FUND PROFILE
Limited-Term Bond
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund 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.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
LIMITED-TERM BOND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Limited-Term Bond seeks income from investments in corporate bonds and
other debt obligations.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund buys quality, short-term corporate bonds and other debt
securities. Corporate bonds generally are issued by companies to finance
existing operations or to expand their business. Under normal market
conditions, the fund managers will invest most of the fund's assets in
investment-grade securities. The remainder will be invested in short-term
money market instruments.
The fund managers actively manage the fund, adjusting its weighted
average portfolio maturity in response to expected changes in interest
rates. If interest rates are expected to rise, the weighted average
maturity of the fund will be shortened to protect its net asset value from
the effects of falling bond prices. If interest rates are expected to fall,
the weighted average maturity will be increased to take advantage of
potentially increasing bond prices.
The weighted average maturity of the fund is expected to be five years
or less.
Additional information about Limited-Term Bond's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's 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 FUND?
*When interest rates change, the amount of income the fund generates will
be affected. Generally, when interest rates rise, the fund's income and its
share value will decline. The opposite is true when interest rates decline.
This interest rate risk is higher for Limited-Term Bond than for funds that
have shorter weighted average maturities, such as money market funds.
*The fund may invest part of its assets in securities rated in the lowest
investment-grade category (e.g., Baa or BBB). Although these securities are
considered investment grade, the issuers are more likely to have problems
making interest and principal payments than issuers of higher-rated
securities.
*As with all funds, at any given time the value of your shares of
Limited-Term Bond 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 fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
In summary, Limited-Term Bond is intended for investors who seek a
competitive level of income with limited price volatility.
FUND PERFORMANCE
The following bar chart shows the actual performance of Limited-Term
Bond's Investor Class shares for each calendar year since the fund's
inception on March 1, 1994. The bar chart indicates the volatility of the
fund's historical returns from year to year. Neither the bar chart nor the
performance information below it is intended to indicate how the fund will
perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997 1998
Limited-Term Bond 10.94 4.42 6.41 6.30
LIMITED-TERM BOND AMERICAN CENTURY INVESTMENTS
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter during the period reflected by the preceding bar chart are
provided in the following chart to indicate the fund's historical
short-term volatility.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 6/30/95 3.20%
Quarter Ended 3/31/96 0.20%
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. The Merrill Lynch 1- to
5-Year Government/Corporate Index, an unmanaged index that reflects no
operating costs, is included as a benchmark for performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Limited-Term Bond 6.30% 5.71%
Merrill Lynch 1- to 5-Year
Govt./Corp. Index 7.64% 6.53%
For current performance information, including yields, please call us
or access our Web site.
4. WHAT ARE THE FUND'S 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 funds
or to redeem your shares. The following table describes the fees and
expenses that you will pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.70%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.70%
(1)Other expenses, which include the fees and expenses of the fund's
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 your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
----------------------------------------------
$71 $224 $389 $868
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 FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers on the
Limited-Term Bond team are identified below:
JEFFREY L. HOUSTON, Portfolio Manager, has been a member of the team
that manages Limited-Term Bond since June 1995. He joined American Century
as an Investment Analyst in 1990 and was promoted to Portfolio Manager in
1994. He has a bachelor of arts from the University of Delaware and an MPA
from Syracuse University. He is a Chartered Financial Analyst.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that
manages Limited-Term Bond since January 1999. He joined American Century in
February 1996 as an Investment Analyst. Prior to joining American Century,
he served as an Assistant Vice President and analyst at First Interstate
Bank, Los Angeles from July 1993 to January 1996. He has a bachelor's
degree in marketing from Loyola Marymount and an MBA in finance from
Creighton University.
FUND PROFILE LIMITED-TERM BOND
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 and Roth IRAs). If the value of your account falls 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 in Limited-Term
Bond 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?
Limited-Term Bond pays distributions of substantially all of its income
monthly. 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 fund 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 through a 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 an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-PRF-14131 9901
<PAGE>
FUND PROFILE
Intermediate-Term Bond
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund 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.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
INTERMEDIATE-TERM BOND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Intermediate-Term Bond seeks a competitive level of income from
investments in corporate bonds and other debt obligations.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers buy quality, short- to intermediate-term corporate
bonds and other debt securities. Corporate bonds generally are issued by
companies to finance existing operations or to expand their business. Under
normal market conditions, the fund managers will invest most of the fund's
assets in investment-grade securities. The remainder will be invested in
short-term money market instruments.
