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[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Growth 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 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 LOGO]
April 27, 2000
Investor Class
Growth seeks long-term capital growth by investing primarily in common stocks.
The fund managers look for large company stocks that they believe will increase in value over time. They use a growth investment strategy developed by American Century that looks for companies whose earnings and revenues are not only growing, but 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.
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, under normal market conditions, they intend to keep Growth essentially fully invested in stocks regardless of the movement of stock prices generally. When the fund managers believe it is prudent, they also may invest assets in nonleveraged futures and options. "Nonleveraged" 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 Growth'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.
In summary, Growth is intended for investors who seek long-term 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 Growth'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. The bar chart and performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 -3.85% 69.02% -4.29% 3.76% -1.49% 20.35% 15.01% 29.28% 36.77% 34.68%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
Growth 28.45% (1Q 1991) -19.44% (3Q 1990)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The benchmarks are unmanaged indices that have no operating costs and are included for performance comparisons.
--------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Growth 39.62% 28.16% 19.31% 19.83%
Russell 1000
Growth Index 34.12% 31.83% 21.61% N/A(2)
S&P 500 Index 17.94% 26.76% 18.84% 13.94%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(1)
Total Annual Fund Operating Expenses 1.00%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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. Identified below are the portfolio managers for the Growth team:
C. Kim Goodwin, Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages Growth since joining American Century in October 1997. Before joining American Century, she served as Senior Vice President and Portfolio Manager at Putnam Investments from May 1996 to September 1997 and Vice President and Portfolio Manager at Prudential Investments from February 1993 to April 1996. She has a bachelor of arts from Princeton University, an MBA in finance and a master's in public affairs from the University of Texas.
Gregory J. Woodhams, Vice President and Portfolio Manager, has been a member of the team that manages Growth since he joined American Century in September 1997 as an Investment Analyst. He was promoted to Portfolio Manager for the Growth team in May 1998. Before joining American Century, he served as Vice President and Director of Equity Research for Texas Commerce Bank, a subsidiary of Chase Manhattan Bank. He has a bachelor's degree in economics from Rice University and an M.A. in economics from the University of Wisconsin. He is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 Growth 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.
Growth 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19945 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Ultra® 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 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 LOGO]
April 27, 2000
Investor Class
Ultra seeks long-term capital growth by investing primarily in common stocks.
The fund managers look for stocks of medium to large companies that they believe will increase in value over time. The fund managers use a growth investment strategy developed by American Century that looks for companies whose earnings and revenues are not only growing, but 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.
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, under normal market conditions, they intend to keep Ultra essentially fully invested in stocks regardless of the movement of stock prices generally. When the fund managers believe it is prudent, they also may invest assets in nonleveraged futures and options. "Nonleveraged" 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 Ultra'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.
In summary, Ultra is intended for investors who seek long-term 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 Ultra'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. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 9.36% 86.45% 1.27% 21.81% -3.62% 37.68% 13.85% 23.13% 34.55% 41.46%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
Ultra 40.75% (1Q 1991) -16.16% (3Q 1990)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The S&P 500 Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
--------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Ultra 37.50% 30.36% 25.86% 20.10%
S&P 500 Index 17.94% 26.76% 18.84% 18.31%(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(1)
Total Annual Fund Operating Expenses 1.00%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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. Identified below are the portfolio managers for the Ultra team:
James E. Stowers III, Chief Executive Officer and Portfolio Manager, joined American Century as a Portfolio Manager of Ultra and other American Century growth-oriented funds in 1981. He has a bachelor's degree in finance from Arizona State University.
John R. Sykora, Vice President and Senior Portfolio Manager, has been a member of the team that manages Ultra since November 1997. He joined American Century in May 1994 as an Investment Analyst and was promoted to Portfolio Manager in August 1997. Before joining American Century, he served as a Financial Analyst for Business Men's Assurance Company of America, Kansas City, Missouri, from August 1993 to April 1994. He has a bachelor's degree in accounting and finance and an MBA in finance from Michigan State University. He is a Chartered Financial Analyst.
Bruce A. Wimberly, Vice President and Senior Portfolio Manager, has been a member of the team that manages Ultra since July 1996. He joined American Century in September 1994 as an Investment Analyst. He has a bachelor of arts from Middlebury College and an MBA in finance from the Kellogg Graduate School of Management, Northwestern University.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 Ultra 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.
Ultra 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
ULTRA is a registered service mark of American Century Services Corporation.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19947 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Tax-Managed Value 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 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 LOGO]
April 27, 2000
Investor Class
Tax-Managed Value seeks long-term capital growth by investing primarily in common stocks while attempting to minimize the impact of federal taxes on shareholder returns.
