBA in
    finance from Northwestern University.


Strategic Allocation                          American Century Investments


6. HOW DO I BUY FUND SHARES?

    * Complete and return the enclosed application

    * Call us and exchange shares from another American Century fund

    * Call us and send your investment by bank wire transfer

    Your  initial  investment  must be at least $2,500  ($1,000 for  traditional
    IRAs,  Roth IRAs and UGMA/UTMA  accounts)  unless you establish an automatic
    investment  plan of at least  $50 per  month.  If your  redemption  activity
    causes the value of your  account to fall below this account  minimum,  your
    shares may be redeemed involuntarily.

7. HOW DO I SELL FUND SHARES?

    You may sell all or part of your fund shares on any  business day by writing
    or calling  us. You also may  exchange  your  shares for shares in nearly 70
    other mutual funds offered by American Century. Depending on the options you
    select when you open your account,  some  restrictions  may apply.  For your
    protection, some redemption requests require a signature guarantee.

8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?

    Strategic  Allocation:   Conservative  and  Strategic  Allocation:  Moderate
    declare and pay  distributions  from net investment  income  quarterly,  and
    Strategic Allocation: Aggressive does so annually. The funds declare and pay
    distributions  of net  realized  capital  gains  once  a  year,  usually  in
    December. Distributions may be taxable as ordinary income, capital gains, or
    a  combination  of the two.  Capital  gains  are  taxed at  different  rates
    depending  on the  length of time the funds  held the  securities  that were
    sold. Distributions are reinvested automatically in additional shares unless
    you choose another option.

9. WHAT SERVICES ARE AVAILABLE?

    American Century offers several ways to make it easier for you to manage
    your account, such as

    * telephone transactions 
    * wire and electronic funds transfers 
    * 24-hour Automated Information Line transactions 
    * 24-hour online Internet account access and transactions

    You will find more information  about these choices in our Investor Services
    Guide,  which you may  request  by  calling  us,  accessing  our Web site or
    visiting one of our Investor Centers.

    Information   contained  in  our  Investor   Services   Guide   pertains  to
    shareholders  who invest directly with American  Century rather than through
    an employer-sponsored retirement plan or financial intermediary.

    If  you  own  or  are   considering   purchasing   fund  shares  through  an
    employer-sponsored  retirement plan or financial intermediary,  your ability
    to purchase  shares of the fund,  exchange them for shares of other American
    Century  funds,  and  redeem  them will  depend on the terms of your plan or
    financial  intermediary.  If  you  have  questions  about  investing  in  an
    employer-sponsored retirement plan or through a financial intermediary, call
    a Service Representative at 1-800-345-3533.


Strategic Allocation                          American Century Investments


[american century logo(reg. sm)]
AMERICAN
CENTURY

AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200

INVESTOR RELATIONS
1-800-345-2021 or 816-531-5575

AUTOMATED INFORMATION LINE
1-800-345-8765

FAX
816-340-7962

TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485

BUSINESS, NOT-FOR-PROFIT AND
EMPLOYER-SPONSORED RETIREMENT PLANS
1-800-345-353

Visit our Web site at   WWW.AMERICANCENTURY.COM  [link to web site with arrow]

SH-PRF-16106   9904                                   Funds Distributor, Inc.


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