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Previous: VARIABLE ACCOUNT D OF FORTIS BENEFITS INSURANCE CO, 485BPOS, 2000-04-28 |
Next: WORLD GOVERNMENTS VARIABLE ACCOUNT, 485BPOS, 2000-04-28 |
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Global Gold Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Global Gold seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world.
The fund's investment strategy utilizes quantitative management techniques as well as fundamental stock selection in a two-part process. The first part involves selecting stocks based on several valuation criteria, without comparing the fund's holdings to the holdings of an index or benchmark.
In the second part of the process, the managers use a technique called portfolio optimization. In portfolio optimization, the managers use a computer model to build a portfolio of stocks that they believe will provide the optimal balance between risk relative to the fund's benchmark, which is described below, and expected return of the fund, as measured in the stock ranking completed in the first step. The goal is to create a fund that produces performance similar to performance of the worldwide gold equities market.
The managers use a proprietary benchmark that the advisor developed and monitors that represents the worldwide gold equities market. This proprietary benchmark contains securities of companies engaged in mining, processing, exploring for or otherwise dealing with gold or other precious metals (Gold Companies). To be included in the benchmark, Gold Companies must be a certain size and receive a minimum percentage of their revenues from gold-related activities or have a minimum percentage of their assets invested in gold-related assets.
Global Gold will concentrate its investments in securities of Gold Companies. Under normal circumstances, at least 65% of the value of the fund will be invested in such companies. When the managers believe that it is prudent, the fund may invest in securities other than stocks, such as convertible securities, sponsored or unsponsored American Depositary Receipts, gold, gold certificates or gold futures. Normally, the fund managers will invest in securities of companies in at least three different countries.
The fund may invest in securities other than stocks, such as convertible securities, foreign securities other than stocks, short-term instruments and nonleveraged stock index futures contracts. "Nonleveraged" means that the fund may not invest in futures contracts where it would be possible to lose more than the fund invested. Global Gold also may purchase debt securities, such as notes, bonds, debentures or commercial paper.
Additional information about Global Gold'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.
Currency Risk. In addition to changes in the value of the fund's investments, changes in the value of foreign currencies against the U.S. dollar also could result in gains or losses to the fund. The value of a share of Global Gold is determined in U.S. dollars. The fund's investments, however, generally are held in the foreign currency of the country where investments are made. As a result, the fund could recognize a gain or loss based solely upon a change in the exchange rate between the foreign currency and the U.S. dollar.
Political and Economic Risk. Many countries where the fund invests are not as politically or economically developed as the United States. As a result, the economies and political and social structures of these countries could be unstable and exert forces that could cause the value of the fund's investments to decrease. Also, the fund may be unable to enforce its ownership rights or pursue legal remedies in countries where it invests.
Market and Trading Risk. The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the fund to buy and sell securities. These factors could result in a loss to the fund by causing the fund to be unable to dispose of an investment, by causing the fund to miss an attractive investment opportunity, or by causing fund assets to be uninvested for some period of time.
Availability of Information. Generally, foreign companies are not subject to the regulatory controls or uniform accounting, auditing, and financial reporting standards imposed on U.S. issuers. As a result, there may be less publicly available information about foreign issuers than is available regarding U.S. issuers.
In summary, Global Gold is intended for investors who find Gold Companies an appropriate investment and who are willing to accept the increased risk associated with the fund's investment strategy. An investment in the fund should not be considered a complete investment program and is not appropriate for investors who are unable to tolerate rapid fluctuations in the value of their investment.
Fund Performance
The following bar chart shows the actual performance of Global Gold's Investor Class shares for each of the last 10 calendar years. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 -3.18% -12.18% -41.47% -2.76% 9.25% -16.75% 81.22% -8.65% -11.23% -19.43%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
---------------------------------------------------------
Global Gold 34.28% (2Q 1993) -31.35% (4Q 1997)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The MSCI World Stock Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
----------------------------------------------------
1 year 5 years 10 years Life of Fund(1)
-----------------------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
-----------------------------------------------------------------------------------
Global Gold -14.05% -16.48% -7.44% -5.70%
MSCI World Stock Index 21.87% 18.91% 13.28% 12.79%(2)
Fund Benchmark -14.04% -16.40% -7.15% -4.99%(2)
-------------------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------------------------
Shareholder Fees
(fees paid directly from your investment)
--------------------------------------------------------------------------------
Redemption/Exchange Fee (as a percentage of amount redeemed/exchanged)
Shares held less than 180 days 2.00%(1)
Shares held 180 days or more None
--------------------------------------------------------------------------
--------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------
Management Fee 0.68%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.68%
---------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------
$69 $217 $378 $844
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below are the portfolio managers for the Global Gold team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager and Group Leader-Quantitative Equity, joined American Century in 1982, and supervises the portfolio management team that manages Global Gold. He has degrees from Purdue University and an MBA in finance from the University of California. He is a Chartered Financial Analyst.
