[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
American
Century
Income & 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.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
INCOME & GROWTH FUND
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 fund managers use
ratios of stock price-to-book value and stock price-to-cash flow, among
others. To measure growth, the fund 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 fund managers use a technique called portfolio
optimization. With portfolio optimization, the fund managers use a computer
model 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 without taking
on significant additional risk. When building the fund's portfolio, the fund
managers also attempt 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 fiscal
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 that
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.
* 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, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) 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, 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. The bar chart and performance
information below are not intended to indicate how the fund will perform in
the future.
Income & Growth American Century Investments
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 27.67%
1997 34.52%
1996 24.15%
1995 36.88%
1994 -0.55%
1993 11.31%
1992 7.86%
1991 39.08%
(1 )As of March 31, 1999, the end of the most recent calendar quarter,
Income & Growth's year-to-date return was 1.91%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Income & Growth 22.18% (4Q 1998) -11.29% (3Q 1998)
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
performance comparisons.
1 YEAR 5 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Income & Growth 12.95% 25.35% 21.44%
S&P 500 Index 18.42% 26.19% 21.02%
(1) The inception date for Income & Growth is December 17, 1990.
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 fund
* to redeem your shares
The following table describes the fees and expenses that 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 0.69%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.69%
(1) Based on expenses incurred during the fund's most recent fiscal
year. 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, their legal counsel, interest and extraordinary
expenses, 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 5 years 10 years
$70 $220 $383 $856
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 identified as follows:
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. He has degrees from Purdue
University and an MBA in finance from the University of California. He is a
Chartered Financial Analyst.
Fund Profile Income & Growth
JEFFREY R. TYLER, Senior Vice President and Portfolio Manager, has been a
member of the team that manages Income & Growth since June 1997. He joined
American Century as a Portfolio Manager in 1988. He has a bachelor's degree
in business economics from the University of California and an MBA in
finance and economics from Northwestern University. He is a Chartered
Financial Analyst.
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 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 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 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 logo(reg. sm)]
American
Century
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16091 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
American
Century
Equity 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.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
EQUITY GROWTH FUND
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 fund managers use
ratios of stock price-to-book value and stock price-to-cash flow, among
others. To measure growth, the fund 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 fund managers use a technique called portfolio
optimization. In portfolio optimization, the fund managers use a computer
model 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 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 fiscal 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 that 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.
* 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, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) 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, 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. The bar chart and the performance information
below are not intended to indicate how the fund will perform in the future.
Equity Growth American Century Investments
[data shown in bar chart]
Calendar Year-By-Year Returns (1)
1998 25.45%
1997 36.06%
1996 27.34%
1995 34.56%
1994 -0.23%
1993 11.42%
1992 4.13%
(1) As of March 31, 1999, the end of the most recent calendar
quarter, Equity Growth's year-to-date return was -0.16%.
The highest and lowest quarterly returns for the period reflected in the bar
chart are:
Highest Lowest
Equity Growth 23.10% (4Q 1998) -13.88% (3Q 1998)
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
performance comparisons.
1 YEAR 5 YEARS LIFE OF FUND(1)
AVERAGE ANNUAL TOTAL RETURNS (PERIOD ENDED MARCH 31, 1999)
Equity Growth 8.11% 25.03% 19.09%
S&P 500 Index 18.42% 26.19% 19.44%
(1) The inception date for Equity Growth is May 9, 1991.
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 fund
* to redeem your shares
The following table describes the fees and expenses that 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 0.69%(1)
Distribution and Service (12b-1) Fees None
Other Expenses (2) 0.00%
Total Annual Fund Operating Expenses 0.69%
(1) Based on expenses incurred during the fund's most recent fiscal
year. 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, their legal counsel, interest and extraordinary
expenses, 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 5 years 10 years
$70 $220 $383 $856
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 identified as follows:
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. He has degrees from Purdue University and an MBA
in finance from the University of California. He is a Chartered Financial
Analyst.
Fund Profile Equity Growth
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. He has a bachelor's in
business economics from the University of California and an MBA in finance
and economics from Northwestern University. He is a Chartered Financial
Analyst.
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 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 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 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 logo(reg. sm)]
American
Century
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16092 9904 Funds Distributor, Inc.
<PAGE>
[front cover]
AMERICAN CENTURY
Fund Profile
[american century logo(reg. sm)]
American
Century
Small Cap Quantitative 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.
[photos of woman and girls blowing bubbles, men talking, woman at computer]
APRIL 25, 1999
INVESTOR CLASS
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.
SMALL CAP QUANTITATIVE FUND
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 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 fund managers use ratios of stock price-to-book value and
stock price-to-cash flow, among others. To measure growth, the fund 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 fund managers use a technique called portfolio
optimization. In portfolio optimization, the fund managers use a computer
model 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 Index
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, 1999, the largest company in the index
had a market capitalization of approximately $3.6 billion, while the median
company in the index had a market capitalization of approximately $401
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.
Additional information about Small Cap Quantitative'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 value of Small Cap Quantitative'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.
* 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, and it is not insured or
guaranteed by the Federal Deposit Insurance Corporation (FDIC) 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, 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.
Small Cap Quantitative American Century Investments
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.
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 fund
* to redeem your shares
The following table describes the fees and expenses that 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 0.88%(1)
Distribution and Service (12b-1) Fees None
Other Expenses(2) 0.00%
Total Annual Fund Operating Expenses 0.88%
(1) Based on expenses incurred during the fund's most recent fiscal
year. 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, their legal counsel, interest and extraordinary
expenses, 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
$96 $299
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 identified as follows:
JOHN SCHNIEDWIND, Senior Vice President and Group Leader--Quantitative
Equity, supervises the team that manages Small Cap Quantitative. He has been
a member of the team that manages the fund since its inception in July 1998.
He has degrees from Purdue University and an MBA in finance from the
University of California. He is a Chartered Financial Analyst.
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.
He has a degree from Stanford University and an MBA with a specialization in
finance from the University of Chicago. He is a Chartered Financial Analyst
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. He has a bachelor's degree in economics from the
University of Illinois. He is a Chartered Financial Analyst.
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 your redemption activity
causes the value of your account to fall below this account minimum, your
shares may be redeemed involuntarily.
Fund Profile Small Cap Quantitative
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.
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 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 logo(reg. sm)]
American
Century
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
1-800-345-353
Visit our Web site at WWW.AMERICANCENTURY.COM [link to web site with arrow]
SH-PRF-16093 9904 Funds Distributor, Inc.