The fund managers actively manage the fund, adjusting its weighted
average portfolio maturity in response to expected changes in interest
rates. If interest rates are expected to rise, the weighted average
maturity of the fund will be shortened to protect its net asset value from
the effects of falling bond prices. If interest rates are expected to fall,
the weighted average maturity will be increased to take advantage of
potentially increasing bond prices.
The weighted average maturity of the fund is expected to be three to ten
years.
Additional information about Intermediate-Term Bond's investments is
available in its annual and semiannual reports. In these reports you will
find a discussion of the market conditions and investment strategies that
significantly affected the fund's 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 FUND?
*When interest rates change, the amount of income the fund generates will
be affected. Generally, when interest rates rise, the fund's share value
will decline. The opposite is true when interest rates decline. This
interest rate risk is higher for Intermediate-Term Bond than for funds that
have shorter weighted average maturities, such as money market and
short-term bond funds.
*The fund may invest part of its assets in securities rated in the lowest
investment-grade category (e.g., Baa or BBB). Although these securities are
considered investment grade, the issuers are more likely to have problems
making interest and principal payments than issuers of higher-rated
securities.
*As with all funds, at any given time the value of your shares of
Intermediate-Term Bond 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 fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
In summary, Intermediate-Term Bond is intended for investors who seek a
higher level of current income than is generally available from
shorter-term corporate and government securities and who are willing to
accept a greater degree of price fluctuation.
Fund Performance
The following bar chart shows the actual performance of
Intermediate-Term Bond's Investor Class shares for each calendar year since
the fund's inception on March 1, 1994. The bar chart indicates the
volatility of the fund's historical returns from year to year. Neither the
bar chart nor the performance information below it is intended to indicate
how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1995 1996 1997 1998
Intermediate-Term Bond 15.12 3.26 8.20 7.46
INTERMEDIATE-TERM BOND AMERICAN CENTURY INVESTMENTS
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter during the period reflected by the preceding bar chart are
provided in the following chart to indicate the fund's historical
short-term volatility.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 6/30/95 4.77%
Quarter Ended 3/31/96 -1.38%
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. The Lehman Intermediate
Government/Corporate Index, an unmanaged index that reflects no operating
costs, is included as a benchmark for performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Intermediate-Term Bond 7.46% 6.65%
Lehman Intermediate
Govt./Corp. Index 8.44% 6.92%
For current performance information, including yields, please call us
or access our Web site.
4. WHAT ARE THE FUND'S 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 funds
or to redeem your shares. The following table describes the fees and
expenses that you will pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.75%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.75%
(1)Other expenses, which include the fees and expenses of the fund's
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 your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
----------------------------------------------
$76 $239 $416 $928
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 FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGER?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers on the
Intermediate-Term Bond team is identified below:
Jeffrey L. Houston, Portfolio Manager, has been a member of the team
that manages Intermediate-Term Bond since May 1995. He joined American
Century as an Investment Analyst in 1990 and was promoted to Portfolio
Manager in 1994. He has a bachelor of arts from the University of Delaware
and an MPA from Syracuse University. He is a Chartered Financial Analyst.
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 and Roth IRAs). If the value of your account falls below this account
minimum, your shares may be redeemed involuntarily.
FUND PROFILE INTERMEDIATE-TERM BOND
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 in
Intermediate-Term Bond 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?
Intermediate-Term Bond pays distributions of substantially all of its
income monthly. 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 fund 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 through a 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 an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
www.americancentury.com
Investor Services
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Corporate; Not-For-Profit; Foundations;
Endowments; Keogh; SEP-, SARSEP- and
SIMPLE-IRA; and 403(b) Services
1-800-345-3533
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Fax
816-340-7962
Funds Distributor, Inc.
SH-PRF-14132 9901
<PAGE>
FUND PROFILE
Bond
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund 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.
BENHAM GROUP
AMERICAN CENTURY INVESTMENTS
BOND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Bond seeks a high level of income from investments in corporate bonds
and other debt obligations.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund buys quality, intermediate- and longer-term corporate bonds and
other debt securities. Corporate bonds generally are issued by companies to
finance existing operations or to expand their business. Under normal
market conditions, the fund managers will invest most of the fund's assets
in investment-grade securities. The remainder will be invested in
short-term money market instruments.
The fund managers actively manage the fund, adjusting its weighted
average portfolio maturity in response to expected changes in interest
rates. If interest rates are expected to rise, the weighted average
maturity of the fund will be shortened to protect its net asset value from
the effects of falling bond prices. If interest rates are expected to fall,
the weighted average maturity will be increased to take advantage of
potentially increasing bond prices.