William Martin, Vice President and Senior Portfolio Manager, has served on the management team for Global Gold since its inception. He joined American Century in 1989. He has a degree from the University of Illinois. He is a Chartered Financial Analyst.
Joseph Sterling, Portfolio Manager, joined the team managing Global Gold in June 1997. He joined American Century in 1989 as an Equity Research Analyst and held that position until he was promoted to Associate Portfolio Manager in December 1995. He has a bachelor's degree from the University of California-Berkeley.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in Global Gold 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.
Global Gold pays distributions of substantially all of its income, if any, on a semiannual basis in June and December. 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or 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 a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-20000 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Global Natural Resources Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Global Natural Resources seeks to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in the natural resources industries.
Global Natural Resources will concentrate its investments in securities of companies engaged in the natural resources industries. The fund's investment strategy utilizes some quantitative management techniques as well as fundamental stock selection. The fund managers build the fund's portfolio using a top-down approach. They first consider factors in the global economy that affect the supply and demand in commodity markets. The managers then review those factors and how they affect particular industries and determine whether to over- or under-weight certain industries compared to the benchmark. The managers next consider the cost structure of individual companies and analyze the economies of the regions where the companies are located or operate. The managers then create a selection list of stocks for the portfolio.
The selection list is then compared to the fund's benchmark using portfolio optimization. In portfolio optimization, the managers use a computer model to build a portfolio of stocks from the selection list that they believe will provide the optimal balance between risk and expected return. The goal is to create a fund that provides better returns than the benchmark without taking on significant additional risk. The fund's benchmark is a subset of companies in the energy and basic materials sectors of the Dow Jones World Stock Index* (DJWSI).
* The DJWSI is the property of Dow Jones & Co., Inc.
The managers do not attempt to time the market. Instead, they intend to keep Global Natural Resources essentially fully invested in stocks regardless of the movement of stock prices generally. The managers also may invest up to 35% of the fund's assets in when-issued and forward commitment agreements if necessary to purchase securities. In these agreements the transaction price and yield are each fixed at the time the commitment is made, but payment typically occurs 15 to 45 days later.
The fund may invest in securities other than stocks, such as convertible securities, foreign securities other than stocks, short-term instruments and nonleveraged stock index futures contracts. "Nonleveraged" 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 Global Natural Resources' 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.
Currency Risk. In addition to changes in the value of the fund's investments, changes in the value of foreign currencies against the U.S. dollar also could result in gains or losses to the fund. The value of a share of Global Natural Resources is determined in U.S. dollars. The fund's investments, however, generally are held in the foreign currency of the country where investments are made. As a result, the fund could recognize a gain or loss based solely upon a change in the exchange rate between the foreign currency and the U.S. dollar.
Political and Economic Risk. Many countries where the fund invests are not as politically or economically developed as the United States. As a result, the economies and political and social structures of these countries could be unstable and exert forces that could cause the value of the fund's investments to decrease. Also, the fund may be unable to enforce its ownership rights or pursue legal remedies in countries where it invests.
Market and Trading Risk. The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight. Foreign markets also may have clearance and settlement procedures that make it difficult for the fund to buy and sell securities. These factors could result in a loss to the fund by causing the fund to be unable to dispose of an investment, by causing the fund to miss an attractive investment opportunity, or by causing fund assets to be uninvested for some period of time.
Availability of Information. Generally, foreign companies are not subject to the regulatory controls or uniform accounting, auditing, and financial reporting standards imposed on U.S. issuers. As a result, there may be less publicly available information about foreign issuers than available regarding U.S. issuers.
In summary, Global Natural Resources is intended for investors who find natural resources companies an appropriate investment and who are willing to accept the increased risk associated with the fund's investment strategy. An investment in the fund should not be considered a complete investment program and is not appropriate for investors who are unable to tolerate rapid fluctuations in the value of their investment.
