FUND PROFILE
Income & Growth
INVESTOR CLASS
September 30, 1998
[american century logo(reg.sm)]
American
Century
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
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 advisor ranks 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
fund advisor uses ratios of stock price-to-book value and stock
price-to-cash flow, among others. To measure growth, the fund advisor uses,
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 fund advisor uses a technique called portfolio
optimization. With portfolio optimization, the fund advisor uses a computer
to build a portfolio of stocks that it believes 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 without taking on significant
additional risk. When building the fund's portfolio, the fund advisor also
attempts to create a dividend yield for the fund 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.
*An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund advisor invests 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, unstable political and economic structures,
reduced availability of public information and the lack of uniform
financial reporting and regulatory practices similar to those that apply to
U.S. issuers.
In summary, Income and Growth is intended for investors who seek
dividend growth, current income and capital appreciation through an 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 Income &
Growth's Investor Class shares for each calendar year since the fund's
inception on December 17, 1990. The bar chart indicates the volatility of
the fund's historical returns from year to year. Neither the bar chart nor
the performance information below it is intended to indicate how the fund
will perform in the future.
INCOME & GROWTH AMERICAN CENTURY INVESTMENTS
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1991 1992 1993 1994 1995 1996 1997
Income & Growth 39.08 7.86 11.31 -0.55 36.88 24.15 34.45
As of September 30, 1998, the end of the most recent calendar quarter, Income &
Growth's year-to-date return was 4.49%.
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 following chart to indicate the fund's historical
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 9/30/98 -11.29%
The following table 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 YEAR 5 YEARS LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Income & Growth 7.21% 18.77 19.54%
S&P 500 Index 9.02% 19.87% 17.24%
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 has a stepped fee
schedule. As a result, 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 its mutual funds. The portfolio managers on the Income &
Growth team are:
FUND PROFILE INCOME & GROWTH
JOHN 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.
JEFFREY R. TYLER, Senior Vice President and Portfolio Manager, has been
a member of the team that manages Income and Growth since June 1997. He
joined American Century as a portfolio manager in 1988.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below this account minimum, your shares may be redeemed
involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in 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 will find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
www.americancentury.com
Investor Services
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
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.
SH-BRO-13876 9810
<PAGE>
FUND PROFILE
Small Cap Quantitative
INVESTOR CLASS
September 30, 1998
[american century logo(reg.sm)]
American
Century
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
SMALL CAP QUANTITATIVE
1. WHAT IS THE FUND'S INVESTMENT OBJECTIVE?
Small Cap Quantitative seeks capital appreciation by investing primarily
in common stocks of small companies.
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 advisor ranks 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 fund advisor uses ratios of stock
price-to-book value and stock price-to-cash flow, among others. To measure
growth, the fund advisor uses, 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 fund advisor uses a technique called portfolio
optimization. In portfolio optimization, the fund advisor uses a computer
to build a portfolio of stocks that it believes 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.
*An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund advisor invests 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, unstable political and economic
structures, reduced availability of public information and the lack of
uniform financial reporting and regulatory practices similar to those that
apply to U.S. issuers.
In summary, Small Cap Quantitative is intended for investors who seek
capital appreciation through a small capitalization equity fund and who are
willing to accept the risks associated with the fund's investment strategy.
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 has a stepped fee
schedule. As a result, 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 its 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. He has been a member of
the team that manages the fund since its inception in July 1998.
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. He has been a
member of the team that manages the fund since its inception in July 1998.
WILLIAM MARTIN, Vice President and Portfolio Manager, has been a member
of the team that manages the fund since its inception in July 1998. He
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 at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below this account minimum, your shares may be redeemed
involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in 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 will find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
- --------------------------------------------------------------------------------
[american century logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
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.
SH-BRO-13881 9810
<PAGE>
FUND PROFILE
Equity Growth
INVESTOR CLASS
September 30, 1998
[american century logo(reg.sm)]
American
Century
This profile summarizes key information about the fund that is included
in the fund's Prospectus. The fund's Prospectus has additional
information about the fund, including a more detailed description of the
risks associated with investing in the fund, that you may want
to consider before you invest. You may obtain the Prospectus and other
information about the fund at no cost by calling us at 1-800-345-2021,
accessing our Web site or visiting one of our Investor Centers.