Although there is no weighted average maturity requirement for this
fund, it will primarily invest in intermediate- and long-term bonds. It is
anticipated that under normal market conditions, the weighted average
maturity will be between eight and 20 years.
Additional information about Bond's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's 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 FUND?
*When interest rates change, the amount of income the fund generates will
be affected. Generally, when interest rates rise, the fund's income and its
share value will decline. The opposite is true when interest rates decline.
The interest rate risk is higher for Bond than for funds that have shorter
weighted average maturities, such as money market and short-term and
intermediate-term bond funds.
*The fund may invest part of its assets in securities rated in the lowest
investment grade category (e.g., Baa or BBB). Although these securities are
considered investment grade, the issuers are more likely to have problems
making interest and principal payments than issuers of higher-rated
securities.
*As with all funds, at any given time, the value of your shares of Bond 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 fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
In summary, Bond is intended for investors who seek higher income than
is generally provided by money market or short- and intermediate-term
securities and who can accept the greater price volatility associated with
longer-term bonds.
FUND PERFORMANCE
The following bar chart shows the actual performance of Bond's Investor
Class shares for each of the last 10 calendar years. The bar chart
indicates the volatility of the fund's historical returns from year to
year. Neither the bar chart nor the performance information below it is
intended to indicate how the fund will perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Bond 13.97 6.04 17.50 5.60 10.15 -4.49 20.28 2.43 8.75 6.56
Benham Bond American Century Investments
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter during the period reflected by the preceding bar chart are
provided in the following chart to indicate the fund's historical
short-term volatility.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 6/30/89 9.11%
Quarter Ended 3/31/90 -3.58%
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. The Lehman Aggregate Bond
Index, an unmanaged index that reflects no operating costs, is included as
a benchmark for performance comparisons.
1 YEAR 5 YEARS 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Bond 6.56% 6.40% 8.46%
Lehman Aggregate
Bond Index 8.69% 7.27% 9.26%
For current performance information, including yields, please call us or
access our Web site.
4. WHAT ARE THE FUND'S 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 funds
or to redeem your shares. The following table describes the fees and
expenses that you will pay if you buy and hold shares of the fund.
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 0.80%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 0.80%
(1)Other expenses, which include the fees and expenses of the fund's
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 your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
---------------------------------------------------
$82 $255 $443 $987
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 FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers of the Bond
team are identified below:
NORMAN E. HOOPS, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Bond since November 1989. He joined
American Century as Vice President and Portfolio Manager in November 1989.
In April 1993, he became Senior Vice President. He has a bachelor of arts
from Indiana University and an MBA from Butler University.
JEFFREY L. HOUSTON, Portfolio Manager, has been a member of the team
that manages Bond since June 1995. He joined American Century as an
Investment Analyst in 1990 and was promoted to Portfolio Manager in 1994.
He has a bachelor of arts from the University of Delaware and an MPA from
Syracuse University. He is a Chartered Financial Analyst.
Fund Profile Benham Bond
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 and Roth IRAs). If the value of your account falls below this account
minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell a part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Bond 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?
Bond pays distributions of substantially all of its income monthly.
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 fund 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 transaction
* 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 through a 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 an Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
SH-PRF-14133 9901
<PAGE>
FUND PROFILE
Balanced
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund 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.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
BALANCED
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Balanced seeks long-term capital growth and current income by investing
approximately 60% of the fund's assets in equity securities, while the
remainder is invested in bonds and other fixed income securities.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
With the equity portion of the Balanced portfolio, the fund managers
utilize quantitative management techniques in a two-step process that draws
heavily on computer technology. In the first step, the fund managers rank
stocks, primarily the 1,500 largest publicly traded companies in the United
States (measured by the value of their stock). These rankings are
determined by using a computer model that combines measures of a stock's
value, as well as measures of its growth potential. To measure value, the
managers use ratios of stock price to book value and stock price to cash
flow, among others. To measure growth, the managers use, among others, the
rate of growth of a company's earnings and changes in its earnings
estimates.
In the second step, the managers use a technique called portfolio
optimization. In portfolio optimization, the managers use a computer to
build a portfolio of stocks from the ranking described earlier that they
think will provide the optimal balance between risk and expected return.
The goal is to create an equity portfolio that provides better returns than
the S&P 500 without taking on significant additional risk.