Fund Performance
The following bar chart shows the actual performance of Global Natural Resources' Investor Class shares for each full calendar year since the fund's inception on September 15, 1994. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 26.50% -6.30% 2.50% 15.45% 14.40%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
-----------------------------------------------------------------------
Global Natural Resources 12.01% (2Q 1999) -11.73% (4Q 1997)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The Dow Jones World Stock 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, 2000)
------------------------------------------------------------------------
Global Natural Resources 19.76% 8.87% 8.14%
Dow Jones World Stock Index 21.81% 16.65% 15.13%(2)
Fund Benchmark 17.40% 10.35% 9.68%(2)
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------
Management Fee 0.68%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.68%
--------------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
-----------------------------------------------------------------------
1 year 3 years 5 years 10 years
-----------------------------------------------------------------------
$69 $217 $378 $844
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below are the portfolio managers for the Global Natural Resources team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager and Group Leader-Quantitative Equity, joined American Century in 1982, and supervises the portfolio management team that manages Global Natural Resources. He has degrees from Purdue University and an MBA in finance from the University of California. He is a Chartered Financial Analyst.
William Martin, Vice President and Senior Portfolio Manager, has served on the management team for Global Natural Resources since its inception. He joined American Century in 1989. He has a degree from the University of Illinois. He is a Chartered Financial Analyst.
Joseph B. Sterling, Portfolio Manager, joined the team managing Global Natural Resources in November 1996. Prior positions held by Mr. Sterling since joining American Century in 1989 include those of Associate Portfolio Manager and Research Analyst. He has a bachelor's degree from the University of California-Berkeley.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in Global Natural Resources 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.
Global Natural Resources pays distributions of substantially all of its income, if any, on a semiannual basis in June and December. 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or 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 a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-20003 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
Utilities Fund
This profile summarizes key information about the fund that is included in the fund's Prospectus. The fund's Prospectus includes additional information about the fund, including a more detailed description of the risks associated with investing in the fund, that you may want to consider before you invest.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Utilities seeks current income and long-term growth of capital and income. The fund invests primarily in equity securities of companies engaged in the utilities industry.
Utilities invests primarily in equity securities of companies engaged in the utilities industry. The fund's investment strategy utilizes quantitative management techniques in a two-part process that utilizes computer technology. The first part involves ranking stocks on the basis of their growth and valuation characteristics. Examples of growth characteristics are earnings growth rates and changes in analyst earnings estimates. Examples of valuation characteristics are price-to-earnings and price-to-book ratios.
In the second part of the process, 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 relative to the fund's benchmark, which is described below, and expected return of the fund, as measured in the stock ranking completed in the first step.
Under normal market conditions, Utilities invests at least 75% of its total assets in stocks of companies engaged in the utilities industry. Of this 75%, the fund managers will not buy shares of a company unless 50% or more of the company's revenues or net profits come from the ownership or operation of facilities used to provide electricity, natural gas, telecommunications services, cable television, water or sanitary services. Utilities may invest up to 25% of its total assets in fixed-income securities.
The fund may invest in securities other than stocks, such as convertible securities, foreign securities, short-term instruments and nonleveraged stock index futures contracts. "Nonleveraged" means that the fund may not invest in futures contracts where it would be possible to lose more than the fund invested.
The fund's benchmark is a market capitalization-weighted index of companies engaged in the utilities industry as defined above and whose shares are traded in the United States. It is an internally developed index maintained by the fund advisor. The index is changed periodically to reflect corporate actions such as mergers and acquisitions. It also may be changed to reflect underlying trends in the utilities industry over time. Changes in the index may induce changes in the fund's holdings. As of the end of December 1999, the benchmark was comprised of 155 companies with an aggregate market capitalization of almost $1.01 trillion. The average market capitalization of the companies in the benchmark was $12.72 billion.
Additional information about Utilities' investments is available in its annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, Utilities is intended for investors who seek current income and long-term capital growth and income through investments in utilities companies, 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 Utilities' Investor Class shares for each full calendar year since the fund's inception on March 1, 1993. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 11.46% 27.43% 35.82% 4.82% 35.70% -10.04%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
-----------------------------------------------------------
Utilities 18.04% (4Q 1997) -8.70% (1Q 1994)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The S&P 500, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons. For current performance information, including yields, please call us or access our Web site.