See the back cover for additional telephone numbers and our address.
AMERICAN CENTURY GROUP
AMERICAN CENTURY INVESTMENTS
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 advisor ranks 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
fund advisor uses ratios of stock price-to-book value and stock
price-to-cash flow, among others. To measure growth, the fund advisor uses,
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 fund advisor uses a technique called portfolio
optimization. In portfolio optimization, the fund advisor uses a computer
to build a portfolio of stocks that it believes 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 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.
*An investment in the fund is not a bank deposit, nor is it insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
*Although the fund advisor invests 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, unstable political and economic structures,
reduced availability of public information and the lack of uniform
financial reporting and regulatory practices similar to those that apply to
U.S. issuers.
In summary, Equity Growth is intended for investors who seek capital
appreciation through an 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 Equity Growth's
Investor Class shares for each calendar year since the fund's inception on
May 9, 1991. The bar chart indicates the volatility of the fund's
historical returns from year to year. Neither the bar chart nor the
performance information below it is intended to indicate how the fund will
perform in the future.
EQUITY GROWTH AMERICAN CENTURY INVESTMENTS
[bar chart]
CALENDAR YEAR-BY-YEAR RETURNS
1992 1993 1994 1995 1996 1997
Equity Growth 4.13 11.42 -0.23 34.56 27.34 36.06
As of September 30, 1998, the end of the most recent calendar quarter, Equity
Growth's year-to-date return was 1.91%.
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 following chart to indicate the fund's historical 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 9/30/98 -13.88%
The following table 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 YEAR 5 YEARS LIFE OF FUND
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED SEPTEMBER 30, 1998)
Equity Growth 4.43% 18.72% 17.19%
S&P 500 Index 9.02% 19.87% 17.19%
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 its mutual funds. The portfolio managers on the Equity
Growth team are:
FUND PROFILE EQUITY GROWTH
JOHN SCHNIEDWIND, Senior Vice President and Group Leader--Quantitative
Equity, has been a member of the team that manages Equity Growth since its
inception. He joined American Century in 1982 and also supervises other
portfolio management teams.
JEFFREY R. TYLER, Senior Vice President and Portfolio Manager, has been
a member of the team that manages Equity Growth since June 1997. He joined
American Century as a portfolio manager in 1988.
6. HOW DO I BUY FUND SHARES?
* Complete and return the enclosed application
* Call us and exchange shares from another American Century fund
* Call us and send your investment by bank wire transfer
Your initial investment must be at least $2,500 ($1,000 for traditional
IRAs, Roth IRAs and UGMA/UTMA accounts), unless you establish an automatic
investment plan of at least $50 per month. If the value of your account
falls below this account minimum, your shares may be redeemed
involuntarily.
7. HOW DO I SELL FUND SHARES?
You may sell all or part of your fund shares on any business day by
writing or calling us. You also may exchange your shares in 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 will find more information about these choices in our Investor
Services Guide, which you may request by calling us, accessing our Web site
or visiting one of our Investor Centers.
Information contained in our Investor Services Guide pertains to
shareholders who invest directly with American Century rather than through
an employer-sponsored retirement plan or through a financial intermediary.
If you own or are considering purchasing fund shares through an
employer-sponsored retirement plan or financial intermediary, your ability
to purchase shares of the fund, exchange them for shares of other American
Century funds and redeem them will depend on the terms of your plan or
financial intermediary. If you have questions about investing in an
employer-sponsored retirement plan or through a financial intermediary,
call an Institutional Service Representative at 1-800-345-3533.
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[american century logo(reg.sm)]
American
Century
AMERICAN CENTURY INVESTMENTS
P.O. BOX 419200
KANSAS CITY, MISSOURI 64141-6200
WWW.AMERICANCENTURY.COM
INVESTOR SERVICES
1-800-345-2021 or 816-531-5575
AUTOMATED INFORMATION LINE
1-800-345-8765
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.
SH-BRO-13877 9810