The fixed-income portion of the fund's portfolio is invested in a
diversified portfolio of high-grade government, corporate, asset-backed and
similar securities payable in U.S. currency, with a minimum of 25% of the
fund's assets in fixed-income senior securities. At least 80% of the
fixed-income assets will be invested in securities that, at the time of
purchase, are rated within the three highest categories by a nationally
recognized statistical rating organization. The remaining portion may be
invested in securities rated in the fourth highest category. Under normal
market conditions the weighted average maturity for the fixed-income
portfolio will be in the three- to 10-year range.
Additional information about Balanced's investments is available in its
annual and semiannual reports. In these reports you will find a discussion
of the market conditions and investment strategies that significantly
affected the fund's 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 FUND?
*The value of Balanced's shares depends on the value of the stocks, bonds
and other securities it owns. The value of the individual equity securities
that the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence. The value of the fund's fixed-income securities will
be affected primarily by rising or falling interest rates and the continued
ability of the issuers of these securities to make payments of interest and
principal as they become due.
*When interest rates change, the amount of income the fund generates will
be affected. Generally, when interest rates rise, the fund's income and its
share value will decline. The opposite is true when interest rates decline.
The interest rate risk is higher for Balanced than for funds that have
shorter weighted average maturities, such as money market and short-term
bond funds.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other funds using different investment
styles.
*As with all funds, at any given time the value of your shares of Balanced
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.
BALANCED AMERICAN CENTURY INVESTMENTS
*An investment in the fund 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 fund managers invest the fund's assets primarily in U.S.
stocks, Balanced can invest in securities of foreign companies and
governments. Foreign securities can have certain unique risks, including
fluctuations in currency exchange rates, unstable political and economic
structures, reduced availability of public information and lack of uniform
financial reporting and regulatory practices similar to those that apply to
U.S. issuers.
In summary, Balanced is intended for investors who want an investment
that combines the potential for long-term capital growth with the income
produced from a portfolio of intermediate-term fixed-income securities, and
who are willing to accept the risks associated with the fund's investment
strategy.
Fund Performance
The following bar chart shows the actual performance of Balanced's
Investor Class shares for each of the last 10 calendar years. The bar chart
indicates the volatility of the fund's historical returns from year to
year. Neither the bar chart nor the performance information below it is
intended to indicate how the fund will perform in the future.
[bar chart]
<TABLE>
CALENDAR YEAR-BY-YEAR RETURNS
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balanced 25.61 1.82 46.86 -6.06 7.24 -.07 21.37 12.61 16.93 16.29
</TABLE>
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter during the period reflected by the preceding bar chart are
provided in the following chart to indicate the fund's historical
short-term volatility. Shareholders should be aware, however, that Balanced
is intended for investors with a long-term investment horizon and is not
managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 12/31/91 15.95%
Quarter Ended 9/30/90 -11.22%
The following table shows the average annual return of the fund's
Investor Class shares for the periods indicated. Balanced's benchmark is a
blended index that combines the S&P 500 and the Lehman Aggregate Bond Index
in proportion to the 60% stock/40% bond asset mix of the fund. The S&P 500
Index and the Lehman Aggregate Bond Index, unmanaged indices that reflect
no operating costs, are blended as a benchmark for performance comparisons.
1 YEAR 5 YEARS 10 YEARS
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
Balanced 16.29% 13.18% 13.39%
Blended Index 20.71% 17.36% 15.24%
S&P 500 28.68% 24.05% 19.17%
Lehman Aggregate
Bond Index 8.69% 7.27% 9.26%
4. WHAT ARE THE FUND'S 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 funds
or to redeem your shares. The following table describes the fees and
expenses that you will pay if you buy and hold shares of the fund.
FUND PROFILE BALANCED
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.00%
(1)Other expenses, which include the fees and expenses of the fund's
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 your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
----------------------------------------------
$102 $318 $551 $1,219
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 FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers on the Balanced
team are identified below:
John Schniedwind, Senior Vice President and Group Leader-Quantitative
Equity, has been a member of the team that manages Balanced since November
1998. He joined American Century in 1982 and also supervises other
portfolio management teams. He has a bachelor of science from Purdue
University and an MBA in finance from the University of California. He is a
Chartered Financial Analyst.
Jeffrey R. Tyler, Senior Vice President and Portfolio Manager, has been
a member of the team that manages Balanced since November 1998. He has been
with American Century as a portfolio manager since January 1988. He has a
bachelor's degree in business economics from the University of California
and an MBA in finance and economics from Northwestern University. He is a
Chartered Financial Analyst.