------------------------------------------------------------------
1 year 5 years Life of Fund(1)
------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
------------------------------------------------------------------
Utilities 24.44% 22.47% 15.65%
S&P 500 17.94% 26.76% 21.27%
Fund Benchmark(2) 21.78% 24.23% 16.67%
------------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------
Management Fee 0.68%(1)
--------------------------------------------------------
Distribution and Service (12b-1) Fees None
--------------------------------------------------------
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.68%
--------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
-------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
-------------------------------------------------------------------------------
$69 $217 $378 $844
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below are the portfolio managers for the Utilities team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager and Group Leader-Quantitative Equity, joined American Century in 1982, and has been a member of the team that manages Utilities since its inception in March 1993. He has degrees from Purdue University and the University of California-Berkeley. He is a Chartered Financial Analyst.
William Martin, Vice President and Senior Portfolio Manager, joined American Century in 1989 and the team managing the fund in December 1998. He has a degree from the University of Illinois. He is a Chartered Financial Analyst.
Joseph B. Sterling, Portfolio Manager, joined the team managing Utilities in June 1997. He joined American Century in 1989 as an Equity Research Analyst and held that position until being promoted to Associate Portfolio Manager in December 1995. He has a bachelor's degree from the University of California-Berkeley.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in Utilities 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.
Utilities pays distributions of substantially all of its income quarterly. Distributions from realized capital gains are paid semiannually, 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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19996 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
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.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Equity Growth seeks capital appreciation by investing in common stocks.
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 its earnings estimates.
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 nonleveraged stock index futures contracts. "Nonleveraged" 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.
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 full 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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 18.47% 25.45% 36.06% 27.34% 34.56% -0.23% 11.42% 4.13%
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 total returns of the fund's Investor Class shares for the periods indicated. The S&P 500 Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
------------------------------------------------------------
1 year 5 years Life of Fund(1)
------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
------------------------------------------------------------
Equity Growth 21.92% 26.64% 19.40%
S&P 500 Index 17.94% 26.76% 19.26%
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------
Management Fee 0.68%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.68%
---------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
--------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
--------------------------------------------------------------------------------
$69 $217 $378 $844
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below are the portfolio managers for the Equity Growth team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager 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.
Jeffrey R. Tyler, Senior Vice President and Senior 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 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.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19952 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
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.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Small Cap Quantitative seeks capital appreciation by investing primarily in common stocks of small companies.
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 of 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 its earnings estimates.
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, 2000, the largest company in the index had a market capitalization of approximately $6.1 billion, while the median company in the index had a market capitalization of approximately $462 million.
The fund may invest in securities other than stocks, such as convertible securities, foreign securities, short-term instruments and nonleveraged stock index futures contracts. "Nonleveraged" 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 annual and semiannual reports. In these reports you will find a discussion of the market conditions and investment strategies that significantly affected the fund's performance during the most recent fiscal period. You may get these reports at no cost by calling us.
In summary, 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.
Fund Performance
The following bar chart shows the actual performance of Small Cap Quantitative's Investor Class shares for each full calendar year since the fund's inception on July 31, 1998. The bar chart indicates the volatility of the fund's historical returns from year to year. The bar chart and the performance information below are not intended to indicate how the fund will perform in the future.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 9.76%
The highest and lowest quarterly returns for the period reflected in the bar chart are:
Highest Lowest
------------------------------------------------------------------
Small Cap Quantitative 17.40% (2Q 1999) -13.92% (1Q 1999)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The Small-Cap 600 Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons. For current performance information, including yields, please call us or access our Web site.
-------------------------------
1 year Life of Fund(1)
---------------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
---------------------------------------------------------------------
Small Cap Quantitative 37.25% 10.80%
Small-Cap 600 Index 30.70% 11.44%
---------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------
Management Fee 0.87%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.87%
--------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
-------------------------------------------------------------------------
1 year 3 years
-------------------------------------------------------------------------
$89 $277
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below are the portfolio managers for the Small Cap Quantitative team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager 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, Senior 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 bachelor of arts 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 Senior 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.
Wilhelmine von Turk, Portfolio Manager, has been a member of the team since July 1998. She joined American Century in November 1995 as a Senior Research Analyst and was promoted to Portfolio Manager in February 2000. Prior to joining American Century, Ms. von Turk was affiliated with the Benham Group on a contract basis as an employee of Ecosse Technology. She has a bachelor of arts from Wellesley College and a Ph.D in statistics from the University of California - Berkeley. She is a Chartered Financial Analyst.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-19953 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
[GRAPHIC OMITTED]
AMERICAN CENTURY
Fund Profile
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.
