EXHIBIT 99.l
American Century Investment Management, Inc.
0000 Xxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
August 25, 2004
American Century Asset Allocation Portfolios, Inc.
0000 Xxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
RE: Initial Capital Agreement
Ladies and Gentlemen:
In order to provide American Century Asset Allocation Portfolios, Inc.
("ACAAP") with the initial capital required pursuant to Section 14 of the
Investment Company Act of 1940, as amended, American Century Investment
Management, Inc. ("ACIM") is hereby purchasing from ACAAP 10,000 shares of
beneficial interest, $0.01 par value, of Institutional Class shares of My
Retirement Income Portfolio, a series of ACAAP (the "Shares"), at a purchase
price of $10.00 per Share, for a total purchase price of $100,000.
ACIM is aware that the Shares have not been registered under the
Securities Act of 1933, as amended (the "1933 Act"), on the basis that the sale
of such shares will be exempt under Section 4(2) of the 1933 Act as not
involving any public offering. Reliance on such exemption is predicated, in
part, on ACIM's representation and warranty to ACAAP that the Shares are being
acquired for ACIM's own account for investment purposes and not with a view to
the distribution or redemption thereof, and that ACIM has no present intention
to dispose of the Shares. ACIM further represents that it will not take any
action that will subject the sale of the Shares to the registration provisions
of the 1933 Act.
Sincerely,
AMERICAN CENTURY INVESTMENT MANAGEMENT, INC.
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Assistant Secretary