Jeffrey L. Houston, Portfolio Manager, has been a member of the team
that manages Balanced since June 1995. He joined American Century as an
Investment Analyst in November 1990 and was promoted to Portfolio Manager
in 1994. He has a bachelor of arts degree from the University of Delaware
and an MPA from Syracuse University. He is a Chartered Financial Analyst.
JOHN F. WALSH, Portfolio Manager, has been a member of the team that
manages Balanced since January 1999. He joined American Century in February
1996 as an Investment Analyst. Prior to joining American Century, he served
as an Assistant Vice President and analyst at First Interstate Bank, Los
Angeles, California, from July 1993 to January 1996. He has a bachelor's
degree in marketing from Loyola Marymount and an MBA in finance from
Creighton University.
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 the value of your account
falls 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 in Balanced 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.
BALANCED AMERICAN CENTURY INVESTMENTS
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Balanced pays distributions of substantially all of its income
quarterly. Distributions from realized capital gains are paid 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 fund 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 through a 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.
FUND PROFILE BALANCED
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[american century logo(reg.sm)]
American
Century
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
www.americancentury.com
Investor Services
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Corporate; Not-For-Profit; Foundations;
Endowments; Keogh; SEP-, SARSEP- and
SIMPLE-IRA; and 403(b) Services
1-800-345-3533
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Fax
816-340-7962
Funds Distributor, Inc.
SH-PRF-14134 9901
<PAGE>
FUND PROFILE
New Opportunities
INVESTOR CLASS
January 31, 1999
[american century logo(reg.sm)]
American
Century
- --------------------------------------------------------------------------------
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund 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.
TWENTIETH CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
NEW OPPORTUNITIES
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
New Opportunities seeks capital growth by investing primarily in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund managers look for stocks of smaller-sized companies that they
believe will increase in value over time. Although the managers intend to
invest primarily in smaller-sized companies, the fund may own stock of
medium- and large-sized companies, particularly as the fund gets larger.
The fund managers use a growth investment strategy developed by American
Century that looks for companies whose earnings and revenues are growing at
a successively faster, or accelerating, pace. Accelerating growth is shown,
for example, by growth that is faster this quarter than last or faster this
year than the year before. It also includes situations where a company's
growth rate, although still negative, is improving at a faster rate than
prior periods.
Using American Century's extensive computer database, the fund managers
track financial information for thousands of companies to research and
select the stocks they believe will be able to sustain accelerating growth.
This strategy is based on the premise that, over the long term, the stocks
of companies with accelerating earnings and revenues have a
greater-than-average chance to increase in value. This aggressive
investment strategy, which pursues superior long-term returns for fund
shareholders, also results in the risks described in the next section.
The fund managers do not attempt to time the market. Instead, they
intend to keep New Opportunities essentially fully invested in stocks
regardless of the movement of stock prices generally. When the fund
managers believe that it is prudent, they also may invest assets in
non-leveraged futures and options. "Non-leveraged" means that the fund may
not invest in futures and options where it would be possible to lose more
than the fund invested. Futures and options can help the fund's cash assets
remain liquid while performing more like stocks.
Additional information about New Opportunities' investments is available
in its annual and semiannual reports. In these reports you will find a
discussion of the market conditions and investment strategies that
significantly affected the fund's 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 FUND?
*The value of New Opportunities' shares depends on the value of the stocks
and other securities it owns. The value of the individual securities that
the fund owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
*As with all funds, at any given time the value of your shares of New
Opportunities 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.
*Because New Opportunities generally invests in smaller companies than
American Century's similarly managed growth equity funds (such as Growth,
Ultra and Select), it may be more volatile, and subject to greater
short-term risk, than those funds. Smaller companies may have limited
financial resources, product lines and markets, and their securities may
trade less frequently and in more limited volumes than the securities of
larger companies. In addition, smaller companies may have less publicly
available information and, when available, it may be inaccurate or
incomplete.
*The fund managers will buy a large amount of a company's stock quickly,
and often will dispose of it quickly if the company's earnings or revenues
decline. While the fund managers believe this strategy provides substantial
appreciation potential over the long term, in the short term it can create
a significant amount of share price volatility. This volatility can be
greater than that of the average stock fund.
NEW OPPORTUNITIES AMERICAN CENTURY INVESTMENTS
*An investment in the fund is not a bank deposit, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other
government agency.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, New Opportunities 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 lack of uniform financial
reporting and regulatory practices similar to those that apply to U.S.
issuers.