You may obtain the Prospectus and other information about the fund at no cost by calling us at 1-800-345-2021, accessing our Web site or visiting one of our Investor Centers. See the back cover for additional telephone numbers and our address.
[AMERICAN CENTURY LOGO]
April 27, 2000
Investor Class
Income & Growth seeks dividend growth, current income and capital appreciation by investing in common stocks.
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 its earnings estimates.
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 nonleveraged stock index futures contracts. "Nonleveraged" 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.
In summary, Income & 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 full 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.
Calendar Year-By-Year Returns(1)
[GRAPHIC OMITTED]
[The following table was depicted as a bar graph in the printed material.]
1999 1998 1997 1996 1995 1994 1993 1992 1991 17.96% 27.67% 34.45% 24.15% 36.87% -0.56% 11.31% 7.87% 39.05%
Highest Lowest
------------------------------------------------------------
Income & Growth 22.18% (4Q 1998) -11.29% (3Q 1998)
The following table shows the average annual total returns of the fund's Investor Class shares for the periods indicated. The S&P 500 Index, an unmanaged index that reflects no operating costs, is included as a benchmark for performance comparisons.
--------------------------------------------------------------
1 year 5 years Life of Fund(1)
--------------------------------------------------------------
Average Annual Total Returns (period ended March 31, 2000)
--------------------------------------------------------------
Income & Growth 16.51% 26.07% 20.90%
S&P 500 Index 17.94% 26.76% 20.48%(2)
--------------------------------------------------------------
There are no sales loads, fees or other charges
The following table describes the fees and expenses you will pay if you buy and hold shares of the fund.
--------------------------------------------------------------
Annual Fund Operating Expenses
(expenses that are deducted from fund assets)
--------------------------------------------------------------
Management Fee 0.68%(1)
Distribution and Service (12b-1) Fees None
Other Expenses 0.00%(2)
Total Annual Fund Operating Expenses 0.68%
--------------------------------------------------------
Example
Assuming you . . .
. . . your cost of investing in the fund would be:
---------------------------------------------------------------------------
1 year 3 years 5 years 10 years
---------------------------------------------------------------------------
$69 $217 $378 $844
Of course, actual costs may be higher or lower. Use this example to compare the costs of investing in other funds.
American Century Investment Management, Inc. provides investment advisory and management services for the fund. American Century uses teams of portfolio managers, assistant portfolio managers and analysts working together to manage its mutual funds. Identified below are the portfolio managers for the Income & Growth team:
John Schniedwind, Senior Vice President, Senior Portfolio Manager and Group Leader-Quantitative Equity, has been a member of the team that manages Income & 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.
Jeffrey R. Tyler, Senior Vice President and Senior 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.
American Century offers several ways to purchase shares
Your initial investment must be at least $2,500 ($1,000 for traditional and Roth IRAs). If your redemption activity causes the value of your account to fall below this account minimum, your shares may be redeemed involuntarily.
You may sell all or part of your fund shares on any business day by writing or calling us. You also may exchange your shares in 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.
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.
American Century offers several ways to make it easier for you to manage your account, such as
You will find more information about these choices in Your Guide to American Century Services, which you may request by calling us, accessing our Web site or visiting one of our Investor Centers.
Information contained in the services guide pertains to shareholders who invest directly with American Century rather than through an employer-sponsored retirement plan or financial intermediary.
If you own or are considering purchasing fund shares through an employer-sponsored retirement plan or financial intermediary, your ability to purchase shares of the fund, exchange them for shares of other American Century funds, and redeem them will depend on the terms of your plan or financial intermediary. If you have questions about investing in an employer-sponsored retirement plan or through a financial intermediary, call a Service Representative at 1-800-345-3533.
American Century Investments
P.O. Box 419200
Kansas City, Missouri 64141-6200
Investor Relations
1-800-345-2021 or 816-531-5575
Automated Information Line
1-800-345-8765
Fax
816-340-7962
Telecommunications Device for the Deaf
1-800-634-4113 or 816-444-3485
Business, Not-For-Profit and
Employer-Sponsored Retirement Plans
1-800-345-3533
Visit our Web site at www.americancentury.com
SH-PRF-20161 0004
Funds Distributor, Inc. and American Century Investment Services, Inc., Distributors
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