FUND PROFILE
Equity Growth
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)]
American
Century(reg.tm)
- --------------------------------------------------------------------------------
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 phone numbers and our address.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
EQUITY GROWTH
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Equity Growth seeks capital appreciation by investing in common stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund's investment strategy utilizes 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), from most attractive to least attractive. This is
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 the earnings
estimates for a company.
In the second step, the managers use a technique called portfolio
optimization. In portfolio optimization, the managers use a computer to
build a portfolio of stocks that they believe will provide the optimal
balance between risk and expected return of the portfolio, as measured in
the stock ranking completed in the first step. The goal is to create a fund
that provides better returns than the S&P 500 but without taking on
significant additional risk.
The fund may invest in securities other than stocks, such as convertible
securities, foreign securities, short-term instruments and non-leveraged
stock index futures contracts. "Non-leveraged" means that the fund may not
invest in futures contracts where it would be possible to lose more than
the fund invested.
Additional information about Equity 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
six-month period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Equity Growth's shares depends on the value of the stocks and
other securities it owns. The value of the individual securities Equity
Growth owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*As with all funds, at any given time, the value of your shares of Equity
Growth may be worth more or less than the price you paid. If you sell your
shares when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Equity Growth can invest in securities of foreign companies.
Foreign securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
FUND PERFORMANCE
The bar chart at the top of the following page shows the actual
performance of Equity Growth's Investor Class shares for each calendar year
since its inception on May 9, 1991. It indicates the volatility of the
fund's historical returns from year to year. Neither it nor the quarterly
information below the bar chart is intended to indicate how the fund will
perform in the future.
Equity Growth American Century Investments
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1992 1993 1994 1995 1996 1997
4.13 11.42 -0.23 34.56 27.34 36.06
As of June 30, 1998, the end of the most recent calendar quarter, Equity
Growth's year-to-date return was 18.34%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since the fund's inception on May 9, 1991, are provided in
the chart below to indicate the fund's potential short-term volatility.
Shareholders should be aware, however, that Equity Growth is intended for
investors with a long-term investment horizon and is not managed for
short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/98 15.86%
Quarter Ended 3/31/92 - 5.27%
The table below shows the average annual return 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
long-term performance comparisons because it is viewed as a proxy for the
entire U.S. stock market.
1 YR. 5 YRS. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Equity Growth 37.74% 23.61% 20.34%
S&P 500 Index 30.03% 23.03% 19.38%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may 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%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.01%
Total Annual Fund Operating Expenses 0.71%
(1)Based upon assets at December 31, 1997. The fund's management fee
decreases as fund assets increase.
(2)Other expenses include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
------------------------------------------------
$72 $227 $394 $880
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Equity
Growth team are:
Fund Profile Equity Growth
JEFFREY R. TYLER, Senior Vice President and Portfolio Manager, joined
the team managing Equity Growth in June 1997. He has been with American
Century as a portfolio manager since 1988.
WILLIAM MARTIN, Vice President and Portfolio Manager, joined the team
managing Equity Growth in May 1997. He has been with American Century as a
portfolio manager since 1989.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the 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 Equity 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.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Equity Growth pays distributions of substantially all of its income
quarterly. Distributions from realized capital gains are paid twice a year,
usually in March and December. Distributions may be taxable as ordinary
income, capital gains, or a combination of the two. Capital gains are taxed
at different rates depending on the length of time the fund held the
securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12621 9808
<PAGE>
FUND PROFILE
Income & Growth
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)]
American
Century(reg.tm)
- --------------------------------------------------------------------------------
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 phone numbers and our address.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
INCOME & GROWTH
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Income & Growth seeks dividend growth, current income and capital
appreciation by investing in common stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund's investment strategy utilizes 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), from most attractive to least attractive. This is
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 the earnings
estimates for a company.
In the second step, the managers use a technique called portfolio
optimization. In portfolio optimization, the managers use a computer to
build a portfolio of stocks that they believe will provide the optimal
balance between risk and expected return of the portfolio as measured in
the stock ranking completed in the first step. The goal is to create a fund
that provides better returns than the S&P 500 but without taking on
significant additional risk. When building the fund's portfolio, the
managers also attempt to create for the fund a dividend yield that will be
greater than that of the S&P 500.
The fund may invest in securities other than stocks, such as convertible
securities, foreign securities, short-term instruments and non-leveraged
stock index futures contracts. "Non-leveraged" means that the fund may not
invest in futures contracts where it would be possible to lose more than
the fund invested.
