[front cover]
AMERICAN CENTURY
Fund Profile
[photo of woman sitting on bench]
[photo of hand holding pencil]
Veedot(sm) 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.
July 27, 2000
Investor Class
[american century logo and text logo(reg.sm)]
VEEDOT FUND
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Veedot seeks long-term capital growth.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund uses a systematic, highly automated approach to common stock
investing developed by American Century. This approach relies heavily on
quantitative tools to identify attractive investment opportunities,
regardless of company size, industry type or geographic location, on a
disciplined, consistent basis.
These tools include a fundamental process that screens thousands of publicly
traded securities to identify those that meet the fund's strict, proprietary
growth requirements.
The fund's methodology also attempts to identify companies whose share price
patterns suggest that they are likely to either rise or fall in price
(commonly referred to as technical analysis). This technical analysis is
particularly oriented to identifying attractive price patterns for companies
meeting the growth requirements mentioned above. These would be candidates
for purchase. Conversely, companies whose share price patterns suggest they
are likely to decline in price would be candidates for sale, if owned by the
fund. On occasion, the process may look favorably on a company whose share
price pattern appears attractive even though the company looks less
attractive based on the growth screen.
The fund managers do not attempt to time the market. Instead, they intend to
keep the fund essentially fully invested in stocks regardless of the
movement of stock prices generally. However, at the fund managers'
discretion, the fund may invest up to 100% of its assets in U.S. government
securities if the fund's investment methodology fails to generate sufficient
investment ideas or to respond to adverse market, economic, political or
other conditions. The fund may not achieve its investment objectives while
taking such a temporary defensive position.
Additional information about Veedot's investments is available in its
semiannual report. In this report, 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 this report at
no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
* The process driving the fund is specifically designed to respond quickly
to changing stock market conditions. As a result, the fund's portfolio
turnover may be significantly higher than that of many other funds. This
heavy turnover, perhaps as much as 200-300% per year or more, could
result in relatively high commission costs, substantial capital gain
realizations for the fund, and capital gains tax liabilities for the
fund's shareholders.
* The value of the fund's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities 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 fund managers may buy a large amount of a company's stock quickly,
and often will dispose of it quickly if it no longer meets their
investment criteria. While the 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.
* As with all funds, your shares may be worth more or less at any given
time than the price you paid for them. As a result, it is possible to
lose money by investing in the fund.
* The fund is nondiversified. This means that the fund managers may choose
to invest in a relatively small number of securities. If so, a price
change in any one of these securities may have a greater impact on the
fund's share price than would be the case if the fund were diversified.
Although the fund managers expect it will ordinarily satisfy the
requirements for a diversified fund, its nondiversified status gives
them more flexibility to invest heavily in the most attractive companies
identified by the fund's methodology.
* Although the fund managers intend initially to invest the fund's assets
primarily in U.S. stocks, the fund may invest in securities of foreign
companies. To the extent a fund invests in foreign securities, the
overall risk of the fund
Veedot American Century Investments
could be affected. Foreign investment involves additional risks,
including fluctuations in currency exchange rates, less stable political
and economic structures, reduced availability of public information,
and lack of uniform financial reporting and regulatory practices similar
to those that apply in the United States. These factors make investing
in foreign securities generally riskier than investing in U.S. stocks.
* 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 style embedded in the fund's heavily automated
investment process, the fund's gains may not be as big as, or its
losses may be bigger than, other equity funds using different
investment styles.
In summary, Veedot 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.
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
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 you will pay if you buy and hold shares of the fund.
---------------------------------------------------------------------------
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
---------------------------------------------------------------------------
Redemption/Exchange Fee 2.0%(1)
(as a percentage of amount redeemed/exchanged)
(1) Applies only to shares held for less than five years
---------------------------------------------------------------------------
ANNUAL OPERATING EXPENSES
(EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
---------------------------------------------------------------------------
Management Fee(1) 1.50%
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 1.50%
(1) The fund has a stepped fee schedule. As a result, the fund's
management fee rate generally decreases as fund assets increase.
(2) Other expenses, which include the fees and expenses of the fund's
independent directors and their legal counsel as well as interest,
are expected to be less than 0.005% for the current fiscal year.
EXAMPLE
Assuming you. . .
* invest $10,000 in the fund
* redeem all of your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same operating expenses as shown above
. . . your cost of investing in the fund would be:
------------------------------------------------------------------
1 year 3 years
------------------------------------------------------------------
$359 $693
You would pay the following expenses if you did not redeem your
shares:
------------------------------------------------------------------
1 year 3 years
------------------------------------------------------------------
$152 $472
Of course, actual costs may be higher or lower. Use this example to
compare 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 manager its mutual funds. Identified below are the portfolio
managers for the Veedot team:
JAMES E. STOWERS III, Chief Executive Officer and Portfolio Manager, has
been a member of the team that manages the fund since its inception in
November 1999. He also is the Chief Investment Officer-U.S. Growth Equities
and as such oversees the investment discipline used by the fund and seven
other growth funds. He joined American Century in
Fund Profile Veedot
1981. He has a bachelor's degree in finance from Arizona State University.
JOHN SMALL JR., Vice President and Portfolio Manager, has been a member of
the team that manages the fund since its inception in November 1999. He was
promoted to Portfolio Manager in February 1999. Since 1994, he has worked as
an analyst and Portfolio Manager for the Ultra fund. He joined American
Century in May 1991. He has more than 20 years experience with the U.S. Air
Force. He has a bachelor's degree from Rockford College and a master's
degree in laser optics physics from the Air Force Institute of Technology.
He also has an MBA from Baker University.
6. HOW DO I BUY FUND SHARES?
American Century offers several ways to purchase shares
* Complete and return an application along with an investment check payable
to American Century Investments
* If you already have an American Century account, call us or access our
Web site to exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $10,000. If your redemption
activity causes the value of your account to fall below this account
minimum, your shares may be redeemed involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by writing
or calling us. You also may exchange your shares in Veedot 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 Veedot within five years of their purchase, you will
pay a redemption fee of 2.0% of the value of the shares sold.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Veedot 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 account access and transactions
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
Visit our Web site at WWW.AMERICANCENTURY.COM
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
SH-PRF-20961 0007 Funds Distributor, Inc. and American Century
Investment Services, Inc., Distributors