The fund managers use a value investment strategy to look for stocks of medium to large companies the fund managers believe are undervalued at the time of purchase. Companies may be undervalued due to market declines, poor economic conditions, actual or anticipated bad news regarding the issuer or its industry, or because they have been overlooked by other investors. To identify these companies, the fund managers look for companies with earnings, cash flows and/or assets that may not be reflected accurately in the companies' stock prices.
To minimize taxable distributions, the fund managers employ the following tax-sensitive techniques that may sometimes be inconsistent with the fund's objective of long-term capital growth
While the fund seeks to minimize taxable distributions to shareholders, it may realize taxable gains and earn some dividends. For example, the fund managers may elect to sell a security, even if the sale results in a taxable gain, if they determine the tax impact of the sale is outweighed by other factors. Such other factors may include the investment risk of holding the security or the availability of a replacement security that has a better potential return. In addition, redemptions by shareholders could make it necessary for the fund to sell securities, potentially resulting in capital gains. Under certain circumstances, payment of the redemption price may be made in whole or in part by a distribution in kind of securities from the fund in lieu of cash, at the fund managers' discretion.
Investors who frequently redeem their shares generate additional transactional costs for the fund and may cause the fund to recognize capital gains and greater brokerage commissions that must be borne by the fund's remaining shareholders. To encourage long-term investing, the fund applies a 2.0% redemption fee to shares held for less than one year. The fees will be paid directly to the fund and will be used to help reimburse the fund for costs incurred by the fund when buying and selling securities.
In summary, Tax-Managed Value is intended for investors who seek long-term capital growth on an after-tax basis and who are willing to accept the risks associated with the fund's investment strategy.
There are no sales loads, fees or other charges
The fund charges a redemption/exchange fee of 2.0% of the value of the shares sold within one year of their purchase.
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Shareholder Fees
(fees paid directly from your investment)
--------------------------------------------------------------------------------
Redemption/Exchange Fee
(as a percentage of amount redeemed/exchanged)
Shares held less than one year(1) 2.0%
Shares held for one year or more None
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------------------------
Management Fee 1.10%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 1.10%
--------------------------------------------------------------------------------
Example
Assuming you . . .
--------------------------------------------------------------------------------
1 year 3 years
--------------------------------------------------------------------------------
$320 $349
--------------------------------------------------------------------------------
You would pay the following expenses if you did not redeem or exchange your shares at the end of the periods shown below:
--------------------------------------------------------------------------------
1 year 3 years
--------------------------------------------------------------------------------
$112 $349
--------------------------------------------------------------------------------
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
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. Identified below are the portfolio managers for the Tax-Managed Value team:
Mark Mallon, Chief Investment Officer - Value and Quantitative Equities and Senior Vice President, has been a member of the team that manages Tax-Managed Value since its inception in March 1999. He joined American Century in April 1997. From August 1978 until he joined American Century, Mr. Mallon was employed in several positions by Federated Investors and served as President and Chief Executive Officer of Federated Investment Counseling and Executive Vice President of Federated Research Corporation since January 1990. He has a bachelor of arts from Westminster College and an MBA from Cornell University. He is a Chartered Financial Analyst.
Charles Ritter, Vice President and Senior Portfolio Manager, has been a member of the team that manages Tax-Managed Value since its inception in March 1999. He joined American Century in December 1998. Before joining American Century, Mr. Ritter spent 15 years with Federated Investors, most recently serving as Vice President and Portfolio Manager. He has a bachelor's degree in mathematics and a master's in economics from Carnegie Mellon University. He also has an MBA from the University of Chicago. He is a Chartered Financial Analyst.
American Century offers several ways to purchase 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 Tax-Managed Value 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 your shares of Tax-Managed Value within one year of their purchase, you will pay a redemption/exchange fee of 2.0% of the value of the shares sold.
Tax-Managed Value 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19948 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Vista 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 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 LOGO]
April 27, 2000
Investor Class
Vista seeks long-term capital growth by investing primarily in common stocks.
The fund managers look for stocks of companies that they believe will increase in value over time. A majority of the stocks selected are issued by medium- and smaller-sized companies, although the fund may own stock of larger companies, too. The fund managers use a growth investment strategy developed by American Century that looks for companies whose earnings and revenues are not only growing, but 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.
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 Vista 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 nonleveraged futures and options. "Nonleveraged" 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 Vista'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.
