American Century Mutual Funds, Inc. (ACMF), American Century Strategic Asset
Allocations, Inc. (ACSAA), American Century World Mutual Funds, Inc., (ACWMF),
American Century Variable Portfolios, Inc. (ACVP), American Century Premium
Reserves, Inc. (ACPR) and American Century Capital Portfolios, Inc. (ACCP)
STATEMENT OF ADDITIONAL INFORMATION (SAI) SUPPLEMENT
SUPPLEMENT DATED JANUARY 1, 2001 * STATEMENT OF ADDITIONAL INFORMATION DATED
MARCH 1, 2000 (ACMF); APRIL 1, 2000 (ACSAA AND ACWMF); MAY 1, 2000 (ACVP); MAY
25, 2000 (ACWMF-LIFE SCIENCES AND TECHNOLOGY); JULY 1, 2000 (ACSAA); AND AUGUST
1, 2000 (ACPR AND ACCP)
The following replaces the officer chart under the heading "Officers" on page 25
for ACMF; on page 23 for ACSAA and ACVP; on page 20 for ACWMF; on page 19 for
ACWMF-Life Sciences and Technology; on page 22 for ACPR; and on page 21 for
ACCP.
Name (Age) Positions Held Principal Occupation(s)
Address with the Funds During Past Five Years
--------------------------------------------------------------------------------
William M. Lyons (45) President President, ACC (June 1997 to
4500 Main St. present)
Kansas City, MO 64111 Chief Operating Officer, ACC
(June 1995 to present)
General Counsel, ACC, ACIM,
ACIS, ACSC and other ACC
subsidiaries (June 1989 to
June 1998)
Executive Vice President, ACC,
(January 1995 to June 1997)
Also serves as: Executive Vice
President and Chief Operating
Officer, ACIM, ACIS, ACSC and
other ACC subsidiaries, and
Executive Vice President of
other ACC subsidiaries
--------------------------------------------------------------------------------
Robert T. Jackson (54) Executive Chief Administrative Officer
4500 Main St. Vice President and Chief Financial Officer,
Kansas City, MO 64111 and Chief ACC (August 1997 to present)
Financial President, ACSC (January 1999
Officer to present)
Executive Vice President, ACC
(May 1995 to present)
Also serves as: Executive Vice
President, ACIM, ACIS and other
ACC subsidiaries, and Treasurer
of ACC and other ACC
subsidiaries
--------------------------------------------------------------------------------
Maryanne Roepke, CPA (44) Senior Vice Senior Vice President and
4500 Main St. President, Assistant Treasurer, ACSC
Kansas City, MO 64111 Treasurer
and Chief
Accounting
Officer
--------------------------------------------------------------------------------
David C. Tucker (42) Senior Senior Vice President, ACIM,
4500 Main St. Vice President ACIS, ACSC and other ACC
Kansas City, MO 64111 and General subsidiaries (June 1998 to
Counsel present)
General Counsel, ACC, ACIM,
ACIS, ACSC and other ACC
subsidiaries (June 1998 to
present)
Consultant to mutual fund
industry (May 1997 to
April 1998)
Vice President and General
Counsel, Janus Companies
(1990 to 1997)
--------------------------------------------------------------------------------
Charles A. Etherington (43) Vice President Vice President (October 1996
4500 Main St. to present) and
Kansas City, MO 64111 Associate General Counsel
(December 1998 to present), ACSC
Counsel to ACSC (February 1994
to December 1998)
--------------------------------------------------------------------------------
Charles C. S. Park (33) Vice President Vice President (February 2000
1665 Charleston Road to present) and Assistant
Mountain View, CA 04043 General Counsel (January 1998
to present), ACSC
Counsel to ACSC (October 1995
to January 1998)
Attorney, Howard & Howard
Attorneys, P.C.
(June 1992 to October 1995)
--------------------------------------------------------------------------------
David H. Reinmiller (37) Vice President Vice President (February 2000
4500 Main Street to present) and Assistant
Kansas City, MO 64111 General Counsel (August 1996 to
present), ACSC
Counsel to ACSC (January 1994
to August 1996)
--------------------------------------------------------------------------------
Paul Carrigan Jr. (51) Secretary Secretary, ACC (February 1998
4500 Main St. to present)
Kansas City, MO 64111 Director of Legal Operations,
ACSC (February 1996 to present)
Board Communications Manager
(April 1994 to January 1996)
--------------------------------------------------------------------------------
Jon Zindel (33) Tax Officer Vice President of Taxation,
4500 Main Street ACSC (1996 to present)
Kansas City, MO 64111 Vice President, ACIM, ACIS and
other ACC subsidiaries
(April 1999 to present)
President, American Century
Employee Benefit Services, Inc.
(January 2000 to present)
Treasurer, American Century
Ventures, Inc.
(December 1999 to present)
Tax Manager, Price
Waterhouse LLP (1989 to 1996)
[back page]
The following paragraph is added immediately below the "Nonfundamental
Investment Policies" table on page 16 of the ACCP SAI.
The Investment Company Act imposes certain additional restrictions upon
acquisition by the funds of securities issued by insurance companies,
broker-dealers, underwriters or investment advisors, and upon transactions with
affiliated persons as therein defined. It also defines and forbids the creation
of cross and circular ownership. Neither the SEC nor any other agency of the
federal or state government participates in or supervises the management of the
funds or their investment practices or policies.
The third paragraph, which describes the Select and Heritage funds, on page 20
of the ACMF SAI is deleted.
The following paragraph is added immediately below the "Officers" table on page
26 of ACMF and replaces the paragraph under "Code of Ethics" on page 21 of
ACWMF; on page 20 of ACWMF-Life Sciences and Technology; on page 24 of ACSAA
and ACPR; and on page 22 of ACCP.
CODE OF ETHICS
The funds, their investment advisor and principal underwriter have adopted a
code of ethics under Rule 17j-1 of the Investment Company Act and the code of
ethics permits personnel subject to the code to invest in securities, including
securities that may be purchased or held by the funds, provided that they first
obtain approval from the compliance department before making such investments.
The following replaces the section "Distributors" on page 33 of ACMF; on page 26
of ACWMF; on page 22 of ACWMF-Life Sciences and Technology; on page 28 of ACSAA;
and on page 26 of ACCP and ACPR.
DISTRIBUTOR
The funds' shares are distributed by American Century Investment Services, Inc.,
a registered broker-dealer. The distributor is a wholly owned subsidiary of ACC
and its principal business address is 4500 Main Street, Kansas City, Missouri
64111.
The distributor is the principal underwriter of the funds' shares. The
distributor makes a continuous, best-efforts underwriting of the funds' shares.
This means the distributor has no liability for unsold shares.
SH-SPL-23858 0101