Additional information about Income & 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
six-month period. You may get these reports at no cost by calling us.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*The value of Income & Growth's shares depends on the value of the stocks
and other securities it owns. The value of the individual securities Income
& Growth owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*As with all funds, at any given time, the value of your shares of Income &
Growth may be worth more or less than the price you paid. If you sell your
shares when the value is less than the price you paid, you will lose money.
Additionally, an investment in the fund is not a bank deposit, nor is it
insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Income & Growth can invest in securities of foreign companies.
Foreign securities can have certain unique risks, including fluctuations in
currency exchange rates, political and economic developments, reduced
availability of public information and the fact that foreign issuers are
not required to abide by the same financial reporting or regulatory
practices as U.S. issuers.
Fund Performance
The bar chart at the top of the following page shows the actual
performance of Income & Growth's Investor Class shares for each calendar
year since its inception on December 17, 1990. It indicates the volatility
of the fund's historical returns from year to year. Neither it nor the
quarterly information below the bar chart is intended to indicate how the
fund will perform in the future.
Income & Growth American Century Investments
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1991 1992 1993 1994 1995 1996 1997
39.08 7.86 11.31 -0.55 36.88 24.15 34.45
As of June 30, 1998, the end of the most recent calendar quarter, Income &
Growth's year-to-date return was 17.79%.
The highest and lowest returns of the fund's Investor Class shares for a
calendar quarter since the fund's inception on December 17, 1990, are
provided in the chart below to indicate the fund's potential short-term
volatility. Shareholders should be aware, however, that Income & Growth is
intended for investors with a long-term investment horizon and is not
managed for short-term results.
[bar chart]
HIGHEST AND LOWEST QUARTERLY RETURNS
Quarter Ended 3/31/91 17.72%
Quarter Ended 3/31/94 - 4.50%
The table below shows the average annual return of the fund' 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
long-term performance comparisons because it is viewed as a proxy for the
entire U.S. stock market.
1 YR. 5 YRS. LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED JUNE 30, 1998)
Income & Growth 34.49% 22.66% 22.19%
S&P 500 Index 30.03% 23.03% 21.12%
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of other American Century funds,
or to redeem your shares. The following table describes the fees and
expenses that you may 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%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.01%
Total Annual Fund Operating Expenses 0.71%
(1)Based upon assets at December 31, 1997. The fund's management fee
decreases as fund assets increase.
(2)Other expenses include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you . . .
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
. . . your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-------------------------------------------------
$72 $227 $394 $880
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Income &
Growth team are:
Fund Profile Income & Growth
JOUN SCHNIEDWIND, Senior Vice President and Group Leader--Quantitative
Equity, has been a member of the team that manages Income & Growth since
its inception. Mr. Schniedwind joined American Century in 1982 and also
supervises other portfolio management teams.
KURT BORGWARDT, Vice President, Portfolio Manager and Director of
Quantitative Equity Research, joined American Century in 1990 and has
managed the quantitative equity research effort since then.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the 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 Income & 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.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Income & Growth pays distributions of substantially all of its income
quarterly. Distributions from realized capital gains are paid twice a year,
usually in March and December. Distributions may be taxable as ordinary
income, capital gains, or a combination of the two. Capital gains are taxed
at different rates depending on the length of time the fund held the
securities that were sold. Distributions are reinvested automatically in
additional shares unless you choose another option.
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century(reg.tm)
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
www.americancentury.com
Investor Services
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Institutional, Corporate, Keogh, SEP/SARSEP,
SIMPLE and 403(b) Services
1-800-345-3533
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Fax
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12620 9808
<PAGE>
FUND PROFILE
Small Cap
Quantitative
INVESTOR CLASS
August 10, 1998
[american century logo(reg.sm)]
American
Century(reg.tm)
- --------------------------------------------------------------------------------
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 phone numbers and our address.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
SMALL CAP QUANTITATIVE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Small Cap Quantitative seeks capital appreciation by investing in common
stocks.
2. WHAT IS THE FUND'S INVESTMENT STRATEGY?
The fund's investment strategy utilizes quantitative management
techniques in a two-step process that draws heavily on computer technology.
In the first step, the fund managers rank stocks, primarily smaller
companies (measured by the value of their stock), from most attractive to
least attractive. This is 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 the earnings estimates for a company.
In the second step, the managers use a technique called portfolio
optimization. In portfolio optimization, the managers use a computer to
build a portfolio of stocks that they believe will provide the optimal
balance between risk and expected return of the portfolio, as measured in
the stock ranking completed in the first step. The goal is to create a fund
that provides better returns than the S&P Small-Cap 600 but without taking
on significant additional risk.