In summary, Vista is intended for investors who seek long-term 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 Vista'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. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 -15.73% 73.69% -2.13% 5.45% 4.68% 46.13% 7.56% -8.68% -14.25% 119.11%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
Vista 72.22% (4Q 1999) -29.82% (3Q 1990)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The Russell 2500 Growth Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
--------------------------------------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Vista 161.04% 25.36% 18.03% 16.08%
Russell 2500
Growth Index 80.94% 24.58% 18.24% N/A(2)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(1)
Total Annual Fund Operating Expenses 1.00%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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. Identified below are the portfolio managers for the Vista team:
Glenn A. Fogle, Vice President and Senior Portfolio Manager, has been a member of the team that manages Vista since March 1993. He joined American Century in September 1990 as an Investment Analyst. He has a bachelor of arts and an MBA from Texas Christian University. He is a Chartered Financial Analyst.
Arnold K. Douville, Vice President and Portfolio Manager, has been a member of the team that manages Vista since joining American Century in November 1997. Before joining American Century, he served as Senior Portfolio Manager for Munder Capital Management from September 1989 to October 1997. He has a bachelor's degree in economics from the U.S. Air Force Academy and an MBA in finance, statistics and economics from the University of Chicago.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 Vista 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.
Vista 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19958 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Balanced 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 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 LOGO]
April 27, 2000
Investor Class
Balanced seeks long-term capital growth and current income by investing approximately 60% of the fund's assets in equity securities, and the remainder in bonds and other fixed-income securities.
For 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 model 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 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 and fifth highest categories. 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.
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. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1.82% 46.86% -6.06% 7.24% -0.07% 21.37% 12.61% 16.93% 16.29% 10.10%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
Balanced 15.95% (4Q 1991) -11.22% (3Q 1990)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. 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 Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Balanced 13.25% 15.09% 12.42% 12.68%
S&P 500 17.94% 26.76% 18.84% 18.87%(3)
Lehman Aggregate
Bond Index 1.87% 7.14% 8.02% 8.09%(3)
Blended Index(2) 11.51% 18.91% 14.51% 14.56%(3)
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 1.00%
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(1)
Total Annual Fund Operating Expenses 1.00%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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. Identified below are the portfolio managers for the Balanced team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager 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 degrees 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 Senior Portfolio Manager, has been a member of the team that manages Balanced since November 1998. He joined American Century as a portfolio manager since January 1988. He has a bachelor's degree in business economics from the University of California - Santa Barbara and an MBA in finance and economics from Northwestern University. He is a Chartered Financial Analyst.
Jeffrey L. Houston, Vice President and 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 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 for First Interstate Bank, Los Angeles, California, from July 1993 to January 1996. He has a bachelor's degree in marketing from Loyola Marymount University and an MBA in finance from Creighton University.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19963 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
High-Yield 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 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 LOGO]
April 27, 2000
Investor Class
High-Yield seeks high current income by investing in a diversified portfolio of high-yielding corporate bonds, debentures and notes. As a secondary objective, the fund seeks capital appreciation, but only when consistent with the primary objective of maximizing current income.
The fund managers invest the fund's assets primarily in lower-rated debt securities, which are subject to greater credit risk and consequently pay higher yields. Securities of this type are subject to substantial risks including price volatility, liquidity risk and default risk. You should carefully assess the risks associated with an investment in the fund.
Under normal market conditions, the fund managers will maintain at least 80% of the fund's total assets in high-yielding corporate bonds and other debt instruments (including convertible and preferred securities). The remaining assets may be invested in common stocks or other equity-related securities. The fund managers buy securities that are below investment grade, including so-called junk bonds. Issuers of these securities often have short financial histories or have questionable credit.
Up to 40% of the fund's total assets may be invested in fixed-income obligations of foreign issuers. Under normal market conditions, the fund may invest up to 20% of its assets, and for temporary defensive purposes, up to 100% of its assets, in short-term money market instruments.
The purple bar in the following chart shows the authorized credity quality range for the fund.
---------------------------------
---------------------------------
High Quality
----------------
A-1 A-2 A-3
P-1 P-2 P-3
MIG-1 MIG-2 MIG-3
SP-1 SP-2 SP-3
AAA AA A BBB BB B CCC CC C D
-----------------------------------------------------------------------------------
High-Yield
-------------------------------------------------------------
-----------------------------------------------------------------------------------
INVESTMENT GRADE NON-INVESTMENT GRADE
-----------------------------------------------------------------------------------
Additional information about High-Yield'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.
In summary, High-Yield is intended for investors who seek current income by investing in a diversified portfolio of high-yielding corporate bonds, debentures and notes 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 High-Yield's Investor Class shares for each full calendar year since the fund's inception on September 30, 1997. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1998 1999
-1.25% 5.86%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
High-Yield 4.86% (1Q 1998) -7.18% (3Q 1998)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The DLJ High Yield Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons. For current performance information, including yields, please call us or access our Web site.