In summary, New Opportunities is intended for investors with a long-term
investment horizon (at least 5 years) who seek capital growth through an
aggressive equity fund and who are willing to accept the risks associated
with the fund's investment strategy.
FUND PERFORMANCE
The following bar chart shows the actual performance of New
Opportunities' shares for each calendar year since the fund's inception on
December 26, 1996. The bar chart indicates the volatility of the fund's
historical returns from year to year. Neither the bar chart nor the
performance information below it is intended to indicate how the fund will
perform in the future.
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1997 1998
New Opportunities 3.14 13.33
The highest and lowest returns of the fund's shares for a calendar
quarter during the period reflected by the preceding bar chart are provided
in the following chart to indicate the fund's historical short-term
volatility. Shareholders should be aware, however, that New Opportunities
is intended for investors with a long-term investment horizon and is not
managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 12/31/98 28.23%
Quarter Ended 9/30/98 -21.62%
The following table shows the average annual return of the fund's shares
for the periods indicated. The Russell 2000 Growth Index, an unmanaged
index that reflects no operating costs, is included as a benchmark for
performance comparisons.
1 YEAR LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED DECEMBER 31, 1998)
New Opportunities 13.33% 9.02%
Russell 2000 Growth Index 1.23% 6.93%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century or to reinvest dividends in additional
shares.
THE FUND CHARGES A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES
SOLD WITHIN FIVE YEARS OF THEIR PURCHASE. This redemption fee is retained
by the fund. It is intended to discourage short-term investment in the fund
as well as to decrease the negative impact that short-term investors have
on the shareholders remaining in the fund. Otherwise, there are no fees or
charges to exchange into the Investor Class shares of other American
Century funds or to redeem your shares. The following table describes the
fees and expenses that you will pay if you buy and hold shares of the fund.
FUND PROFILE NEW OPPORTUNITIES
SHAREHOLDER FEES
(FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Redemption Fee
Shares held less than one year 2.0%
Shares held for one year or more None
ANNUAL FUND OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
Management Fee 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(1) 0.00%
Total Annual Fund Operating Expenses 1.50%
(1)Other expenses, which include the fees and expenses of the fund's
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 your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-------------------------------------------
$359 $693 $1,051 $1,778
You would pay the following expenses if you did not redeem your
shares at the end of the periods shown below:
1 year 3 years 5 years 10 years
----------------------------------------------
$152 $472 $814 $1,778
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 FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage its mutual funds. The portfolio managers on the New
Opportunities team are identified as follows:
CHRISTOPHER K. BOYD, Vice President and Portfolio Manager, has been a
member of the team that manages New Opportunities since rejoining American
Century in January 1998. With the exception of 1997, he has been with
American Century since March 1988 and served as a Portfolio Manager since
December 1992. During 1997, he was in private practice as an investment
advisor. He has a bachelor of science from the University of Kansas and an
MBA from Dartmouth College. He is a Chartered Financial Analyst.
JOHN D. SEITZER, Vice President and Portfolio Manager, has been a member
of the team that manages New Opportunities since the fund's inception in
December 1996. He joined American Century in June 1993 as an Investment
Analyst and was promoted to Portfolio Manager in July 1996. He has a
bachelor's degree in accounting and finance from Kansas State University
and an MBA in finance from Indiana University. He is a Chartered Financial
Analyst and a Certified Public Accountant.
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
New Opportunities is only available for purchase by participants in
American Century's Priority Investors Program and employees of American
Century. The minimum initial investment for Priority Investors must be at
least $10,000; the maximum aggregate investment in the fund is $500,000. If
the value of your account falls 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 in New
Opportunities 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.
IF YOU SELL SHARES OF NEW OPPORTUNITIES WITHIN FIVE YEARS OF THEIR
PURCHASE, YOU WILL PAY A REDEMPTION FEE OF 2.0% OF THE VALUE OF THE SHARES
SOLD.
NEW OPPORTUNITIES AMERICAN CENTURY INVESTMENTS
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
New Opportunities pays distributions of substantially all of its income
and 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 fund 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 through a 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 an Institutional Service Representative at 1-800-345-3533.
FUND PROFILE NEW OPPORTUNITIES
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419287
KANSAS CITY, MISSOURI 64141-6287
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-8810 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
CORPORATE; NOT-FOR-PROFIT; FOUNDATIONS;
ENDOWMENTS; KEOGH; SEP-, SARSEP- AND
SIMPLE-IRA; AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-531-5689
Funds Distributor, Inc.
SH-PRF-14136 9901