The fund invests primarily in common stocks of companies which, at the
time of investment, have market capitalization not greater than that of the
largest company in the S&P Small-Cap 600 Index. The S&P Small-Cap 600 Index
is an unmanaged stock index that tracks the performance of equity
securities of smaller companies. As of March 31, 1998, the largest company
in the index had a market capitalization of approximately $3.7 billion,
while the median company in the index had a market capitalization of
approximately $554 million.
The fund may invest in securities other than stocks, such as convertible
securities, foreign securities, short-term instruments and non-leveraged
stock index futures contracts. "Non-leveraged" means that the fund may not
invest in futures contracts where it would be possible to lose more than
the fund invested.
3. WHAT ARE THE SIGNIFICANT RISKS OF INVESTING IN THE FUND?
*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 Small Cap
Quantitative owns will go up and down depending on the performance of the
companies that issued them, general market and economic conditions, and
investor confidence.
*Market performance tends to be cyclical, and in the various cycles,
certain investment styles may fall in and out of favor. If the market is
not favoring the fund's style, the fund's gains may not be as big as, or
its losses may be bigger than, other equity funds using different
investment styles.
*As with all funds, at any given time, the value of your shares of Small
Cap Quantitative may be worth more or less than the price you paid. If you
sell your shares when the value is less than the price you paid, you will
lose money. Additionally, an investment in the fund is not a bank deposit,
nor is it insured by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund managers invest the fund's assets primarily in U.S.
stocks, Small Cap Quantitative can invest in securities of foreign
companies. Foreign securities can have certain unique risks, including
fluctuations in currency exchange rates, political and economic
developments, reduced availability of public information and the fact that
foreign issuers are not required to abide by the same financial reporting
or regulatory practices as U.S. issuers.
Small Cap Quantitative American Century Investments
4. WHAT ARE THE FUND'S FEES AND EXPENSES?
There are no sales loads, fees or other charges to buy fund shares
directly from American Century, to reinvest dividends in additional shares,
to exchange into the Investor Class shares of shares of other American
Century funds, or to redeem your shares. The following table describes the
fees and expenses that you may 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%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.01%
Total Annual Fund Operating Expenses 0.91%
(1)Based upon no assets in the fund. The fund's management fee decreases
as fund assets increase.
(2)Other expenses include the fees and expenses of the fund's
independent directors, their legal counsel, interest and extraordinary
expenses.
EXAMPLE OF HYPOTHETICAL FUND COSTS
Assuming you...
* invest $10,000 in the fund
* redeem your shares at the end of the periods shown below
* earn a 5% return each year
* incur the same fund operating expenses shown above
...your cost of investing in the fund would be:
1 year 3 years 5 years 10 years
-----------------------------------------------------
$93 $289 $502 $1,115
Of course, actual costs may be higher or lower. Use this example
to compare the costs of investing in other funds.
5. WHO ARE THE FUND'S INVESTMENT ADVISOR AND PORTFOLIO MANAGERS?
American Century Investment Management, Inc. provides investment
advisory and management services for the fund. American Century uses teams
of portfolio managers, assistant portfolio managers and analysts working
together to manage our mutual funds. The portfolio managers on the Small
Cap Quantitative team are:
JOHN SCHNIEDWIND, Senior Vice President and Group Leader--Quantitative
Equity, supervises the team that manages the fund.
KURT BORGWARDT, Vice President, Portfolio Manager and Director of
Quantitative Equity Research, joined American Century in 1990, and has
managed the quantitative equity research effort since then.
WILLIAM MARTIN, Vice President and Portfolio Manager, joined American
Century in 1989.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be $2,500 ($1,000 for traditional IRAs,
Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below the 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 Small Cap
Quantitative for shares in nearly 70 other mutual funds offered by American
Century. Depending on the options you select when you open your account,
some restrictions may apply. For your protection, some redemption requests
require a signature guarantee.
8. HOW ARE FUND DISTRIBUTIONS MADE AND TAXED?
Small Cap Quantitative pays distributions of substantially all of its
income quarterly. Distributions from realized capital gains are paid twice
a year, usually in March and 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.
Fund Profile Small Cap Quantitative
9. WHAT SERVICES ARE AVAILABLE?
American Century offers several ways to make it easier for you to manage
your account, such as:
* telephone transactions
* wire and electronic funds transfers
* 24-hour Automated Information Line transactions
* 24-hour online Internet account access and transactions
You may find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds, and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century(reg.tm)
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
INSTITUTIONAL, CORPORATE, KEOGH, SEP/SARSEP,
SIMPLE AND 403(B) SERVICES
1-800-345-3533
TELECOMMUNICATIONS DEVICE FOR THE DEAF
1-800-634-4113 or 816-444-3485
FAX
816-340-7962
Funds Distributor, Inc.
(c) 1998 American Century Services Corporation
SH-BRO-12625 9808