--------------------------------------------------------------------------------
1 year Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
High-Yield 0.90% 2.02%
DLJ High Yield Index -0.10% 1.74%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 0.90%
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(1)
Total Annual Fund Operating Expenses 0.90%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$92 $286 $497 $1,104
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
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 acting together to manage its mutual funds. Identified below are the portfolio managers for the High-Yield team:
Norman E. Hoops, Senior Vice President and Senior Portfolio Manager, has been a member of the team that manages High-Yield since its inception. 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.
Theresa C. Fennell, Vice President and Portfolio Manager, has been a member of the team that manages High-Yield since its inception. She joined American Century in June 1997. Prior to joining American Century, she was an Assistant Portfolio Manager with Smith Barney Mutual Funds Management, Inc. She has a bachelor's degree in economics from the University of Virginia. She is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 High-Yield 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.
High-Yield pays distributions of substantially all of its income monthly. 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19970 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Limited-Term Bond 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 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 LOGO]
April 27, 2000
Investor Class
Limited-Term Bond seeks income from investments in corporate bonds and other debt obligations.
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.
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 full 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. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1995 1996 1997 1998 1999
10.94% 4.42% 6.41% 6.30% 2.48%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
Limited-Term Bond 3.20% (2Q 1995) 0.20% (1Q 1996)
The following table shows the average annual total returns 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. For current performance information, including yields, please call us or access our Web site.
--------------------------------------------------------------------------------
1 year 5 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Limited-Term Bond 2.93% 5.68% 5.15%
Merrill Lynch 1- to 5-Year
Government/Corporate Index 3.06% 6.32% 5.76%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 0.00%(1)
Total Annual Fund Operating Expenses 0.70%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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. Identified below is the portfolio manager who leads the team that manages Limited-Term Bond:
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 University and an MBA in finance from Creighton University.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19971 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Intermediate-Term Bond 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 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 LOGO]
April 27, 2000
Investor Class
Intermediate-Term Bond seeks a competitive level of income from investments in corporate bonds and other debt obligations.
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 10 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.
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 full 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. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1995 1996 1997 1998 1999
15.12% 3.26% 8.20% 7.46% -0.63%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
================================================================================
Intermediate-Term Bond 4.77% (2Q 1995) -1.38% (1Q 1996)
The following table shows the average annual total returns 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. For current performance information, including yields, please call us or access our Web site.
--------------------------------------------------------------------------------
1 year 5 years Life of Fund(1)
--------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------------------------
Intermediate-Term Bond 1.49% 6.18% 5.50%
Lehman Intermediate
Government/Corporate Index 2.09% 6.50% 5.79%
--------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses 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 0.00%(1)
Total Annual Fund Operating Expenses 0.75%
--------------------------------------------------------------------------------
Example
Assuming you . . .
. . . 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.
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. Identified below is the portfolio manager who leads the team that manages Intermediate-Term Bond:
Jeffrey L. Houston, Vice President and Portfolio Manager, has been a member of the team that manages Intermediate-Term Bond 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 from the University of Delaware and an MPA from Syracuse University. He is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19972 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Bond 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 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 LOGO]
April 27, 2000
Investor Class
Bond seeks a high level of income from investments in corporate bonds and other debt obligations.
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 invest primarily 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.
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. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 6.04% 17.50% 5.60% 10.15% -4.49% 20.28% 2.43% 8.75% 6.56% -2.07%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
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Bond 7.08% (2Q 1995) -3.58% (1Q 1990)
The following table shows the average annual total returns 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. For current performance information, including yields, please call us or access our Web site.
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1 year 5 years 10 years Life of Fund(1)
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Average Annual Total Returns (period ended March 31, 2000)
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Bond 0.69% 6.26% 7.43% 6.88%
Lehman Aggregate
Bond Index 1.87% 7.14% 8.02% 7.79%(2)
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There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
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Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
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Management Fee 0.80%
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(1)
Total Annual Fund Operating Expenses 0.80%
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Example
Assuming you . . .
. . . your cost of investing in the fund would be:
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1 year 3 years 5 years 10 years
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$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.
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. Identified below are the portfolio managers for the Bond team:
Norman E. Hoops, Senior Vice President and Senior 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, Vice President and Portfolio Manager, has been a member of the team that manages Bond since January 1999. 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 from the University of Delaware and an MPA from Syracuse University. He is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
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 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the 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.
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
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19973 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
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